Does Analyst Coverage Affect Workplace Safety?

Author:

Bradley Daniel1ORCID,Mao Connie X.2ORCID,Zhang Chi3

Affiliation:

1. Department of Finance, University of South Florida, Tampa, Florida 33620;

2. Department of Finance, Fox School of Business, Temple University, Philadelphia, Pennsylvania 19122;

3. Department of Finance, Manning School of Business, University of Massachusetts Lowell, Lowell, Massachusetts 01854

Abstract

We find firms’ work-related injury rates are negatively associated with the level of analyst coverage. This result is also robust at the establishment level at which we find local analysts have a more profound impact than distant analysts. Cross-sectionally, our results are exacerbated in firms with weak internal governance mechanisms and in industries with low union representation. Finally, management is more likely to discuss safety issues during earnings conference calls in the presence of more analysts. Overall, our results suggest analysts play an effective external monitoring role and have a subtle yet important impact on employee welfare. This paper was accepted by Brian Bushee, accounting.

Publisher

Institute for Operations Research and the Management Sciences (INFORMS)

Subject

Management Science and Operations Research,Strategy and Management

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