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초록
영어
I examine whether suppliers modify trading strategies upon their customers’ unionization. I demonstrate that when customers unionize, suppliers experience negative stock returns and rely less on the unionized customers for sales. Results are robust to alternatively using a regression discontinuity design. Suppliers reduce their exposure to unionized customers due to the demand uncertainty arising from potential labor disruptions, the customers’ reduced competitiveness in the product market, and customers’ potential shifting of unionization costs to suppliers. However, in certain cases, customer unionization mitigates the negative effect of customers’ default risk on their relationship with suppliers.
목차
Abstract
1. Data and descriptive statistics
1.1. Sample selection
1.2. Main dependent and independent variables
1.3. Summary statistics
2. Empirical analysis—Impact of customer unionization
2.1. Effects of customer unionization on supplier sales dependence
2.2. Mechanism
2.3. Benefits of customer unionization to suppliers
3. Additional analysis
3.1. Effects of customer unionization on supplier relationship-specific investments
3.2. Effects of customer unionization on supplier customer diversification
4. Analysis using regression discontinuity design
4.1. Sample construction
4.2. Regression discontinuity design assumptions
4.3. Effects of customer unionization on supplier sales dependence
4.4. Effects of customer unionization on supplier stock return
4.5. Effects of customer unionization on the likelihood of becoming minor customers
5. Alternative explanations
6. Conclusion
References
Appendix
Figure
Table
Appendix Table
Appendix Figure
1. Data and descriptive statistics
1.1. Sample selection
1.2. Main dependent and independent variables
1.3. Summary statistics
2. Empirical analysis—Impact of customer unionization
2.1. Effects of customer unionization on supplier sales dependence
2.2. Mechanism
2.3. Benefits of customer unionization to suppliers
3. Additional analysis
3.1. Effects of customer unionization on supplier relationship-specific investments
3.2. Effects of customer unionization on supplier customer diversification
4. Analysis using regression discontinuity design
4.1. Sample construction
4.2. Regression discontinuity design assumptions
4.3. Effects of customer unionization on supplier sales dependence
4.4. Effects of customer unionization on supplier stock return
4.5. Effects of customer unionization on the likelihood of becoming minor customers
5. Alternative explanations
6. Conclusion
References
Appendix
Figure
Table
Appendix Table
Appendix Figure
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