Do labor unions affect f i rm payout policy?: Operating leverageand rent extraction effectsAtsushi ChinoInternational University of Japan, 777 Kokusaicho, Minamiuonuma, Niigata 949-7248, Japana r t i c l e i n f o a b s t r a c tArticle history:Received 10 September 2015Received in revised form 30 August 2016Accepted 31 August 2016Available online 5 September 2016While previous literature documents weak effects of unionization on payout policy on average,we f i nd that this average relationship hides signif...
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