Human Capital Disclosure and Labor Market Outcomes: Evidence from Regulation S-K

• 成果类型: Article
• 署名作者: Choi, Jung Ho; Li, Dan; Macciocchi, Daniele
• 署名单位: Stanford University; Singapore Management University; University of Miami
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456; 1475-679X
• DOI: 10.1111/1475-679x.70036
• 发表日期: 2026-09
• 页码: 1685-1731
• 关键词: Securities regulation; labor market; disclosure; ESG; DEI; SOCIAL-RESPONSIBILITY; Meritocracy; INFORMATION; job

摘要

We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data and a Generative Large Language Model (GLLM), we observe that public firms subject to the regulation increase their disclosure of diversity, equity, and inclusion (DEI) information in job postings relative to a matched sample of large private firms. The increase in job-posting disclosure is more pronounced among firms facing greater external pressure to increase their workforce diversity. These findings suggest a shift in demand for diverse candidates by public firms following the regulation. Yet, consistent with short-term inelastic labor supply, this demand shift lengthens the recruitment period, with noticeable increases in workplace gender diversity emerging one year after the regulation, particularly among firms that demonstrate a credible commitment to DEI. Our study documents how securities regulations can impact labor market practices and underscores the challenges involved in shaping workforce diversity.