We estimate short-term capital-market effects of unionization efforts at publicly-listed firms and their subsidiaries in the United States between 2011 and 2019. Our short-horizon event study reports significant negative average cumulative abnormal returns at the public announcement of successful union election certifications. Our results suggest that, on average, the market perceives successful unionization as detrimental to future firm performance, expects unionization efforts, and mainly reacts when all uncertainty is resolved at the publicly-announced certification. Finally, we show that shareholders’ expectations regarding unionization efforts differ for firms with and election cases.

中文翻译：

---

时机是关键：市场什么时候对工会的努力做出反应？


我们估计了 2011 年至 2019 年间美国上市公司及其子公司成立工会的努力对资本市场的短期影响。我们的短期事件研究报告显示，在公开宣布工会选举成功后，平均累积异常回报率显着为负认证。我们的研究结果表明，平均而言，市场认为成功的工会化不利于公司未来的业绩，预期工会化的努力，并且主要在所有不确定性在公开宣布的认证中得到解决时做出反应。最后，我们表明，对于有选举案例的公司，股东对工会努力的期望有所不同。