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Employee Satisfaction, Firm Value and Firm Productivity

  • Roger Best

    ()

    (University of Central Missouri)

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    We examine whether self-reported employee satisfaction is associated with higher firm valuation and productivity. Using a sample of firms from Fortune magazine’s list of "100 Best Companies to Work For", companies in which employees report high levels of satisfaction, we find that these firms have valuations that are significantly greater than both their respective industry medians and matched firms. The firms in our sample also exhibit greater levels of productivity and efficiency. Thus, successful efforts in increasing employee satisfaction appear to enhance overall firm productivity, which is subsequently rewarded by investors through higher equity values.

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    Paper provided by University of Central Missouri, Department of Economics & Finance in its series Working Papers with number 0806.

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    Length: 23 pages
    Date of creation: May 2008
    Date of revision: May 2008
    Handle: RePEc:umn:wpaper:0806
    Contact details of provider: Postal: Dockery 300, Warrensburg, MO 64093
    Phone: (660) 543-4246
    Fax: (660) 543-8465
    Web page: http://www.ucmo.edu/econ

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    1. Wadhwani, Sushil B & Wall, Martin, 1991. "A Direct Test of the Efficiency Wage Model Using UK Micro-data," Oxford Economic Papers, Oxford University Press, vol. 43(4), pages 529-48, October.
    2. Snipes, Robin L. & Oswald, Sharon L. & LaTour, Michael & Armenakis, Achilles A., 2005. "The effects of specific job satisfaction facets on customer perceptions of service quality: an employee-level analysis," Journal of Business Research, Elsevier, vol. 58(10), pages 1330-1339, October.
    3. Levine, David I, 1992. "Can Wage Increases Pay for Themselves? Tests with a Production Function," Economic Journal, Royal Economic Society, vol. 102(414), pages 1102-15, September.
    4. Filbeck, Greg, 2001. "Mother Jones: Do better places to work imply better places to invest?," Review of Financial Economics, Elsevier, vol. 10(1), pages 57-70.
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