Union organizing activity, firm growth and the business cycle
分析工会化变化与企业增长的关系，发现制造业中工会选举成功的企业平均增长显著较低，但这一“效应”实为假象，实际无显著关系，选举活动呈强周期性，但组织活动对企业市值的负面影响并未伴随增长变化。
This paper analyzes the relationship between changes in unionization and firm growth. Average growth is significantly low er in manufacturing firms that experience successful union elections bu t these strong "effects" are largely illusory. The authors find no evidence of a significant relationship between unionization and firm growth, despite a strong cyclical pattern in election activity. Thei r results suggest that the significant negative effect of organizing activity on a firm's market value is not accompanied by any growth changes. The authors, therefore, cannot reject the hypothesis that t he equity losses from union election activity represent a simple transf er of wealth from shareholders to workers. Copyright 1993 by American Economic Association.