The Economic Effect of Strikes on the Shareholders of Nonstruck Competitors

Kramer, Jonathan K.; Vasconcellos, Geraldo M.

doi:10.2307/2524939

Cited by 12 publications

(18 citation statements)

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“…Moreover, our evidence is roughly consistent with that reported by Kramer and Vasconcellos (1996), who found effects on nonstruck firms that were statistically indistinguishable from those on struck firms from 1982 to 1990. On the other hand, given our focus on the seminal industrial relations strikes of the interwar period, our results are consistent with the views of historians and others who have singled out this period as one of unusual importance in the development of postwar industrial relations.…”

Section: Resultssupporting

confidence: 92%

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When Unions “Mattered”: The Impact of Strikes on Financial Markets, 1925–1937

DiNardo¹,

Hallock

2002

ILR Review

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This examination of the Stock Market's responsiveness to strikes looks specifically at strike actions that labor historians generally view as the major ones occurring in the United States in the years 1925-37. The authors find that strikes had large, negative effects on industry stock value. Longer strikes, violent strikes, strikes in which unions "won," industry-wide strikes, strikes that led to union recognition, and strikes that led to large wage increases were associated with larger negative share price reactions than were other strikes. Much of the "news" generated by the typical strike seems to have been registered by the Stock Market very early in the strike. However, there were also some fairly large stock price reactions to news that could be fully revealed only at the end of a strike. This paper is an examination of the impact of important strikes on industry stock returns at a time when unions were rapidly evolving. We focus on the economic consequences of strikes during the interwar period as reflected in the behavior of the stock market. Our point of departure is the identification of strikes that, in contrast with most present-day strikes, were primarily an attempt by workers to change the "terms of trade" between workers and their employers. Using standard event-study methods, we evaluate the

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Section: Resultssupporting

confidence: 92%

“…6Also see Kramer and Vasconcellos (1996), Davidson et al (1988), and Ruback and Zimmerman (1984) for related studies. unchanging during the strike period.…”

Section: Analytical Frameworkmentioning

confidence: 99%

When Unions “Mattered”: The Impact of Strikes on Financial Markets, 1925–1937

DiNardo¹,

Hallock

2002

ILR Review

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“…Concerning union relations, evidence suggests that union coverage is negatively related to market value (Hirsch, 1991). Finally, to the extent that poor union relations increase the potential for strikes, we note that Kramer and Vasconcellos (1996) and Persons (1995) find that strike announcements result in negative CARs.…”

Section: Fama-macbeth Regressionsmentioning

confidence: 60%

The stocks at stake: Return and risk in socially responsible investment

Galema

Plantinga

Scholtens

2008

Journal of Banking & Finance

607

334

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“…Previous studies have found that employees are very demanding in terms of labour practices and working conditions (Abel & Ittermann, 2003), human rights (Chauhan & Chauhan, 2008), equal opportunity (Bosch & Knuth, 2003), environmental impacts (Arvidsson & Carlén, 2012), and transparency of CSR disclosure (Lawal, May, & Stahl, 2017). Underestimating the importance of employee opinion can cause discontent and strikes (Gabbatt, 2012), with negative impacts on labour productivity (Bhatnagar, 2007), corporate image and reputation (Chan, Pun, & Selden, 2013), as well as economic performance (Kramer & Vasconcellos, 1996). Thus, it is increasingly important for companies to assess and monitor the level of employees' CSR demandingnessunderstood here as the attitude of being demanding in terms of CSR.…”

Section: Csr Demandingnessmentioning

confidence: 99%

Employee attitudes towards corporate social responsibility: a study on gender, age and educational level differences

Rosati

Costa

Calabrese

et al. 2018

Corp Soc Responsibility Env

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Previous studies show that individual characteristics can influence stakeholder attitudes towards corporate social responsibility (CSR). This study analyses employee attitudes such as CSR demandingness, trust and satisfaction, to determine whether they vary according to differences in gender, age, and educational level. The analysis was carried out by surveying 153 employees of 11 Italian banks, and by performing a content analysis of the banks' sustainability reports. The Italian banking sector was chosen because of recent financial and CSR scandals. The findings suggest that, on average, male employees are slightly more trusting in and satisfied with CSR performance than their female counterparts. Graduates are slightly more demanding, largely more trusting, and generally more satisfied than non‐graduates. Interestingly, the difference between older and younger employees is not significant. The proposed approach can be useful in designing tailored CSR activities and communication avenues by shedding light on employees' CSR attitudes.

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The Economic Effect of Strikes on the Shareholders of Nonstruck Competitors

Cited by 12 publications

References 0 publications

When Unions “Mattered”: The Impact of Strikes on Financial Markets, 1925–1937

When Unions “Mattered”: The Impact of Strikes on Financial Markets, 1925–1937

The stocks at stake: Return and risk in socially responsible investment

Employee attitudes towards corporate social responsibility: a study on gender, age and educational level differences

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