Examining a unique panel dataset of 22,076 firm-year observations for China’s coalmining industry

What is it about?

We exam a unique panel dataset of 22,076 firm-year observations for China’s coalmining industry, we find that a firm’s leverage significantly determines its coalmining fatality. We show, specifically, that leverage reduces a firm’s safety investment and, hence, causes more fatalities.

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Why is it important?

Our study draws important implications of financial policy to labour policy and calls for a more corporate-finance-based analysis on the well-being of employees.