Auf der Suche nach belegten Zusammenhängen zwischen immateriellen und materiellen Werten trifft man immer wieder auf interessante Inhalte. Hier zum Beispiel der Zusammenhang zwischen Mitarbeiterzufriedenheit und Shareholdervalue untersucht von Alex Edmans von der University of Pennsylvania gefunden im Scoial Science Research Network.
This paper analyzes the relationship between employee satisfaction and long-run stock performance. A portfolio of stocks selected by Fortune magazine as the Best Companies to Work For in America in January 1998 earned over double the market return by the end of 2005, and a monthly four-factor alpha of 0.64%. The portfolio also outperformed industry- and characteristics-matched benchmarks. These findings have two main implications. First, they suggest that employee satisfaction improves corporate performance rather than representing ine¢ ciently excessive non-pecuniary compensation. Second, they imply that the stock market does not fully value intangibles, even when they are made visible by a publicly available survey. This suggests that intangible investment generally may not be incorporated into short-term prices, providing support for managerial myopia theories.