UNION NEGOTIATIONS AND CORPORATE-POLICY - A STUDY OF LABOR CONCESSIONS IN THE DOMESTIC STEEL-INDUSTRY DURING THE 1980S
成果类型：
Article
署名作者：
DEANGELO, H; DEANGELO, L
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(91)90025-F
发表日期：
1991
页码：
3-43
关键词：
摘要：
This paper studies managerial compensation, financial reporting, and dividend policies of the seven major domestic steel producers during requests for union concessions. Substantial layoffs, reported losses, and sacrifices by nonunion stakeholders buttressed managers' case for union concessions. From 1980 to 1988, sample firms reduced their work force by about 300,000 (almost two-thirds) and annual wage payments from $16.1 to $8.6 billion. Reported income is lower during union negotiations, controlling for cash flows, as is managerial pay, with average CEO salary plus bonus declining 18%. Dividend reductions and white-collar pay cuts are substantial, pervasive, and clustered during union negotiations.