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作者：Balakrishnan, Karthik; Copat, Rafael; De La Parra, Daniela; Ramesh, K.
作者单位：Rice University; University of Texas System; University of Texas Dallas; University of North Carolina; University of North Carolina Chapel Hill
摘要：George Floyd's murder caused many firms to reveal how exposed they are to racial diversity issues. We examine investor and firm behaviors after this socially significant event to provide evidence on the valuation effects of the exposure and ensuing corporate responses. We develop a text-based measure of a firm's exposure to racial diversity issues from conference call transcripts and find that, after the murder of George Floyd, firms with diversity exposure experience a stock price decrease of...
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作者：Cohen, Shira; Kadach, Igor; Ormazabal, Gaizka; Reichelstein, Stefan
作者单位：California State University System; San Diego State University; University of Navarra; IESE Business School; University of Mannheim; Stanford University
摘要：Using a wide sample of international publicly traded firms, this paper studies the rapidly increasing practice of incorporating Environmental, Social, and Governance (ESG) metrics in executive compensation contracts. Our evidence suggests that this compensation practice varies at the country, industry, and firm levels in ways that are consistent with efficient incentive contracting. We also observe that reliance on ESG metrics in executive compensation arrangements is associated with engagemen...
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作者：Wang, Lynn linghuan
作者单位：University of Hong Kong
摘要：This paper studies whether and how environmental, social, and governance (ESG) disclosure regulations imposed on banks generate transmission effects along the lending channel. I use a setting of U.S. firms borrowing from non-U.S. banks and exploit the staggered adoption of ESG disclosure regulations in banks' home countries. I find that exposed borrowers of affected banks improve their environmental and social (E&S) performance following the disclosure mandate. Consistent with banks enhancing ...
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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...
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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...
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作者：Distelhorst, Gregory; Shin, Jee-eun
作者单位：University of Toronto; University of Toronto
摘要：This study examines an initiative by a large multinational garment retailer (H&M Group) to increase wages at its supplier factories by intervening in their wage-related management practices. Difference-in-differences estimates based on eight years of data from over 1,800 factories show that the interventions were associated with an average real wage increase of approximately 5% by the third year of implementation. Our estimates suggest that the intervention-associated wage increase was many ti...
