Union Rent Seeking, Intangible Capital, and Market Value of the Firm

Robert A Connolly, Barry T. Hirsch () and Mark Hirschey

The Review of Economics and Statistics, 1986, vol. 68, issue 4, pages 567-77

Abstract: This study considers the effect of unions on intangible capital investment and profitability within t he context of market value rather than a more traditional accounting-based appro ach. Theory is provided suggesting unions are able to affect profitability by sh aring in the economic returns to firm-specific intangible capital. Insupport of this hypothesis, we find unionization reduces the returns to R&D and produces a corresponding limiting influence on R&D investment at the firm level. Copyright 1986 by MIT Press.

Date: 1986
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