Empirical Research on New Employee Policies and Firm Performance

受会计和商业文献的启发，本研究项目旨在系统检验新员工政策对企业绩效的影响。关于这一项目，2022年的主要成果如下：首先，进行了一篇与该项目相关的论文。本文考察了日本上市公司投资者是否重视岗位信息披露。我们发现，披露更多员工福利政策信息的公司在工作信息公布日前后有更高的超额收益。横截面分析和额外的测试表明，负责任的员工投资会促进员工的信任，在利益相关者资本主义的背景下，投资者会重视员工的投资。这篇论文已经在一些研究研讨会上发表过。其次，JAA年会和TJAR会议(在日本都是声誉良好的会计会议)上接受并提交了另一篇相关论文，我们在会上收到了评论员和与会者的一些有洞察力的评论。在本文中，我们利用《促进女性参与职场和职业发展法案》后性别多样性的外生增加，考察了性别平等问题的加剧对男性公司经理信息披露的影响。

Motivated by accounting and business literature on the employee, this research project aims to systematically test the effects of new employee policies on firm performance.Regarding this project, the main achievements in the year 2022 are as follows:First, one paper related to this project was conducted. In this paper, we investigated whether investors value job information disclosure in Japanese listed firms. We found that firms disclosing more employee welfare policy information had higher abnormal returns around the job information announcement date. Cross-sectional analyses and additional tests suggest that responsible employee investment fosters employee trust and that investors value it in the context of stakeholder capitalism. This paper has been presented at some research workshops. Second, another related paper was accepted and presented at the JAA Annual meeting and TJAR conference (both are reputable accounting conferences in Japan), where we received several insightful comments from the commentators and participants. In this paper, we investigate the impact of heightened gender equality concerns on managers’ disclosure in masculine firms by utilizing the exogenous increase in gender diversity following the Act on the promotion of female participation and career advancement in the workplace.