Labor Rights, Venture Capital, and Firm Performance

被引：11

作者：

Xing, Xuejing ^{[1
]}

Howe, John S. ^{[2
,3
]}

Anderson, Randy I. ^{[4
]}

Yan, Shan ^{[5
]}

机构：

[1] Univ Alabama, Coll Business, Finance, Huntsville, AL 35899 USA

[2] Univ Missouri, Finance, Columbia, MO USA

[3] Univ Missouri, Trulaske Coll Business, Columbia, MO USA

[4] Griffin Capital Asset Management, El Segundo, CA USA

[5] Susquehanna Univ, Dept ofManagement, Finance, Selinsgrove, PA USA

来源：

FINANCIAL MANAGEMENT | 2017年 / 46卷 / 01期

关键词：

TO-WORK LAWS; CORPORATE; GOVERNANCE; UNIONS; UNIONIZATION; INNOVATION; OWNERSHIP; SUPPLIER; IMPACTS; BOARDS;

D O I：

10.1111/fima.12137

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the role of labor unions in the performance of venture capital (VC)-backed firms. Using a large sample of initial public offering firms from 1983 to 2013, we find that VC-backed firms in highly unionized industries have lower Tobin's Q and are less likely to survive. This effect is robust to endogeneity concerns and to controlling for industry and firm characteristics. The findings suggest that strong labor rights impede innovative firms' performance and survival, thereby adversely affecting innovation, economic growth, and employment.

引用

页码：129 / 154

页数：26

共 50 条

[1] Cultural proximity, venture capital and firm performance
Huang, Guoyan
He, Dongwei
Meng, Chenyang
Ma, Donghui
BORSA ISTANBUL REVIEW, 2022, 22 (05) : 975 - 984
[2] THE EFFECTS OF SOCIAL CAPITAL AND CORPORATE ENTREPRENEURSHIP OF VENTURE UPON FIRM PERFORMANCE
Chung, Dae-yong
Roh, Kyoung-hoon
PROCEEDINGS OF ACADEMY OF INNOVATION AND ENTREPRENEURSHIP 2010, 2010, : 328 - 335
[3] Firm Network Position and Corporate Venture Capital Investment
Noyes, Erik
Brush, Candy
Hatten, Ken
Smith-Doerr, Laurel
JOURNAL OF SMALL BUSINESS MANAGEMENT, 2014, 52 (04) : 713 - 731
[4] Impact of Venture Capital Investment on Firm Performance: An Indian Evidence
Katti, Supriya
Raithatha, Mehul
GLOBAL BUSINESS REVIEW, 2020, 21 (04) : 1011 - 1024
[5] Venture Capital Winners: A Configurational Approach to High Venture Capital-Backed Firm Growth
Standaert, Thomas
Knockaert, Mirjam
Manigart, Sophie
BRITISH JOURNAL OF MANAGEMENT, 2022, 33 (01) : 211 - 230
[6] Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance
Kang, Jun-Koo
Li, Yingxiang
Oh, Seungjoon
JOURNAL OF FINANCIAL INTERMEDIATION, 2022, 50
[7] LABOR LAWS AND FIRM PERFORMANCE
Marciukaityte, Dalia
JOURNAL OF FINANCIAL RESEARCH, 2018, 41 (01) : 5 - 32
[8] Corporate Venture Capital and Firm Scope
Zhang, Yifei
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2025, 60 (01) : 336 - 373
[9] Corporate venture capital unit governance and firm values
Bani-Harouni, Noah
Hommel, Ulrich
VENTURE CAPITAL, 2025,
[10] Venture capital: The effect of local and global social ties on firm performance
Bringmann, Katja
Vanoutrive, Thomas
Verhetsel, Ann
PAPERS IN REGIONAL SCIENCE, 2018, 97 (03) : 737 - 756

← 1 2 3 4 5 →