Reputation, Exposure, and Exit: Organizational Turnover after #MeToo
声誉、曝光与退出:MeToo运动后的组织人员更替
Roy Baharad, Asaf Eckstein, Gideon Parchomovsky, Rok Spruk
AI总结 通过研究MeToo运动后董事会和高管的人员更替,本文利用8-K表格第5.02项披露频率作为企业事前曝光度的代理变量,采用连续处理双重差分法、动态事件研究和矩阵补全估计,发现声誉冲击显著增加了企业的人员辞职活动。
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我们通过考察MeToo运动后的董事会和高管人员更替,研究全经济范围的声誉冲击如何重塑公司治理。我们将2017年10月围绕哈维·韦恩斯坦的曝光事件概念化为一个共同信息冲击,它增加了不当行为的预期成本并加强了对所有公司的审查。识别利用了事前曝光度的横截面差异,该曝光度由第5.02项8-K表格的提交频率衡量,作为公司对治理相关披露和声誉风险敏感性的代理变量。我们开发了一个组织退出模型,其中董事通过动态的、信念驱动的辞职风险来应对声誉压力的变化,从而在公司间产生异质且可能非线性的反应。实证上,我们实施了一个连续处理的双重差分设计,并用动态事件研究和矩阵补全估计加以补充。我们发现,事前曝光度较高的公司在冲击后辞职活动显著增加。这种效应集中在韦恩斯坦曝光事件后的短期内,并通过董事会层面的互动被放大。这些发现提供了因果证据,表明声誉冲击可以引发快速且系统性的治理人员更替,凸显了信息、曝光和组织适应在塑造公司对声誉环境变化反应中的核心作用。
We study how economy-wide reputational shocks reshape corporate governance by examining board and executive turnover following the MeToo movement. We conceptualize the October 2017 revelations surrounding Harvey Weinstein as a common information shock that increased the expected cost of misconduct and intensified scrutiny across firms. Identification exploits cross-sectional variation in pre-shock exposure, measured by the frequency of Item 5.02 Form 8-K filings, which proxy for firms' sensitivity to governance-related disclosure and reputational risk. We develop a model of organizational exit in which directors respond to changes in reputational pressure through dynamic, belief-driven resignation hazards, generating heterogeneous and potentially nonlinear responses across firms. Empirically, we implement a continuous-treatment difference-in-differences design and complement it with dynamic event-study and matrix-completion estimators. We find that firms with greater pre-shock exposure experience significantly larger increases in resignation activity following the shock. The effects are concentrated in the immediate aftermath of the Weinstein revelations and are amplified through board-level interactions. The findings provide causal evidence that reputational shocks can induce rapid and systematic governance turnover, highlighting the central role of information, exposure, and organizational adaptation in shaping corporate responses to changes in the reputational environment.