Happiness and executive team stability

Haitao Zhu, Yi Zhang, Ruobing Bai and Xu Sun

Finance Research Letters, 2023, vol. 57, issue C

Abstract: Happiness is not only the main pursuit of people's lives but also an important factor that influences people's behavior. This study tests the impact of happiness on the stability of corporate top management team (TMT). We find that higher happiness at the corporate level is significantly associated with a more stable corporate TMT. We also document the mediating role of enterprise value between happiness and the stability of the executive team. Additional analyses suggest that happiness enhances the stability through three channels: increasing employee productivity, decreasing employee risk-taking, and reducing talent migration.

Keywords: Happiness; Stability of top management team (TMT); Work efficiency; Risk-taking; Brain drain (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:57:y:2023:i:c:s154461232300658x

DOI: 10.1016/j.frl.2023.104286

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