Article: Improving firm's financial performance through HR-focused corporate social responsibility: evidence from the Greek stock market Journal: International Journal of Business Performance Management (IJBPM) 2026 Vol.27 No.1 pp.52 - 72 Abstract: Drawing from the existing literature which provides evidence that companies with happier employees deliver better stock returns, this study investigates the link between stock market returns and employee-focused corporate social responsibility. To this end, the financial performance of publicly traded companies listed on two best-employer lists (Randstad and Great Place to Work Greece) was analysed for the last five years (2018-2022). The analysis reveals that the best-employer firms' portfolios outperform the general stock index over the five-year period. Moreover, the results indicate that the more often a company appears in the best-employer lists, the higher its average stock performance and ROE is. Therefore, this study adds to the body of research that prompts companies to invest in their human resources as a source of competitive advantage translated into financial among other gains. Inderscience Publishers - linking academia, business and industry through research

Title: Improving firm's financial performance through HR-focused corporate social responsibility: evidence from the Greek stock market

Authors: Elen Paraskevi Paraschi; Antonios Georgopoulos; Leonidas Maroudas; Eleftherios Aggelopoulos

Addresses: Department of Business Administration, Faculty of Economics and Business, University of Patras, Rio Campus, Achaia 26504, Greece ' Department of Business Administration, Faculty of Economics and Business, University of Patras, Rio Campus, Achaia 26504, Greece ' Department of Business Administration, Faculty of Economics and Business, University of Patras, Rio Campus, Achaia 26504, Greece ' Department of Business Administration, Faculty of Economics and Business, University of Patras, Rio Campus, Achaia 26504, Greece

Abstract: Drawing from the existing literature which provides evidence that companies with happier employees deliver better stock returns, this study investigates the link between stock market returns and employee-focused corporate social responsibility. To this end, the financial performance of publicly traded companies listed on two best-employer lists (Randstad and Great Place to Work Greece) was analysed for the last five years (2018-2022). The analysis reveals that the best-employer firms' portfolios outperform the general stock index over the five-year period. Moreover, the results indicate that the more often a company appears in the best-employer lists, the higher its average stock performance and ROE is. Therefore, this study adds to the body of research that prompts companies to invest in their human resources as a source of competitive advantage translated into financial among other gains.

Keywords: financial performance; stock market; job satisfaction; HRM.

DOI: 10.1504/IJBPM.2026.150345

International Journal of Business Performance Management, 2026 Vol.27 No.1, pp.52 - 72

Received: 24 Aug 2023
Accepted: 28 Feb 2024
Published online: 10 Dec 2025 *

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Title: Improving firm's financial performance through HR-focused corporate social responsibility: evidence from the Greek stock market

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