01
原文：Daniels D P, Dannals J E, Lys T Z, et al. Do Investors Value Workforce Gender Diversity?[J]. Organization Science, 2024.
Do Investors Value Workforce Gender Diversity?
ABSTRACT: We examine whether investors value workforce gender diversity. Consistent with the view that investors believe workforce gender diversity can be valuable in major firms, we use event studies to demonstrate that U.S. technology firms and financial firms experience more positive stock price reactions when it is revealed that they have relatively higher (versus lower) workforce gender diversity numbers. For instance, we find that Google’s revelation of relatively low workforce gender diversity numbers triggered a negative stock price reaction, whereas eBay’s revelation of relatively high workforce gender diversity numbers triggered a positive stock price reaction. These stock price reactions are both economically and statistically significant; for example, we estimate that if a technology firm had revealed gender diversity numbers that were one standard deviation higher, its market valuation would have increased by $1.11 billion. Corroborating this plausibly causal field evidence, we also find positive investor reactions to workforce gender diversity in randomized experiments using Prolific participants with investing experience; these reactions seem to be underpinned by investors’ beliefs about potential upsides of diversity for the firm (e.g., reduced legal risks; increased creativity) but not by investors’ beliefs about potential downsides of diversity for the firm (e.g., increased conflict). Our findings highlight the importance of understanding investors’ intuitions or beliefs about major organizational phenomena such as workforce gender diversity. Our results also point toward a new type of business case for diversity, driven by investors: if major firms had more workforce gender diversity, investors may “reward” them with substantially higher valuations.
投资者重视劳动力性别多样性吗？
摘要：文章研究了投资者是否重视劳动力性别多样性。与投资者认为劳动力性别多样性对大型企业具有价值的观点一致，文章使用事件研究方法来证明，当美国科技公司和金融公司披露它们拥有相对较高（相对于较低）的劳动力性别多样性数据时，会经历更为积极的股价反应。例如，文章发现谷歌披露相对较低的劳动力性别多样性数据引发了负面的股价反应，而eBay披露相对较高的劳动力性别多样性数据则引发了正面的股价反应。这些股价反应在经济上和统计上都是显著的。例如，如果一家科技公司披露的性别多样性数据高出一个标准差，其市场估值将增加11.1亿美元。为了证实这一可能的因果关系，文章从Prolific平台征集具有投资经验的参与者进行随机实验并发现，投资者对劳动力性别多样性表现出了积极反应。这些反应似乎是基于投资者对公司多元化潜在好处的信念（例如，减少法律风险、增加创造力），而不是基于投资者对公司多元化潜在弊端的信念（例如，增加冲突）。文章的研究结果强调了理解投资者关于劳动力性别多样性等主要组织现象的直觉或信念的重要性。此外，文章的结果也指出了一种由投资者驱动的新型多元化商业案例：如果大公司拥有更多的劳动力性别多样性，投资者可能会以显著更高的估值来“奖励”它们。
亮点：（1）该文对投资者如何以及为何对劳动力性别多样性做出反应提供了一些新颖的见解，并开发了一种“微组织行为”理论，有助于理解投资者的直觉或信念的作用。（2）为了验证文章的理论预测，除了征集具有投资经验的参与者进行随机实验外，文章还进行了事件研究，以检验有关披露公司劳动力性别多样性数据的新闻的市场反应，缓解了反向因果问题和遗漏变量偏误的挑战。（3）现有学术文献中，仅有一篇论文系统地研究了劳动力性别多样性与公司市场价值之间的关系。该文采用了更为合理的因果识别工具，提供了迄今为止最有力的证据，证明了投资者积极重视劳动力的性别多样性。
02
原文：Aobdia D, Li Q, Na K, et al. The Influence of Labor Market Power in the Audit Profession[J]. The Accounting Review, 2024: 1-31.
The Influence of Labor Market Power in the Audit Profession
ABSTRACT: This paper examines the influence of labor market power in the audit profession. Using a dataset of online job postings, we confirm that audit offices in more concentrated labor markets have greater labor market power and exercise it in the form of higher skill requirements and greater required effort from their auditors, at similar or slightly lower wages. We then show that client firms of audit offices in more concentrated labor markets are less likely to restate their earnings and have lower absolute discretionary accruals. These findings are only present when employees have lower mobility across professions and geographies, consistent with audit offices’ power in the local labor market explaining the results. Collectively, our findings highlight the importance of labor market power in understanding audit quality.
劳动力市场权力在审计行业的影响
摘要：文章探讨了劳动力市场权力在审计行业中的影响。利用在线职位发布的数据集，文章证明，在劳动力市场更加集中的地区，审计事务所拥有更大的劳动力市场权力，并且以提高技能要求和增加对审计人员的工作强度的形式来行使这种权力，同时提供相似或略低的工资。文章还发现，在劳动力市场更集中的地区的审计事务所的客户公司不太可能重述其收益，并且具有较低的绝对操纵性应计盈余。上述结论只在员工跨职业和地域的流动性较低时才成立，这与审计事务所在当地劳动力市场的权力解释了结果是一致的。总体而言，文章的研究结果强调了劳动力市场权力在理解审计质量方面的重要性。
亮点：（1）以往的文章除了指出审计行业的劳动力市场具有一定的周期性之外，很少有研究探讨其结构或动态特征，且他们关注的问题集中在劳动力供给方面，该文则专注于劳动力需求以及需求集中如何影响审计人员的就业条件和审计质量。（2）从更广泛的层面来看，该文与劳动经济学文献中关于一些雇主在劳动力市场上表现出显著权力以及拥有劳动力市场权力的企业支付较低工资并要求更高技能的文献相一致，并通过重点关注劳动力市场权力对员工所需努力及个别雇主产出的影响扩展了现有文献。文章的证据表明，更大的劳动力市场权力至少在短期内可以帮助审计机构提高审计质量，而增加的员工技能和努力要求则是实现这一目标的潜在机制。
03
原文：Abramova I. Labor Supply and M&A in the Audit Market[J]. Journal of Accounting and Economics, 2024: 101700.
Labor Supply and M&A in the Audit Market
ABSTRACT: Using labor supply shocks from the 150-Hour Rule, I find that a reduction in the labor supply of accountants increases audit firms' mergers and acquisitions (M&A) and the audit market concentration. These M&A deals connect audit firms serving clients in the same states and lead to greater industry specialization of the merging firms. Although both small and large auditors generally engage in labor supply–driven M&A deals, large audit firms’ engagement in M&A is restricted to markets with a tight supply of accounting labor. Attenuations of the labor supply restrictions tend to limit the heightened M&A activities and mitigate the rise in the audit-market concentration from the 150-Hour Rule. I conclude that labor supply reductions affect the boundaries of audit firms, potentially changing the structure of the entire audit market.
劳动力供给和审计市场中的并购
摘要：利用150小时规则带来的劳动力供给冲击，文章发现会计师劳动力供给的减少增加了审计公司的并购（M&A）活动以及审计市场的集中度。这些并购交易将为同一州的客户提供服务的审计公司联系起来，并提高了合并后审计公司的行业专业化程度。虽然小型和大型审计公司通常都会参与由劳动力供给驱动的并购交易，但大型审计公司在会计劳动力供应紧张的市场中才会进行并购。当劳动力供给限制有所缓解时，往往会限制并购活动的加剧，并减轻150小时规则导致的审计市场集中度的上升。文章的研究结果表明，劳动力供给的减少影响了审计公司的边界，可能会改变整个审计市场的结构。
亮点：（1）文章为学术界关于150小时规则给审计公司带来的挑战的辩论提供了新的证据，并表明小型审计公司在人才短缺的情况下会面临不成比例的压力。该规则的后果超出了会计人才危机：合格劳动力供给的减少改变了整个审计市场的结构，并促进了审计公司的专业化和集中化。因此，负责修订150小时规则的决策者应考虑到劳动力供应的影响。（2）该文也是为数不多的同时关注大、小型审计公司样本的并购研究之一，而没有将样本仅限制在为公共客户服务的大型审计公司中。因为私营公司占了经济的很大一部分，因此聚焦于小型审计公司的研究也很重要。（3）现有的学术文献在很大程度上忽视了劳动力供应对并购活动的重要性。该文则揭示了系统性的地方劳动力供应转移对公司并购的影响，并提供了关于技能劳动力特异性变化如何影响公司并购活动的证据。
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总编：游家兴
解析：林慧
审校：陈俊鑫 凌运
编辑：潘芳妍
