Empirical Research on New Employee Policies and Firm Performance

在会计和商业文献对员工的激励下，本研究项目旨在系统地测试新员工政策对公司绩效的影响。关于这个项目，在2022年的主要成果如下：第一，完成了一篇与这个项目相关的论文。本文考察了投资者对日本上市公司职位信息披露的重视程度。我们发现，披露员工福利政策信息越多的企业在职位信息公布日期前后的异常收益越高。横断面分析和额外的测试表明，负责任的员工投资促进员工信任，投资者在利益相关者资本主义的背景下重视它。本文已在一些研究研讨会上发表。第二，另一篇相关论文被接受并在JAA年会和TJAR会议（两者都是日本著名的会计会议）上发表，我们收到了评论员和参与者的一些有见地的评论。在本文中，我们通过利用促进女性参与和职场职业发展法案后性别多样性的外生增长，研究了性别平等问题加剧对男性企业管理人员信息披露的影响。

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.