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The Anticipation and Adaptation Effects of Intra- and Interpersonal Wage Changes on Job Satisfaction

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  • Patric Diriwächter
  • Elena Shvartsman

Abstract

This paper analyses how individual job satisfaction is affected by wage changes. In order to account for potential dynamic effects of wage changes on job satisfaction, we include lead and lag effects of income changes in our analysis. Furthermore, we examine the role of social comparisons, i.e., how an individual’s job satisfaction is driven not only by changes in his wages, but also by the size of these changes relative to wage changes within his reference group. Results from an individual fixed effects regression indicate that wage increases have a statistically significant positive effect on job satisfaction. This effect exhibits a dynamic pattern. We observe an anticipation effect of a positive wage change, i.e., individuals are more satisfied with their job one year ahead of the wage increase. Also, we find statistically significant positive, but declining effects on job satisfaction four years after the wage increase, i.e., partial adaptation. We find that an additional increase in job satisfaction is obtained when the individual’s wage increase exceeds the average wage increase for his reference group. However, this effect does not appear to persist, as it is only statistically significant in the first period after the wage change.

Suggested Citation

  • Patric Diriwächter & Elena Shvartsman, 2016. "The Anticipation and Adaptation Effects of Intra- and Interpersonal Wage Changes on Job Satisfaction," SOEPpapers on Multidisciplinary Panel Data Research 866, DIW Berlin, The German Socio-Economic Panel (SOEP).
  • Handle: RePEc:diw:diwsop:diw_sp866
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    More about this item

    Keywords

    wage change; job satisfaction; anticipation and adaptation;
    All these keywords.

    JEL classification:

    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
    • M50 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - General
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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