ABSTRACT In this study, we examine the impact of labor union power on stock price synchronicity. We proxy labor union power by the collective relation law index and measure stock price synchronicity by the level of co-movement between a firm’s stock price and market index. Using a sample of 37 countries between 1995 and 2016, we find that labor union power is positively associated with stock price synchronicity, indicating that firms in countries where labor union power is relatively stronger tend to disclose less firm-specific information. Our evidence also shows that this phenomenon is more pronounced in countries where investors are better protected, and is less pronounced or even reversed in countries where investors are less protected.

中文翻译：

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劳动力、投资者保护和价格同步

摘要 在这项研究中，我们考察了工会权力对股价同步性的影响。我们通过集体关系法指数来代表工会权力，并通过公司股价与市场指数之间的联动水平来衡量股价同步性。使用 1995 年至 2016 年间 37 个国家的样本，我们发现工会权力与股价同步性呈正相关，表明工会权力相对较强的国家的公司倾向于披露较少的公司特定信息。我们的证据还表明，这种现象在投资者受到更好保护的国家更为明显，而在投资者受到较少保护的国家则不那么明显甚至逆转。