Financial Reporting Quality and Wage Differentials: Evidence from Worker‐Level Data
使用美国雇主-雇员匹配数据，发现低财务报告质量与补偿性工资差异（风险溢价）相关，通过三种方法控制工人特征后，工资溢价幅度为年工资的0.9%至2.8%。
ABSTRACT We examine whether financial reporting quality affects worker wages using employer‐employee matched data in the United States. We find that low financial reporting quality is associated with a compensating wage differential—that is, a risk premium—using three distinct approaches while controlling for worker characteristics by (1) regressing wages on firm‐year–level and firm‐level reporting quality, (2) documenting wage changes when workers switch firms, and (3) estimating a structural approach that separates reporting quality from performance‐related volatility. We find evidence consistent with two channels: performance pay and turnover risk, where workers bear risks from noise in performance measurement and unemployment, respectively. To mitigate endogeneity concerns, we show that—after the accounting scandals in 2002 and after the announcements of an internal control weakness (ICW)—former Arthur Andersen clients and ICW firms pay wage premiums to employees, with magnitudes between 0.9% and 2.8% of annual wages.