Does fostering inclusion in the workplace enhance corporate financial performance?

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-05 DOI:10.1016/j.frl.2025.107521

Muhammad Ullah , Qazi Ghulam Mustafa Qureshi , Hameed Ullah

引用次数: 0

Abstract

This paper investigates the impact of workplace inclusion—defined as the procedures organizations implement to integrate everyone in the workplace—on corporate financial performance, examining for the first time its effect on market valuation alongside profitability. We construct a composite, policy-based inclusion measure based on five observable components: flexible working hours, daycare services, disability inclusion, LGBTQ+ equality policies (HRC Corporate Equality Index), and HIV/AIDS programs. Using a cross-country panel of 14,387 firm-year observations from 2011 to 2022 and estimating high-dimensional fixed effects regression models, we find that inclusion is positively associated with both firm profitability and market valuation, suggesting that inclusive workplace policies enhance financial performance. However, this relationship varies across national contexts. These findings underscore the strategic value of inclusion, offering practical insights for various stakeholders.

查看原文本刊更多论文

促进工作场所的包容性是否能提高公司的财务绩效？

本文调查了工作场所包容性（定义为组织实施的程序，以整合工作场所中的每个人）对公司财务绩效的影响，首次检查了其对市场估值和盈利能力的影响。我们构建了一个基于政策的综合包容性衡量标准，该标准基于五个可观察的组成部分：弹性工作时间、日托服务、残障包容、LGBTQ+平等政策（HRC企业平等指数）和艾滋病毒/艾滋病项目。通过对2011年至2022年间14387家公司的跨国观察，并估计高维固定效应回归模型，我们发现包容性与公司盈利能力和市场估值呈正相关，这表明包容性工作场所政策提高了财务绩效。然而，这种关系因国家背景而异。这些发现强调了包容性的战略价值，为各利益相关者提供了实用的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance