全球智库信息集成服务系统(G2TT): Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w20300
来源ID	Working Paper 20300
	Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World
	Alex Edmans; Lucius Li; Chendi Zhang
发表日期	2014-07-10
出版年	2014
语种	英语
摘要	We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the "Best Companies to Work For" in 14 countries. We show that employee satisfaction is associated with positive abnormal returns in countries with high labor market flexibility, such as the U.S. and U.K., but not in countries with low labor market flexibility, such as Germany. These results are consistent with high employee satisfaction being a valuable tool for recruitment, retention, and motivation in flexible labor markets, where firms face fewer constraints on hiring and firing. In contrast, in regulated labor markets, legislation already provides minimum standards for worker welfare and so additional expenditure may exhibit diminishing returns. The results have implications for the differential profitability of socially responsible investing ("SRI") strategies around the world. In particular, they emphasize the importance of taking institutional features into account when forming such strategies.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance ; Labor Economics ; Labor Relations ; Other ; Law and Economics
URL	https://www.nber.org/papers/w20300
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/577973
推荐引用方式 GB/T 7714	Alex Edmans,Lucius Li,Chendi Zhang. Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World. 2014.