Be nice to your innovators: Employee treatment and corporate innovation performance |
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| Institution: | 1. Department of Accounting, Monash University, Caulfield East, VIC 3145, Australia;2. School of Accounting and Finance, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong;3. Faculty of Business and Economics, The University of Hong Kong, Pokfulam Road, Hong Kong;4. Department of Finance, Deakin University, Burwood, VIC 3125, Australia;1. Chinese Academy of Finance and Development, Central University of Finance and Economics, 39 South College Rd, Haidian, Beijing 100081, China;2. Department of Finance, Cleveland State University, United States;1. Miami University, Farmer School of Business, Oxford, OH 45056, United States;2. University of Alabama, Culverhouse College of Commerce, Tuscaloosa, AL 35487-0224, United States;1. Lally School of Management and Technology, Rensselaer Polytechnic Institute, Troy, NY 12180, USA;2. Robert C. Vackar College of Business, The University of Texas Rio Grande Valley, Edinburg, TX 78539, USA;3. College of Business Administration, Marquette University, Milwaukee, WI 53233, USA;4. International School of Economics and Management, Capital University of Economics and Business, Beijing 100070, China |
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| Abstract: | This paper investigates the effect that employee treatment schemes have on corporate innovation performance. We find that firms with better employee treatment schemes produce more and better patents through improving employee satisfaction and teamwork. Additional tests suggest that our main findings cannot be attributed to job security, unionization, reverse causality, and omitted variables. We also find that firms with better employee treatment schemes produce patents that enhance market valuation and facilitate better future operating performance. Collectively, our findings show that treating employees well benefits firms and shareholders, for well treated employees are encouraged to create intellectual property. |
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