Having a Finger in the Pie: Labor Power and Corporate Payout Policy
Publication in refereed journal

香港中文大學研究人員
替代計量分析
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其它資訊
摘要Exploiting time‐series data on labor laws from 39 countries, we investigate how labor power influences firms’ payouts. We find that legislative changes that strengthen labor power reduce firms’ dividend payments and total payouts. The payout restriction effect of labor power is more pronounced in firms with greater labor intensity and in firms operating in countries with broader collective bargaining coverage and more effective law enforcement. Tightened operating flexibility and excess wage extraction are two plausible channels through which labor power affects payouts. These findings indicate that labor power is another important country‐wide institution that shapes corporate payout policy.
著者In‐Mu Haw, Bingbing Hu, Donghui Wu, Xu Zhang
期刊名稱Financial Management
出版年份2018
卷號47
期次4
頁次993 - 1027
國際標準期刊號0046-3892
語言美式英語

上次更新時間 2020-24-05 於 01:25