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Concession bargaining: The impact on shareholders' equity

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  • Brian E. Becker
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    Abstract

    This analysis of bargaining settlements in 1982-83 shows that, on average, shareholders in those firms that negotiated concessionary settlements enjoyed an 8 to 10% increase in the value of their holdings. The author interprets this result to mean not that the value of the firm increased, but rather that concessions enlarged the shareholders' portion of the firm's value at the expense of the workers' portion. On the other hand, concession bargaining does not seem to have reallocated business risk between shareholders and labor. Finally, the evidence suggests that firm-specific sources of risk can explain, in part, not only the magnitude of the concession effects but also the probability that concession bargaining will occur. (Abstract courtesy JSTOR.)

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    Bibliographic Info

    Article provided by ILR Review, Cornell University, ILR School in its journal ILR Review.

    Volume (Year): 40 (1987)
    Issue (Month): 2 (January)
    Pages: 268-279

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    Handle: RePEc:ilr:articl:v:40:y:1987:i:2:p:268-279

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    Cited by:
    1. Martinello, F. & Hanrahan, R. & Kushner, J. & Masse, I., 1995. "The Effect of Work Stoppages on the Value of Firms in Canada," Working Papers 1995-04, Brock University, Department of Economics.
    2. Chris Doucouliagos & Patrice Laroche, 2007. "Unions and Profitability: A Meta-Analysis," Economics Series 2007_01, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
    3. John M. Abowd & George T. Milkovich & John M. Hannon, 1989. "The Effects of Human Resource Management Decisions on Shareholder Value," NBER Working Papers 3148, National Bureau of Economic Research, Inc.
    4. David Lee & Alexandre Mas, 2009. "Long-Run Impacts of Unions on Firms: New Evidence from Financial Markets, 1961-1999," NBER Working Papers 14709, National Bureau of Economic Research, Inc.

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