【学术研讨】从多方利益相关者的角度来看卖空压力和工作场所安全

SHORT-SELLING PRESSURE AND WORKPLACE SAFETY: 

A MULTI-STAKEHOLDER PERSPECTIVE

Guest Speaker:   Prof. Cuili QIAN (University of Texas at Dallas)

Time/Date:         9:30 – 11:00 Tue 8th, June 2021 (Beijing Time) 

Meeting ID:       817 973 78537

Password:           597461

Click Link:           https://us02web.zoom.us/j/81797378537

ABSTRACT

We advance a multi-stakeholder framework that highlights the influence of market intermediaries and internal stakeholders in accentuating, and in tempering, short-termist responses to capital market pressures. When firms face pressure from short sellers in the capital market, they sometimes shift attention to short-term stock performance and neglect critical investments that pay off in the long run. Relying on a quasi-natural experiment and establishment-level data on workplace injuries, we find that short-selling pressure causes an increase in employee injuries. Moreover, actions to cut safety expenses and increase workloads are associated with positive short-term performance but negative long-term performance. Critically, however, the degree to which the response is short-termist depends on the salience of core intermediaries and stakeholders (analysts, shareholders, employees, and managers). We discuss the implications for understanding firms’ relations with their stakeholders and, particularly, how intermediaries and stakeholders influence corporate responses to capital market pressures in ways that matter for long-term value creation. This study also contributes to strategy research by highlighting the downside of capital market deregulation.

GUEST BIO

Dr. Cuili Qian is Associate Professor of Organization, Strategy, and International Management Department at University of Texas at Dallas. She received her Ph.D. in Strategic Management from Hong Kong University of Science & Technology. Prior to joining UT-Dallas, she worked at the City University of Hong Kong. Her research interests include stakeholder management, corporate governance and political strategies in transitional economies, and MNC control and staffing issues in international business. She has published in management journals such as Academy of Management Journal, Strategic Management Journal, Organization Science, and Journal of Management. She currently serves on editorial boards of Academy of Management Journal, Strategic Management Journal, Administrative Science Quarterly, and Journal of Management.