Labor unions, bargaining power and corporate bond yield spreads: Structural credit model perspectives

Tsung-Kang Chen, Yan Shing Chen, Hsien Hsing Liao*

*此作品的通信作者

研究成果: Article同行評審

28 引文 斯高帕斯(Scopus)

摘要

This study investigates labor union effects on bond yield spreads from perspectives of structural credit models by employing American bond observations from 2001 to 2007. This research finds that union strength significantly and positively relates to bond yield spreads (this effect is roughly equal to that of issuer rating for one standard deviation change when controlling for well-known variables). The empirical results also show that the positive effects become weaker when management has higher bargaining power. Additionally, union strength volatility significantly and negatively relates to bond yield spreads and capital structure (leverage). The above results are robust when controlling for credit ratings, collinearity concerns, industry effect and tax effect.

原文English
頁(從 - 到)2084-2098
頁數15
期刊Journal of Banking and Finance
35
發行號8
DOIs
出版狀態Published - 8月 2011

指紋

深入研究「Labor unions, bargaining power and corporate bond yield spreads: Structural credit model perspectives」主題。共同形成了獨特的指紋。

引用此