The impact of a compressed workweek on shareholder value: An event study analysis of Belgium's 4-day workweek legislation

IF 6 2区 管理学 Q1 MANAGEMENT Human Resource Management Pub Date : 2024-06-07 DOI:10.1002/hrm.22238
Marie Dutordoir, Kristof Struyfs
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Abstract

While the compressed workweek (CWW) has gained traction in recent years, its impact on firms' financial performance is not well understood. This study addresses this gap in the literature by examining the effect of the CWW on shareholder value. Drawing on social exchange theory and its norm of reciprocity, we introduce a conceptual model on the main effect of the CWW on shareholder value, and the moderating roles of the anticipated type and degree of employee reciprocation. To test the model's predictions, we exploit the announcement of Belgium's mandatory adoption of a CWW in February 2022 as the setting for a policy event study analysis. We find positive average stock price reactions of Belgian listed firms to the CWW's announcement, consistent with investors expecting the CWW to result in favorable employee reciprocation. Stock price reactions are more positive for firms with a lower ex ante employee productivity, suggesting employees are predicted to reciprocate with higher efforts. Stock price reactions are also more positive for firms with a higher reliance on knowledge workers, consistent with these employees deriving a greater utility from flexible working arrangements. Robustness tests, including a placebo analysis and an event study of international firms with Belgian subsidiaries, corroborate our results. Our study offers several theoretical contributions and has practical implications for HR managers and policymakers.

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压缩工作周对股东价值的影响:比利时 4 天工作周立法的事件研究分析
虽然压缩工作周(CWW)近年来受到越来越多的关注,但其对公司财务业绩的影响却不甚了解。本研究通过考察 CWW 对股东价值的影响,填补了这一文献空白。借鉴社会交换理论及其互惠准则,我们引入了一个概念模型,说明 CWW 对股东价值的主要影响,以及员工互惠的预期类型和程度的调节作用。为了验证模型的预测,我们以比利时宣布于 2022 年 2 月强制采用 CWW 为背景,进行了政策事件研究分析。我们发现,比利时上市企业对 CWW 公告的平均股价反应是积极的,这与投资者预期 CWW 将带来有利的员工互惠是一致的。对于事前员工生产力较低的公司,股价反应更为积极,这表明员工预计会以更高的努力作为回报。对知识型员工依赖程度较高的企业,股价反应也更为积极,这与这些员工从灵活工作安排中获得更大效用是一致的。包括安慰剂分析和对拥有比利时子公司的国际企业进行的事件研究在内的稳健性测试证实了我们的结果。我们的研究为人力资源管理者和政策制定者提供了若干理论贡献,并具有实际意义。
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来源期刊
CiteScore
11.50
自引率
9.10%
发文量
0
期刊介绍: Covering the broad spectrum of contemporary human resource management, this journal provides academics and practicing managers with the latest concepts, tools, and information for effective problem solving and decision making in this field. Broad in scope, it explores issues of societal, organizational, and individual relevance. Journal articles discuss new theories, new techniques, case studies, models, and research trends of particular significance to practicing HR managers
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