财务金融系系列讲座之205期

　　时间：2016年12月27日（周二）13:30

　　地点：史带楼503室

　　主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University

　　主题：Labor Protection and Financing Reporting Quality

　　演讲者： Prof. Re-Jin GUO Professor and Interim Associate Head at the Department of Finance, University of Illinois

　　摘要： This paper examines the impact of employment protection regulations on firms’ financial reporting behavior. We hypothesize that strengthened collective bargaining position stemming from rigid labor protection regulations can incentivize managers to increase information asymmetry with outsiders. Consistent with our prediction, we find that an increase in country-level employment protection leads to more firm-level reporting opacity. Moreover, the effect of employment protection regulations on reporting opacity is greater when firms are more susceptible to strengthened labor bargaining position, for countries with stronger legal enforcement of employee rights, for firms with greater profits (thus higher risk of wealth expropriation), (3) firms with a large number of labor. But the effect is mitigated when managers incentives are more aligned with shareholders (i.e., firms granting greater insider ownership to managers). Additional analysis shows that EPL induced reporting opacity decreases firm valuation and subsequent performance. These results suggest that rigidities imposed by labor regulations in countries around the world have led to unintended consequences in managerial financing reporting practice.

　　简介： Re-Jin Guo is Professor and Interim Associate Head at the Department of Finance. Her research interests include analyses of the market of initial public offerings, cost of capital estimates, corporate governance, large shareholder ownership, as well as valuation of firm’s innovation capability. Her research has been published at Journal of Finance, Journal of Financial Economics, Journal of Accounting Research, and Journal of American Statistical Association; and has been presented at various professional meetings, the Security Exchange Commission, as well as the Shanghai Stock Exchange. Re-Jin currently serves as associate editor at Journal of Business, Economics, and Statistics, Review of Pacific Basin Financial Markets and Policies, as well as at the editorial review board of the Corporate Governance: An International Review. She was a Visiting Financial Economist at the Research Center of Shanghai Stock Exchange in the summer of 2006.

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