Barry T. Hirsch - Labor unions and the economic performance of firms
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Labor Unions and the Economic Performance of Firms
author
:
Hirsch, Barry T.
publisher
:
Upjohn Institute
isbn10 | asin
:
0880991097
print isbn13
:
9780880991094
ebook isbn13
:
9780585283005
language
:
English
subject
Labor unions--Economic aspects--United States, Profit--United States, Capital investments--United States, Research, Industrial--United States, Industrial productivity--United States.
publication date
:
1991
lcc
:
HD6508.H483 1991eb
ddc
:
331.88/0973
subject
:
Labor unions--Economic aspects--United States, Profit--United States, Capital investments--United States, Research, Industrial--United States, Industrial productivity--United States.
Page i
Labor Unions and the Economic Performance of Firms
Barry T. Hirsch
1991
Page ii
Library of Congress Cataloging-in-Publication Data Hirsch, Barry T., 1949 Labor unions and the economic performance of firms / Barry T. Hirsch. p. cm. Includes bibliographical references and index. ISBN 0-88099-109-7 (hardcover : acid-free). ISBN 0-88099-110-0 (paper : acid-free) 1. Trade-unionsEconomic aspectsUnited States. 2. Profit United States. 3. Capital investmentsUnited States. 4. Research, IndustrialUnited States. 5. Industrial productivity United States. J. Title HD6508.H483 1991 331.88'0973dc20 91-2576 CIP
Copyright 1991 W. E. Upjohn Institute for Employment Research 300 S. Westnedge Avenue Kalamazoo, Michigan 49007-4686
THE INSTITUTE, a nonprofit research organization, was established on July 1, 1945. It is an activity of the W. E. Upjohn Unemployment Trustee Corporation, which was formed in 1932 to administer a fund set aside by the late Dr. W. E. Upjohn for the purpose of carrying on "research into the causes and effects of unemployment and measures for the alleviation of unemployment."
The facts presented in this study and the observations and viewpoints expressed are the sole responsibility of the author. They do not necessarily represent positions of the W. E. Upjohn Institute for Employment Research.
Cover design by J.R. Underhill Index prepared by Shirley Kessel Printed in the United States of America
Page iii
The Author
Barry Hirsch is Professor of Economics at The Florida State University. He is the author (along with John Addison) of The Economic Analysis of Unions: New Approaches and Evidence, and of numerous articles in leading general and labor economics journals. He has broad research interests in the area of labor economics; recent work has focused on the relationship between labor unions and firm economic behavior and performance. He received his B.A. and Ph.D. from the University of Virginia.
Page v
Policy Summary
This monograph examines the relationship between labor unions and the economic performance and behavior of U.S. firms. A model of union rent-seeking is developed in which unions capture a share of the quasi-rents that make up the normal return to investment in long-lived capital and research and development (R&D). In response to union rent-seeking, firms adjust their investment in vulnerable tangible and intangible capital. In order to examine empirically union effects on firm performance, a survey was conducted to collect information on the extent of collective bargaining coverage among publicly traded manufacturing firms. Data from the union survey are matched with firm and industry data to form a large panel data set of firms for the 19681980 period. These data permit a relatively detailed examination of the relationship of unionization with firm profitability and market value, investment in physical capital and R&D, productivity, and productivity growth.
Firm-level union coverage is found to vary substantially both across and within industries. Evidence is provided showing that companies with extensive unionization had lower rates of profit, market value, capital investment, and R&D investment than did similar nonunion firms and those firms with limited collective bargaining coverage. Returns to physical capital and R&D and the disequilibrium returns associated with demand shifts, rather than monopoly profits associated with market structure, appear to provide the primary sources for union gains. Although union-nonunion differences in profitability and investment are large on average, there is substantial variability in estimated union effects across industries. Econometric evidence on productivity and productivity growth differences between union and nonunion companies is fragile and allows few clear-cut inferences to be drawn. The recent contraction in the size of the union sector, it is argued, resulted in part from the long-run response by firms to union rent-seeking, and was inevitable given the relatively poor profit performance, diminished market value, and low investment by unionized companies during the 1970s.
Page vii
Contents
1 Introduction
1
Notes
6
2 Union Rent-Seeking and the Economic Performance of Firms
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