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Prof. Yuqing Zhou
Assistant Professor
School of Accountancy
The Chinese University of Hong Kong

This paper examines how greater workplace transparency affects firms’ ability to attract talent. Leveraging state-level policies that limit the use of Non-Disclosure Agreements (NDAs) to suppress employee discussions of workplace issues, we show that after the enactment of these policies, workplace safety and other working conditions improve and that job vacancies are filled more quickly, indicating improvement in firms’ ability to attract talent. Additional analyses document better firm performance among firms in affected states. Overall, our results are consistent with a lack of workplace transparency leading to underinvestment in workplace conditions, which hurts firms’ ability to attract human capital and their financial performance.