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Investor Horizons and Employee Satisfaction: A test of the long-term perspective vision of CSR

Alexandre Garel () and Arthur Petit-Romec ()
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Alexandre Garel: Audencia Business School
Arthur Petit-Romec: SKEMA Business School- Université Côte d'Azur

Economics Bulletin, 2020, vol. 40, issue 1, 765-781

Abstract: This paper analyses the relationship between investor horizons and employee satisfaction. Because employee satisfaction generates substantial value over the long run, it is well suited to provide an empirical test of Bénabou and Tirole (2010)'s long-term perspective vision of CSR. We find that long-term investor ownership is positively associated with employee satisfaction while this is not the case for the other dimensions of CSR. Additional tests show that this association reflects a direct influence of long-term investors (rather than self-selection). Our results suggest that, when CSR is about maximizing intertemporal profits, long-term investors play a critical role in promoting it.

Keywords: Corporate Social Responsibility; Employee Satisfaction; Human Capital; Investor Horizons; Institutional Investors (search for similar items in EconPapers)
JEL-codes: G2 G3 (search for similar items in EconPapers)
Date: 2020-03-25
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