Labor unions and internal capital market efficiency

Abstract

This work examines whether labor unions who are stakeholders with conflicting roles have impacts on the efficiency of internal capital markets It is found that labor unions have negative impacts on the efficiency of internal capital markets and that these negative impacts are more pronounced in firms with less monitoring such as those with less ownership of institutional blockholders and a lower debt ratio However labor unions do not have negative impacts on the excess value of firms

Date of Award	2020
Original language	English
Supervisor	Ting-Kai Chou (Supervisor)