The Effects of Collective Bargaining and Threats of Unionization on Firm Investment Policy, Return on Investment, and Stock Valuations

集体谈判和工会威胁对公司投资政策、投资回报和股票估值的影响

• 批准号: 8813847
• 负责人: John Abowd
• 金额: $ 8.11万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1988
• 资助国家: 美国
• 起止时间: 1988-07-01 至 1991-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8813847&HistoricalAwards=false
• 关键词: Effects; Collective; Bargaining; Threats; Unionization

This project is important because it will significantly extend our understanding of the impact of unions on the behavior of firms. Recent studies on the effect of unions on the profitability of firms indicate that unions have the effect of reducing shareholder wealth. A recent paper by the principal investigator suggests that an unanticipated increase in new wage settlements results in an equal reduction in shareholder wealth. The purpose of this study is to determine how the effect of labor unions on profits influences investment decisions of firms. This research has the potential of explaining the degree to which union activity affects firm-investment behavior, which in turn may have altered employment patterns and union membership in the U.S. A comprehensive model of investment behavior will be developed which explicitly considers, among other traditional determinants of investment, unionization and collective bargaining. The model will be tested extensively with firm level bargaining and unionization data, and investment and financial data.

这个项目很重要，因为它将大大扩展我们的 了解工会对企业行为的影响。 最近 关于工会对企业盈利能力影响的研究表明， 工会会减少股东的财富 最近的一 首席研究员的论文表明， 新的工资结算增加， 股东财富 本研究的目的是确定 工会对利润的影响影响投资决策 的公司。 这项研究有可能解释这种程度， 工会活动影响企业投资行为， 可能已经改变了美国的就业模式和工会成员 将建立一个投资行为综合模型， 明确认为，在其他传统的决定因素， 投资、工会化和集体谈判。 该车型将 用公司层面的谈判和工会化数据进行了广泛的测试， 投资和金融数据。