Employee welfare and stock price crash risk
作者: Hamdi Ben-NasrHatem Ghouma
作者单位: 1College of Business Economics, Qatar University, Doha, Qatar
2Gerald Schwartz School of Business, St. Francis Xavier University, Antigonish, Nova Scotia, Canada
刊名: Journal of Corporate Finance, 2018, Vol.48 , pp.700-725
来源数据库: Elsevier Journal
DOI: 10.1016/j.jcorpfin.2017.12.007
关键词: Crash riskEmployee welfareWhistleblowersEarnings management
英文摘要: Abstract(#br)We examine whether employee welfare practices are associated with future stock price crash risk. Two competing hypotheses were tested: the stakeholder theory hypothesis & the agency theory hypothesis. According to the stakeholder hypothesis, if strong commitment to employee well-being genuinely aims at strengthening the firm's reputation in the market, enhancing the shareholders' engagement, avoiding costly strikes, and boosting the employees' productivity, higher level of employee welfare would be expected to mitigate stock crash risks. On the contrary, the agency theory predicts that, if managers attempt to use generous employee welfare plans to reduce the likelihood that the employees blow the whistle on the management wrongdoings, better employee welfare would likely be...
全文获取路径: Elsevier  (合作)
影响因子:1.035 (2012)

  • welfare 福利
  • crash 事故
  • stock 岩株
  • management 管理
  • price 价格