Shareholder wealth and wages: Evidence for white-collar workers

• 成果类型: Article
• 署名作者: Bronars, SG; Famulari, M
• 署名单位: University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/319551
• 发表日期: 2001
• 页码: 328-354
• 关键词: collective-bargaining agreements; real wage; POWER

摘要

We present empirical evidence on the relationship between individual wages, conditional on worker characteristics, and equity returns using a unique survey from the Bureau of Labor Statistics. Equity returns affect the wages only of workers with three or more years of tenure. A 4 percent increase in a firm's market value raises pay by 0.3 percent within three years. Our estimates suggest that each $10 increase in shareholder wealth raises the present value of a firm's wage bill by $1. The elasticity of white-collar wages with respect to equity returns is one-third smaller than the CEO salary elasticities in our sample.