Does the Political Power of Nonfinancial Stakeholders Affect Firm Values? Evidence from Labor Unions
研究发现工会的政治活动会降低企业价值，而限制工会政治活动的法律则提升了受影响企业的股票价值，并使其获得更有利的劳动合同。
Whereas corporate political connections are known to enhance equity values, we demonstrate that union political activity can have the opposite effect. We examine the consequences of a recent Australian state law that restricts union political activity but does not change collective bargaining rights. In the wake of this law, the equity values of affected unionized firms significantly increase, and consistent with this market reaction, these firms are able to bargain for more favorable labor contracts than their unionized peers in other states. The evidence strongly suggests that unions use political activism to extract rents from shareholders and benefit their members.