Unionization and Profitability: Evidence from the Capital Market
研究工会化对企业盈利能力的影响，通过分析纽约证券交易所253家公司在工会选举申请月和认证月的股票异常回报，发现工会化平均导致股权价值下降，工会获胜时损失3.8%，失败时损失1.3%。
This paper examines the effect of unionization on the profitability of firms. Abnormal monthly common stock returns for a sample of 253 NYSE-listed firms are estimated for the month in which the union petitions for an election and for the month in which the National Labor Relations Board certifies the election outcome. The results suggest that unionization, on average, is associated with a reduction in equity value. When unions win an election, the average loss associated with the unionization drive is 3.8 percent of equity value. When unions lose an election, there is an average net reduction of 1.3 percent in the equity value of the firm.