Firm Value and Employee Attitudes on Workplace Quality

Brian Ballou · Norman H. Godwin · Rebecca Toppe Shortridge

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Employee Performance and Management Corporate Finance and Governance Financial Reporting and Valuation Research

Abstract

This paper investigates the relation between the value of a firm and employee attitudes on the firm's workplace quality—workplace attitudes. Workplace attitude refers to recognition of those organizational characteristics that enhance employee work experiences and assist employees in balancing their jobs and personal lives. Using inclusion on Fortune's annual list of “The 100 Best Companies to Work for in America” as a proxy for successful efforts in creating high workplace attitudes, we compare the market values of listed firms to the market values of nonlisted firms in the same industry matched on earnings. After controlling for book value, past operational performance, and research and development expense, we find that market values of listed firms exceed those of matched firms. We also provide evidence that firms ranked high on the Fortune list receive higher market values than those ranked lower on the list. Finally, the two-year forward market returns for listed firms exceed the returns for the matched sample while the two-year prior returns are not significantly different between the two groups. This result suggests that market performance does not determine inclusion on the Fortune list.

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References

1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 1995THE IMPACT OF HUMAN RESOURCE MANAGEMENT PRACTICES ON TURNOVER, PRODUCTIVITY, AND CORPORATE FINANCIAL PERFORMANCE.1996MODES OF THEORIZING IN STRATEGIC HUMAN RESOURCE MANAGEMENT: TESTS OF UNIVERSALISTIC, CONTINGENCY, AND CONFIGURATIONS. PERFORMANCE PREDICTIONS.2001Human resources and the resource based view of the firm 1994Human Resource Systems and Sustained Competitive Advantage: A Competency-Based Perspective 2001Intangibles: Management, Measurement, and Reporting 1992The relationship between satisfaction, attitudes, and performance: An organizational level analysis.

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