Corporate Human Capital Disclosures: Early Evidence from the SEC’s Disclosure Mandate

Demers, Elizabeth; Wang, Victor Xiaoqi; Wu, Kean

doi:10.2139/ssrn.4153845

Cited by 2 publications

(1 citation statement)

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“…Studies as early as Lajili and Zéghal (2006) documented descriptive information suggesting that disclosures of high labor costs were positively associated with higher valuations. More recently, an influx of studies have taken advantage of the SEC's mandate to describe how human capital disclosures have evolved in response (Batish, 2021;Bourveau et al, 2023;Demers, Wang, and Wu, 2022;Haslag, Sensoy, and White, 2022;Klemash, Neill, and Smith, 2019;Zhang, 2022) Our work contributes in several novel ways. First, we provide some of the very first evidence documenting the impacts that human capital disclosures have had on firm performance.…”

Section: Figures Assessing Companies' Human Capital Investments In Fr...mentioning

confidence: 99%

Charting Employers' Human Capital Investments in Frontline Retail Workers: Evidence from SEC Filings

2024

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In this report, we explore how large retail companies invest in the human capital of their frontline workers using a U.S. Securities and Exchange Commission (SEC) mandate that requires publicly traded companies to disclose human capital management practices in their annual Form 10-K filings. We employ recent advancements in large language models that enable researchers to efficiently and accurately query large amounts of text. Using this new method of data collection, we explore (1) how the SEC mandate shaped human capital disclosures in retail companies' annual filings, ( 2) what these disclosures say about companies' investments in the human capital of their frontline workers, (3) which companies' disclosures indicate the highest (and lowest) commitments to retaining and advancing frontline workers, and (4) whether human capital disclosures have a discernible impact on stock prices. RAND Lowy Family Middle-Class Pathways CenterThis research was conducted within the RAND Lowy Family Middle-Class Pathways Center. The center aims to identify ways to create and sustain middle-class employment in the face of rapidly changing labor-market conditions. The center is part of RAND Education and Labor, a division of RAND that conducts research on early childhood through postsecondary education programs, workforce development, and programs and policies affecting workers, entrepreneurship, and financial literacy and decisionmaking. For more information about the RAND Lowy Family Middle-Class Pathways Center, visit www.rand.org/mcpc. For more information on RAND Education and Labor, visit www.rand.org/education-and-labor.

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Section: Figures Assessing Companies' Human Capital Investments In Fr...mentioning

confidence: 99%

Charting Employers' Human Capital Investments in Frontline Retail Workers: Evidence from SEC Filings

2024

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Environmental, Social, and Governance (ESG) and Artificial Intelligence in Finance: State-of-the-Art and Research Takeaways

Lim

2023

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The rapidly growing research landscape in finance, encompassing environmental, social, and governance (ESG) topics and associated Artificial Intelligence (AI) applications, presents challenges for both new researchers and seasoned practitioners. This study aims to systematically map the research area, identify knowledge gaps, and examine potential research areas for researchers and practitioners. The investigation centers around three research questions: key research themes for ESG and AI in finance, research intensity and interest evolution, and the use and progression of AI techniques within these themes. Eight archetypical research domains were identified: (i) Trading and Investment, (ii) ESG Disclosure, Measurement and Governance, (iii) Firm Governance, (iv) Financial Markets and Instruments, (v) Risk Management, (vi) Forecasting and Valuation, (vii) Data, and (viii) Responsible Use of AI. Distinctive AI techniques were found to be employed across these archetypes. The study contributes to consolidating knowledge on the intersection of ESG, AI, and finance, offering an ontological inquiry and key takeaways for practitioners and researchers. Important insights include the popularity and crowding of the Trading and Investment domain, the growth potential of the Data archetype, and the high potential of Responsible Use of AI, despite its low publication count. By understanding the nuances of different research archetypes, researchers and practitioners can better navigate this complex landscape and contribute to a more sustainable and responsible financial sector.

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Corporate Human Capital Disclosures: Early Evidence from the SEC’s Disclosure Mandate

Cited by 2 publications

References 45 publications

Charting Employers' Human Capital Investments in Frontline Retail Workers: Evidence from SEC Filings

Charting Employers' Human Capital Investments in Frontline Retail Workers: Evidence from SEC Filings

Environmental, Social, and Governance (ESG) and Artificial Intelligence in Finance: State-of-the-Art and Research Takeaways

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