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Employee Treatment and Contracting with Bank Lenders: An Instrumental Approach for Stakeholder Management

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Our responsibility as a corporation goes far beyond protecting our customers’ assets and helping them succeed financially. We’re responsible for promoting the long-term economic prosperity and quality of life for everyone in our communities. If they prosper, so do we. There’s never been a thriving bank in a struggling community.

—John Stumpf, chairman, president, and CEO, Wells Fargo.

Abstract

Adopting an instrumental approach for stakeholder management, we focus on two primary stakeholder groups (employees and creditors) to investigate the relationship between employee treatment and loan contracts with banks. We find strong evidence that fair employee treatment reduces loan price and limits the use of financial covenants. In addition, we document that relationship bank lenders price both the levels and changes in the quality of employee treatment, whereas first-time bank lenders only care about the levels of fair employee treatment. Taking a contingency perspective, we find that industry competition and firm asset intangibility moderate the relationship between good human resource management and bank loan costs. The cost reduction effect of fair employee treatment is stronger for firms operating in a more competitive industry and having higher levels of intangible assets.

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Acknowledgements

This research is supprted by the Research Bureau at People's Bank of China, the Major Program of the National Natural Science Foundation of China (Grant 13&ZD016, and the Key Program of the National Natural Science Foundation of China (Grant 12AZD095).

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  1. Lally School of Management, Rensselaer Polytechnic Institute, 110 8th Street, Pittsburgh Building, Troy, NY, 12180-3590, USA

    Bill Francis

  2. Fordham University, Bank of Finland and University of Sydney, 45 Columbus Avenue, 5th Floor, New York, NY, 10023, USA

    Iftekhar Hasan

  3. College of Business, Bowling Green State University, Bowling Green, OH, 43403, USA

    Liuling Liu

  4. Stuart School of Business, Illinois Institute of Technology, 565 W Adams St, Chicago, IL, 60661, USA

    Haizhi Wang

  5. Zhongnan University of Economics and Law, Wuhan, China

    Haizhi Wang

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Correspondence to Haizhi Wang.

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Francis, B., Hasan, I., Liu, L. et al. Employee Treatment and Contracting with Bank Lenders: An Instrumental Approach for Stakeholder Management. J Bus Ethics 158, 1029–1046 (2019). https://doi.org/10.1007/s10551-017-3722-0

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