這項研究探討了勞工工會是否通過現金增資（SEO）事件影響公司利害關係人的價值。先前勞工相關文獻的結果表明，由於工會議價能力的提高，導致揭露過多資訊會危害企業的管理能力。因此，當面對結構化的勞動力時，行政部門將努力與利益關係人保持資訊的不對稱性。本篇研究運用美國的SEO樣本，通過 SEO 等外生活動檢驗企業工會化對企業價值和資訊不對稱的影響，發現工會力量強的公司在 SEO 宣告中的股票表現較差。此外，我們的研究也證實工會對於資訊不對稱的影響，工會將利用其議價能力尋求信息共享，從而減少內部人員和外部人員之間的信息不對稱程度，進而緩解 SEO折價的發生。

This study examines whether labor unions affect value of firm stakeholders through secondary equity offerings (SEO) events. The previous results of the labor relations literature indicate that the information revelation will endanger the firm’s managerial capacity, owing to the raise of union bargaining power. Therefore, when faced with structured labor, administration will try to remain opaque information for stakeholders. This research aims to exploit a SEO sample in the United States to examine the effect of firm’s unionization to firm value and information symmetry through exogenous activities such as SEO and finds that companies with strong union power have worse stock performance of SEO announcements. On the other hand, our research also document that firm’s union will employ their bargaining power to seek information sharing, which decreases information asymmetry among insiders and outsiders, and ,in turn, resulting in alleviating SEO underpricing.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
表目錄 vi
1. INTRODUCTION 1
2. THEORIES AND HYPOTHESIS 5
2.1. Announcement returns and underpricing in SEO 5
2.2. The impact of unionization on stakeholder value 7
2.3. Effect of information asymmetry 9
3. DATA AND EMPIRICAL SETTING 10
3.1. Data 10
3.2. SEO announcement returns and Unionization 12
3.3. SEO underpricing and Unionization 14
3.4 Firm-level unionization on announcement returns and underpricing in SEOs 16
3.5. Descriptive statistics 17
4. EMPIRICAL OUTCOMES 19
4.1. SEO announcement returns 19
4.2. SEO underpricing 20
4.3 Firm-level unionization 21
5. CONCLUSIONS 21
Reference 35
Appendix 38

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