haku: @author Maxwell, W. F. / yhteensä: 3
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| Tekijä: | Klasa, S. Maxwell, W. F. Ortiz-Molina, H. |
| Otsikko: | The strategic use of corporate cash holdings in collective bargaining with labor unions |
| Lehti: | Journal of Financial Economics
2009 : JUN, VOL 92:3, p. 421-442 |
| Asiasana: | corporate liquidity trade unions USA |
| Kieli: | eng |
| Tiivistelmä: | The purpose of the article is to prove that firms in certain industries, specifically unionized industries, intentionally hold less cash in order to take cover from the labor unions' demands. The paper examines US manufacturing firms over the years 1983-2005. It is also found that this effect is stronger for firms that value bargaining power over labor unions, and that the increase in cash holdings of a unionized firm increases the probability of a strike. Furthermore, the market value of cash holdings seems to correlate negatively with unionization. |
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