Dissertation

Title: Understanding Employee Value in the Context of Shareholder Value: Corporate Ownership and Control by Institutional Investors and Hedge Funds 

(Proposal defended: August, 2018)

  

Abstract: Two major trends in the American capital market pull companies to both long-term and short-term orientation. The first trend is a growing concentration of ownership of public companies by institutional investors, and the second is a growing control of corporate boards by activist hedge funds. What do these trends mean for employee relations? I answer this question in my dissertation which consists of two parts. In the first part of my dissertation, I explore the meaning of employee value in the context of shareholder value. I also develop a set of new measures for human capital management approaches by doing text analysis of 10-K. In the second part of my dissertation, I examine how ownership and control of a firm by institutional investors and hedge fund activists affect the employees' job satisfaction. Employees' job satisfaction is measured using big data on employees' anonymous online reviews of their employers. In addition, I study how a firm’s human capital management approach affects employee outcomes and firm performance. My dissertation aims to contribute to corporate governance and human capital management literature.

  

Committee Members: Gerald Davis (Chair), Gretchen Spreitzer, Jim Westphal, Mark Mizruchi

Publications

Kim, E.W., Choe, S., Kwak, J. (2018). Multinational Companies and the Corporate Social Responsibility at Home: The Stakeholder Approach. Management Decision. (link, pdf)


Davis, G.F. & Kim, E.W. Social Movements and Organizational Change. Oxford Handbook of Organization Change and Innovation, 2nd Edition. Edited by Marshall Scott Poole and Andrew H. Van de Ven. Forthcoming. (pdf)

Working Papers

Kim, E.W. & Davis., G.F. How Passive are Passive Index Funds? The Impact of Market Giants on Index Firms’ Corporate Governance. Ready to be submitted. (pdf) 


Kim, E.W. Impact of Activist Hedge Funds and Institutional Investors on Employees' Job Satisfaction. (Job market paper, Writing). 


Kim, E.W. Understanding Employee Value in the Context of Shareholder Value. 

(Dissertation, Writing). 

  

Uribe, J., Park, P., Briscoe, F. & Kim, E.W. Organizational Antecedents and Consequences of the #MeToo Movement: Employees’ Gender Concerns and Board Composition. (Data analysis)