The authors appreciate helpful feedback and comments from Stanimir Markov, Yuan Zhang, Ying Julie Huang, Boochun Jang, Yuan Ji, Wei Wang, Xiaoli Tian, Hangu Chen, Boaz Noiman, Matteo Binfare, Eva Labro, and Carol Soschinski as well as workshop participants at the 2023 Hawaii Accounting Research Conference and 2024 American Accounting Association Annual Meeting. The authors also thank Glassdoor Inc. for sharing its data. Any remaining errors are the authors’ own.