光华讲坛

主题：The Effects of Regulatory Enforcement Disclosure: Evidence from OSHA’s Press Release about Safety Violations监管执法披露的影响：来自OSHA关于安全违规的新闻稿的证据

主讲人： 香港科技大学Allen Huang副教授

主持人： 会计学院 陈磊 教授

时间：2022-11-15 10:00-11:30

直播平台及会议ID：Zoom

https://us06web.zoom.us/j/87072253649?pwd=ekhlVVZZeEY5VUp4Vmp1dituM3JZUT09

主办单位：会计学院 国际交流与合作处 科研处

主讲人简介：

Allen Huang is an Associate Professor in the Department of Accounting, the Associate Dean of the School of Business, and Faculty Associate of the IEMS at HKUST. His research has been featured in CFA Digest, CFO, Harvard Business Review, Harvard Law School Forum, Vox and Financial Times, and has won First Paper in MIT Asia Conference in Accounting (twice), IRRC Institute Research Award, and International Centre for Pension Management Research Award. His publications have appeared in top-tier finance, accounting and management journals such as the Journal of Finance, Management Science, The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Accounting Studies, and Contemporary Accounting Research. He is an editor at the Journal of Business, Finance and Accounting.

Allen Huang是香港科技大学会计系副教授、商学院副院长和IEMS副教授。他的研究曾在《美国金融协会文摘》、《首席财务官》、《哈佛商业评论》、哈佛法学院论坛、《Vox》和《金融时报》上发表，并获得麻省理工学院亚洲会计学会议最佳论文（两次）、IRRC研究所研究奖和国际养老金管理中心研究奖。他的出版物出现在顶级财务、会计和管理期刊上，如the Journal of Finance, Management Science, The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Accounting Studies, and Contemporary Accounting Research。他是the Journal of Business, Finance and Accounting的编辑。

内容简介：

本研究调查了监管强制披露对同行公司的影响。使用职业安全与健康管理局（OSHA）的政策，根据罚款是否高于阈值和回归不连续性设计发布新闻稿，我们发现OSHA的新闻稿促使同行公司不仅在受制裁设施所在地区增加安全投资，而且在其他地区的子公司也增加安全投资。横截面分析的结果与同行公司在员工之间的内部信息传递一致，提高员工的安全意识是一种可能的机制。尽管如此，我们发现OSHA同行发布的一个意想不到的后果是，它们导致同行公司更多的环境违规行为，这很可能是由公司内部资源重新分配造成的。总体而言，我们的结果表明，监管执法披露具有广泛的威慑作用，但可能会减少对其他法规的遵守。

This study investigates the effects of regulatory enforcement disclosures on peer firms. Using Occupational Safety and Health Administration (OSHA)’s policy to issue press releases based on whether the financial penalty is above a threshold and the regression discontinuity design, we find that OSHA’s press release induces peer firms to increase safety investments not only in the region where the sanctioned facility resides but also in subsidiaries located in other areas. Results from cross-sectional analyses are consistent with peer firms’ intra-firm information transfer among employees raising their safety awareness being a possible mechanism. Nonetheless, we find an unintended consequence of OSHA’s peer releases that they lead to more environmental violations by peer firms, likely driven by within-firm resource reallocation. Overall, our results suggest that regulatory enforcement disclosures have a widespread deterrence effect but may reduce compliance with other regulations.