Speaker: Nancy Lixin Su, Professor at the Hong Kong Polytechnic University
Time: 14:30 , November 6, 2026
Venue: Room 105, Building 12, Wushan Campus
Abstract
In this paper, we examine employee information production, proxied by employee-generated CEO approval ratings on Glassdoor, in the takeover setting. We first show that higher CEO approval ratings are associated with a lower likelihood of receiving a takeover bid, suggesting potential deterrence of higher CEO approval ratings on takeover likelihood. Next, we examine how CEO approval ratings change when firms face heightened takeover threats. Using a stacked difference-in-differences design based on hostile takeover events in firms’ industries, we find that close industry peer firms of hostile takeover targets receive higher employee approval ratings after such events. Cross-sectional analyses suggest that the increase in CEO approval ratings reflects both employees’ and CEOs’ post-acquisition unemployment concerns. Further analyses show that peer firms experience fewer labor-related incidents, receive higher third-party human capital ratings, and have more informative employee ratings following takeover events, consistent with improved employee treatment and enhanced internal communications between CEOs and employees when firms facing heightened takeover threats. Our study highlights the role of employee information production in takeover settings and suggests that managers and employees can act as natural allies against takeover threats.
Biography
Professor Nancy Lixin Su is the Head and full professor at the School of Accounting and Finance, The Hong Kong Polytechnic University. Before re-joining PolyU, she has taught at Lingnan University. Prof Su has a broad research interest in disclosure, reporting, and auditing. She has also worked creatively across accounting, supply chain, and social network. Professor Su has published in prestigious accounting journals, such as Journal of Accounting and Economics, The Accounting Review, and in other business journals, including Management Science and Journal of Business Ethics. She is a co-editor of the Journal of Contemporary Accounting and Economics and has served as the executive editor of China Accounting and Finance Review as well as a special issue editor of Accounting Horizons. She has also served as an examiner for other Hong Kong universities as well as the investigation panel of HKICPA.
