PRELIMINARY AND INCOMPLETE
| Title: | PRELIMINARY AND INCOMPLETE |
|---|---|
| Authors: | Holger M. Mueller; Jel Codes D; We Thank R; All Morck; Michael Percy; Gloria Tian |
| Contributors: | The Pennsylvania State University CiteSeerX Archives |
| Source: | http://federation.ens.fr/ydepot/semin/texte0506/PHI2005CON.pdf. |
| Publication Year: | 2005 |
| Collection: | CiteSeerX |
| Time: | 1 |
| Description: | The extent to which firm ownership is concentrated or dispersed varies considerably from country to country. Explanations based on differences in the protection of minor-ity shareholders leave a significant part of the variance unexplained. This paper offers a novel explanation for the variation in ownership concentration across countries based on differences in the quality of labor relations. We show empirically that countries in which labor relations are hostile tend to have more concentrated ownership. These results con-tinue to hold when we instrument labor relations using religion, which has been argued is a key factor in the history of European labor organizations. We find similar results using historical data for Canada, documenting a surprisingly strong correlation between strike activity and ownership concentration over the past 50 years. Theoretically, we show that these findings are consistent with a simple model of repeated wage bargaining under asymmetric information in which labor relations and ownership concentration are jointly determined. |
| Document Type: | text |
| File Description: | application/pdf |
| Language: | English |
| Relation: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.566.4788; http://federation.ens.fr/ydepot/semin/texte0506/PHI2005CON.pdf |
| Availability: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.566.4788; http://federation.ens.fr/ydepot/semin/texte0506/PHI2005CON.pdf |
| Rights: | Metadata may be used without restrictions as long as the oai identifier remains attached to it. |
| Accession Number: | edsbas.1E02B34D |
| Database: | BASE |