This study takes a dynamic multilevel approach to examine how the relationship between an employee's job satisfaction trajectory and subsequent turnover may change depending on the employee's unit's job satisfaction trajectory and its dispersion. Analyses of longitudinal multilevel data collected from 5,270 employees in 175 business units of a hospitality company demonstrate a significant three-way interactive effect of unit-level job satisfaction trajectory and its dispersion and individual job satisfaction trajectory on individual job exit. In particular, in the presence of a negative unit-level job satisfaction trajectory and low dispersion, a positive change in individual-level job satisfaction does not affect the odds of a person leaving an organization. Put differently, an employee's being out of step with prevailing unit-level attitudes appears to alter the relationship between his or her job satisfaction trajectory and turnover propensity. Further, unit-level job-satisfaction change and its dispersion jointly influence the overall turnover rate in a unit. The results indicate unit-level and individual-level job satisfaction trajectories have unique multilevel influences on turnover above and beyond static levels of job satisfaction. Accounting for these dynamics substantially increases the explained variance in turnover behavior. The findings increase understanding of the job satisfaction–turnover link over time and across levels.

In a series of studies employing a variety of approaches, we have found that the potential impact of climate change on US agriculture is likely negative. Deschênes and Greenstone (2007) report dramatically different results based on regressions of agricultural profits and yields on weather variables. The divergence is explained by (1) missing and incorrect weather and climate data in their study; (2) their use of older climate change projections rather than the more recent and less optimistic projections from the Fourth Assessment Report; and (3) difficulties in their profit measure due to the confounding effects of storage.

ABSTRACT This study investigates whether the timely revelation of bad earnings news is associated with a lower incidence of litigation. The timeliness of earnings news is captured by a new measure based on the evolution of the consensus analyst earnings forecast. Holding total bad earnings news and other determinants of litigation constant, we find that earlier revelation of bad earnings news lowers the likelihood of litigation. This result holds for both settled and dismissed lawsuits. Further, we reconcile our findings with prior work that measures timeliness using managerial warnings via press releases. These tests suggest our findings are attributable to the ability of our timeliness measure to capture bad earning news revealed through disclosure channels beyond press releases. Data Availability: Data are available from public sources identified in the paper. JEL Classifications: K22; K41; M41.

ABSTRACT We examine the influence of investor sentiment on managers’ discretionary disclosure of “pro forma” (adjusted) earnings metrics in earnings press releases. We find that managers’ propensity to disclose an adjusted earnings metric (especially one that exceeds the GAAP earnings number) increases with the level of investor sentiment. Furthermore, our analyses suggest that, as investor sentiment increases, managers: (1) exclude higher levels of both recurring and nonrecurring expenses in calculating the pro forma earnings number and (2) emphasize the pro forma figure by placing it more prominently within the earnings press release. Additional analyses indicate that the association between investor sentiment and managers’ pro forma disclosure decisions at least partly reflects opportunistic motives. Finally, we find that managers’ own sentiment‐driven expectations also play a role in their pro forma disclosure decisions.

We develop and test a model linking ethical leadership with unit ethical culture, both across and within organizational levels, examining how both leadership and culture relate to ethical cognitions and behaviors of lower-level followers. The data were collected from 2,572 U.S. Army soldiers representing three organizational levels deployed in combat. Findings provide limited support for simple trickle-down mechanisms of ethical leadership but broader support for a multilevel model that takes into account how leaders embed shared understandings through their influence on the ethical culture of units at various levels, which in turn influence followers' ethical cognitions and behavior. The influences of ethical leadership occur not only directly, among immediate followers within a unit, but also indirectly, across hierarchical levels, through the cascading of ethical culture and senior leaders' influences on subordinate leader behavior. We discuss scholarly and practical implications for understanding how leaders transmit ethical influence both down and across large organizations.