The Economic Consequences of Labor Unionization: Evidence from Stock Price Crash Risk
The Economic Consequences of Labor Unionization: Evidence from Stock Price Crash Risk
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工会化的经济后果：来自股价崩盘风险的证据
DOI：
10.1007/s10551-017-3686-0
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发表时间：
2019-07-01
影响因子：
6.1
通讯作者：
Zhang, Feida
中科院分区：
文献类型：
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作者：
Chen, Jun;Tong, Jamie Y.;Zhang, Feida
摘要本研究探讨工会化对股价崩盘风险的影响。我们发现工会化与股价崩盘风险负相关。当企业能够提供更可靠的证据证明不利前景，以及企业面临更强大的工会时，这种负相关关系更为明显。我们的研究结果与以下观点一致：企业采取战略行动来降低工会享有的议价优势，工会迫使企业进行风险较小的投资，并更及时地停止表现不佳的项目，从而降低股价崩溃的风险。
This study investigates the impact of labor unionization on stock price crash risk. We find that labor unionization is negatively associated with stock price crash risk. Such negative relation is more pronounced when firms can intimate more credible evidence on unfavorable prospects and when firms face more powerful labor unions. Our findings are consistent with the notion that firms take strategic actions to reduce the bargaining advantages enjoyed by labor unions and that labor unions force firms to take less risky investments and discontinue underperformed projects more timely, which leads to lower stock price crash risk.