摘要
Employee satisfaction and its potential impact on business and company success have been in the focus of organizational and managerial practise and research ever since. This paper outlines the theoretical framework of this particular cause-effect proposition, and further examines if there is empirical evidence to substantiate the underlying research hypothesis, saying that increasing degrees of employee satisfaction have a positive impact on the company value. The company value can be measured by the equity value of a firm. With the primary data analysis, the authors compared 11 companies which took part in the Great Place to Work （GPTW） Contest in 2007 and 2009 （only in 2009） regarding their equity values and GPTW scores. The figures of these companies were provided to the authors in an anonymous form. The authors had no influence on the number of companies the GPTW Institute provided to them. The GPTW Institute tried to find companies which attend both contests and also show their financial data in the ＂Elektronischen Bundesanzeiger＂. This paper aims to foster these results with some additional primary statistical analyses for hypothesis testing. For this investigation, the authors conducted various types of statistical procedures which seem to confirm the underlying proposition. With different types of correlation analysis, the relationship between equity value and GPTW score was elaborated. By regarding the absolute average Earnings Before Interest and Tax （EBIT） and equity value of the eleven out of the 100 best companies, some differences can be pointed out by setting them in comparison to 30 randomly selected companies from Germany.
