Management Science · 2025 · Yangyang Chen、Emmanuel Ofosu、Don O’Sullivan、Madhu Veeraraghavan、Leon Zolotoy
中文摘要
我们提供了稳健的证据,表明普通员工股票期权(R&F期权)会降低工作相关伤害率。这一发现与如下观点一致:R&F期权通过促进员工留任与合作来改善工作场所安全。为确立因果关系,我们采用围绕FAS 123R期权费用化规定出台前后的双重差分分析以及工具变量估计。在横截面分析中,我们发现,所记录的效应在劳动流动率较高的企业以及员工搭便车空间更大的企业中被放大。补充分析的结果表明,工作相关伤害会对企业业绩产生不利影响,并排除了“员工就工作场所安全问题举报减少”作为驱动我们研究结果的一种替代机制。
Abstract
We provide robust evidence that rank-and-file employee stock options (R&F options) lead to lower work-related injury rates. This finding is consistent with the view that R&F options improve workplace safety by facilitating employee retention and cooperation. To establish causality, we employ difference-in-differences analysis around the passage of FAS 123R option expensing regulation and instrumental variable estimation. In cross-sectional analysis, we find that the documented effect is amplified among firms with higher labor mobility rates and among firms with greater scope for employee free riding. The results of supplemental analysis suggest that work-related injuries adversely impact firm performance and rule out reduced employee whistleblowing about workplace safety issues as an alternative mechanism driving our findings.