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Employees’ reviews and stock price informativeness

Author

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  • Kyiu, Anthony
  • Tawiah, Bernard
  • Boamah, Evans Ofosu

Abstract

We investigate the relationship between employee reviews and stock price informativeness. Using a sample of US firms, we find that firms with higher employee satisfaction are associated with greater stock price informativeness in terms of idiosyncratic volatility. We find this result to be more pronounced for firms that have a greater reliance on human capital assets. Overall, our study suggests that employee reviews have implications for financial markets.

Suggested Citation

  • Kyiu, Anthony & Tawiah, Bernard & Boamah, Evans Ofosu, 2023. "Employees’ reviews and stock price informativeness," Economics Letters, Elsevier, vol. 233(C).
    • Handle: RePEc:eee:ecolet:v:233:y:2023:i:c:s0165176523004329
    DOI: 10.1016/j.econlet.2023.111406
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    More about this item

    Keywords

    Employee satisfaction; Employee ratings; Stock price informativeness; Stock return synchronicity;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy

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