Abstract
AbstractIn this paper, we examine the returns to a portfolio of 12 publicly held firms that were featured in the July/August 1997 edition of Mother Jones as the “20 Better Places to Work” (the remaining eight are privately held). This survey was based on the firm's track record for charitable giving, fair labor practices, progressive benefits, sound environmental practices, and satisfied employees. While there is much evidence that the above qualities are very desirable for employees, little evidence exists indicating whether such a record results in increased shareholder wealth. In this study, we compare the annual returns, on a raw and risk‐adjusted basis, for the selected firms to a broad market index, as well as a more appropriate benchmark (based on market capitalization and industry classification). We also determine whether there is an announcement effect associated with the public release of the list of Mother Jones firms.
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