Labor Unions and Forms of Corporate Liquidity
研究了工会如何影响企业在银行信贷额度与现金持有之间的流动性形式选择，发现工会化率高的行业更倾向于使用银行信贷额度，尤其在没有工作权立法州和财务受限的企业中更明显。
Abstract We examine how the presence of labor unions affects a firm's choice of corporate liquidity between bank lines of credit and corporate cash holdings. We find that firms in industries with higher unionization rates hold a higher fraction of corporate liquidity in the form of bank lines of credit. We divide the firms into sub‐groups and find that this positive relationship holds for firms that are not in a state with right‐to‐work legislation and for firms that are financially constrained. Our findings are consistent with the hypothesis that a firm chooses the forms of corporate liquidity to take advantage of the bargaining benefits associated with bank lines of credit.