RUI: The Impact of Firm Financial Performance and BankruptcyRisk on Safety Investment

RUI：企业财务绩效和破产风险对安全投资的影响

• 批准号: 9211228
• 负责人: Randall Filer
• 金额: $ 10.72万
• 依托单位: CUNY Hunter College
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1992
• 资助国家: 美国
• 起止时间: 1992-07-01 至 1995-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9211228&HistoricalAwards=false
• 关键词: RUI; Impact; Firm; Financial; Performance

Safety has become an increasingly important public policy consideration. With enactment of the Environmental Protection Act and the Occupation Safety and Health Act in 19970, a healthy and safe work place became a national goal. The purpose of this project is to analyze how a firm's financial performance affects work place safety. In particular, a model is developed showing how a firm's incentives for preventing accidents depends on its financial situation. The possibility of bankruptcy means that optimal safety investments depend on such financial variables as expected profits, debt burden, ability to sell assets, and expected future profits. It is shown that it is impossible to determine analytically the direction and magnitude the effect of these factors have on investments in safety. Answers must be determined empirically. This project will provide empirical estimates of the relationship between a firm's financial condition and its investment in work place safety using two plant-level proxies for safety performance form OSHA records: lost workdays and violations of safety standards. This research is important because it will have important public policy implications, most notably for the efficient allocation of regulatory resources and policies towards highly leveraged transactions.

安全已成为一项日益重要的公共政策 考虑. 随着《环境保护法》的颁布， 根据1997年《职业安全与健康法》， 安全的工作场所成为了国家的目标 这样做的目的 一个项目是分析一个公司的财务业绩如何影响 工作场所安全。 特别是，开发的模型显示 一个公司预防事故的动机如何取决于它的 财务状况。 破产的可能性意味着， 最佳安全投资取决于这样的金融变量， 预期利润、债务负担、出售资产的能力，以及 预期的未来利润。 这表明， 通过分析确定影响的方向和大小 这些因素对安全投资的影响。 答案必须是 根据经验确定。 这个项目将提供经验估计的关系 公司的财务状况和工作投入之间的关系 使用两个工厂级安全性能代理的场所安全 形成OSHA记录：工作日损失和违反安全 标准 这项研究很重要，因为它将 重要的公共政策影响，特别是对 有效分配监管资源和政策， 高杠杆交易。