Table 6

Mechanisms: creating positive work environment and hiring top inventors

Panel A: employee work environment
Dependent variableOverall firm ratingCEO approval ratingWork-life-balance ratingCompensation and benefits ratingCareer opportunity ratingTech job positions
(1)(2)(3)(4)(5)(6)
TFE0.074**0.037**0.101***0.056***0.076**2.321**
(2.40)(2.01)(2.68)(2.86)(2.53)(2.35)
Observations2,2242,1882,2242,2242,224481
Adjusted R20.3680.3780.4000.4590.3280.631
Control variablesYesYesYesYesYesYes
Year FEYesYesYesYesYesYes
Firm FEYesYesYesYesYesYes
Panel B: top inventors joining the firm
Dependent VariableTop 10% star inventor inflowTop 5% star inventor inflowTop 10% star inventor inflowTop 5% star inventor inflow
t+2t+2t+1t+1
(1)(2)(3)(4)
TFE0.021***0.020**0.020***0.016**
(2.70)(2.38)(2.70)(2.17)
Observations10,33610,33610,33610,336
Adjusted R20.4370.3870.4360.389
Control variablesYesYesYesYes
Year FEYesYesYesYes
Firm FEYesYesYesYes

Note(s): The dependent variables in Panel A are the different categories of company ratings from Glassdoor.com and the total number of tech job positions. The dependent variables in Panel B are the net inflows of top inventors whose inventions rank among the top 10% or 5% cited patents. Control variables (not shown) include the logarithm of CEO age, the logarithm of CEO tenure, firm size, the logarithm of firm age, capital expenditure, R&D expenditures and the logarithm of the number of firm employees. The t-statistics based on the standard errors clustered at the CEO level are reported in parentheses. *, ** and *** indicate statistical significance at the 10%, 5% and 1% levels, respectively

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