Employee Flexibility, Exogenous Risk, and Firm Value
研究发现员工灵活性通过帮助企业应对外生冲击来提升企业价值，高灵活性公司在政策不确定性高时能获得更高股票回报，且投资者未充分定价这一无形资产。
Abstract We hypothesize that employee flexibility enhances firm value by helping firms respond to exogenous shocks. We estimate employee-flexibility scores through textual analysis of online job reviews, and we find that a high flexibility score leads to superior stock returns for firms exposed to external risk. During 2011–2017, the value-weighted hedge portfolio formed on employee flexibility earned a 5-factor annualized alpha of 9.5% during periods of high policy uncertainty. Earnings-announcement returns also suggest that investors do not fully value workforce flexibility. These results indicate that employee flexibility is a valuable corporate intangible that helps firms to manage risk during uncertain times.