Does Meeting Financial Expectations Boost Employee Satisfaction?
研究企业是否达到华尔街盈利预期对普通员工满意度的影响，发现达标或略超预期时员工满意度上升，但前提是员工未因过度工作、违法用工或裁员而承担过高成本。
ABSTRACT We investigate whether meeting Wall Street’s expectations affects rank-and-file employees’ satisfaction. Controlling for firms’ underlying financial performance, we find that those currently working for firms that meet or marginally beat analysts’ forecasts experience increased job satisfaction. This positive effect is concentrated among employees who are less transient, receive more nonexecutive stock options, or are more unionized. Furthermore, the positive effect exists only when employees do not incur higher costs associated with reaching the threshold because they overwork, suffer from labor law violations, or experience layoffs. Lastly, more senior or highly skilled employees respond more strongly when their employer meets Wall Street’s expectations. These results suggest that the effect of meeting earnings targets on employee satisfaction is significant when employees’ incentives align more with those of their employer or when employees are not unduly pressured. Data Availability: Data are commercially available. JEL Classifications: M41.