We examine the effects of human capital disclosures on ownership structure. Firms which are highly intangible experienced an increase in institutional ownership concentration subsequent to the introduction of human capital disclosure rule. Using a differences-in-differences empirical design, we document that these firms also engaged in more earnings management. Collectively, these findings highlight the role of information disclosures in shaping ownership structure and corporate behaviors.

中文翻译：

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人力资本披露和机构所有权


我们研究了人力资本披露对所有权结构的影响。在引入人力资本披露规则后，高度无形的公司经历了机构所有权集中度的增加。使用双重差分实证设计，我们记录了这些公司也参与了更多的盈余管理。总的来说，这些发现突出了信息披露在塑造所有权结构和公司行为中的作用。