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This paper explores and analyses the major challenges faced by both customer-facing and office-based public transport employees during the early stages of the Covid-19 pandemic and the responses of their employers to their concerns.

Qualitative semi-structured interviews and focus groups were carried out, involving 39 employees and directors representing a wide range of professionals working in the transport sector in three European countries, Poland, Ireland and the UK. Data were analysed through thematic analysis and the emerging issues explored.

Major employee challenges included: access to resources for safe working; worker mental health and well-being; and the effects of changing working practices, particularly flexible working, on their wider household circumstances and work–life balance (especially combining childcare responsibilities with work). First, physical health safety measures (such as PPE) were put in place for all workers, although sometimes with delays. Second, concerning practical support for mental health and well-being at work, the findings highlight that their employers’ practical support was considered limited by some customer-facing participants. In contrast, participants working from home were offered considerably greater employer support for their well-being, including increased and regular communication regarding work and non-work-related topics to tackle isolation and lack of social interactions. Third, work–life balance, and especially childcare were significant issues for those working from home. To improve organisational resilience, employer support for workers needs to better reflect employees’ job role, work setting and location, as well as their household demands such as childcare.

The lessons learned from this study contribute to future employer responses and practices and their organisational resilience, both in times of major crises and also for improving mental-health and childcare support in normal times.

The study considers the role of employee perspectives on organisational resilience and service continuity in public transport during a crisis and in three countries. Importantly, the data were gathered contemporaneously during the early stages of the pandemic, and so are not influenced by retrospective rationalisation or uncertain recollections.

This research investigates the effect of audit report lag on the cost of equity capital. We argue that an extended audit report lag reduces the value of information and raises concerns for investors, resulting in an increased cost of equity capital.

We hypothesize that audit report lag increases the firm cost of equity capital. We conduct ordinary least squares (OLS) regression analyses to examine our hypothesis. Finally, we also perform a range of sensitivity tests to examine the hypothesis and robustness of findings.

Using a sample of the listed US firms from 2003 to 2018, we find that firms with higher audit report lag have a higher cost of equity capital. Our findings are economically significant as one standard deviation increase in audit report lag raises 3.82 basis points of cost of equity capital. Furthermore, our results remain robust to endogeneity concerns and alternative proxies for the cost of equity capital measures. Finally, we confirm that audit report lag increases the firm cost of equity capital through increasing information asymmetry and future financial restatement as a mediating channel.

We contribute to the theoretical discussion about the role of audit report lag and investors' perceptions. Overall, our results suggest that audit report lag affects a firm cost of equity capital.