德勤－复旦会计论坛系列279期讲座
时间：2026年 6月26日（周五）上午10:00
地点：史带楼503教室
主持人: 刘烨 青年副研究员
报告人: Zhihong Chen（The Hong Kong University of Science and Technology）(陈治鸿)
题 目: Employee Social Media Surveillance and the Cost of Equity: Evidence from the Social Media Privacy Laws
摘 要: Firms increasingly rely on employees’ social media information for screening and monitoring, suggesting that these practices may play an important role in managing human-capital-related firm risks. Exploiting the staggered enactment of state-level social media privacy laws (SMPLs) in a difference-in-differences design, we find consistent evidence that restrictions on these practices increase firms’ risks, as the cost of equity rises by 43.4 basis points. The effect is more pronounced among firms where employee-related risks and labor adjustment frictions are likely more salient, including those with higher growth, greater reliance on skilled labor, greater exposure to talent retention risk, and higher vulnerability to cybersecurity risks. Additional analyses further support these mechanisms, as SMPL enactment is associated with higher systematic return volatility, weaker accounting performance, and more data leakage incidents. Overall, our findings highlight the use of employees’ social media information as a risk-management tool in employee selection and oversight.
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