Labour

Managers, Workers, and Corporate Control

If management has high private benefits and a small equity stake, managers and workers are natural allies against takeover threats. Two forces are at...

Understanding the Motives for Director Selection

Director selection is crucial in corporate governance, but little is known about the relative importance of individual director attributes in the...

Organized Labor and Managerial Opportunism

This study examines whether organized labor plays a role in deterring managerial opportunistic behavior. Results suggest that firms with organized...

The Changing Landscape of Corporate Governance Disclosure: Impact on Shareholder Voting

Many mutual funds satisfy their fiduciary duty to vote on portfolio firms’ directors by following the recommendations of proxy advisory service...

Banks and Labor as Stakeholders: Impact on Economic Performance

Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet,...

Firm Response to Competitive Shocks: Evidence from China’s Minimum Wage Policy

The large regional variation in minimum wage levels in the period 2002-08 in China implies that Chinese manufacturing firms experienced competitive...

Toxic CEOs, ESG Funds as Watchdogs, and the Labor Market Outcomes

I examine changes in CEO labor market outcomes following corporate environmental failures. CEOs of firms subject to Environmental Protection Agency...

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around the World

Studying 30 countries, we find that the link between employee satisfaction and stock returns is significantly increasing in a country’s labor market...

Do Employees Have Useful Information About Firms’ ESG Practices?

This paper investigates whether employees have useful information for assessing firms’ environmental, social, and governance (ESG) practices. I...

Family Firms, Paternalism, and Labor Relations

Business Groups and Employment

Using a newly assembled 50 country firm-level database spanning 19 years, we document a “bright side” for employees of business group affiliated...

Common Ownership and The Decline of the American Worker

The last forty years have seen two major economic trends: Wages have stalled despite rising productivity, and institutional investors have replaced...