노동조합이 기업의 자본구조에 미치는 영향

This study empirically analyzes the effects of labor union on capital structure of firms listed on Korea Exchange. The main results of this study can be summarized as follows. The unionization rates have significant and positive effects on leverage ratio, implying that labor unions have significant and positive effect on corporate capital structure. This result suggests that unionized firms strategically increase leverage ratio to gain bargaining advantages over labor unions and to shelter corporate income from their demands. Moreover, unionized firms with higher operating profit volatility have greater strategic incentives to increase leverage ratio to gain bargaining advantages over labor unions. Even though controlling several proxies for financial constraints, there are still the positive union effect on corporate capital structure. Furthermore, in the frameworks of static or dynamic capital structure model, labor unions have consistently significant and positive effect on corporate capital structure. In conclusion, firms facing stronger labor unions strategically increase leverage to improve their bargaining position against labor unions. Therefore, this study implies that managers must have to consider labor unions as a new determinant of capital structure.