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Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers
Open accessAbstract
The authors study the impact of a powerful nonfinancial stakeholder—unionized workers—on the pricing of corporate debt. Firms in more unionized industries have lower bond yields. This relation is stronger in firms with weaker financial conditions and cannot be explained by the correlation of unionization with industry characteristics, governance mechanisms, or financial leverage. Firms in unionized industries implement less risky investment policies and are less likely targets of acquisitions. Unionization reduces yields by more when firms’ takeover barriers are lower. Hence, unions are viewed favorably in the bond market because, through their influence on corporate affairs, they protect bondholders’ wealth.
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Citations
Cites
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
The impact of corporate social responsibility on the cost of bank loans
Goss, A., & Roberts, G. S. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2010.12.002 · Cited by 2,101
Cited by
Corporate social responsibility and stakeholder value maximization: Evidence from mergers
Deng, X., Kang, J.-K., & Low, B. S. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.04.014 · Cited by 1,647
Financial Reporting Quality and Labor Investment Efficiency
Jung, B., Lee, W., & Weber, D. P. (2014) · Contemporary Accounting Research · doi:10.1111/1911-3846.12053 · Cited by 451
Metadata
- Authors
- Chen, H. (., Kacperczyk, M., & Ortiz-Molina, H.
- Venue
- Review of Finance
- Publisher
- Oxford University Press (OUP)
- Published
- 2011-03-07
- Volume
- 16
- Issue
- 2
- Pages
- 347-383
- ISSN
- 1382-6662 (ISSN-L)
- 1573-692X
- 1572-3097
- OpenAlex
- W3122826634
- Cited by
- 210
- References
- 2
- FWCI
- 35.47
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Chen, H. (., Kacperczyk, M., & Ortiz-Molina, H. (2012). Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers. Review of Finance. https://doi.org/10.1093/rof/rfq028
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