Table 4. Open in new tab Difference in...

Maximum 20 percent Winning Margin
E_Emission	181	−0.0119	0.1467	88	−0.0404	0.1070	−0.0285
(.1057)
E_Product	181	−0.0089	0.2020	88	−0.0467	0.2020	−0.0378
(.1515)
E_Resource	181	−0.0088	0.1771	88	−0.0343	0.2095	−0.0255
(.2980)
S_Diversity	181	0.0437	0.2242	88	0.0541	0.2214	0.0104
(.7211)
S_Employment	181	0.0569	0.2605	88	0.0547	0.2526	−0.0022
(.9483)
S_Health	181	0.0512	0.3490	88	0.0474	0.2254	−0.0038
(.9264)
S_Training	181	0.1388	0.5618	88	0.0967	0.2890	−0.0421
(.5089)
S_Product	181	−0.0259	0.1535	88	−0.0263	0.1368	−0.0004
(.9823)
S_Community	181	−0.0163	0.1724	88	−0.0156	0.1356	0.0007
(.9720)
S_Human	181	0.0238	0.3408	88	−0.0113	0.2023	−0.0351
(.3733)
CAPEX	205	0.0515	0.0277	107	0.0470	0.0313	−0.0045
(.1968)
EBITDA	205	0.1535	0.0724	107	0.1473	0.0706	−0.0062
(.4673)
SGA	205	0.1021	0.3516	107	0.0661	0.3303	−0.0360
(.3815)
CHG_NOLCF	205	0.0027	0.0392	107	0.0058	0.0251	0.0031
(.4634)
LEVERAGE	205	0.3413	0.2058	107	0.3643	0.2612	0.0230
(.3939)
NOLCF	205	0.0443	0.0803	107	0.0422	0.1119	−0.0020
(.8543)
SIZE	205	9.2079	1.2917	107	9.1737	1.3876	−0.0341
(.8291)
LOSS	205	0.2049	0.4046	107	0.2430	0.4309	0.0381
(.4405)

Maximum 20 percent Winning Margin

Win

Lose

Lose–Win

Obs

Mean

Std Dev

Obs

Mean

Std Dev

Mean difference (P-value)

E_Emission

181

−0.0119

0.1467

−0.0404

0.1070

−0.0285

(.1057)

E_Product

181

−0.0089

0.2020

−0.0467

0.2020

−0.0378

(.1515)

E_Resource

181

−0.0088

0.1771

−0.0343

0.2095

−0.0255

(.2980)

S_Diversity

181

0.0437

0.2242

0.0541

0.2214

0.0104

(.7211)

S_Employment

181

0.0569

0.2605

0.0547

0.2526

−0.0022

(.9483)

S_Health

181

0.0512

0.3490

0.0474

0.2254

−0.0038

(.9264)

S_Training

181

0.1388

0.5618

0.0967

0.2890

−0.0421

(.5089)

S_Product

181

−0.0259

0.1535

−0.0263

0.1368

−0.0004

(.9823)

S_Community

181

−0.0163

0.1724

−0.0156

0.1356

0.0007

(.9720)

S_Human

181

0.0238

0.3408

−0.0113

0.2023

−0.0351

(.3733)

CAPEX

205

0.0515

0.0277

107

0.0470

0.0313

−0.0045

(.1968)

EBITDA

205

0.1535

0.0724

107

0.1473

0.0706

−0.0062

(.4673)

SGA

205

0.1021

0.3516

107

0.0661

0.3303

−0.0360

(.3815)

CHG_NOLCF

205

0.0027

0.0392

107

0.0058

0.0251

0.0031

(.4634)

LEVERAGE

205

0.3413

0.2058

107

0.3643

0.2612

0.0230

(.3939)

NOLCF

205

0.0443

0.0803

107

0.0422

0.1119

−0.0020

(.8543)

SIZE

205

9.2079

1.2917

107

9.1737

1.3876

−0.0341

(.8291)

LOSS

205

0.2049

0.4046

107

0.2430

0.4309

0.0381

(.4405)

Maximum 20 percent Winning Margin
E_Emission	181	−0.0119	0.1467	88	−0.0404	0.1070	−0.0285
(.1057)
E_Product	181	−0.0089	0.2020	88	−0.0467	0.2020	−0.0378
(.1515)
E_Resource	181	−0.0088	0.1771	88	−0.0343	0.2095	−0.0255
(.2980)
S_Diversity	181	0.0437	0.2242	88	0.0541	0.2214	0.0104
(.7211)
S_Employment	181	0.0569	0.2605	88	0.0547	0.2526	−0.0022
(.9483)
S_Health	181	0.0512	0.3490	88	0.0474	0.2254	−0.0038
(.9264)
S_Training	181	0.1388	0.5618	88	0.0967	0.2890	−0.0421
(.5089)
S_Product	181	−0.0259	0.1535	88	−0.0263	0.1368	−0.0004
(.9823)
S_Community	181	−0.0163	0.1724	88	−0.0156	0.1356	0.0007
(.9720)
S_Human	181	0.0238	0.3408	88	−0.0113	0.2023	−0.0351
(.3733)
CAPEX	205	0.0515	0.0277	107	0.0470	0.0313	−0.0045
(.1968)
EBITDA	205	0.1535	0.0724	107	0.1473	0.0706	−0.0062
(.4673)
SGA	205	0.1021	0.3516	107	0.0661	0.3303	−0.0360
(.3815)
CHG_NOLCF	205	0.0027	0.0392	107	0.0058	0.0251	0.0031
(.4634)
LEVERAGE	205	0.3413	0.2058	107	0.3643	0.2612	0.0230
(.3939)
NOLCF	205	0.0443	0.0803	107	0.0422	0.1119	−0.0020
(.8543)
SIZE	205	9.2079	1.2917	107	9.1737	1.3876	−0.0341
(.8291)
LOSS	205	0.2049	0.4046	107	0.2430	0.4309	0.0381
(.4405)

Table 4.

Open in new tab

Difference in observable characteristics between unionized and non-unionized firms.

This table shows differences in observable characteristics between firms that participate in union elections and win versus those that lose by a small margin (a maximum margin of 20 percent) in year t, the year of the union elections. Union election results are from the NLRB. The E&S indicator variables are collected from the Thomson Reuters ASSET4 ESG database, and firm characteristics are from Compustat. All variables are defined in Table 1.

Maximum 20 percent Winning Margin
	Win			Lose			Lose–Win
	Obs	Mean	Std Dev	Obs	Mean	Std Dev	Mean difference (P-value)
E_Emission	181	−0.0119	0.1467	88	−0.0404	0.1070	−0.0285
E_Emission	181	−0.0119	0.1467	88	−0.0404	0.1070	(.1057)
E_Product	181	−0.0089	0.2020	88	−0.0467	0.2020	−0.0378
E_Product	181	−0.0089	0.2020	88	−0.0467	0.2020	(.1515)
E_Resource	181	−0.0088	0.1771	88	−0.0343	0.2095	−0.0255
E_Resource	181	−0.0088	0.1771	88	−0.0343	0.2095	(.2980)
S_Diversity	181	0.0437	0.2242	88	0.0541	0.2214	0.0104
S_Diversity	181	0.0437	0.2242	88	0.0541	0.2214	(.7211)
S_Employment	181	0.0569	0.2605	88	0.0547	0.2526	−0.0022
S_Employment	181	0.0569	0.2605	88	0.0547	0.2526	(.9483)
S_Health	181	0.0512	0.3490	88	0.0474	0.2254	−0.0038
S_Health	181	0.0512	0.3490	88	0.0474	0.2254	(.9264)
S_Training	181	0.1388	0.5618	88	0.0967	0.2890	−0.0421
S_Training	181	0.1388	0.5618	88	0.0967	0.2890	(.5089)
S_Product	181	−0.0259	0.1535	88	−0.0263	0.1368	−0.0004
S_Product	181	−0.0259	0.1535	88	−0.0263	0.1368	(.9823)
S_Community	181	−0.0163	0.1724	88	−0.0156	0.1356	0.0007
S_Community	181	−0.0163	0.1724	88	−0.0156	0.1356	(.9720)
S_Human	181	0.0238	0.3408	88	−0.0113	0.2023	−0.0351
S_Human	181	0.0238	0.3408	88	−0.0113	0.2023	(.3733)
CAPEX	205	0.0515	0.0277	107	0.0470	0.0313	−0.0045
CAPEX	205	0.0515	0.0277	107	0.0470	0.0313	(.1968)
EBITDA	205	0.1535	0.0724	107	0.1473	0.0706	−0.0062
EBITDA	205	0.1535	0.0724	107	0.1473	0.0706	(.4673)
SGA	205	0.1021	0.3516	107	0.0661	0.3303	−0.0360
SGA	205	0.1021	0.3516	107	0.0661	0.3303	(.3815)
CHG_NOLCF	205	0.0027	0.0392	107	0.0058	0.0251	0.0031
CHG_NOLCF	205	0.0027	0.0392	107	0.0058	0.0251	(.4634)
LEVERAGE	205	0.3413	0.2058	107	0.3643	0.2612	0.0230
LEVERAGE	205	0.3413	0.2058	107	0.3643	0.2612	(.3939)
NOLCF	205	0.0443	0.0803	107	0.0422	0.1119	−0.0020
NOLCF	205	0.0443	0.0803	107	0.0422	0.1119	(.8543)
SIZE	205	9.2079	1.2917	107	9.1737	1.3876	−0.0341
SIZE	205	9.2079	1.2917	107	9.1737	1.3876	(.8291)
LOSS	205	0.2049	0.4046	107	0.2430	0.4309	0.0381
LOSS	205	0.2049	0.4046	107	0.2430	0.4309	(.4405)

Maximum 20 percent Winning Margin
	Win			Lose			Lose–Win
	Obs	Mean	Std Dev	Obs	Mean	Std Dev	Mean difference (P-value)
E_Emission	181	−0.0119	0.1467	88	−0.0404	0.1070	−0.0285
E_Emission	181	−0.0119	0.1467	88	−0.0404	0.1070	(.1057)
E_Product	181	−0.0089	0.2020	88	−0.0467	0.2020	−0.0378
E_Product	181	−0.0089	0.2020	88	−0.0467	0.2020	(.1515)
E_Resource	181	−0.0088	0.1771	88	−0.0343	0.2095	−0.0255
E_Resource	181	−0.0088	0.1771	88	−0.0343	0.2095	(.2980)
S_Diversity	181	0.0437	0.2242	88	0.0541	0.2214	0.0104
S_Diversity	181	0.0437	0.2242	88	0.0541	0.2214	(.7211)
S_Employment	181	0.0569	0.2605	88	0.0547	0.2526	−0.0022
S_Employment	181	0.0569	0.2605	88	0.0547	0.2526	(.9483)
S_Health	181	0.0512	0.3490	88	0.0474	0.2254	−0.0038
S_Health	181	0.0512	0.3490	88	0.0474	0.2254	(.9264)
S_Training	181	0.1388	0.5618	88	0.0967	0.2890	−0.0421
S_Training	181	0.1388	0.5618	88	0.0967	0.2890	(.5089)
S_Product	181	−0.0259	0.1535	88	−0.0263	0.1368	−0.0004
S_Product	181	−0.0259	0.1535	88	−0.0263	0.1368	(.9823)
S_Community	181	−0.0163	0.1724	88	−0.0156	0.1356	0.0007
S_Community	181	−0.0163	0.1724	88	−0.0156	0.1356	(.9720)
S_Human	181	0.0238	0.3408	88	−0.0113	0.2023	−0.0351
S_Human	181	0.0238	0.3408	88	−0.0113	0.2023	(.3733)
CAPEX	205	0.0515	0.0277	107	0.0470	0.0313	−0.0045
CAPEX	205	0.0515	0.0277	107	0.0470	0.0313	(.1968)
EBITDA	205	0.1535	0.0724	107	0.1473	0.0706	−0.0062
EBITDA	205	0.1535	0.0724	107	0.1473	0.0706	(.4673)
SGA	205	0.1021	0.3516	107	0.0661	0.3303	−0.0360
SGA	205	0.1021	0.3516	107	0.0661	0.3303	(.3815)
CHG_NOLCF	205	0.0027	0.0392	107	0.0058	0.0251	0.0031
CHG_NOLCF	205	0.0027	0.0392	107	0.0058	0.0251	(.4634)
LEVERAGE	205	0.3413	0.2058	107	0.3643	0.2612	0.0230
LEVERAGE	205	0.3413	0.2058	107	0.3643	0.2612	(.3939)
NOLCF	205	0.0443	0.0803	107	0.0422	0.1119	−0.0020
NOLCF	205	0.0443	0.0803	107	0.0422	0.1119	(.8543)
SIZE	205	9.2079	1.2917	107	9.1737	1.3876	−0.0341
SIZE	205	9.2079	1.2917	107	9.1737	1.3876	(.8291)
LOSS	205	0.2049	0.4046	107	0.2430	0.4309	0.0381
LOSS	205	0.2049	0.4046	107	0.2430	0.4309	(.4405)

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