Global S&T Development Trend Analysis Platform of Resources and Environment
Corporate Pension Plans and Investment Choices: Bargaining or Conforming? | |
[unavailable] | |
2017-03-01 | |
出版年 | 2017 |
语种 | 英语 |
国家 | 国际 |
领域 | 气候变化 |
英文摘要 |
Defined-benefit pension plans affect firms’ decisions on capital expenditure and choice of investment industries and locations. We investigate the impacts of defined-benefit (DB) pension plans on the corporate investment choices between diversifying and non-diversifying investments. We find a firm’s DB plan coverage is negatively associated with its propensity of making a major investment. Subject to a major investment decision, however, the firm with higher DB plan coverage is more likely to diversify, i.e., acquire firms abroad or in other industries, rather than invest in fixed assets or make non-diversifying (i.e., domestic horizontal) acquisitions. Moreover, in diversifying acquisitions, they are more likely to invest in countries or industries with a strongly unionized workforce. Further analysis on post-investment performance shows that firms with higher DB plan coverage experience a greater improvement in operating profitability after a diversifying acquisition, and the improvement mainly comes from a higher asset turnover rather than cost reduction. On the other hand, DB plan sponsoring firms experience a decline in profitability after a large capital expenditure or a non-diversifying acquisition. We propose that both the bargaining motive and the conforming motive can explain these results. WORKING PAPER NO: 682 |
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来源平台 | Asian Development Bank |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/233901 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | [unavailable]. Corporate Pension Plans and Investment Choices: Bargaining or Conforming?,2017. |
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adbi-wp682.pdf(759KB) | 科技报告 | 开放获取 | CC BY-NC-SA | 浏览 下载 |
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