Union Rent Seeking, Intangible Capital, and Market Value of the Firm
从市场价值角度考察工会对无形资本投资和盈利能力的影响，发现工会化会降低研发回报并抑制企业研发投资。
Abstract-This study considers the effect of unions on intangi- ble capital investment and profitability within the context of a market value rather than a more traditional accounting based approach. Theory is provided suggesting unions are able to affect profitability by sharing in the economic returns to firm- specific intangible capital. In support of this hypothesis, we find unionization reduces the returns to R &D, and produces a corresponding limiting influence on R& D investment at the firm level. I. Introduction A N extensive literature in economics has ex- amined the determinants of profitability, with much of the focus centering on the role of market structure. Only recently, however, have the effects of labor unions on profitability been analyzed. Ths is surprising since labor economists long have emphasized union influences on wages and productivity that in turn may affect profitabil- ity.' In recent studies, Freeman (1983) and Karier (1985) report a significant limiting influence of unions on price-cost margins in high concentra- tion manufacturing industries. Using firm-level data and the market-based Tobin's