Do work-life balance measures influence the performance of Spanish listed companies?

  1. Faustino Manuel Calzón-Menéndez
  2. Maria Sacristán-Navarro 1
  3. Laura Cabeza-García 2
  1. 1 Universidad Rey Juan Carlos
    info

    Universidad Rey Juan Carlos

    Madrid, España

    ROR https://ror.org/01v5cv687

  2. 2 Universidad de León
    info

    Universidad de León

    León, España

    ROR https://ror.org/02tzt0b78

Revue:
Intangible Capital

ISSN: 1697-9818

Année de publication: 2024

Volumen: 20

Número: 1

Pages: 258-276

Type: Article

D'autres publications dans: Intangible Capital

Résumé

Purpose: This paper analyses the effect on economic profitability of the adoption of work-life balancepractices. Design/methodology/approach: Based on a sample of Spanish listed companies during the period2015-2022, the aim was to contrast the effect of a work-life balance index on economic profitability.Findings: The regression analysis, clustered at firm level, shows a positive and significant effect of theindex on economic profitability, suggesting that companies’ practices to achieve a work-life balancecould be a source of competitive advantage increasing human capital.Originality/value: Firstly, investigating the consequences of work-life balance practices at companylevel rather than at individual level, and secondly, running a longitudinal study as opposed tocross-sectional studies, which are more frequent in the literature. Thirdly, adding evidence from acontinental European country, Spain, as opposed to previous studies carried out mainly in Anglo-Saxoncountries as well as considering the work-life balances currently used by listed firms in the Spanishmarket. Finally, this relationship is analysed over a time-period that considers a health crisis such asCOVID-19, which had a major impact on business and labour dynamics.

Références bibliographiques

  • Acolt, R.G., Flores, M.D., & Franco, Á. (2021). Implementación de prácticas ambientales e innovación en empresas fabricantes en México. Perspectiva de análisis regional. Interciencia: Revista de Ciencia y Tecnología de América, 46(3), 104-109.
  • Adler, R.D. (2001). Women in the executive suite correlate to high profits. Harvard Business Review, 79(3), 30-32.
  • Akerlof, G.A. (1970). El Mercado de los fiascos. Incertidumbre en las calidades y el mecanismo del mercado. The Quarterly Journal of Economics, 84(3), 488-500.
  • Akerlof, G.A.(1982). Contratos de trabajo como intercambio parcial de obsequios. La revista trimestral de economía, 97(4), 543-569. https://doi.org/10.2307/1885099
  • Akter, K., Ali, M., & Chang, A. (2021). Work-life programs and performance in Australian organisations: the role of organisation size and industry type. Asia Pacific Journal of Human Resources, 59, 227-249. https://doi.org/10.1111/1744-7941.12235
  • Akter, K., Ali, M., & Chang, A. (2022). A review of work-life programs and organizational outcomes. Personnel Review, 51(2), 543-563. https://doi.org/10.1108/PR-03-2020-0132
  • Almajali, A.Y., Alamro, S.A., & Al-Soub, Y.Z. (2012). Factors affecting the financial performance of Jordanian insurance companies listed at Amman Stock Exchange. Journal of Management Research, 4(2), 266-289. https://doi.org/10.5296/jmr.v4i2.1482
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Aryee, S., Chu, C., Kim, T., & Ryu, S. (2012). Family-supportive work environment and employee work behaviors: An investigation of mediating mechanisms. Journal of Management, 39(3), 792-813. https://doi.org/10.1177/0149206311435103
  • Bae, K.B., & Skaggs, S. (2019). El impacto de la diversidad de género en el desempeño. El papel moderador de la industria, la red de alianzas y las políticas favorables a la familia: Evidencia de Corea. Revista de Gestión y Organización, 25(6), 896-913.
  • Ballesta, J.P.S., & de Lema, D.G.P. (2003). Influencia del tamaño y la antigüedad de la empresa sobre la rentabilidad: Un estudio empírico. Revista de Contabilidad, 6(12), 169-206.
  • Baltes, B.B., Briggs, T.E., Huff, J.W., Wright, J.A., & Neuman, G.A. (1999). Flexible and compressed workweek schedules: A meta-analysis of their effects on work-related criteria. Journal of Applied Psychology, 8(4), 496-513. https://doi.org/10.1037/0021-9010.84.4.496
  • Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
  • Barney, J., Wright, M., & Ketchen Jr, DJ (2001). La visión de la empresa basada en los recursos: diez años después de 1991. Journal of Management, 27(6), 625-641. https://doi.org/10.1177/014920630102700601
  • Beauregard, T.A., & Henry, L.C. (2009). Making the link between work-life balance practices and organizational performance. Human Resource Management Review, 79(1), 9-22. https://doi.org/10.1016/j.hrmr.2008.09.001
  • Berkery, E., Morley, M.J., Tiernan, S., Purtill, H., & Parry, E. (2017). On the uptake of flexible working arrangements and the association with human resource and organizational performance outcomes. European Management Review, 14, 165-183. https://doi.org/10.1111/emre.12103
  • Bernabé-Pérez, M.M., & Sánchez-Ballesta, J.P. (2002). La rentabilidad de la empresa española: Un estudio sobre la década de los noventa. Revista Partida Doble, 131(S), 98-111.
  • Biedma, J.M., & Garrido J.A. (2014). Impact of family-friendly HRM policies in organizational performance. Intangible Capital, 10(3), 448-466. https://doi.org/10.3926/ic.506
  • Blanco, R., Mayordomo, S., Menéndez, A., & Mulino, M. (2021). Impact of the COVID-19 crisis on Spanish firms’ financial vulnerability. Documentos Ocasionales del Banco de España, 2119.
  • Blau, P. (1964). Exchange and power in social life. New York, Wiley.
  • Bloom, N., & Van Reenen, J. (2006). Management practices, work life balance, and productivity: A review of some recent evidence. Oxford Review of Economic Policy, 22(4), 457-482. https://doi.org/10.1093/oxrep/grj027
  • Bloom, N., Kretschmer, T., & Van Reenen, J. (2009). Are family-friendly workplace practices a valuable firm resource? Strategic Management Journal, 32(4), 343-367. https://doi.org/10.1002/smj.879
  • Böckerman, P., Bryson, A., & Ilmakunnas, P. (2012). Does high involvement management improve worker wellbeing? Journal of Economic Behavior & Organization, 84(2), 660-680. https://doi.org/10.1016/j.jebo.2012.09.005
  • Boscha, M., Las-Heras, M., Russoc, M., Rofcanind, Y., & Grau, M. (2017). How context matters: The relationship between family supportive supervisor behaviours and motivation to work moderated by gender inequality. Journal of Business Research, 82(C), 46-55. https://doi.org/10.1016/j.jbusres.2017.08.026
  • Boswell, W., & Olson-Buchanan, J.B. (2007). The use of communication technologies after hours: The role of work attitudes and work-life conflict. Journal of Management, 33(4), 592-610. https://doi.org/10.1177/0149206307302552
  • Calzón-Menéndez, F.; Sacristán-Navarro, M., & Cabeza-García, L. (2023). The determinants of work-life balance practices in listed Spanish companies. Academia Revista Latinoamericana de Administración, 36(3), 407-425. https://doi.org/10.1108/ARLA-10-2022-0197
  • Camisón, C. (1996). La calidad como factor de competitividad en turismo: Análisis del caso español. Información Comercial Española, 749, 99-117.
  • Capelli, P., & Singh, H. (1992). Integrating strategic human resources and strategic management. In Lewin, D., Mitchell, O.S., & Sherer, P. (Eds.), Research Frontiers in Industrial Relations and Human Resources. Madison, WI: Industrial Relations Research Association.
  • Carr, J., & Boyar, S. (2007). The moderating effect of work-family centrality on work-family conflict, organizational attitudes, and turnover behavior. Journal of Management, 34(2), 244-262. https://doi.org/10.1177/0149206307309262
  • Cegarra-Leiva, D., Sánchez-Vidal, M.E., & Cegarra-Navarro, J.G. (2012). Understanding the link between work life balance practices and organisational outcomes in SMEs: The mediating effect of a supportive culture. Personnel Review, 41(3), 359-379. https://doi.org/10.1108/00483481211212986
  • Clark, J. (1899). The distribution of wealth: A theory of wages, interest, and profits. New York, Macmillan.
  • De Miguel, A., Pindado, J., & de la Torre, C. (2004). Ownership structure and firm value: new evidence from Spain. Strategic Management Journal, 25, 1199-1207. https://doi.org/10.1002/smj.430
  • Edward, M.S., Clifton, T.J., & Kruse, D. (1996). Flexible work hours and productivity: Some evidence from the pharmaceutical industry. Industrial Relations, 35(1), 123-139. https://doi.org/10.1111/j.1468-232X.1996.tb00398.x
  • Erhardt, N., Werbel, J., & Schrader, C. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111. https://doi.org/10.1111/1467-8683.00011
  • Fan, Y., Potocnik, K., & Chaudhry, S. (2021). A process-oriented, multilevel, multidimensional conceptual framework of work-life balance support: A multidisciplinary systematic literature review and future research agenda. International Journal of Management Review, 23, 486-515. https://doi.org/10.1111/ijmr.12254
  • Fernández, J.M., Marqués, J.F., & Rapela, A.M (2019). El sector de la construcción en Galicia: Responsabilidad social corporativa y resultados económicos. Revista Galega de Economía, 28(1), 40-56. https://doi.org/10.15304/rge.28.1.6162
  • Goodstein, J.D. (1994). Institutional pressures and strategic responsiveness: Employer involvement in work-family issues. Academy of Management Journal, 37(2), 350-382. https://doi.org/10.2307/256833
  • Gordon, M.J., & Shapiro, E. (1956). Capital equipment analysis: The required rate of profit. Management Science, 3(1), 102-110. https://doi.org/10.1287/mnsc.3.1.102
  • Greenhaus, J., & Beutell, N. (1985). Sources of conflict between work and family roles. Academy of Management Review, 10(1), 76-88. https://doi.org/10.2307/258214
  • Hair, J.F. (2010). Investigación de mercados. México: McGraw-Hill.
  • Haveman, H.A. (1993). Ghosts of managers past: Managerial succession and organizational mortality. Academy of Management Journal, 36(4), 864-881. https://doi.org/10.5465/256762
  • Huselid, M.A. (1995). The impact of human resource management practices on turnover, productivity, and corporate financial performance. Academy of Management Journal, 38(3), 635-672. https://doi.org/10.2307/256741
  • Ingram, P., & Simons, T. (1995). Institutional and resource dependence determinants of responsiveness to work- family issues. Academy of Management Journal, 38(5), 1466-1482. https://doi.org/10.2307/256866
  • Joecks, J. (2021). The provision of work-life balance practices across welfare states and industries and their impact on extraordinary turnover. Social Policy & Administration, 55(7), 1325-1340. https://doi.org/10.1111/spol.12728
  • Jovanovic, B. (1982). Selection and the evolution of industry. Econometrica, 50(3), 649-670. https://doi.org/10.2307/1912606
  • Konrad, A.M., & Mangel, R. (2000). The impact of work‐life programs on firm productivity. Strategic Management Journal, 21(12), 1225-1237. https://doi.org/10.1002/1097-0266(200012)21:12%3C1225::AID- SMJ135%3E3.0.CO;2-3
  • Lee, B.H., & Kim, J.S. (2010). Is family-friendly management good for firms? The diffusion and performance of family-friendly workplaces in South Korea. Journal of Industrial Relations, 52(4), 459-475. https://doi.org/10.1177/0022185610375509
  • Leech, D., & Leahy, J. (1991). Ownership structure, control type classifications and the performance of large British companies. The Economic Journal, 101, 1418-1437. https://doi.org/10.2307/2234893
  • León-Llorente, C. (2016). Estrés laboral femenino y políticas de igualdad y flexibilidad en España. Feminismo/s., 27, 243-261. https://doi.org/10.14198/fem.2016.27.13
  • Lewin, K., Tax, S., Stavenhagen, R., Fals, O., Zamosc, L., & Kemmis, S. (1946). La investigación acción participativa. Madrid: Editorial Popular.
  • López, M.R., Gómez, A., & Sánchez, M.D. (2020). Gestión de las Pymes en México. Ante los nuevos escenarios de negocios y la teoría de la agencia. Estudios de Administración, 27(1), 69-91.
  • Martínez-Martín, M., Sánchez-Galindo, M., Pérez-López, C., & Santero-Sánchez, R. (2019). Evaluación del impacto del programa redes de innovación al servicio de la competitividad (RISC). Hacienda Pública Española, 229(2), 59-86. https://doi.org/10.7866/hpe-rpe.19.2.3
  • Martínez-Sánchez, A., Pérez-Pérez, M., de-Luis-Carnicer, P., & Vela-Jiménez, M.J. (2007). Telework, human resource flexibility and firm performance. New Technology, Work and Employment, 22(3), 208-223. https://doi.org/10.1111/j.1468005X.2007.00195.x
  • Martínez-Sánchez, A., Pérez-Pérez, M., Vela-Jiménez, M.J., & de-Luis-Carnicer, P. (2008). Telework adoption, change management, and firm performance. Journal of Organizational Change Management, 21(1), 7-31. https://doi.org/10.1108/09534810810847011
  • McGregor, D. (1985). The human side of enterprise. Classics of Organization Theory, 2(1), 6-15. https://doi.org/10.1016/B978-0-12-054752-4.50008-7
  • Meil, G., García, C., de la Torre, M., & Ayuso, L. (2008). Las grandes empresas y la conciliación de la vida laboral y personal en España. Revista del Ministerio de Trabajo y Asuntos Sociales, 71, 15-33.
  • Michie, J., & Sheehan-Quinn, M. (2001). Labour market flexibility, human resource management and corporate performance. British Journal of Management, 12(4), 287-306. https://doi.org/10.1111/1467-8551.00211
  • Mínguez-Vera, A.M., & Martín-Ugedo, J.F.M. (2005). ¿Afectan las características del consejo de administración a su labor supervisora? Nueva evidencia para el mercado español. Revista Europea de Dirección y Economía de la Empresa, 14(2), 55-74.
  • Ocaña, C., Salas, V., & Vallés, J.J. (1994). Un análisis empírico de la financiación de la pequeña y mediana empresa manufacturera española: 1983-1989. Banco de España, Servicio de Estudios.
  • Odriozola, M.D., & Baraibar-Diez, E. (2018). Do work-life balance practices mediate in the relationship between female participation and financial performance? European Journal of Management and Business Economics, 27(3), 249-265. https://doi.org/10.1108/EJMBE-08-2017-0009
  • Opatrná, Z., & Prochazka, J. (2023). Work-life balance policies and organizational financial performance: A scoping review. Employee Relations, 45(7), 103-120. https://doi.org/10.1108/ER-09-2022-0417
  • Ortiz-Bonnin, S., Blahopoulou, J., García-Buades, M.E., & Montañez, J. (2023). Work-life balance satisfaction in crisis times: From luxury to necessity - The role of organization’s responses during COVID-19 lockdown. Personnel Review, 52(4), 1033-1050. https://doi.org/10.1108/PR-07-2021-0484
  • Osterman, P. (1995). Work/family programs and the employment relationship. Administrative Science Quarterly, 40(4), 681-700. https://doi.org/10.2307/2393758
  • Pérez-Pérez, M., Vela-Jiménez, M.J., Abella-Garcés, S., & Martínez-Sánchez, A. (2017). Work-family practices and organizational commitment: The mediator effect of job satisfaction. Universia Business Review, 56, 52-67.
  • Perry-Smith, J., & Blum, T. (2000). Work family human resource bundles and perceived organizational performance. Academy of Management Journal, 43(6), 1107-1117. https://doi.org/10.2307/1556339
  • Pfeffer, J. (1992). Understanding power in organizations. California Management Review, 34(2), 29-50, https://doi.org/10.1177/000812569203400201
  • Prottas, J. (2013). Relationships among employee perception of their manager’s behavioral integrity, moral distress, and employee attitudes and well-being. Journal of Business Ethics, 13, 51-60. https://doi.org/10.1007/s10551-012-1280-z
  • Purwanto, A., Hidayat, D., & Asbari, M. (2021). Work-family conflict disaster: From organizational commitment to job satisfaction. International Journal of Social and Management Studies, 2(1), 86-92, https://doi.org/10.5555/ijosmas.v2i1.13
  • Rodríguez, M., & Nouvilas, E. (2008). El conflicto entre el trabajo y la familia como fuente de estrés: El papel modulador de las atribuciones. Consejo General de la Psicología en España.
  • Rothbard, N., Phillips, K., & Dumas, T. (2005). Managing multiple roles: Work-family policies and individuals’ desires for segmentation. Organization Science, 16(3), 665-684. https://doi.org/10.1287/orsc.1050.0124
  • Rothbard, N.P., Beetz, A.M., & Harari, D. (2021). Balancing the scales: A configurational approach to work-life balance. Annual Review of Organizational Psychology and Organizational Behaviour, 8, 73-103. https://doi.org/10.1146/annurev-orgpsych 012420-061833
  • Rouf, D., & Abdur, M. (2011). The relationship between corporate governance and value of the firm in developing countries: Evidence from Bangladesh. The International Journal of Applied Economics and Finance, 5(3), 237-244. https://doi.org/10.3923/ijaef.2011.237.244
  • Rousseau, D.M. (1995). Psychological contracts in organizations. Understanding written and unwritten agreements. Thousand Oaks, Sage. https://doi.org/10.4135/9781452231594
  • Sands, J., & Harper, T. (2007). Family-friendly benefits and organizational performance. Business Renaissance Quarterly, 2(1), 107-126.
  • Solakoglu, M.N., & Demir, N. (2016). The role of firm characteristics on the relationship between gender diversity and firm performance. Management Decision, 54(6), 1407-1419. https://doi.org/10.1108/MD-02-2015-0075
  • Stavrou, E.T., Brewster, C., & Charalambous, C. (2010). Human resource management and firm performance in Europe through the lens of business systems: Best fit, best practice or both. The International Journal of Human Resource Management, 21(7), 933-962. https://doi.org/10.1080/09585191003783371
  • Voydanoff, P. (2004). The effects of work demand and resources on work-to-family conflict and facilitation. Journal of Marriage and Family, 66(2), 398-412. https://doi.org/10.1111/j.1741-3737.2004.00028.x
  • Wernerfelt, B. (1984). Una visión de la empresa basada en los recursos. Diario de gestión estratégica, 5(2), 171-180. https://doi.org/10.1002/smj.4250050207
  • Whyman, P., & Petrescu, A.I. (2011). Economic recession and workplace flexibility practices in Lancashire-based SMEs. Preston, UK: Lancashire Business School.
  • Whyman, P., Baimbridgeb, M., Buraimoc, B., & Petrescu, A. (2015). Workplace flexibility practices and corporate performance: Evidence from the British private sector. British Journal of Management, 26(3), 347-364. https://doi.org/10.1111/14678551.12051
  • Wood, S., Daniels, K., & Ogbonnaya, C. (2020). Use of work-nonwork supports and employee well-being: The mediating roles of job demands, job control, supportive management and work-nonwork conflict. The International Journal of Human Resource Management, 31(14), 1793-1824. https://doi.org/10.1080/09585192.2017.1423102
  • Wright, P.M., Dunford, B.B., & Snell, S.A. (2001). Human resources and the resource based view of the firm. Journal of Management, 27(6), 701-721. https://doi.org/10.1177/014920630102700607
  • Yamamoto, I., & Matsuura, T. (2014). Effect of work-life balance practices on firm productivity: Evidence from Japanese firm-level panel data. Journal of Economic Analysis & Policy, 14(4), 1677-1708. https://doi.org/10.1515/bejeap-2013-0186