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Alexandre Garel and Arthur Petit-Romec
''Investor Horizons and Employee Satisfaction: A test of the long-term perspective vision of CSR''
( 2020, Vol. 40 No.1 )
This paper analyses the relationship between investor horizons and employee satisfaction. Because employee satisfaction generates substantial value over the long run, it is well suited to provide an empirical test of Bénabou and Tirole (2010)'s long-term perspective vision of CSR. We find that long-term investor ownership is positively associated with employee satisfaction while this is not the case for the other dimensions of CSR. Additional tests show that this association reflects a direct influence of long-term investors (rather than self-selection). Our results suggest that, when CSR is about maximizing intertemporal profits, long-term investors play a critical role in promoting it.
Keywords: Corporate Social Responsibility, Employee Satisfaction, Human Capital, Investor Horizons, Institutional Investors
JEL: G3 - Corporate Finance and Governance: General
G2 - Financial Institutions and Services: General
Manuscript Received : Jan 28 2020 Manuscript Accepted : Mar 25 2020

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