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Union Rent Seeking, Intangible Capital, and Market Value of the Firm

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Author Info
Connolly, Robert A
Hirsch, Barry T
Hirschey, Mark

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Abstract

This study considers the effect of unions on intangible capital investment and profitability within t he context of market value rather than a more traditional accounting-based appro ach. Theory is provided suggesting unions are able to affect profitability by sh aring in the economic returns to firm-specific intangible capital. Insupport of this hypothesis, we find unionization reduces the returns to R&D and produces a corresponding limiting influence on R&D investment at the firm level. Copyright 1986 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 68 (1986)
Issue (Month): 4 (November)
Pages: 567-77
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Handle: RePEc:tpr:restat:v:68:y:1986:i:4:p:567-77

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  1. Mehdi Nekhili & Evelyne Poincelot, 2000. "La fonction R&D et la latitude managériale:une analyse théorique," Working Papers FARGO 1000303, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
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  2. Dobbelaere, Sabien, 2005. "Joint Estimation of Price-Cost Margins and Union Bargaining Power for Belgian Manufacturing," IZA Discussion Papers 1466, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  3. Moses Acquaah & Tailan Chi, 2007. "A longitudinal analysis of the impact of firm resources and industry characteristics on firm-specific profitability," Journal of Management and Governance, Springer, vol. 11(3), pages 179-213, September. [Downloadable!] (restricted)
  4. Juan Carlos Bárcena Ruiz & María Luz Campo Corredera, 2003. "Timing of Wage Setting when Firms Invest in R&D," BILTOKI 200314, Universidad del País Vasco - Departamento de Economía Aplicada III (Econometría y Estadística). [Downloadable!]
    Other versions:
  5. Kim, YoungGak, 2007. "A Survey on Intangible Capital," CEI Working Paper Series 2007-10, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  6. Reitzig, Markus & Ramb, Fred, 2004. "Who do you trust while bubbles grow and blow? : A comparative analysis of the explanatory power of accounting and patent information for the market values of German firms," Discussion Paper Series 1: Economic Studies 2004,17, Deutsche Bundesbank, Research Centre. [Downloadable!]
  7. Bronwyn H. Hall, Adam Jaffe and Manuel Trajtenberg., 2000. "Market Value and Patent Citations: A First Look," Economics Working Papers E00-277, University of California at Berkeley. [Downloadable!]
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  8. Tapio Palokangas, 2005. "Economic Integration, Market Power and Technological Change," IZA Discussion Papers 1592, Institute for the Study of Labor (IZA). [Downloadable!]
  9. Rafael Gomez & Konstantinos Tzioumis, 2006. "What Do Unions Do to CEO Compensation?," CEP Discussion Papers dp0720, Centre for Economic Performance, LSE. [Downloadable!]
  10. Fred Ramb & Markus Reitzig, 2005. "Who do you trust while Shares are on a Roler-Coaster Ride? Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times," DRUID Working Papers 05-15, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  11. Justus Haucap & Christian Wey, 2002. "Unionization Structures and Firms' Incentives for Productivity Enhancing Investments," CIG Working Papers FS IV 02-10, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
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  12. Bronwyn H. Hall, 1999. "Innovation and Market Value," NBER Working Papers 6984, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. Ana María Sabater & Joaquina Laffarga, 2004. "Comportamiento Diario Del Mercado Continuo Español Ante Un Evento Laboral: Un Analisis Empirico," Working Papers. Serie EC 2004-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  14. Haucap, Justus & Wey, Christian, 2003. "Unionization Structures and Innovation Incentives," CEPR Discussion Papers 4079, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  15. Ann P. Bartel & Frank R. Lichtenberg, 1991. "Technical Change, Learning, and Wages," NBER Working Papers 2732, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Addison, John T. & Schank, Thorsten & Schnabel, Claus & Wagner, Joachim, 2005. "Do Works Councils Inhibit Investment?," IZA Discussion Papers 1473, Institute for the Study of Labor (IZA). [Downloadable!]
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  17. Steven G. Allen, 1989. "Productivity Levels and Productivity Change Under Unionism," NBER Working Papers 2304, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  18. Richard B. Freeman & Morris M. Kleiner, 1994. "Do Unions Make Enterprises Insolvent?," NBER Working Papers 4797, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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