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

Robert Connolly, Barry Hirsch () and Mark Hirschey

The Review of Economics and Statistics, 1986, vol. 68, issue 4, 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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