دانلود مقاله انگلیسی رایگان:قدرت چانه زنی جمعی و سیاست نقدی شرکت - 2020
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  • Collective bargaining power and corporate cash policy Collective bargaining power and corporate cash policy
    Collective bargaining power and corporate cash policy

    سال انتشار:

    2020


    عنوان انگلیسی مقاله:

    Collective bargaining power and corporate cash policy


    ترجمه فارسی عنوان مقاله:

    قدرت چانه زنی جمعی و سیاست نقدی شرکت


    منبع:

    Sciencedirect - Elsevier - International Review of Law & Economics, 68 (2021) 106007: doi:10:1016/j:irle:2021:106007


    نویسنده:

    Muhammad Farooq Ahmad


    چکیده انگلیسی:

    This paper provides novel evidence on the role of labor unions in firms’ corporate cash policy. Examining the unionization rates of firms across 29 countries for the period 2004–2015, we show that firms respond to an increase in unionization rate by decreasing their corporate cash holdings. The reported effect is symmetric, in that firms respond to increases (decreases) in unionization rate by decreasing (increasing) their cash buffers. These results are consistent with the bargaining hypothesis, namely, that firms strategically decrease their cash level to counter the rise in employees’ bargaining power due to increased unionization. Additionally, we find that the negative effect of unionization on cash holdings is more pronounced in labor-intensive, large, high-growth, high profitability, and low labor productive firms. The countries’ quality of institutions intensifies the documented relationship, what is in line with the cost economies theory. Moreover, we exploit shocks to the economies and show that increase in the unionization following a banking crisis influence negatively firm’s cash levels. These findings are robust to different unionization variable constructions, alternative dependent variable definitions, controlling for potentially correlated time-variant firm characteristics, saturation of a dense set of fixed effects, and endogeneity concerns.
    Keywords: Corporate finance | Labor Unions | Cash | Institutions


    سطح: متوسط
    تعداد صفحات فایل pdf انگلیسی: 13
    حجم فایل: 383 کیلوبایت

    قیمت: رایگان


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