The Economic Consequences of Labor Unionization: Evidence from Stock Price Crash Risk

被引：21
作者：
Chen, Jun [1 ]
Tong, Jamie Y. [2 ,5 ]
Wang, Wenming [3 ]
Zhang, Feida [4 ,5 ]
机构：
[1] Zhejiang Univ, Sch Management, Dept Accounting & Finance, Hangzhou, Zhejiang, Peoples R China
[2] Univ Western Australia, Sch Accounting & Finance, Perth, WA, Australia
[3] Hong Kong Baptist Univ, Sch Accountancy & Law, Kowloon Tong, Hong Kong, Peoples R China
[4] Murdoch Univ, Sch Business & Governance, Perth, WA, Australia
[5] Univ Queensland, UQ Business Sch, Brisbane, Qld, Australia
来源：
JOURNAL OF BUSINESS ETHICS | 2019年 / 157卷 / 03期
基金：
中国国家自然科学基金;
关键词：
Labor unions; Bargaining position; Crash risk; Risk aversion; G14; G30; G32; J52; INSTITUTIONAL INVESTORS; JUMP-RISK; UNIONS; INVESTMENT; EARNINGS; DEBT; PROFITABILITY; DIFFERENTIALS; NEGOTIATIONS; UNEMPLOYMENT;
D O I：
10.1007/s10551-017-3686-0
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：775 / 796
页数：22
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