노동조합이 투자의 현금흐름 민감도에 미치는 영향
Effects of Labor Unions on Cash Flow Sensitivity of Investment
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본 연구의 중요한 분석 결과는 다음과 같다. 노동조합 조직기업은 노동조합 세금 효과로 인하여 기업투자가 감소하지만, 내부 현금흐름을 이용한 투자의 현금흐름 민감도는 증가한다. 이는 노동조합 조직기업이 비조직 기업보다 정보 비대칭이 더 증가하고 외부 자본조달 비용이 내부 자본조달 비용보다 더 증가하는 등 노동조합 세금효과로 인하여 기업투자가 감소하지만, 노동조합과의 협상력을 증가시키기 위한 전략적 차원에서, 내부 현금흐름이 투자자금으로 흘러들어가는 유동성 채널을 증가시킴으로써 투자의 현금흐름 민감도가 증가함을 의미한다. 재벌 기업은 비재벌 기업보다 노동조합이 투자의 현금흐름 민감도에 미치는 증분효과가 약한데, 이는 재벌 기업의 내부자본시장과 부분적으로 관계가 있다. 즉, 재벌 기업은 내부자본시장으로 인하여 비재벌 기업보다 자본조달이 더 용이하고 재무적 제약을 더 적게 받기 때문에 노동조합이 투자의 현금흐름 민감도에 미치는 영향도 약하다. 나아가, 재무적 제약 하에서도 노동조합이 투자의 현금흐름 민감도에 미치는 증분효과가 존재한다. 결론적으로, 노동조합 조직 기업은 비조직 기업보다 노동조합 세금 효과로 인하여 기업투자가 감소하지만, 내부 현금흐름을 투자자금으로 사용하는 투자의 현금흐름 민감도는 증가한다. 즉, 노동조합 조직기업은 노동조합과의 협상력을 증가시키기 위해, 내부 현금흐름이 투자자금으로 흘러들어가는 유동성 채널을 증가시킴으로써 투자의 현금흐름 민감도가 증가한다. 따라서 노동조합 조직 기업은 노동조합과의 협상력을 증가시키기 위한 전략적 차원에서 현금 유동성을 감소시키기 위해 투자의 현금흐름 민감도를 증가시킨다고 할 수 있다.
Abstract
The main results of this study can be summarized as follows. The cash flow has a significant and positive effect on investment expenditure, implying that investment is significantly cash flow-sensitive. Labor unions have significant and negative effects on investment expenditure, implying that labor unions have union tax effects. However, labor unions have significant and positive effects on the cash flow sensitivity of investment. This result suggests that the higher cash flow sensitivity of investment in unionized firms is primarily driven by the incentive of these firms to reduce liquidity and enhance bargaining power against the union. Even though controlling chaebol effects and several proxies for financial constraints, there are still the positive union effect on cash flow sensitivity of investment. In conclusion, unionized firms are associated with higher cash flow sensitivity of investment, which suggests that the higher cash flow sensitivity of investment in unionized firms is primarily driven by the incentive of these firms to reduce liquidity and enhance bargaining power against the union. Moreover, the union effects are independent of other factors that are related to chaebol effects and financial constraints.
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