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Is Public Equity Deadly? Evidence from Workplace Safety and Productivity Tradeoffs in the Coal Industry

Author

Listed:
  • Gilje, Erik P.

    (U of Pennsylvania)

  • Wittry, Michael D.

    (Ohio State U)

Abstract

We study how ownership structure, in particular public listing status, affects workplace safety and productivity tradeoffs. Theory offers competing hypotheses on how listing-related frictions affect these tradeoffs. We exploit detailed asset-level data in the U.S. coal industry and find that workplace safety deteriorates dramatically under public firm ownership, primarily in mines that experience the largest productivity increases. We find evidence consistent with information asymmetry between managers and share-holders of public firms, and ties of private firm ownership with local communities being first-order drivers of workplace safety and productivity tradeoffs.

Suggested Citation

  • Gilje, Erik P. & Wittry, Michael D., 2021. "Is Public Equity Deadly? Evidence from Workplace Safety and Productivity Tradeoffs in the Coal Industry," Working Paper Series 2021-05, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    • Handle: RePEc:ecl:ohidic:2021-05
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    Cited by:

    1. Baghai, Ramin & Bos, Marieke & Bach, Laurent & Silva, Rui, 2021. "How Do Acquisitions Affect the Mental Health of Employees?," Misum Working Paper Series 2021-2, Stockholm School of Economics, Mistra Center for Sustainable Markets (Misum).
    2. Jun Tu & Liangdong Wan & Zijiao Sun, 2023. "Safety Improvement of Sustainable Coal Transportation in Mines: A Contract Design Perspective," Sustainability, MDPI, vol. 15(3), pages 1-21, January.
    3. Brett Watson & Ian Lange & Joshua Linn, 2023. "Coal demand, market forces, and U.S. coal mine closures," Economic Inquiry, Western Economic Association International, vol. 61(1), pages 35-57, January.

    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy

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