Share price reactions to work-family initiatives: An institutional perspective

This study of 130 announcements in the Wall Street journal illustrated a significant, positive relationship between work-family human resource initiatives and share price. Institutional theory provided the theoretical underpinning for such a relationship. Share price reactions occurring both before and after "legitimation" of a program were examined. As hypothesized, the work-family initiative and shareholder return relationship was higher in high-tech industries and, to a lesser extent, in industries with higher proportions of female employees. Implications of the results are discussed and suggestions for future research presented.