Discrimination announcements, employee opinion, and capital structure: Evidence from the EEOC
研究美国平等就业机会委员会发布的歧视公告如何影响员工对公司和领导的态度，发现公告后员工情绪下降，且在高杠杆公司中更明显，同时公告还导致应计项目和E指数上升，反映负面管理文化。
Abstract This paper investigates the impact of discrimination publicity on employee opinion. The findings suggest that employees reduce their sentiments toward the firm and its leaders when discrimination becomes public via Equal Employment Opportunity Commission (EEOC) announcements. Following the stakeholder theory of capital structure, the effect clusters in firms with above‐average leverage. Additionally, discrimination announcements increase accruals and the E index, reinforcing a culture of negative management at the firm. These results suggest that human capital risk plays a vital role in employee reactions to discrimination announcements.