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Essays on Labor and Corporate Finance.

Shen, Beibei.

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Essays on Labor and Corporate Finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Labor and Corporate Finance./
作者:	Shen, Beibei.
面頁冊數:	119 p.
附註:	Source: Dissertation Abstracts International, Volume: 77-07(E), Section: A.
Contained By:	Dissertation Abstracts International77-07A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10024916
ISBN:	9781339519395

Essays on Labor and Corporate Finance.
Shen, Beibei.

Essays on Labor and Corporate Finance. - 119 p.

Source: Dissertation Abstracts International, Volume: 77-07(E), Section: A.

Thesis (Ph.D.)--The Chinese University of Hong Kong (Hong Kong), 2015.

This dissertation has two essays. Both essays investigate the important role of labor in corporate decisions. The first essay examines the causal effect of labor unions on firms' payout policies. We hypothesize that unionization leads to an increase in collective bargaining power of unionized workers; as a result, firms strategically reduce their payouts to improve their bargaining positions against unions. Using a regression discontinuity design, we compare firms' payout policy changes following union elections that passed by a small margin to those that failed by a small margin and find that "passing a union election" has a significantly negative impact on firm payouts. Moreover, this effect is largely driven by reductions in share repurchases. After a union wins an election, repurchase decreases by 1.4% of market capitalization, and total payout decreases by 1.8%. Further analyses show that the negative effect of unionization on firm payouts is more prominent when unions have a stronger bargaining advantage over firms, when firms are more financially constrained, and when firms have a higher likelihood of financial distress. Collectively, these evidences suggest that labor unions play an important role in corporate payout decisions.

ISBN: 9781339519395Subjects--Topical Terms:

542899
Finance.

Essays on Labor and Corporate Finance.
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500 $a Source: Dissertation Abstracts International, Volume: 77-07(E), Section: A.
500 $a Advisers: Joseph Wui Wing Cheng; Chen Lin; Cong Wang.
502 $a Thesis (Ph.D.)--The Chinese University of Hong Kong (Hong Kong), 2015.
520 $a This dissertation has two essays. Both essays investigate the important role of labor in corporate decisions. The first essay examines the causal effect of labor unions on firms' payout policies. We hypothesize that unionization leads to an increase in collective bargaining power of unionized workers; as a result, firms strategically reduce their payouts to improve their bargaining positions against unions. Using a regression discontinuity design, we compare firms' payout policy changes following union elections that passed by a small margin to those that failed by a small margin and find that "passing a union election" has a significantly negative impact on firm payouts. Moreover, this effect is largely driven by reductions in share repurchases. After a union wins an election, repurchase decreases by 1.4% of market capitalization, and total payout decreases by 1.8%. Further analyses show that the negative effect of unionization on firm payouts is more prominent when unions have a stronger bargaining advantage over firms, when firms are more financially constrained, and when firms have a higher likelihood of financial distress. Collectively, these evidences suggest that labor unions play an important role in corporate payout decisions.
520 $a The second essay provides evidence in an international context. Using a comprehensive sample of cross-border acquisitions from 50 countries occurring between 1991 and 2012, we provide the first assessment of how cross-country differences in labor regulations shape the direction, performance, and synergies of cross-border acquisitions. We discover that acquiring firms experience smaller abnormal stock returns and profits when targets are in countries with stronger labor protection regulations, i.e., in countries where laws, regulations, and policies increase the costs to firms of adjusting their labor forces. These effects are especially pronounced when the target is in a labor-intensive or high labor-volatility industry, where labor regulations are likely to be especially important for firm performance. Consistent with labor regulations shaping the success of cross-border deals, we find that firms make fewer and smaller cross-border acquisitions into countries with strong labor regulations.
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