【讲座时间】2026年6月25日 14:00
【讲座地点】会计学院108室
【讲座主题】Employee Social Media Surveillance and the Cost of Equity: Evidence from the Social Media Privacy Laws
【嘉宾介绍】陈治鸿，香港科技大学
陈治鸿现任香港科技大学商学院会计学系副教授。主要研究方向是公司治理，信息披露，资本成本，以及会计信息和披露对实体经济的影响。研究成果发表在Journal of Accounting and Economics, The Accounting Review, Review of Accounting Studies, Journal of Financial and Quantitative Analysis, Journal of Law and Economics, Journal of Corporate Finance, Journal of Accounting and Public Policy, Journal of Accounting, Auditing, and Finance等国际权威期刊。
【内容提要】
Firms increasingly rely on employees’ social media information for screening and monitoring, suggesting that these practices may play an important role in managing human-capital-related firm risks. Exploiting the staggered enactment of state-level social media privacy laws (SMPLs) in a difference-in-differences design, we find consistent evidence that restrictions on these practices increase firms’ risks, as the cost of equity rises by 43.4 basis points. The effect is more pronounced among firms where employee-related risks and labor adjustment frictions are likely more salient, including those with higher growth, greater reliance on skilled labor, greater exposure to talent retention risk, and higher vulnerability to cybersecurity risks. Additional analyses further support these mechanisms, as SMPL enactment is associated with higher systematic return volatility, weaker accounting performance, and more data leakage incidents. Overall, our findings highlight the use of employees’ social media information as a risk-management tool in employee selection and oversight.
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