-
作者：Gore, Angela K.; Ji, Yuan; Kulp, Susan L.
作者单位：George Washington University; University of Texas System; University of Texas Arlington
摘要：We explore whether municipalities with public sector unions exploit aspects of governmental (or fund) accounting to obscure the availability of discretionary resources in fund balance accounts, relative to municipalities without public sector unions. We first investigate whether governments with unions report higher proportions of discretionary resources outside of the general fund, a primary measure of financial health, and instead within less prominent fund types. Second, we explore whether ...
-
作者：Chen, C. H. E. N.; LI, Leonard leye; Lu, Louise yi; Wang, R. E. N. C. H. E. N. G.
作者单位：Monash University; University of New South Wales Sydney; Australian National University; Singapore Management University
摘要：Using influenza epidemic data, we examine how constraints on corporate information production affect disclosure policies. We find that firms in areas with higher flu activity are less likely to issue short-run earnings forecasts and more likely to issue long-run earnings forecasts. These results are more pronounced when the information production process is more complex, when managers face a greater reputational loss for issuing low-quality short-run forecasts, and when firms' costs of switchi...
-
作者：Choi, Jung Ho; Pacelli, Joseph; Rennekamp, Kristina M.; Tomar, Sorabh
作者单位：Stanford University; Harvard University; Cornell University; Southern Methodist University
摘要：We examine how information about the diversity of a potential employer's workforce affects individuals' job-seeking behavior. We embed a field experiment in job recommendation emails from a leading career advice agency in the United States. The experimental treatment involves highlighting a diversity metric to jobseekers. Our results indicate that disclosing diversity scores in job postings leads jobseekers to click on firms with higher diversity scores, with such effects varying across jobsee...
-
作者：Chan, Eric W. W.; Lill, Jeremy B. B.; Maas, Victor S. S.
作者单位：University of Texas System; University of Texas Austin; University of Kansas; University of Amsterdam
摘要：Managers often face the choice between promoting an internal employee and hiring an external candidate. Using an interactive experiment, we examine the drivers of managers' promote/hire decisions and internal employees' behavior before and after those decisions. Consistent with gift exchange theory, we find that employees exert costly effort to increase the chance of being promoted, and they raise their effort level as the promote/hire decision becomes imminent. Managers respond by promoting t...
-
作者：Liu, Lisa Yao; Lu, Shirley
作者单位：Columbia University; Harvard University
摘要：We show that information exposure through international business networks enables firms to take proactive measures that benefit employees and potentially the local community. Specifically, in the early days of COVID-19, firms that have business networks with China and Italy are more likely to be aware of the severity of the disease, and proactively implement work-from-home (WFH) policies that can protect their employees. Using Safegraph foot traffic data, we find a higher stay-at-home ratio be...
-
作者：Chow, Travis; Fan, Zhongwen; Huang, Li; Li, Oliver Zhen; Li, Siman
作者单位：University of Hong Kong; City University of Hong Kong; Shanghai Jiao Tong University; Shanghai Lixin University of Accounting & Finance; National University of Singapore; Xiamen University
摘要：In a tax-public goods reciprocity framework between citizens and the state, managers view taxes as a payment to the government in exchange for public goods, and hence they adjust their willingness to pay taxes as public good quality changes. We show that corporate tax planning intensity increases with ground-level ozone pollution. Revisions in ozone pollution regulations cause counties that failed the revised and more stringent standards to reduce ozone pollution. Consequently, firms headquart...
-
作者：Rajgopal, Shivaram; Tantri, Prasanna
作者单位：Columbia University; Indian School of Business (ISB)
摘要：This study investigates the implementation of a Government of India mandate that requires firms to spend at least 2% of their profits on corporate social responsibility (CSR). The results show that qualifying firms that voluntarily engaged in CSR before the mandate reduce their CSR spending afterward. Despite increasing advertisement expenditure likely to offset the lost signaling value of voluntary CSR, stock prices and operating performance of former voluntary CSR spenders who qualify under ...
-
作者：Olbert, Marcel; Severin, Peter H. H.
作者单位：University of London; London Business School; University of Mannheim
摘要：We study the economic impact of private equity (PE) investments on local governments, which are important corporate stakeholders. Examining over 11,000 deals and private firm data in Europe, we document that target firms' effective tax rates and total tax expenses decrease by 15% and 13% after PE deals. At the same time, target firms expand their capital expenditures and firm boundaries, but do not increase employment. Using administrative data on the public finances of German municipalities a...
-
作者：Choi, Jung Ho; Gipper, Brandon; Malik, Sara
作者单位：Stanford University; Utah System of Higher Education; University of Utah
摘要：We examine whether financial reporting quality affects worker wages using employer-employee matched data in the United States. We find that low financial reporting quality is associated with a compensating wage differential-that is, a risk premium-using three distinct approaches while controlling for worker characteristics by (1) regressing wages on firm-year-level and firm-level reporting quality, (2) documenting wage changes when workers switch firms, and (3) estimating a structural approach...
-
作者：Bonetti, Pietro; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; University of Navarra; IESE Business School
摘要：This paper studies the economic consequences of certification of corporate governance practices. For identification, we exploit a recent cross-country initiative by a coalition of key institutions in Southeast Asia; the periodic publication of a Top List of companies in the region selected based on an independent assessment of corporate governance practices. Our results suggest that being included in the list induces an increase in foreign investment and changes in corporate governance practic...
