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CEO Risk Taking Equity Incentives and Workplace Misconduct

Justin Chircop · Monika Tarsalewska · Agnieszka Trzeciakiewicz

71 citations0/0 files storedThe Accounting Review

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

ABSTRACT We examine the relation between CEO risk taking equity incentives, as captured by CEO vega, and workplace misconduct. Workplace misconduct includes health and safety violations, non-compliance with labor laws, and other violations broadly related to labor exploitation, and it results in significant economic costs. Using regression analysis, matched sample tests, and a quasi-natural experiment, we find a positive relation between CEO vega and workplace misconduct. We identify a reduction in discretionary expenses and increased employee workload as channels through which CEO vega affects workplace misconduct. JEL Classifications: G30; G32; G34.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2003Earnings Management through Real Activities Manipulation 2017Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis 1985The Determinants of Firms' Hedging Policies 2005Managerial incentives and risk-taking☆2013The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness 2004CEO incentives and earnings management 2011Quantifying Managerial Ability: A New Measure and Validity Tests

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