| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP10066
|
| DP10066 Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World |
| Chendi Zhang; Alex Edmans
|
| 发表日期 | 2014-07-20
|
| 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
|
| 关键词 | Employee satisfaction
Labor market flexibility
Socially responsible investing
Corporate social responsibility
|
| URL | https://cepr.org/publications/dp10066
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538899
|
推荐引用方式
GB/T 7714 |
Chendi Zhang,Alex Edmans. DP10066 Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World. 2014.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
