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Right-to-Work Laws and Financial Leverage

Financial management, 2015-03, Vol.44 (1), p.147-175 [Peer Reviewed Journal]

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Title:
Right-to-Work Laws and Financial Leverage
Author: Marciukaityte, Dalia
Subjects: Analysis ; Bargaining ; Collective bargaining ; Enterprises ; Financial leverage ; Labor unions ; Law ; Laws, regulations and rules ; Leverage (Finance) ; Oklahoma ; Presidential elections ; Right to work ; Right to work (Labor unions) ; State laws ; Stockholders ; Studies ; Trade unions ; U.S.A
Is Part Of: Financial management, 2015-03, Vol.44 (1), p.147-175
Description: High leverage can be used to improve a firm's bargaining position with unions. I find that this use of leverage in the United States is concentrated in states without right-to-work (RTW) laws. The use of high leverage by unionized firms in these states is associated with high market-to-book ratios and is more likely when shareholder and manager interests are aligned through compensation contracts. I confirm these findings by examining the adoption of RTW laws in Oklahoma, as well as presidential and congressional elections. Moreover, I confirm the importance of RTW laws using cash balances instead of leverage.
Publisher: Tampa: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/fima.12065
Source: Alma/SFX Local Collection

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