Gewerkschaftsfusionen gelten als eine Erneuerungsstrategie und sind oft mit dem Ziel der Stärkung von Organisationsmacht verbunden. Dennoch ist wenig erforscht, wie sich Fusionen tatsächlich auf beteiligte Gewerkschaften auswirken und wie sie zu deren Erneuerung beitragen können. Dieser...

Shareholder proposals are increasingly important tools for corporate reformers, yet courts, policy makers, and scholars are concerned that proposals may be used "opportunistically" as bargaining chips by activists to extract side payments from management. This paper investigates whether labor...

The stakeholder vision has emerged as an influential stream in corporate governance. In the English-speaking world, Canada was the pioneer in introducing a regulatory stakeholder regime. This article examines the Canada Business Corporations Act (CBCA) for its concern for non-shareholder groups,...

Gewerkschaftsfusionen gelten als eine Erneuerungsstrategie und sind oft mit dem Ziel der Staerkung von Organisationsmacht verbunden. Dennoch ist wenig erforscht, wie sich Fusionen tatsaechlich auf beteiligte Gewerkschaften auswirken und wie sie zu deren Erneuerung beitragen koennen. Dieser...

Using a hand-matched data set on 27,284 union contracts, this paper provides evidence on the strategic use of corporate liquidity in union negotiations. Theory and evidence suggest that unionized firms reduce liquidity to enhance bargaining positions, but the important question of how firms...

We investigate the effect of firm reliance on temporary workers on cash holdings. We exploit the quasi-natural experiment created by a temporary worker protection law in South Korea which requires firms to change a worker's status to full-time once the worker has been employed at the firm for...

General Motor's ability to exit bankruptcy through a public offering of its common stock (IPO) depended heavily on the sacrifices of active and retired members of the United Auto Workers (UAW). A review of the now public filings of GM related to the IPO indicate the significant concessions UAW...

This paper exploits inter-temporal variations in employment protection across countries and finds that rigidities in labor markets are an important determinant of firms' capital structure decisions. Over the 1985-2007 period, we find that reforms increasing employment protection are associated...

In this paper, I examine the strategic role of debt structure in improving the bargaining position of a firm's management relative to its non-financial stakeholders. Debt structure is essential for strategic bargaining because it affects the ease of renegotiating debt contracts and thus the...

We examine the empirical relation between labor unions and firm indebtedness in the contemporary United States. Our identification strategy exploits two negative exogenous shocks in union power and the threat of unionization. Further, in the context of panel regressions, we develop a novel...