Do Labor Unions Affect Stock Price Crash Risk?
作者: Hamdi Ben-NasrAbdullah Al-DahmashHatem Ghouma
刊名: International Journal of Financial Research, 2015, Vol.6 (2)
来源数据库: Sciedu Press
DOI: 10.5430/ijfr.v6n2p11
原始语种摘要: This paper examines the influence of labor unions on stock price crash risk. Using a large sample of U.S. firms over the period 1984-2013, we provide the evidence that labor unions increase the likelihood to experience future stock price crashes. This finding is consistent with the argument that firms facing strong labor unions tend to report lower accounting information, in order to preserve bargaining power when negotiating contracts with labor unions. Further, we find that the adverse effects of labor unions on stock price crash risk are less pronounced for firms with strong external monitoring mechanisms, such as high institutional ownership and high analyst coverage.
全文获取路径: Sciedu出版社  (合作)
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关键词翻译
关键词翻译
  • labor 工作
  • stock 岩株
  • crash 事故
  • bargaining 讲价
  • ownership 所有权
  • institutional 惯例的
  • price 价格
  • accounting 会计
  • monitoring 监视
  • argument 自变量