Employee Satisfaction, Labor Unions, and Equity Prices

• 발행기관: 한국회계정보학회
• 저자명: Justin Law Woo-Jong Lee Seungbin Oh Hee-Yeon Sunwoo
• 간행물 정보: 『한국회계정보학회 학술대회발표집』2016년 추계학술대회 발표집, 1~47쪽, 전체 47쪽
• 주제분류: 경제경영 > 회계학
• 파일형태: PDF
• 발행일자: 2016.11.12

영문 초록

This paper investigates the role of labor unions in the relation between employee satisfaction and stock returns. Analyzing Korean listed firms from 2002 to 2008 when firms were required to disclose the number of union members in their annual reports, we first confirm a positive association between employee satisfaction and subsequent stock returns, as documented in prior studies. More importantly, we further document that the positive relation is only pronounced for firms without labor unions but not for firms with unions. Subsequent analyses reveal that the difference between unionized firms and non-unionized firms is not attributable to the differential timeliness of investors recognizing employee satisfaction, but to the differential value implications of employee satisfaction in unionized versus nonunionized firms. Specifically we find that employee satisfaction brings more sustainable and better long-run operating performance in non-unionized firms than it does in unionized firms. Our findings suggest that employee satisfaction via labor union activities may not matter to firm value.

목차

1. INTRODUCTION

2. RELATED LITERATURE AND HYPOTHESIS DEVELOPMENT

3. DATA, RESEARCH DESIGN AND DESCRIPTIVE STATISTICS

4. RESULTS

5. CONCLUSIONS

REFERENCES

참고문헌

키워드

Intangibles human capital employee satisfaction labor union agency problems