公司策略對談判力及罷工後公司營運績效之影響
Other Title
Corporate Strategies, Bargaining Power, and Post-Strike Operating Performance
Date Issued
2009
Date
2009
Author(s)
Abstract
I study how corporate policies will affect firm’s bargaining power against union during strike by examining the post-strike operating performance. The sample consists of 235 struck firms in the United State from 1982 to 2006. Notwithstanding a substantial drop in ROA is found in the strike quarter, struck firms on average exhibit superior performance starting from the second post strike quarter. As a result, there are no significant performance changes from pre-strike year to strike year, suggesting that in a substantial portion of struck firms, the strike cost is mostly offset or dominated by the gain form union wage concession at the settlement. This result holds for strikes coming in large scale and long durations. Regression analysis reveals that, firms decreasing their debt ratio and cash ratio or increasing their inventory in terms of finished goods prior to strike and firms engaging in unrelated diversifications tend to have better bargaining power during strike and therefore are more likely to perform better after settlement. I also show that some institutional and industrial factors related to the bargaining power between union and struck firms can also have impact on the post-strike operating performance. These impacts are economically significant as well.
Subjects
Union
Labor Strike
Bargaining Power
Corporate Strategy
Operating Performance
Type
thesis
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