Human Capital Disclosure and Labor Market Outcomes: Evidence from Regulation S‐K
研究了2020年S-K条例要求上市公司在10-K文件中披露人力资本信息后，这些公司招聘信息中多样性、公平与包容内容的增加，以及由此导致的招聘周期延长和一年后职场性别多样性的提升。
ABSTRACT We examine the labor market consequences of the 2020 Regulation S‐K requiring human capital disclosure in 10K filings. Using large‐sample job‐level data and a Generative Large Language Model (GLLM), we observe that public firms subject to the regulation increase their disclosure of diversity, equity, and inclusion (DEI) information in job postings relative to a matched sample of large private firms. The increase in job‐posting disclosure is more pronounced among firms facing greater external pressure to increase their workforce diversity. These findings suggest a shift in demand for diverse candidates by public firms following the regulation. Yet, consistent with short‐term inelastic labor supply, this demand shift lengthens the recruitment period, with noticeable increases in workplace gender diversity emerging one year after the regulation, particularly among firms that demonstrate a credible commitment to DEI. Our study documents how securities regulations can impact labor market practices and underscores the challenges involved in shaping workforce diversity.