欢迎光临999策略白菜手机论坛!
English Version设为首页加入收藏联系方式
学术视点 首页 - 学术视点 - 正文
Fang, R., 高宝俊*, & Hu, N. Intangible asset value of employee satisfaction in high-contact services
时间:2021-07-13    点击数:

Abstract:In this study, we utilize the employee online review data from Glassdoor to examine whether stock market capitalizes the intangible asset value of employee satisfaction for high-contact service firms. We hypothesize that in the hospitality and tourism industry, employee satisfaction can efficiently motivate employees to deliver high-quality service and improve the employee retention, thereby leading to greater shareholder value. Our finding is consistent with this prediction that stock market investors indeed incorporate the intangible value of employee satisfaction into the valuation models. In addition, we find that the value of such intangible asset manifests in firm’s subsequent profitability, resulting in improved return on asset (ROA). We further decomposeROAinto profit margin and asset turnover to explore the pathways by which employee satisfaction affects shareholder value. We find that employee satisfaction can improve both profit margin and asset turnover for high-contact service firms. Overall, our study suggests that employee satisfaction can be an important intangible asset that contributes to the service firms’ long-term value.

Keywords:Employee online review;Employee satisfaction; Intangible asset; Stock market valuation; Firm performance

本文于2021年4月正式发表于International Journal of Hospitality Management,该刊为学院英文A-类奖励期刊, 高宝俊为本文通讯作者。

链接:https://doi.org/10.1016/j.ijhm.2020.102810


Baidu
sogou