Does Capital Structure Affect the Behavior of Nonfinancial Stakeholders? An Empirical Investigation into Leverage and Union Strikes
Published Online:18 Dec 2015https://doi.org/10.1287/mnsc.2015.2267
References
- (1989) The effect of wage bargains on the stock market value of the firm. Amer. Econom. Rev. 79(4):774–800.Google Scholar
- (2013) Labor unemployment risk and corporate financing decisions. J. Financial Econom. 108(2):449–470.Crossref, Google Scholar
- (1969) Bargaining theory, trade unions, and industrial strike activity. Amer. Econom. Rev. 59(1):35–49.Google Scholar
- (2004) SBC, union OK new contract after strike. AP Online (May 25), http://www.highbeam.com/doc/1P1-94915304.html.Google Scholar
- (2012) Negotiating with labor under financial distress. Rev. Corporate Finance Stud. 1(1):28–67.Crossref, Google Scholar
- (2010) Human capital, bankruptcy, and capital structure. J. Finance 65(3):891–926.Crossref, Google Scholar
- (1991) The threat of unionization, the use of debt, and the preservation of shareholder wealth. Quart. J. Econom. 106(1):231–254.Crossref, Google Scholar
- (1995) Union-firm bargaining and the influence of product market power and production technology on systematic risk. Management Sci. 41(8):1267–1278.Link, Google Scholar
- (2008) How and when do firms adjust their capital structures toward targets? J. Finance 63(6):3069–3096.Crossref, Google Scholar
- (2003) Capital structure and product markets interactions: Evidence from business cycles. J. Financial Econom. 68(3):353–378.Crossref, Google Scholar
- (1995) Bargaining power, strike durations, and wage outcomes: An analysis of strikes in the 1880s. J. Labor Econom. 13(1):32–61.Crossref, Google Scholar
- (2014) Operating inflexibility, profitability, and capital structure. Working paper, University of Reading, Berkshire, UK.Google Scholar
- (1984) Unionization and firm performance: The impact on profits, growth, and productivity. Amer. Econom. Rev. 74(5):893–919.Google Scholar
- (1992) Strikes and holdouts in wage bargaining: Theory and data. Amer. Econom. Rev. 82(1):100–121.Google Scholar
- (1994) The determinants of U.S. labor disputes. J. Labor Econom. 12(2):180–209.Crossref, Google Scholar
- (1991) Union negotiations and corporate policy: A study of labor concessions in the domestic steel industry during the 1980s. J. Financial Econom. 30(1):3–43.Google Scholar
- (2015) How stable are corporate capital structures? J. Finance 70(1):373–418.Crossref, Google Scholar
- (2012) Debt financing and financial flexibility: Evidence from pro-active leverage increases. Rev. Financial Stud. 25(6):1897–1929.Crossref, Google Scholar
- (2002) Testing trade-off and pecking order predictions about dividends and debt. Rev. Financial Stud. 15(1):1–33.Crossref, Google Scholar
- (2006) Partial adjustment toward target capital structures. J. Financial Econom. 79(3):469–506.Crossref, Google Scholar
- (1998) Debt and the terms of employment. J. Financial Econom. 48(3):245–282.Crossref, Google Scholar
- (1991) The theory of capital structure. J. Finance 46(1):297–355.Crossref, Google Scholar
- (1984) Unions and strikes with asymmetric information. J. Labor Econom. 2(1):57–83.Crossref, Google Scholar
- (1966) The Theory of Wages (St. Martin’s Press, New York).Google Scholar
- (2015) Employee rights and acquisitions. J. Financial Econom. 118(1):49–69.Crossref, Google Scholar
- (1980) Pareto optimality and the economics of strike duration. J. Labor Res. 1(1):77–94.Crossref, Google Scholar
- (1993) Bargaining with private information. J. Econom. Literature 31(1):45–104.Google Scholar
- (2009) The strategic use of corporate cash holdings in collective bargaining with labor unions. J. Financial Econom. 92(3):421–442.Crossref, Google Scholar
- (2005) Do firms rebalance their capital structures? J. Finance 60(6):2575–2619.Crossref, Google Scholar
- (2012) Long-run impacts of unions on firms: New evidence from financial markets, 1961–1999. Quart. J. Econom. 127(1):333–378.Crossref, Google Scholar
- (2008) Back to the beginning: Persistence and the cross-section of corporate capital structure. J. Finance 63(4):1575–1608.Crossref, Google Scholar
- (2006) Capital structure and interaction among firms in output markets: Theory and evidence. J. Bus. 79(5):2381–2421.Crossref, Google Scholar
- (2010) Capital structure as a strategic variable: Evidence from collective bargaining. J. Finance 65(3):1197–1232.Crossref, Google Scholar
- (2012) Firms, politicians, and capital structure. Working paper, Texas Tech, Lubbock.Google Scholar
- (1984) Corporate financing and investment decisions when firms have information the investors do not have. J. Financial Econom. 13(2):187–221.Crossref, Google Scholar
- (2008) Empirical capital structure: A review. Foundations Trends Finance 3(1):1–93.Crossref, Google Scholar
- (1993) Capital structure as a bargaining tool: The role of leverage in contract renegotiation. Amer. Econom. Rev. 83(5):1131–1141.Google Scholar
- (1937) Strikes in the United States, 1880–1936. Bureau of Labor Statistics Bulletin 651, U.S. Department of Labor, Washington, DC.Google Scholar
- (1995) Increased debt and industry product markets: An empirical analysis. J. Financial Econom. 37(2):189–238.Crossref, Google Scholar
- (1980) Conflicts and contract: The case of strikes. J. Political Econom. 88(5):867–886.Crossref, Google Scholar
- (1984) Unionization and profitability: Evidence from the capital market. J. Political Econom. 92(6): 1134–1157.Crossref, Google Scholar
- (1994) The capital structure of a regulated firm. RAND J. Econom. 25(3):424–440.Crossref, Google Scholar
- (1998) Efficient sourcing and debt financing in imperfect product markets. Management Sci. 44(9):1167–1178.Link, Google Scholar
- (1984) The effect of capital structure on a firm’s liquidation decision. J. Financial Econom. 13(1):137–151.Crossref, Google Scholar
- (1986) An investigation into the determinants of U.S. strike activity. Amer. Econom. Rev. 76(3):423–436.Google Scholar
- (1987) An empirical test of an asymmetric information model of strikes. J. Labor Econom. 5(2):149–173.Crossref, Google Scholar

