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American Economic Journal: Macroeconomics: Vol. 3 No. 2 (April 2011)

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Family Firms and Labor Relations

Article Citation

Mueller, Holger M., and Thomas Philippon. 2011. "Family Firms and Labor Relations." American Economic Journal: Macroeconomics, 3(2): 218-45.

DOI: 10.1257/mac.3.2.218

Abstract

This paper examines the relationship between family ownership and the quality of labor relations. We find that family ownership is more prevalent in countries in which labor relations are hostile, consistent with the notion that family firms are particularly effective at coping with difficult labor relations. Our results are robust to controlling for minority shareholder protection and other potential determinants of family ownership. To address endogeneity issues, we show that, controlling for industry- and country-fixed effects, industries that are more labor dependent have relatively more family ownership in countries with worse labor relations. (JEL G32, G34, J52, J53)

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Authors

Mueller, Holger M. (NYU)
Philippon, Thomas (NYU)

JEL Classifications

G32: Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
G34: Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
J52: Dispute Resolution: Strikes, Arbitration, and Mediation; Collective Bargaining
J53: Labor-Management Relations; Industrial Jurisprudence

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American Economic Journal: Macroeconomics


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