Workplace equality is an important and integral component of firms’ corporate social responsibility. We argue that firms need to expend substantial resources to mitigate potential LGBT litigation risk or accommodate actual litigation costs, and absorb labor adjustment costs associated with...

We investigate how marginal corporate tax rate affects corporate policy changes in response to a regulatory credit crunch. With a surge in debt due to a fiscal stimulus after 2008, the Chinese government rolled out the “deleveraging” program in 2015 which, through tightening monetary...

Exploiting a government-initiated deleveraging program, we investigate how marginal corporate tax rate affects corporate policy changes in response to a credit shock. We find that, after the initiation of China’s 2015 deleveraging program, high-tax-rate firms reduce leverage to a less extent...