노동조합이 기업의 자본구조에 미치는 영향 = The Effects of Labor Union on Corporate Capital Structure

국문 초록 (Abstract)

본 연구는 한국거래소의 유가증권시장에 상장된 기업을 대상으로 노동조합이 자본구조에 미치는 영향을 실증적으로 분석하였으며, 중요한 분석 결과는 다음과 같다. 노동조합 조직 기업은 노동조합과의 협상력을 증가시키기 위해 레버리지를 전략적으로 증가시키며, 영업이익 변동성이 큰 기업일수록 레버리지를 더 증가시키는 데, 이는 영업이익 변동성이 클수록 레버리지 증가를 통해 노동조합과의 협상력을 더 증가시킬 수 있음을 의미한다. 또한, 노동조합 조직 기업은 재무적 제약 하에서도 노동조합과의 협상력을 증가시키기 위해 레버리지를 증가시키며, 정태적 자본구조 모형뿐만 아니라 동태적 자본구조 모형 하에서도 레버리지를 증가시킨다. 결론적으로, 한국거래소의 유가증권시장에 상장된 기업은 노동조합과의 협상력을 증가시키기 위해 레버리지를 전략적으로 증가시킨다고 할 수 있다. 이러한 연구 결과는 노동조합이 자본구조에 영향을 미칠 수 있는 새로운 변수라는 점을 인정하여 재무정책을 수립할 필요가 있음을 시사하며, 노동조합과 자본구조간의 관계에 관한 연구 문헌에도 공헌할 것으로 기대한다.

다국어 초록 (Multilingual Abstract)

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.

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