The Threat of Unionization, the Use of Debt, and the Preservation of Shareholder Wealth
论证企业通过增加债务来保护股东财富免受工会化威胁，因为债务能减少可供潜在工会攫取的资金，并提供了支持这一假说的实证证据。
This paper argues that firms use debt to protect the wealth of shareholders from the threat of unionization. Under U. S. labor law the firm cannot prohibit its workers from attempting to form a collective bargaining unit. Debt policy offers a method of reducing the impact of this monopoly right on shareholders. By issuing debt, the firm credibly reduces the funds that are available to a potential union. Empirical evidence that strongly supports this hypothesis is presented.