威尼斯欢乐娱人城v3676学术讲座——Yuan Zhang教授
发布者：殳妮 发布时间：2023-12-08 浏览次数：10
时间：2023年12月15日 上午 9：00-10：30
地点：东校区财科馆三楼EMBA教室
报告题目：COVID-19 Human Capital Management Response, SEC Disclosure, and Firm Value
ABSTRACT:We examine whether corporate human capital management responses to the COVID-19 pandemic (COVIDHCM) have implications for firm value. We exploit newly mandated SEC human capital disclosures in 10-K filings to measure COVIDHCM. To validate our measure, we first show that COVIDHCM disclosures are positively associated with how favorably employees view the firm’s pandemic response, consistent with disclosures reflecting firm actions. We then examine the association between COVIDHCM and firm value. We find favorable COVIDHCM valuation effects appear only as financial flexibility increases. Financial flexibility pertains to the firm’s cash balance at the onset of the pandemic and captures resources that can facilitate investment during the pandemic. We also find that as financial flexibility increases, COVIDHCM is positively associated with overall employee satisfaction and employee productivity. Overall, the results suggest firm actions to protect employees’ welfare were value enhancing during the global pandemic, but only for firms with sufficient financial flexibility.
报告人：张元教授 Prof. Yuan Zhang（University of Texas at Dallas）
报告人简介：Professor Yuan Zhang received her B.S. in Accounting from Tsinghua University and her Ph.D. in Accounting from the University of Southern California. Her research interest primarily focuses on financial accounting and reporting, corporate information environment, and information intermediaries. Professor Zhang’s research has been published in top accounting journals including The Accounting Review, Journal of Accounting & Economics, Journal of Accounting Research, and Management Science, and has been featured in business press including Wall Street Journal, The Economist, and Bloomberg. Professor Zhang currently serves on the editorial board of The Accounting Review, Contemporary Accounting Research, and The International Journal of Accounting, and is an Associate Editor of the Asia Pacific Journal of Accounting and Economics.
