This paper evaluates the relationship between investing in workforce well-being and profitability of listed companies in Mexico compared to European companies from an Environmental, Social, and Governance (ESG) investor perspective. In this case, the Refinitiv workforce score or High-Performance Work Policies (HPWP) is used as an indicator of the quality of workforce well-being by including the industry effects (economic and business sectors) and the behavioral (sentiment) factors as control variables. Specifically, this article examines the relationships between HPWP, stock price changes (measured as a percentage), profitability (ROE), and market risk (betas). We used a sample of companies from the Refinitiv Mexico and European stock indices for this purpose. In the Mexican case, the results show that a higher level of well-being promotion relates to better company profits. The opposite happens in European companies. Regarding market prices, European companies show higher prices when they have higher HPWP and Mexican companies confirm the opposite. Regarding market risk, only European basic materials with high HPWP show less risk. Finally, in almost all Mexican business sectors, the relationship between market risk and workforce well-being is negative.

中文翻译：

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劳动力福祉对上市公司盈利能力的裨益：ESG投资者视角下欧洲与墨西哥的比较分析

本文从环境、社会和治理 (ESG) 投资者的角度评估了墨西哥上市公司与欧洲公司相比，劳动力福祉投资与盈利能力之间的关系。在这种情况下，路孚特劳动力得分或高绩效工作政策 (HPWP) 被用作劳动力福祉质量的指标，其中包括行业影响（经济和商业部门）和行为（情绪）因素作为控制变量。具体来说，本文研究了 HPWP、股价变化（以百分比衡量）、盈利能力 (ROE) 和市场风险 (beta) 之间的关系。为此，我们使用了路孚特墨西哥和欧洲股票指数中的公司样本。在墨西哥的案例中，结果表明，更高水平的幸福感提升与更好的公司利润相关。欧洲公司的情况恰恰相反。关于市场价格，欧洲公司在 HPWP 较高时表现出较高的价格，而墨西哥公司则相反。从市场风险来看，只有高HPWP的欧洲基础材料风险较小。最后，在几乎所有墨西哥商业领域，市场风险与劳动力福祉之间呈负相关。