References

• Akyol, A. C., & Verwijmeren, P. (2013). Human capital costs, firm leverage, and unemployment rates. Journal of Financial Intermediation, 22(3), 464–481.
   Web of Science ®Google Scholar
• Baek, J. S., Kang, J. K., & Lee, I. (2006). Business groups and tunneling: Evidence from private securities offering by Korean Chaebols. Journal of Finance, 61(5), 2415–2449.
   Web of Science ®Google Scholar
• Berk, J. B., Stanton, R., & Zechner, J. (2010). Human capital, bankruptcy, and capital structure. Journal of Finance, 65(3), 891–926.
   Web of Science ®Google Scholar
• Bieler, A., Lindberg, I., & Pillay, D. (2008). Labour and the challenges of globalization: What prospects for transnational solidarity? London: Pluto Press.
   Google Scholar
• Blueschke, D., Weyerstrass, K., & Neck, R. (2016). How should Slovenia design fiscal policies in the government debt crisis? Emerging Markets Finance and Trade, 52(7), 1562–1573.
   Web of Science ®Google Scholar
• Bronars, S. G., & Deere, D. R. (1991). The threat of unionization, the use of debt, and the preservation of shareholder wealth. Quarterly Journal of Economics, 106(1), 231–254.
   Web of Science ®Google Scholar
• Brown, D. T., Fee, C. E., & Thomas, S. E. (2009). Financial leverage and bargaining power with suppliers: Evidence from leveraged buyouts. Journal of Corporate Finance, 15(2), 196–211.
   Web of Science ®Google Scholar
• Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. Journal of Finance, 63(6), 2899–2939.
   Web of Science ®Google Scholar
• Chang, D. O., & Chae, J. H. (2004). The transformation of Korean labour relations since 1997. Journal of Contemporary Asia, 34(4), 427–448.
   Web of Science ®Google Scholar
• Chemmanur, T. J., Cheng, Y., & Zhang, T. (2013). Human capital, capital structure, and employee pay: An empirical analysis. Journal of Financial Economics, 110(2), 478–502.
   Web of Science ®Google Scholar
• Chen, G., & Chen, S. (2016). Financial development, labor participation, and employment in urban China. Emerging Markets Finance and Trade, 52(3), 754–764.
   Web of Science ®Google Scholar
• Cho, J., & Keum, J. (2009). Dualism in job stability of the Korean labour market: The impact of the 1997 financial crisis. Pacific Economic Review, 14(2), 155–175.
   Web of Science ®Google Scholar
• Dasgupta, S., & Sengupta, K. (1993). Sunk investment, bargaining and choice of capital structure. International Economic Review, 34(1), 203–220.
   Web of Science ®Google Scholar
• Grubb, D., Lee, J., & Tergeist, P. (2007). Addressing labour market duality in Korea (OECD Report No. 61). doi:10.1787/058184274204.
   Google Scholar
• Hanka, G. (1998). Debt and the terms of employment. Journal of Financial Economics, 48(3), 245–282.
   Web of Science ®Google Scholar
• Kale, J. R., & Shahrur, H. (2007). Corporate capital structure and the characteristics of suppliers and customers. Journal of Financial Economics, 83(2), 321–365.
   Web of Science ®Google Scholar
• Kayhan, A., & Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1–32.
   Web of Science ®Google Scholar
• Kim, A. E., & Park, I. (2006). Changing trends of work in South Korea: The rapid growth of underemployment and job insecurity. Asian Survey, 46(3), 437–456.
   Web of Science ®Google Scholar
• Leary, M. T., & Roberts, M. R. (2005). Do firms rebalance their capital structures? Journal of Finance, 60(6), 2575–2619.
   Web of Science ®Google Scholar
• Lee, I., & Kim, D. (2015). An evaluation of bankruptcy prediction models using accounting and market information in Korea. Asian Review of Financial Research, 28(4), 625–665.
   Google Scholar
• Maksimovic, V., & Titman, S. (1991). Financial policy and reputation for product quality. Review of Financial Studies, 4(1), 175–200.
   Web of Science ®Google Scholar
• Perotti, E. C., & Spier, K. E. (1993). Capital structure as a bargaining tool: The role of leverage in contract renegotiation. American Economic Review, 83(5), 1131–1141.
   Web of Science ®Google Scholar
• Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480.
   Web of Science ®Google Scholar
• Ryu, D., Ryu, D., & Hwang, J. H. (2017). Corporate governance, product-market competition, and stock returns: Evidence from the Korean market. Asian Business and Management, 16(1–2), 50–91.
   Web of Science ®Google Scholar
• Titman, S. (1984). The effect of capital structure on a firm’s liquidation decision. Journal of Financial Economics, 13(1), 137–151.
   Web of Science ®Google Scholar
• Yang, E., Kim, S., Kim, M. H., & Ryu, D. (2018). Macroeconomic shocks and stock market returns: The case of Korea. Applied Economics, 50(7), 757–773.
   Web of Science ®Google Scholar
• Yang, H., Ahn, H. J., Kim, M. H., & Ryu, D. (2017). Information asymmetry and investor trading behavior around bond rating change announcements. Emerging Markets Review, 32, 38–51.
   Web of Science ®Google Scholar
• Yang, H., Ryu, D., & Ryu, D. (2017). Investor sentiment, asset returns and firm characteristics: Evidence from the Korean stock market. Investment Analysts Journal, 46(2), 132–147.
   Web of Science ®Google Scholar
• Yildirim, J., & Dal, S. (2016). Social transfers and labor force participation relation in Turkey: A bivariate probit analysis. Emerging Markets Finance and Trade, 52(7), 1515–1527.
   Web of Science ®Google Scholar