01
原文：Mkrtchyan, A., Sandvik, J., & Xu, D. (2024). Employee responses to CEO activism.Journal of Accounting and Economics, 101701.
Employee responses to CEO activism
Abstract: We examine employee responses to CEO activism, the increasingly common practice of CEOs taking public stances on socio-political issues. CEO activism may bolster employees’ identification with their organizations and strengthen shared beliefs among employees. Alternatively, CEO activism may alienate employees if CEO stances contrast with employees’ ideologies. We find that employee satisfaction is higher when CEOs engage in activism that is aligned with employees’ ideologies. Furthermore, firms with CEO activism experience a net inflow of productive, ideologically-aligned inventors, which contributes to increased firm-level innovation. The improvements in employee satisfaction and innovation constitute an important channel that connects aligned CEO activism to increased firm value.
员工对CEO行动主义的反应
摘要：文章研究了员工对CEO行动主义的反应，CEO在社会政治问题上采取公开立场的做法越来越普遍。CEO行动主义可以增强员工对组织的认同，并加强员工之间的共同信念。另外，如果CEO的立场与员工的意识形态形成反差，那么CEO的行动主义可能会疏远员工。文章发现，当CEO的行动主义与员工意识形态一致时，员工满意度会更高。此外，拥有CEO行动主义的公司会有生产力、意识形态一致的发明家净流入，这有助于提高公司层面的创新。员工满意度和创新的提高构成了将CEO行动主义与公司价值增加联系起来的重要渠道。
亮点：（1）文章丰富了CEO行动主义相关文献。文章涵盖较长时间段的大量事件样本，而不是集中于单一的社会议题，这增加了研究结果的普遍性，并能够检验员工对CEO在不同主题上的行动主义反应的异质性；（2）文章发现，一致的CEO行动主义与员工对企业文化的评价之间存在正相关关系，这表明CEO行动主义可以成为塑造和加强组织内部文化的有效手段；（3）文章提出，CEO行动主义可以产生几个非财务效益，例如增强吸引高技能发明家的能力和更大的创新力；（4）文章补充了关于企业是否在社会和环境活动中公开虚假陈述的文献。虽然CEO行动主义可能被视为一种自愿且往往无法核实的披露形式，但本文证据表明，拥有行动主义CEO的公司表现出的行为与他们的立场一致。
02
原文：Choi, J. H., & Gipper, B. (2024). Fraudulent financial reporting and the consequences for employees.Journal of Accounting and Economics, 101673.
Fraudulent financial reporting and the consequences for employees
Abstract: We combine U.S. Census data with SEC enforcement actions to examine employees’ outcomes, such as wages and turnover, before, during, and after periods of fraudulent financial reporting. We find that fraud firms’ employees lose about 50% of cumulative annual wages, compared to a matched sample, and the separation rate is much higher after fraud periods. Yet, employment growth at fraud firms is positive during fraud periods; these firms overbuild and hire new, lower-paid employees concurrent with the fraud, unlike firms in distress which tend to contract. When the fraud is revealed, firms shed workers, unwinding this abnormal growth and resulting in most of the negative wage consequences. Wage outcomes are particularly unfavorable in thin labor markets, and lower-wage employees, though unlikely to have perpetrated the fraud, experience more severe wage losses compared to higher-wage employees.
虚假财务报告及其对员工的影响
摘要：文章将美国人口普查数据与美国证券交易委员会的执法行动相结合，以检查员工在虚假财务报告之前、期间和之后的工资和营业额等结果。文章发现，与匹配样本相比，欺诈公司的员工损失了大约50%的累积年薪，并且在欺诈期后离职率要高得多。然而，在欺诈期间，欺诈公司的就业增长是积极的；与陷入困境的公司倾向于收缩不同，这些公司在欺诈的同时过度建设并雇佣新的低薪员工。当欺诈行为被揭露时，企业就会裁员，从而解除这种不正常的增长，并导致大多数负面的工资后果。在劳动力市场疲软的情况下，工资结果尤其不利，低薪员工虽然不太可能实施欺诈，但与高薪员工相比，他们的工资损失更严重。
亮点：（1）文章研究了虚假财务报告期间和之后的员工工资和人员流动情况。通过衡量员工工资和人员流动的成本，文章补充了虚假财务报告产生其他后果的研究。（2）文章记录了公司受到的各种冲击对员工的影响，提供了与欺诈性财务报告产生的后果相一致的证据，比如过度建设，然后解除和改变员工结构；（3）文章提出欺诈的负面影响对劳动力市场薄弱的工人和低收入工人的影响尤为严重，因此政策制定者可以把重点放在预防或减轻损害方面。
03
原文：Kohler, M., Mahlendorf, M. D., Seiter, M., & Vogelsang, T. (2024). Social Comparison on Multiple Tasks: Sacrificing Overall Performance for Local Excellence?.Journal of Accounting Research, 62(4), 1309-1361.
Social Comparison on Multiple Tasks: Sacrificing Overall Performance for Local Excellence?
ABSTRACT: This field experiment investigates how different levels of aggregation in relative performance information (RPI) impact employee performance in environments with multiple tasks. We randomly assign store employees of a retail chain to three groups: RPI on overall performance (control group), RPI on separate tasks, and RPI on both overall performance and separate tasks. We do not find evidence that providing separate task RPI instead of overall RPI affects performance or effort allocation. However, providing RPI on both overall performance and separate tasks seems to reduce performance, especially in the low-return task. This suggests that detailed RPI directs employees’ attention to the smaller benefits of low-return tasks. We further find that only 30.5% of the employees accessed their performance reports, highlighting a distinction between providing RPI in the field and the laboratory. This study is based on a registered report accepted by the Journal of Accounting Research.
多任务的社会比较:牺牲整体表现换取局部优秀?
摘要:本研究旨在探讨不同整合水平的相对绩效信息（RPI）对多任务环境下员工绩效的影响。本文将一家零售连锁店的门店员工随机分配到三组:总体绩效RPI组(对照组)，单独任务RPI组，以及整体绩效加单独任务RPI组。与之前的实验室研究相比，本文没有发现提供单独任务RPI而不是整体RPI会影响绩效或努力分配的证据。然而，同时提供整体绩效和单独任务的RPI似乎会降低业绩表现，特别是在低回报任务中。这表明，详细的RPI将员工的注意力引向了低回报任务中。本文进一步发现，只有30.5%的员工访问了他们的绩效报告，突出了在现场和实验室提供RPI之间的区别。本研究基于Journal of Accounting Research接收的一份报告。
亮点：（1）文章通过检验单独RPI以及单独与整体RPI两种RPI设计对绩效和努力分配的影响，丰富了不同RPI设计效果的相关研究；（2）文章的研究是第一批利用实地实验来调查在企业内部缺乏明确激励的情况下，RPI对绩效的影响。（3）文章强调了实验室试验和现场试验之间的重要区别。
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总编：游家兴
解析：潘星宇
审校：凌运 陈俊鑫
编辑：潘芳妍
