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Securities Price Effects Of Unionization Legislation

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  • Vic Naiker
  • Farshid Navissi
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    Abstract

    Prior studies document that firms experience negative stock price effects in response to unionization. We study the economic effects of a radical change in unionization legislation in New Zealand and hypothesize that the stock price effect of unionization is a function of prior unionization status of firms. We provide evidence that legislative events that increase the likelihood of introducing more stringent legislation do not affect stock prices of high-unionized firms, whereas low-unionized firms are affected negatively and significantly. Legislative events that signal less stringent unionization legislation result in significant stock price increases for all firms. 2006 The Southern Finance Association and the Southwestern Finance Association.

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    Bibliographic Info

    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 29 (2006)
    Issue (Month): 1 ()
    Pages: 63-78

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    Handle: RePEc:bla:jfnres:v:29:y:2006:i:1:p:63-78

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    Web page: http://www.southwesternfinance.org/
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