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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 ...
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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...
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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...
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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...
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作者：Chen, Wei; Hribar, Paul; Melessa, Sam
作者单位：University of Connecticut; University of Iowa; University of Nebraska System; University of Nebraska Lincoln
摘要：We analyze the standard error bias associated with the use of generated regressors-independent variables generated from first-step regressions-in accounting research settings. Under general conditions, generated regressors do not affect the consistency of coefficient estimates. However, commonly used generated regressors can cause standard errors to be understated. Problematic generated regressors include predicted values, coefficient estimates, and measures derived from these estimates. Widel...
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作者：Dyck, Alexander; Lins, Karl, V; Roth, Lukas; Towner, Mitch; Wagner, Hannes F.
作者单位：University of Toronto; Utah System of Higher Education; University of Utah; University of Alberta; University of Arizona; Bocconi University
摘要：We conjecture that board renewal mechanisms-those substantive enough to renew the thinking of the board-are required before investors can address the mismatch between their preferences regarding environmental sustainability and what insiders at firms are actually doing. We identify the adoption of majority voting for directors and the introduction of a female director as two corporate governance mechanisms potentially strong enough to renew a board's thinking on sustainability. Using a sample ...
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作者：Dehaan, Ed; Li, Nan; Zhou, Frank S.
作者单位：University of Washington; University of Washington Seattle; University of Toronto; University of Pennsylvania
摘要：We investigate the effects of financial reporting on current employee job search, that is, whether firms' public financial reports cause their employees to reevaluate their jobs and consider leaving. We develop theory for why current employees use earnings announcements (EAs) to inform job search decisions, and empirically investigate job search based on employees' activity on a popular job market website. We find that job search by current employees increases significantly during EA weeks, es...
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作者：Knechel, W. Robert; Williams, Devin
作者单位：State University System of Florida; University of Florida; University of Auckland; University of Oklahoma System; University of Oklahoma - Norman
摘要：Prior research on auditor industry specialization documents fee premiums for local audit offices that are industry specialists. This research assumes that the effects of specialization are uniform across markets. We examine industry specialization based on the economic theory of industry agglomeration (geographic areas with high industry concentration). Agglomeration economies can facilitate access to knowledge for auditors serving a specific industry in those locations. We find that industry ...
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作者：Jiang, Xu; Xin, Baohua; Xiong, Yan
作者单位：Duke University; University of Toronto; Hong Kong University of Science & Technology
摘要：We study the real effects of certification to demonstrate the value of mandatory certification over and above mandatory disclosure in enhancing investment efficiency. In our model, a firm's manager selects a project to maximize the firm's short-term stock price, which is a function of her certification and disclosure decisions about the outcome of the project. Although the manager might be either forthcoming or strategic with regard to the disclosure of her private information, she can strateg...
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作者：Deller, Carolyn
作者单位：University of Pennsylvania
摘要：Firms are increasingly implementing performance-potential assessment systems, whereby supervisors evaluate employees' current performance and future-oriented potential (i.e., promotion prospects). Whether retention is greatest for high performance-high potential (HiPo) employees under such a system is an empirical question-while the promise of a promotion may aid retention, these employees likely face attractive outside options. Using data from a multinational firm, I find that HiPos generally...
