https://scholars.lib.ntu.edu.tw/handle/123456789/414649
標題: | Does Labor Power Affect the Likelihood of a Share Repurchase? | 作者: | SHENG-SYAN CHEN Chen, Yan-Shing Wang, Yanzhi |
公開日期: | 2015 | 卷: | 44 | 期: | 3 | 起(迄)頁: | 623-653 | 來源出版物: | Financial Management | 摘要: | This research examines the impact of labor power on the firm's repurchase decisions. Firms facing stronger labor power repurchase fewer shares, suggesting that, on average, repurchases are against the interests of labor. However, the negative effect of labor power on repurchases is significantly reduced when repurchases benefit employees by fending off an unwanted takeover or countering the dilution effects of employee stock options. We also examine the ex post consequences of share repurchases. Repurchases are positively related to the probability of a strike. Repurchase announcement returns and the operating performance of repurchasing firms are negatively related to labor power. ? 2015 Financial Management Association International. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414649 | ISSN: | 00463892 | DOI: | 10.1111/fima.12072 |
顯示於: | 財務金融學系 |
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