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The effect of labor unions on innovation and market valuation in business group affiliations: new evidence from South Korea

Title
The effect of labor unions on innovation and market valuation in business group affiliations: new evidence from South Korea
Authors
Shin, IlhangPark, SorahCho, Seong PyoChoi, Seungho
Ewha Authors
최승호박소라
SCOPUS Author ID
최승호scopus; 박소라scopus
Issue Date
2020
Journal Title
ASIAN BUSINESS & MANAGEMENT
ISSN
1472-4782JCR Link

1476-9328JCR Link
Citation
ASIAN BUSINESS & MANAGEMENT vol. 19, no. 2, pp. 239 - 270
Keywords
Labor unionFirm innovationR&D expendituresKorean chaebols
Publisher
PALGRAVE MACMILLAN LTD
Indexed
SSCI; SCOPUS WOS scopus
Document Type
Article
Abstract
This paper examines how non-financial stakeholders, especially labor unions, affect firms' innovation in business group affiliations. Using firm-level labor union data unique to Korea, we find that firms' innovation activities are negatively related to unionization. This negative relationship is more pronounced for large business groups, suggesting that Korean chaebols are more concerned with the influence of powerful stakeholders-union workers. Also, equity market valuation of R&D reduction under union pressure is not negative for chaebol-affiliated firms, whereas it is negative for non-affiliated firms. These results indicate that the equity market perceives that chaebols' internal capital market facilitates group-oriented R&D investment decisions.
DOI
10.1057/s41291-019-00089-9
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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