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Employee satisfaction and stock returns during the COVID-19 Pandemic

Mary Becker, Alexander Cardazzi and Zachary McGurk

Journal of Behavioral and Experimental Finance, 2022, vol. 33, issue C

Abstract: The COVID-19 Pandemic has had an unprecedented impact on how employees and employers operate. Employees, directly affected by workplace changes, may provide information regarding future efficiencies. As a result, crowdsourced employee satisfaction (ES) reviews mentioning the COVID-19 Pandemic may contain useful information regarding the future profitability of these firms. We utilize crowdsourced COVID-19 Pandemic specific ES obtained from to determine the impact on abnormal stock returns for public firms from March–December 2020. We find evidence that higher COVID-19 ES is related to higher abnormal stock returns. While non-COVID ES is found not to be related to abnormal stock returns.

Keywords: COVID-19 Pandemic; Glassdoor; Employee satisfaction; Abnormal returns (search for similar items in EconPapers)
JEL-codes: G12 G39 G41 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1016/j.jbef.2021.100603

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Journal of Behavioral and Experimental Finance is currently edited by Michael Dowling and Jürgen Huber

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