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Journal of Business Ethics

The Economic Consequences of Labor Unionization: Evidence from Stock Price Crash Risk

  • 06-09-2017
  • Original Paper
Published in:
Authors
Jun Chen

Jun Chen

  • Department of Accounting and Finance, School of Management, Zhejiang University, Hangzhou, People’s Republic of China
Jamie Y. Tong

Jamie Y. Tong

  • School of Accounting and Finance, University of Western Australia, Perth, Australia
  • UQ Business School, University of Queensland, Brisbane, Australia
Wenming Wang

Wenming Wang

  • School of Accountancy and Law, Hong Kong Baptist University, Kowloon Tong, Hong Kong
Feida Zhang Corresponding author

Corresponding author Feida Zhang

  • School of Business and Governance, Murdoch University, Perth, Australia
  • UQ Business School, University of Queensland, Brisbane, Australia
Corresponding author feida.zhang@uq.edu.au
Published in
Journal of Business Ethics | Issue 3/2019

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Abstract

This study investigates the impact of labor unionization on stock price crash risk. We find that labor unionization is negatively associated with stock price crash risk. Such negative relation is more pronounced when firms can intimate more credible evidence on unfavorable prospects and when firms face more powerful labor unions. Our findings are consistent with the notion that firms take strategic actions to reduce the bargaining advantages enjoyed by labor unions and that labor unions force firms to take less risky investments and discontinue underperformed projects more timely, which leads to lower stock price crash risk.

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previous article Wanting More, Getting Less: Gaming Performance Measurement as a Form of Deviant Workplace Behavior
next article Compliance Through Company Culture and Values: An International Study Based on the Example of Corruption Prevention
Title
The Economic Consequences of Labor Unionization: Evidence from Stock Price Crash Risk
Authors
Jun Chen
Jamie Y. Tong
Wenming Wang
Feida Zhang
Publication date
06-09-2017
Publisher
Springer Netherlands
Published in
Journal of Business Ethics / Issue 3/2019
Print ISSN: 0167-4544
Electronic ISSN: 1573-0697
DOI
https://doi.org/10.1007/s10551-017-3686-0
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This content is only visible if you are logged in and have the appropriate permissions.
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