Using Glassdoor data we show that women are less satisfied at work than men and that female and male employees differ in their workplace preferences. In particular, female employees care more about work-life balance but this difference vanishes at the manager level, illustrating the role of...

We examine whether economic links with major customers, an important group of strong stakeholders, act as a deterrent to corporate misconduct. We show that firms with a concentrated customer base are less likely to commit misconduct and face lower penalties. These findings hold with numerous...

Firms with more competitive threats from the product market are less likely to commit violations and pay lower penalties. These findings are robust to alternative measures, specifications, and subsamples, as well as different attempts that mitigate endogeneity concerns. Further analyses reveal...

This paper studies how hedge fund activism impacts corporate innovation. Firms targeted by activists improve their innovation efficiency over the five-year period following hedge fund intervention. Despite a tightening in R&D expenditures, target firms increase innovation output, as measured by...