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    Title: Does Labor Power Affect the Likelihood of a Share Repurchase?
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Chen, Yan-Shing
    Wang, Yanzhi
    Contributors: 財管系
    Date: 2015
    Issue Date: 2018-06-11 17:52:46 (UTC+8)
    Abstract: This research examines the impact of labor power on the firm's repurchase decisions. Firms facing stronger labor power repurchase fewer shares, suggesting that, on average, repurchases are against the interests of labor. However, the negative effect of labor power on repurchases is significantly reduced when repurchases benefit employees by fending off an unwanted takeover or countering the dilution effects of employee stock options. We also examine the ex post consequences of share repurchases. Repurchases are positively related to the probability of a strike. Repurchase announcement returns and the operating performance of repurchasing firms are negatively related to labor power.
    Relation: Financial Management, Vol.44, No.3, pp.623-653
    Data Type: article
    DOI link: http://dx.doi.org/10.1111/fima.12072
    DOI: 10.1111/fima.12072
    Appears in Collections:[Department of Finance ] Periodical Articles

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