Corporate Accountability Reporting and High-Profile Misconduct
研究了企业问责报告能否帮助公司预防高调不当行为（如贿赂、歧视），并在不当行为发生时减轻股价下跌。发现发布报告的公司更少出现不当行为，且股价反应更温和。
ABSTRACT I investigate whether corporate accountability reporting helps protect firm value. Specifically, I examine (1) whether corporate accountability reporting helps firms prevent the occurrence of high-profile misconduct (e.g., bribery, kickbacks, discrimination), and (2) whether prior corporate accountability reporting reduces the negative stock price reaction when high-profile misconduct does occur. Using multiple methods to address self-selection, I find that, on average, firms that report on their corporate accountability activities are less likely to engage in high-profile misconduct, consistent with the reporting process helping firms to manage their operations better. Additionally, I find that when high-profile misconduct does occur, firms that have previously issued corporate accountability reports experience a less negative stock price reaction, consistent with corporate accountability reports influencing perceptions of managerial intent, which, in turn, influences expected punishments.