达到财务预期能否提升员工满意度？

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 who currently work for firms that meet or marginally beat analysts' forecasts experience an increase in job satisfaction. This positive effect is concentrated among employees who are less transient, receive more non-executive 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 exhibit a stronger response when their employer meets Wall Street's expectations. These results suggest that the effect of meeting earnings targets on employee satisfaction is heterogeneous. It is significant only when employees' incentives align more with those of their employer or when employees are not unduly pressured.