Labor Rights, Venture Capital, and Firm Performance

被引：11

作者：

Xing, Xuejing ^{[1
]}

Howe, John S. ^{[2
,3
]}

Anderson, Randy I. ^{[4
]}

Yan, Shan ^{[5
]}

机构：

[1] Univ Alabama, Coll Business, Finance, Huntsville, AL 35899 USA

[2] Univ Missouri, Finance, Columbia, MO USA

[3] Univ Missouri, Trulaske Coll Business, Columbia, MO USA

[4] Griffin Capital Asset Management, El Segundo, CA USA

[5] Susquehanna Univ, Dept ofManagement, Finance, Selinsgrove, PA USA

来源：

FINANCIAL MANAGEMENT | 2017年 / 46卷 / 01期

关键词：

TO-WORK LAWS; CORPORATE; GOVERNANCE; UNIONS; UNIONIZATION; INNOVATION; OWNERSHIP; SUPPLIER; IMPACTS; BOARDS;

D O I：

10.1111/fima.12137

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the role of labor unions in the performance of venture capital (VC)-backed firms. Using a large sample of initial public offering firms from 1983 to 2013, we find that VC-backed firms in highly unionized industries have lower Tobin's Q and are less likely to survive. This effect is robust to endogeneity concerns and to controlling for industry and firm characteristics. The findings suggest that strong labor rights impede innovative firms' performance and survival, thereby adversely affecting innovation, economic growth, and employment.

引用

页码：129 / 154

页数：26

共 50 条

[21] Human capital investment, new firm creation and venture capital
Sevilir, Merih
JOURNAL OF FINANCIAL INTERMEDIATION, 2010, 19 (04) : 483 - 508
[22] Mixed ownership and firm performance: Evidence from the Chinese venture capital industry
Ke, Bin
Wang, Lanfang
EMERGING MARKETS REVIEW, 2021, 49
[23] Corporate venture capital portfolios and firm innovation
Wadhwa, Anu
Phelps, Corey
Kotha, Suresh
JOURNAL OF BUSINESS VENTURING, 2016, 31 (01) : 95 - 112
[24] HOW A PRIVATE VENTURE CAPITAL FIRM OPERATES
BROOKE, PA
BUSINESS LAWYER, 1971, 26 (03): : 735 - 738
[25] The adaptation of governance for venture capital firm in China
Li, Wei
INFORMATION SCIENCE AND MANAGEMENT ENGINEERING, VOLS 1-3, 2014, 46 : 481 - 487
[26] Public policy and venture capital: The Canadian labor-sponsored venture capital funds
Ayayi, A
JOURNAL OF SMALL BUSINESS MANAGEMENT, 2004, 42 (03) : 335 - 345
[27] Venture Capital Winners: A Configurational Approach to High Venture Capital-Backed Firm Growth
Standaert, Thomas
Knockaert, Mirjam
Manigart, Sophie
BRITISH JOURNAL OF MANAGEMENT, 2022, 33 (01) : 211 - 230
[28] Governmental and independent venture capital investments in Europe: A firm-level performance analysis
Cumming, Douglas J.
Grilli, Luca
Murtinu, Samuele
JOURNAL OF CORPORATE FINANCE, 2017, 42 : 439 - 459
[29] Venture capital reputation and portfolio firm performance in an emerging economy: The moderating effect of institutions
Runhui Lin
Ya Li
Tao Peng
Hongjuan Zhang
Asia Pacific Journal of Management, 2017, 34 : 699 - 723
[30] Venture capital reputation and portfolio firm performance in an emerging economy: The moderating effect of institutions
Lin, Runhui
Li, Ya
Peng, Tao
Zhang, Hongjuan
ASIA PACIFIC JOURNAL OF MANAGEMENT, 2017, 34 (03) : 699 - 723

← 1 2 3 4 5 →