American Economic Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
Family Firms and Labor Relations
American Economic Journal: Macroeconomics
vol. 3,
no. 2, April 2011
(pp. 218–45)
Abstract
This paper examines the relationship between family ownership and the quality of labor relations. We find that family ownership is more prevalent in countries in which labor relations are hostile, consistent with the notion that family firms are particularly effective at coping with difficult labor relations. Our results are robust to controlling for minority shareholder protection and other potential determinants of family ownership. To address endogeneity issues, we show that, controlling for industry- and country-fixed effects, industries that are more labor dependent have relatively more family ownership in countries with worse labor relations. (JEL G32, G34, J52, J53)Citation
Mueller, Holger M., and Thomas Philippon. 2011. "Family Firms and Labor Relations." American Economic Journal: Macroeconomics, 3 (2): 218–45. DOI: 10.1257/mac.3.2.218Additional Materials
JEL Classification
- G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
- G34 Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
- J52 Dispute Resolution: Strikes, Arbitration, and Mediation; Collective Bargaining
- J53 Labor-Management Relations; Industrial Jurisprudence
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