Employee satisfaction and stock returns during the COVID-19 Pandemic

Mary Becker, Alexander Cardazzi and Zachary McGurk ()
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Mary Becker: Canisius College
Alexander Cardazzi: West Virginia University, Department of Economics

No 21-02, Working Papers from Department of Economics, West Virginia University

Abstract: The COVID-19 Pandemic has had an unprecedented impact on how employees and employers operate. Employees, directly a effected 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 Glassdoor.com 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)
Pages: 10 pages
Date: 2021-09
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