Corporate Post-Retirement Benefit Plans and Leverage*

被引:16
作者
Bartram, Soehnke M. [1 ]
机构
[1] Warwick Business Sch, Warwick, England
关键词
CAPITAL STRUCTURE; PENSION; INSTITUTIONS; INVESTMENT; MARKETS; FINANCE;
D O I
10.1093/rof/rfv021
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Defined benefit pension and health care plans are important for firm leverage around the world. While consolidating off-balance sheet post-retirement plans increases effective leverage by 32%, firms reduce their level of regular debt by only 22 cents for every dollar of projected benefit obligation, yielding overall 23% higher total leverage of plan sponsors compared with similar firms without post-retirement plans. The most important driver of substitution rates between regular debt and post-retirement obligations is rule of law, followed by labor market freedom and taxes. In contrast, pension guarantee funds and priority of unfunded pension obligations are less important for substitution rates.
引用
收藏
页码:575 / 629
页数:55
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