We investigate the causal effect of increasing shareholder rights on employee satisfaction. To ensure causality, we use close shareholder votes on antitakeover provisions included in the Entrenchment Index (E-Index) as exogenous shocks to the corporate governance of a company. A 1-point increase in shareholder rights on the E-Index scale causes a 10% decrease in employee satisfaction. The channels that drive our results are decreases in employees' opinion about firm culture, in their view about the company's CEO, in the number of employees, and in capital expenditures.

中文翻译：

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公司治理对员工满意度的因果效应

我们研究了增加股东权利对员工满意度的因果影响。为了确保因果关系，我们对巩固指数（E-Index）中包含的反收购条款进行紧密的股东投票，作为对公司公司治理的外生冲击。E-Index 等级上股东权利每增加 1 个百分点，员工满意度就会下降 10%。推动我们业绩的渠道是员工对公司文化、对公司首席执行官的看法、员工数量和资本支出的看法下降。