Earticle

초록

영어

Existing theories have conflicting views as to whether employee satisfaction is beneficial for corporate performance or corporate value. Agency theory advocates that entrenched CEOs pay more to employees. Employee satisfaction increases when employees are overpaid and/or underworked, which eventually decrease firm value. In contrast, modern human relations theory considers employees as key organizational assets, who can create firm value by enhancing competitive advantage. This paper evaluates above two competing theories by investigating the relationship between corporate employee satisfaction and its long-run firm performance in Korea. It is likely that most previous studies examining the relationship focused on job satisfaction and performance rather than firm-level value. The employee satisfaction category score of the KEJI index is used to measure corporate employee satisfaction at the company level. Our samples are the industrial firms listed in the Korean Market (KRX) with stock returns and financial data during the period of 2012～2014. The first proxy of corporate performance is stock returns. The second proxy of corporate performance is operating performance. We use the ratio of earnings before interest, taxes, depreciation and amortization to total assets as operating performance following the recommendation of Barber and Lyon (1996). The third proxy of firm performance is Tobin’s Q. We calculate Tobin’s Q following Chung and Prutts (1994) equation. Based on prior studies, we add the control variables such as firm size, risk, growth, volatility, leverage, research and development (R&D), advertising, and firm age. The empirical results are as follows. Firstly, the t-test findings show that firms with higher employee satisfaction have superior stock returns, operating performance, and Tobin’s Q than ones with lower employee satisfaction during the sample period. Also, the findings provide evidence to support the influence of employee satisfaction on contemporaneous and next year stock returns, operating performance, and Tobin’s Q. Secondly, the evidence of several cross-sectional regression models shows that employee satisfaction positively affects on firm performance. Based on the empirical findings, we can conclude that the modern human relations theory rather than the agency theory has explanatory power in Korea.

목차

Ⅰ. 서론
 Ⅱ. 기존 연구
 Ⅲ. 표본 및 연구방법론
 Ⅳ. 실증 결과
 Ⅴ. 결론
 참고문헌
 Abstract

키워드

저자

• 장승욱 [ Seung Wook Jang | 강릉원주대학교 경영학과 조교수 ] 제1저자
• 김용현 [ Yong Hyeon Kim | 한양사이버대학교 경영학부 교수 ] 교신저자
• 최선 [ Sun Choi | 한양사이버대학교 경영학부 교수 ] 공동저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330