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Does information about gender pay matter to investors? An experimental investigation
Accounting, Organizations and Society ( IF 4.114 ) Pub Date : 2020-11-20 , DOI: 10.1016/j.aos.2020.101193
Chelsea Rae Austin , Donna D. Bobek , Ling L. Harris

The Organization for Economic Co-operation and Development (OECD) reports that a male favoring pay gap exists in every one of its member countries. To reduce the gender pay gap, governments and investors are demanding that companies disclose gender pay information. While companies seem to resist these demands, there is little evidence about how investors might react to the disclosure of gender pay information. We draw on theories of fairness and the instrumental perspective of corporate social responsibility activities to predict how the disclosure of gender pay information influences investor judgments. Our experimental findings indicate investors are more willing to invest in a company that discloses gender pay equity compared to either a company disclosing a gender pay gap or one disclosing no gender pay information. Further, our mediation analyses results show a sequential mediation process whereby the gender pay disclosure affects perceptions of fairness (economic consequences) directly (indirectly through fairness), with only perceptions of the economic consequences resulting from the gender pay disclosure directly influencing willingness to invest. In addition, despite the presence of the same sequential mediation relationship, we find limited evidence investors are less willing to invest in a company that discloses a typical gender pay gap compared to a company disclosing no gender pay information. Two additional experiments indicate it is the information about gender pay, not its disclosure by the company, that influences investors; and the effect is intentional. Our results are consistent with investors anticipating real economic consequences from the disclosure of gender pay information.



中文翻译:

有关性别报酬的信息对投资者重要吗?实验研究

经济合作与发展组织(OECD)报告说,在其每个成员国中都存在一个有利于男性的薪酬差距。为了缩小性别工资差距,政府和投资者要求公司披露性别工资信息。尽管公司似乎拒绝了这些要求,但几乎没有证据表明投资者对性别薪酬信息的披露有何反应。我们利用公平理论和企业社会责任活动的工具视角来预测性别薪酬信息的披露如何影响投资者的判断。我们的实验结果表明,与披露性别工资差距的公司或不披露性别工资信息的公司相比,投资者更愿意投资于披露性别工资权益的公司。更多,我们的调解分析结果显示了一个连续的调解过程,在此过程中,性别工资的披露直接(通过公平间接地)影响对公平(经济后果)的看法,而对性别工资披露所产生的经济后果的看法仅直接影响投资意愿。此外,尽管存在相同的顺序调解关系,但我们发现有限的证据表明,与没有披露性别工资差异的公司相比,投资者更不愿意投资拥有典型性别工资差距的公司。另外两个实验表明,影响性别的因素是与性别薪酬有关的信息,而不是公司的披露信息。而且效果是故意的。

更新日期:2020-11-20
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