Unionization, product market competition, and strategic disclosure

• 成果类型: Article
• 署名作者: Aobdia, Daniel; Cheng, Lin
• 署名单位: Northwestern University; University of Arizona
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2018.01.002
• 发表日期: 2018
• 关键词: INTRAINDUSTRY INFORMATION TRANSFERS; to-work laws; Financial disclosure; voluntary disclosure; Employment growth; capital structure; organized-labor; unions; INVESTMENT; earnings

摘要

We examine the disclosure policies of non-unionized firms operating in unionized industries. We test the hypothesis that non-unionized firms have an incentive to disclose more information when their unionized rivals are engaged in labor renegotiations; that is, to weaken them. We find that non-unionized firms disclose more information and more good news when renegotiations are ongoing. This behavior is stronger for larger firms, firms with fewer peers in the industry, and firms more similar to their renegotiating rivals. We also find some evidence that unionized firms are harmed by this behavior and that non-unionized firms benefit from their increased disclosures.