We examine how firms respond to the increased workplace transparency due to the coverage on Glassdoor.com, which collects and disseminates reviews on employee satisfaction. Leveraging the staggered timing of first-time reviews on Glassdoor, we use a difference-in-differences design and find that after being reviewed on Glassdoor, firms improve their workplace practices, measured by corporate social responsibility scores on employee relations and diversity. Consistent with firms improving their workplace practices to remain competitive in the labor market, we find that such improvement concentrates in firms with negative initial reviews and with high labor intensity. We also find firms increase disclosures about workplace practices after being reviewed and the increase concentrates in firms with high institutional ownership, consistent with firms providing more disclosures to appease investors. Overall, our findings suggest that the increased workplace transparency through social media has a disciplinary effect on corporate policies.

中文翻译：

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社交媒体的纪律效应：来自公司对 Glassdoor 评论回应的证据

我们研究了公司如何应对由于 Glassdoor.com 的报道而增加的工作场所透明度，该网站收集和传播有关员工满意度的评论。利用 Glassdoor 首次审核的错开时间，我们使用差异中的差异设计，发现在 Glassdoor 上审核后，公司改善了他们的工作场所实践，衡量标准是企业社会责任在员工关系和多样性方面的得分。与公司改善其工作场所实践以在劳动力市场上保持竞争力一致，我们发现这种改进集中在初始评估为负面且劳动强度高的公司。我们还发现公司在接受审查后增加了对工作场所实践的披露，并且增加集中在机构所有权较高的公司，与为安抚投资者而提供更多信息披露的公司一致。总体而言，我们的研究结果表明，通过社交媒体提高工作场所透明度对公司政策具有纪律影响。