Does Labor Power Affect the Likelihood of a Share Repurchase?
研究发现，劳动力权力越强的公司越少进行股票回购，但若回购能抵御恶意收购或抵消员工期权稀释效应，这种负面影响会减弱；回购还会增加罢工概率，且回购公告收益和经营业绩与劳动力权力负相关。
This research examines the impact of labor power on the firm's repurchase decisions. Firms facing stronger labor power repurchase fewer shares, suggesting that, on average, repurchases are against the interests of labor. However, the negative effect of labor power on repurchases is significantly reduced when repurchases benefit employees by fending off an unwanted takeover or countering the dilution effects of employee stock options. We also examine the ex post consequences of share repurchases. Repurchases are positively related to the probability of a strike. Repurchase announcement returns and the operating performance of repurchasing firms are negatively related to labor power.