喻园管理论坛2022年第14期(总第783期)

演讲主题: Executive Fiduciary Duties and Workplace Safety

主 讲 人: 沈思晨，武汉大学经济与威尼斯欢乐娱人城·首页助理教授

主 持 人: 甘煦，威尼斯欢乐娱人城·首页财务金融系讲师

活动时间: 2022年6月9日（周四）10:30-12:00

活动地点：管理大楼207教室

主讲人简介：

沈思晨，武汉大学经济与威尼斯欢乐娱人城·首页助理教授，香港大学金融学博士，研究领域为公司金融，公司治理，风险管理，企业社会责任。她的论文已发表在Journal of corporate finance。她的多篇工作论文曾受邀在多个高水平学术会议做报告，包括American Finance Association、Financial Management Association，SFS Cavalcade Asia-Pacific、中国国际金融年会等。

活动简介：

Does enhanced legal accountability of non-director executives improve workplace safety? We exploit an exogenous increase in executive legal accountability triggered by Delaware Supreme Court’s 2009 “Gantler ruling” to address this question. In a difference-in-differences framework, we show that the workplace injury rate of establishments of Delaware-incorporated firms decreases significantly following the Gantler ruling relative to similar establishments of non-Delaware-incorporated firms. This effect is stronger in firms that have adopted enterprise risk management or have higher labor union membership before the Gantler ruling, but is attenuated by financial constraints or non-director executives’ performance-based compensation. Moreover, the reduction in workplace injuries brought about by the Gantler ruling benefits shareholders by leading to higher factor-adjusted stock returns. This study adds to the limited research on the efficacy of corporate operational risk management and non-director executive accountability.