Does Analyst Coverage Affect Workplace Safety?

• 成果类型: Article
• 署名作者: Bradley, Daniel; Mao, Connie X.; Zhang, Chi
• 署名单位: State University System of Florida; University of South Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Massachusetts System; University of Massachusetts Lowell
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.4093
• 发表日期: 2022
• 页码: 3464-3487
• 关键词: workplace safety; employee welfare; ANALYST COVERAGE; analyst monitoring

摘要

We find firms' work-related injury rates are negatively associated with the level of analyst coverage. This result is also robust at the establishment level at which we find local analysts have a more profound impact than distant analysts. Cross-sectionally, our results are exacerbated in firms with weak internal governance mechanisms and in industries with low union representation. Finally, management is more likely to discuss safety issues during earnings conference calls in the presence of more analysts. Overall, our results suggest analysts play an effective external monitoring role and have a subtle yet important impact on employee welfare.