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

被引：0
|
作者：
Jun Chen
Jamie Y. Tong
Wenming Wang
Feida Zhang
机构：
[1] Zhejiang University,Department of Accounting and Finance, School of Management
[2] University of Western Australia,School of Accounting and Finance
[3] Hong Kong Baptist University,School of Accountancy and Law
[4] Murdoch University,School of Business and Governance
[5] University of Queensland,UQ Business School
来源：
Journal of Business Ethics | 2019年 / 157卷
关键词：
Labor unions; Bargaining position; Crash risk; Risk aversion; G14; G30; G32; J52;
D O I：
暂无
中图分类号：
学科分类号：
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：21
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