The Power of the People: Labor Unions and Corporate Social Responsibility

Author:

Heitz Amanda1,Wang Youan2,Wang Zigan3

Affiliation:

1. Tulane University Department of Finance, A. B. Freeman School of Business, , 7 McAlister Drive, New Orleans, LA, USA 70118

2. Xiamen University MOE Key Laboratory of Econometrics, Wang Yanan Institute for Studies in Economics (WISE), , Xiamen, Fujian, China

3. Tsinghua University School of Economics and Management and Shenzhen International Graduate School, , China

Abstract

Abstract Many policymakers and practitioners argue that corporations may become more stakeholder focused if employees are given more power. We study the causal impact of unionization on stakeholders by analyzing how close labor union elections affect environmental and social (E&S) scores. We find that unionization is associated with an increase in internal social scores that primarily benefit employees and a decrease in external E&S scores that primarily benefit non-employees. The negative effects on external E&S are amplified when firms have greater financial constraints. The effects on both internal and external E&S are magnified when labor unions have more bargaining power. Our results suggest that policymakers consider implications for all stakeholders before implementing policies that prioritize the corporate influence of one stakeholder group.

Publisher

Oxford University Press (OUP)

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