Glassdoor's Best Places to Work Internationally: Are they Best for Shareholders?

In 2015, Glassdoor published its first international Best Places to Work list in the United Kingdom. Since then, Glassdoor has begun publishing 10 different Best Places to Work lists in 9 different countries. Glassdoor's Best Places to Work lists are unique in that rankings are solely based upon employee reviews and are not influenced by self-nominations or a cost paid by a company. With 64 million unique visitors each month, these Glassdoor lists have the potential to impact investors. In this paper, we explore whether firms appearing on lists for Canada, France, Germany and the United Kingdom result in short-term announcement effects or long-term abnormal returns on a raw- and riskadjusted basis. We find that the Canadian sample earns statistically significant abnormal returns in the announcement window 5 days after the announcement date. In the long run, we find that the Canadian sample also outperforms its matched sample and local index on a risk-based basis.



Work Title Glassdoor's Best Places to Work Internationally: Are they Best for Shareholders?
Open Access
  1. Greg Filbeck
  2. Xin Zhao
  3. Matthew Warnaka
  1. Best places to work
  2. Event study
  3. Glassdoor
  4. Investment strategy
  5. Risk-adjusted performance
  6. Shareholder wealth
License In Copyright (Rights Reserved)
Work Type Article
  1. International Journal of Finance & Economics
Publication Date December 15, 2020
Publisher Identifier (DOI)
Deposited February 17, 2023




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Work History

Version 1

  • Created
  • Added Filbeck_2022_forthcoming_-_Glassdoor_s_Best_Places_to_Work_Internationally.pdf
  • Added Creator Greg Filbeck
  • Added Creator X Zhao
  • Added Creator Matthew Warnaka
  • Published
  • Updated Keyword, Publication Date Show Changes
    • Best places to work, Event study, Glassdoor, Investment strategy, Risk-adjusted performance, Shareholder wealth
    Publication Date
    • 2021-01-01
    • 2020-12-15
  • Renamed Creator Xin Zhao Show Changes
    • X Zhao
    • Xin Zhao
  • Updated