Human capital disclosures and institutional ownership

Linh Thompson

Finance Research Letters, 2025, vol. 71, issue C

Abstract: 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.

Keywords: Institutional investors; Human capital; Intangible assets; Earnings management (search for similar items in EconPapers)
JEL-codes: G14 G28 G30 G32 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014132

DOI: 10.1016/j.frl.2024.106384

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