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Financial Constraints and Employee Satisfaction

Jing, Chenxing; Keasey, Kevin; Lim, Ivan; Xu, Bin


Chenxing Jing

Kevin Keasey

Bin Xu


Using over 120,000 employee reviews collected by Glassdoor between 2008 and 2015, we investigate whether firm financial constraints reduce employee satisfaction. We find that employee satisfaction is substantially lower in financially constrained firms. Decomposing employee ratings, we find that firm financial constraints are associated with employees’ concerns regarding work–life balance, senior leadership, and career progression. Our study implies that employee satisfaction could be an important channel through which financial constraints reduce firm value.


Jing, C., Keasey, K., Lim, I., & Xu, B. (2019). Financial Constraints and Employee Satisfaction. Economics Letters, 183, Article 108599.

Journal Article Type Article
Acceptance Date Aug 5, 2019
Online Publication Date Aug 6, 2019
Publication Date 2019-10
Deposit Date Jul 27, 2020
Publicly Available Date Feb 6, 2021
Journal Economics Letters
Print ISSN 0165-1765
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 183
Article Number 108599
Public URL
Related Public URLs


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