JOURNAL OF BANKING & FINANCE, VOL 99, FEBRUARY 2019

世界各地的集体谈判和并购活动

作者：Muhammad Farooq Ahmad (IESEG School of Management)

Thomas Lambert（Erasmus University）

摘要：本文研究了20世纪90年代初以来46个国家集体谈判与并购活动之间的关系。我们发现，在拥有强大工会和谈判协调覆盖率高的国家，行业内并购的频率和数量都在增加。集体谈判减轻了更严格的就业保护法对先前工作中记录的并购在经济上的负面影响。进一步分析表明，集体谈判通过减少目标公司员工的就业不确定性来鼓励并购。我们的结果为全球并购背景下集体谈判的实际效果提供了新的见解。

关键词：集体谈判;就业保护法;工会;兼并收购;协同收益;交易完成过程

Collective Bargaining and Mergers and Acquisitions Activity around the World

Muhammad Farooq Ahmad (IESEG School of Management), Thomas Lambert（Erasmus University）

ABSTRACT

This paper studies the relationship between collective bargaining and mergers and acquisitions activity in 46 countries from the early 1990s. We find that the frequency and volume of mergers and acquisitions within industries increase in countries with powerful labor unions and high coverage of bargaining coordination. Economically, collective bargaining mitigates the negative effect of tighter employment protection legislations on mergers and acquisitions documented in prior works. Further analyses suggest that collective bargaining encourages mergers and acquisitions by reducing employment uncertainty among target firm employees. Our results provide new insights into the real effects of collective bargaining in the context of mergers and acquisitions around the world.

Keywords: Collective Bargaining; Employment Protection Legislations; Labor Unions; Mergers and Acquisitions; Synergy Gains; Deal Completion Process

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426618302516#!

翻译：王秭越