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Do employee-friendly firms invest more efficiently? Evidence from labor investment efficiency
16 references·16 citing·42 second hopsampled
Do employee-friendly firms invest more efficiently? Evidence from labor investment efficiency (2020)Do employee-friendly firms invest more ef…Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis (2017)Social Capital, Trust, and Fi…Does Corporate Social Responsibility Affect the Cost of Capital? (2010)Does Corporate Social Respons…How does financial reporting quality relate to investment efficiency? (2009)How does financial reporting …Bank governance, regulation and risk taking (2008)Bank governance, regulation a…The market pricing of accruals quality (2005)The market pricing of accrual…Performance matched discretionary accrual measures (2005)Performance matched discretio…Enjoying the Quiet Life? Corporate Governance and Managerial Preferences (2003)Enjoying the Quiet Life? Corp…The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors (2002)The Quality of Accruals and E…CORPORATE SOCIAL PERFORMANCE AND ORGANIZATIONAL ATTRACTIVENESS TO PROSPECTIVE EMPLOYEES. (1997)CORPORATE SOCIAL PERFORMANCE …Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior (1989)Efficient Capital Markets, In…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Labor Contracts as Partial Gift Exchange (1982)Labor Contracts as Partial Gi…Credit Rationing in Markets with Imperfect Information (1981)Credit Rationing in Markets w…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Investment in Human Capital: A Theoretical Analysis (1962)Investment in Human Capital: …Greenwashing, carbon emission, and ESG (2024)Greenwashing, carbon emission…An Empirical Study on Corporate ESG Behavior and Employee Satisfaction: A Moderating Mediation Model (2024)An Empirical Study on Corpora…The cost of hypocrisy: Does corporate ESG decoupling reduce labor investment efficiency? (2023)The cost of hypocrisy: Does c…Does the implementation of green credit policy improve the ESG performance of enterprises? Evidence from a quasi-natural experiment in China (2023)Does the implementation of gr…Does ESG performance affect audit pricing? Evidence from China (2023)Does ESG performance affect a…The real effects of ESG reporting and GRI standards on carbon mitigation: International evidence (2022)The real effects of ESG repor…The influence of corporate governance and corporate social responsibility on corporate performance: an Iberian panel data evidence (2022)The influence of corporate go…Employee relations and stock price crash risk: Evidence from employee lawsuits (2022)Employee relations and stock …Does FinTech improve the investment efficiency of enterprises? Evidence from China’s small and medium-sized enterprises (2022)Does FinTech improve the inve…Do Corporate Customers Prefer Socially Responsible Suppliers? An Instrumental Stakeholder Theory Perspective (2022)Do Corporate Customers Prefer…Corporate social responsibility: A review of empirical research using Thomson Reuters Asset4 data (2022)Corporate social responsibili…Stock liquidity and corporate labor investment (2021)Stock liquidity and corporate…Human capital and organisational resilience in the context of manufacturing: a systematic literature review (2021)Human capital and organisatio…Corporate governance and labor investment efficiency: International evidence from board reforms (2021)Corporate governance and labo…The role of equity compensation in reducing inefficient investment in labor (2020)The role of equity compensati…Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review (2019)Adoption of CSR and Sustainab…Increases in risk and in risk aversion (1974)Risk Sharing and Incentives in the Principal and Agent Relationship (1979)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Financial Dependence and Growth (1996)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)Tobin's q, Corporate Diversification, and Firm Performance (1994)Diversification's effect on firm value (1995)A Survey of Corporate Governance (1997)CEO Overconfidence and Corporate Investment (2005)What Matters in Corporate Governance? (2008)Does the stock market fully value intangibles? Employee satisfaction and equity prices (2011)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Law and Finance (1998)Social Capital in the Creation of Human Capital (1988)The Cross-Section of Expected Stock Returns (1992)Bowling alone (2000)Do institutional investors drive corporate social responsibility? International evidence (2018)Firms and social responsibility: A review of ESG and CSR research in corporate finance (2021)Aggregate Confusion: The Divergence of ESG Ratings (2022)Common risk factors in the returns on stocks and bonds (1993)Initial conditions and moment restrictions in dynamic panel data models (1998)Corporate social responsibility and access to finance (2013)Corporate green bonds (2021)Accounting earnings and cash flows as measures of firm performance (1994)A Review of the Earnings Management Literature and Its Implications for Standard Setting (1999)Errors in Estimating Accruals: Implications for Empirical Research (2002)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)A review of archival auditing research (2014)Experimental and Quasi-Experimental Designs for Research (1963)Earnings Management During Import Relief Investigations (1991)Earnings Management through Real Activities Manipulation (2003)The Production of Human Capital and the Life Cycle of Earnings (1967)Entry and Exit Decisions under Uncertainty (1989)Migration and Development: A Theoretical Perspective (2010)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1981Credit Rationing in Markets with Imperfect Information12,762 cited
  • 1962Investment in Human Capital: A Theoretical Analysis8,056 cited
  • 2005Performance matched discretionary accrual measures6,963 cited
  • 2002The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors5,163 cited
  • 2003Enjoying the Quiet Life? Corporate Governance and Managerial Preferences3,773 cited
  • 2017Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis3,754 cited
  • 2010Does Corporate Social Responsibility Affect the Cost of Capital?3,461 cited
  • 2008Bank governance, regulation and risk taking3,267 cited
  • 2009How does financial reporting quality relate to investment efficiency?3,211 cited
  • 1982Labor Contracts as Partial Gift Exchange3,210 cited
  • 1997CORPORATE SOCIAL PERFORMANCE AND ORGANIZATIONAL ATTRACTIVENESS TO PROSPECTIVE EMPLOYEES.3,146 cited
  • 2005The market pricing of accruals quality

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3,101 cited
  • 1989Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior2,585 cited
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