CEO Risk Taking Equity Incentives and Workplace Misconduct
研究了CEO风险承担股权激励（以vega衡量）与职场不当行为（如健康安全违规、劳动法不合规等）的关系，发现CEO vega越高，职场不当行为越多，原因在于削减酌量性费用和增加员工工作量。
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.