SHARE PRICE REACTIONS TO WORK-FAMILY INITIATIVES: AN INSTITUTIONAL PERSPECTIVE.

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Abstract
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.

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