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| Author: | DeAngelo, H. DeAngelo, L. |
| Title: | Union negotiations and corporate policy. A study of labor concessions in the domestic steel industry during the 1980s |
| Journal: | Journal of Financial Economics
1991 : NOV, VOL. 30:1, p.3-43 |
| Index terms: | STEEL INDUSTRY FINANCIAL REPORTING NEGOTIATION TRADE UNIONS LABOUR LAY-OFFS |
| Language: | eng |
| Abstract: | Managerial compensation, financial reporting, and dividend policies of the seven major USA steel producers are studied during request for union concessions. Substantial lay-offs, reported losses and sacrifices by nonunion stakeholders buttressed managers' case for union concessions. Reported income is lower during union negotiations, controlling for cash flows , as is managerial pay, with average chief executives salary plus bonus declining 18 percent. Dividend reductions and white-collar pay cuts are substantial, pervasive, and clustered during union negotiations. |
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