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Work-from-home and the risk of securities misconduct
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Cumming, D. J., Firth, C., Gathergood, J. and Stewart, Neil (2023) Work-from-home and the risk of securities misconduct. European Financial Management, 29 (4). pp. 1054-1077. doi:10.1111/eufm.12426 ISSN 1354-7798.
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Official URL: https://doi.org/10.1111/eufm.12426
Abstract
In the wake of the global pandemic, a challenge for CEOs and boards is to set a stakeholder- acceptable organizational balance between remote and traditional office working. However, the risks of work-from-home are not yet fully understood. We describe competing theories that predict the effect on misconduct of a corporate shift to work-from-home. Using internal bank data on securities traders we exploit lockdown variation induced by emergency regulation of the Covid- 19 pandemic. Our difference-in-differences analysis reveals that working from home lowers the likelihood of securities misconduct; ultimately those working from home exhibit fewer misconduct alerts. The economic significance of these changes is large. Our study makes an important step toward understanding the link between the balance of work locations and the risk that comes with this tradeoff.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance H Social Sciences > HV Social pathology. Social and public welfare |
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Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Flexible work arrangements, Organizational effectiveness, Securities fraud, Securities industry -- Risk management, Securities industry -- Employees -- Corrupt practices | ||||||||
Journal or Publication Title: | European Financial Management | ||||||||
Publisher: | Wiley-Blackwell Publishing Ltd. | ||||||||
ISSN: | 1354-7798 | ||||||||
Official Date: | September 2023 | ||||||||
Dates: |
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Volume: | 29 | ||||||||
Number: | 4 | ||||||||
Page Range: | pp. 1054-1077 | ||||||||
DOI: | 10.1111/eufm.12426 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 19 April 2023 | ||||||||
Date of first compliant Open Access: | 8 June 2023 | ||||||||
RIOXX Funder/Project Grant: |
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