{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,22]],"date-time":"2026-01-22T22:16:19Z","timestamp":1769120179873,"version":"3.49.0"},"reference-count":61,"publisher":"MDPI AG","issue":"1","license":[{"start":{"date-parts":[[2026,1,19]],"date-time":"2026-01-19T00:00:00Z","timestamp":1768780800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"the National Natural Science Foundation of China","doi-asserted-by":"crossref","award":["Grant No. 72304084"],"award-info":[{"award-number":["Grant No. 72304084"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"crossref"}]},{"name":"the Social Sciences Planning Youth Project of Anhui Province","award":["Grant No. AHSKQ2022D138"],"award-info":[{"award-number":["Grant No. AHSKQ2022D138"]}]},{"name":"the Fundamental Research Funds for the Central Universities","award":["Grant No. JZ2025HGTB0232"],"award-info":[{"award-number":["Grant No. JZ2025HGTB0232"]}]},{"name":"the National Training Program of lnnovation for Undergraduates","award":["Grant No.  202510359052"],"award-info":[{"award-number":["Grant No.  202510359052"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Employee satisfaction, as a critical form of organisational social capital, represents a significant interdisciplinary topic in management and finance. A key question is whether it can be transformed into sustainable innovation momentum for corporates amid extreme crisis shocks. This study examines Chinese A-share listed corporates, utilising large-scale anonymous employee evaluation data from the Chinese employer review platform \u2018KanZhun.com\u2019, to construct corporate-level employee satisfaction indicators. Through econometric modelling, it investigates the impact of employee satisfaction on corporate innovation output during major crises and its underlying mechanisms. Findings reveal that during crises, employee satisfaction significantly enhances overall corporate innovation levels, with a particularly pronounced effect on green innovation. Mechanism analysis indicates that high employee satisfaction primarily drives innovation, especially green innovation, through two channels. These channels include reducing internal governance costs and alleviating external financing constraints. Heterogeneity tests further reveal that this effect is particularly pronounced in high-tech industries, technology-intensive sectors, non-state-owned corporates, and corporates under strong external institutional constraints or with relatively weak innovation capabilities. This study expands the theoretical boundaries of employee satisfaction\u2019s economic value from an innovation perspective. It further provides Chinese empirical evidence for corporates seeking to enhance innovation resilience in complex environments via employee feedback and quality labour relations.<\/jats:p>","DOI":"10.3390\/systems14010105","type":"journal-article","created":{"date-parts":[[2026,1,19]],"date-time":"2026-01-19T14:58:54Z","timestamp":1768834734000},"page":"105","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Employee Satisfaction, Crisis Resilience, and Corporate Innovation: Evidence from Employer Review Data in China"],"prefix":"10.3390","volume":"14","author":[{"given":"Yujiao","family":"Shang","sequence":"first","affiliation":[{"name":"School of Mathematics and Statistics, Guilin University of Technology, Guilin 541004, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yuhai","family":"Wu","sequence":"additional","affiliation":[{"name":"School of Economics, Hefei University of Technology, Hefei 230601, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Tuan","family":"Pan","sequence":"additional","affiliation":[{"name":"School of Finance, Hefei University of Economics, Hefei 230031, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3474-2611","authenticated-orcid":false,"given":"Yuping","family":"Shang","sequence":"additional","affiliation":[{"name":"School of Economics, Hefei University of Technology, Hefei 230601, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2026,1,19]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"4863","DOI":"10.1287\/mnsc.2020.3589","article-title":"The tension between worker safety and organization survival","volume":"66","author":"Pagell","year":"2020","journal-title":"Manag. Sci."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"621","DOI":"10.1016\/j.jfineco.2011.03.021","article-title":"Does the stock market fully value intangibles? Employee satisfaction and equity prices","volume":"101","author":"Edmans","year":"2011","journal-title":"J. Financ. Econ."},{"key":"ref_3","doi-asserted-by":"crossref","unstructured":"Selvaraj, V., and Venkatakrishnan, S. (2023). Role of information Systems in Effective Management of human resources during the COVID-19 pandemic. Systems, 11.","DOI":"10.3390\/systems11120573"},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"4357","DOI":"10.1287\/mnsc.2023.4889","article-title":"Employee satisfaction, labor market flexibility, and stock returns around the world","volume":"70","author":"Edmans","year":"2023","journal-title":"Manag. Sci."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1257\/aer.91.1.187","article-title":"What hides behind an unemployment rate: Comparing Portuguese and US labor markets","volume":"91","author":"Blanchard","year":"2001","journal-title":"Am. Econ. Rev."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"561","DOI":"10.1093\/rfs\/hhu053","article-title":"Labor protection and leverage","volume":"28","author":"Simintzi","year":"2015","journal-title":"Rev. Financ. Stud."},{"key":"ref_7","unstructured":"Taylor, F.W. (1911). The Principles of Scientific Management, NuVision Publications, LLC."},{"key":"ref_8","unstructured":"Jensen, M.C., and Meckling, W.H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corp Governance, Gower."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"841","DOI":"10.1111\/j.1540-6261.2005.00748.x","article-title":"Managers, workers, and corporate control","volume":"60","author":"Pagano","year":"2005","journal-title":"J. Financ."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"3605","DOI":"10.1093\/rfs\/hhx032","article-title":"Within-firm pay inequality","volume":"30","author":"Mueller","year":"2017","journal-title":"Rev. Financ. Stud."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"1785","DOI":"10.1111\/jofi.12505","article-title":"Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis","volume":"72","author":"Lins","year":"2017","journal-title":"J. Financ."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"593","DOI":"10.1093\/rcfs\/cfaa011","article-title":"Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash","volume":"9","author":"Albuquerque","year":"2020","journal-title":"Rev. Corp. Financ. Stud."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"2545","DOI":"10.1017\/S0022109021000326","article-title":"The role of corporate culture in bad times: Evidence from the COVID-19 pandemic","volume":"56","author":"Li","year":"2021","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"103248","DOI":"10.1016\/j.jimonfin.2024.103248","article-title":"Influence of ESG on corporate debt default risk: An analysis of the dual risk scenarios","volume":"151","author":"Shang","year":"2025","journal-title":"J. Int. Money Financ."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"236","DOI":"10.1016\/j.jfineco.2019.03.012","article-title":"Crowdsourced employer reviews and stock returns","volume":"134","author":"Green","year":"2019","journal-title":"J. Financ. Econ."},{"key":"ref_16","doi-asserted-by":"crossref","unstructured":"Mintah, E.O., and Elmarzouky, M. (2024). Digital-platform-based ecosystems: CSR innovations during crises. J. Risk Financ. Manag., 17.","DOI":"10.3390\/jrfm17060247"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"3588","DOI":"10.1002\/bse.3665","article-title":"Reinforcing green business strategies with Industry 4.0 and governance towards sustainability: Natural-resource-based view and dynamic capability","volume":"33","author":"Alkaraan","year":"2024","journal-title":"Bus. Strateg. Environ."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"543","DOI":"10.2307\/1885099","article-title":"Labor contracts as partial gift exchange","volume":"97","author":"Akerlof","year":"1982","journal-title":"Q. J. Econ."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"60","DOI":"10.1016\/j.jfineco.2014.05.010","article-title":"The value of corporate culture","volume":"117","author":"Guiso","year":"2015","journal-title":"J. Financ. Econ."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"266","DOI":"10.1108\/PR-04-2021-0239","article-title":"Green human resource management and employee innovative behaviour: Does inclusive leadership play a role?","volume":"53","author":"Shafaei","year":"2014","journal-title":"Pers. Rev."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"e22161","DOI":"10.1016\/j.heliyon.2023.e22161","article-title":"The influence of green human resource management on employees\u2019 green innovation behavior: The role of green organizational commitment and knowledge sharing","volume":"9","author":"Yang","year":"2023","journal-title":"Heliyon"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"103875","DOI":"10.1016\/j.irfa.2024.103875","article-title":"Is internal control more efficient in employee-friendly firms?","volume":"97","author":"Xu","year":"2025","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"103689","DOI":"10.1016\/j.jvb.2021.103689","article-title":"An empirical analysis of the relationship between innovation activities and job satisfaction among French firms","volume":"133","author":"Grolleau","year":"2022","journal-title":"J. Vocat. Behav."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"856","DOI":"10.1108\/EBR-05-2024-0152","article-title":"Sequential logic concerning the dualities of sales performance and job satisfaction in B2B relationships of services firms","volume":"37","author":"Svensson","year":"2025","journal-title":"Eur. Bus. Rev."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"3209","DOI":"10.1002\/bse.4148","article-title":"Impact of Leadership Styles and Organisational Citizenship Behaviours on Organisational Green Innovation Performance: The Moderating Role of Organisational Legitimacy","volume":"34","author":"Zhao","year":"2025","journal-title":"Bus. Strateg. Environ."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"581","DOI":"10.1108\/ICT-03-2025-0022","article-title":"Exploring green satisfaction through the lens of perceived corporatesocial responsibility","volume":"57","author":"Yusliza","year":"2025","journal-title":"Ind. Commer. Train."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"139812","DOI":"10.1016\/j.jclepro.2023.139812","article-title":"Green employee empowerment: The missing linchpin between green HRM and sustainable organizational performance","volume":"434","author":"Khan","year":"2024","journal-title":"J. Clean. Prod."},{"key":"ref_28","first-page":"106","article-title":"The impact of green human resource management on employee green innovative behavior: Role of environmental enthusiasm and organizational innovation support perception","volume":"48","author":"Zhou","year":"2026","journal-title":"Empl. Relat. Int. J."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"127039","DOI":"10.1016\/j.jclepro.2021.127039","article-title":"Analysing the relationship of adaption of green culture, innovation, green performance for achieving sustainability: Mediating role of employee commitment","volume":"303","author":"Sharma","year":"2021","journal-title":"J. Clean. Prod."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"103922","DOI":"10.1016\/j.ijhm.2024.103922","article-title":"Green inclusive leadership and hospitality employees\u2019 green service innovative behavior in the Chinese hospitality context: The roles of basic psychological needs and employee traditionality","volume":"123","author":"Zhao","year":"2024","journal-title":"Int. J. Hosp. Manag."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"717","DOI":"10.1016\/j.procs.2025.01.133","article-title":"Examining the Relationship between Corporate Social Responsibility, Organizational Citizenship Behavior and Job Satisfaction: Evidence from Vietnamese Manufacturing Firms in the Digital Age","volume":"253","author":"Bui","year":"2025","journal-title":"Procedia Comput. Sci."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"733","DOI":"10.1093\/rof\/rfaa012","article-title":"Corporate governance in China: A survey","volume":"24","author":"Jiang","year":"2020","journal-title":"Rev. Financ."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"21582440251389335","DOI":"10.1177\/21582440251389335","article-title":"Crisis Leadership, Organizational Sensemaking, and Organizational Resilience: The Moderating Effect of Environmental Turbulence","volume":"15","author":"Jing","year":"2025","journal-title":"Sage Open"},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"802","DOI":"10.1016\/j.jfineco.2021.03.005","article-title":"Corporate immunity to the COVID-19 pandemic","volume":"141","author":"Ding","year":"2021","journal-title":"J. Financ. Econ."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"143355","DOI":"10.1016\/j.jclepro.2024.143355","article-title":"Green innovation as a strategic imperative for sustainable business performance: Evidence from Malaysian industries during the COVID-19 pandemic","volume":"470","author":"Cheah","year":"2024","journal-title":"J. Clean. Prod."},{"key":"ref_36","first-page":"100031","article-title":"Pandemic and compensation and benefits satisfaction: A study on Indian manufacturing firms","volume":"4","author":"Patnaik","year":"2025","journal-title":"J. Financ. Econ."},{"key":"ref_37","unstructured":"Bienkowska, A. (2025, January 01). The Role of Crisis Management in Organisations Functioning in COVID-19 Pandemic Conditions. Available online: https:\/\/dspace.zcu.cz\/bitstreams\/7e0c4a29-88cb-4e37-bf5a-b44ccbc99ca4\/download."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"1621","DOI":"10.1080\/09585192.2025.2470306","article-title":"Organizational resilience in turbulent times\u2014Social capital as a mechanism for successfully adapting human resources practices that lead to resilience","volume":"36","author":"Yitshaki","year":"2025","journal-title":"Int. J. Hum. Resour. Manag."},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"102523","DOI":"10.1016\/j.ibusrev.2025.102523","article-title":"Impact of organizational culture on employee psychological safety perception: The pivotal role of trust in top management across 18 societies","volume":"35","author":"Dheer","year":"2026","journal-title":"Int. Bus. Rev."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"92","DOI":"10.1108\/JOCM-05-2023-0160","article-title":"Organizational resilience: Leadership, operational and individual responses to the COVID-19 pandemic","volume":"37","author":"Kim","year":"2024","journal-title":"J. Organ. Change Manag."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"659","DOI":"10.1177\/00472875231164984","article-title":"Leading for resilience: Fostering employee and organizational resilience in tourism firms","volume":"63","author":"Prayag","year":"2024","journal-title":"J. Travel Res."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"1425","DOI":"10.1177\/01708406211030659","article-title":"How structural empowerment boosts organizational resilience: A case study in the Dutch home care industry","volume":"43","author":"Alblas","year":"2022","journal-title":"Organ. Stud."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"531","DOI":"10.2307\/25148855","article-title":"Business familiarity as risk mitigation in software development outsourcing contracts","volume":"32","author":"Gefen","year":"2008","journal-title":"MIS Quart."},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"350","DOI":"10.1108\/MD-04-2013-0260","article-title":"Human capital, social capital and organizational performance","volume":"52","author":"Couto","year":"2014","journal-title":"Manag. Decis."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"435","DOI":"10.5465\/amj.2019.0500","article-title":"Deploying human capital resources: Accentuating effects of situational alignment and social capital resources","volume":"64","author":"Wolfson","year":"2021","journal-title":"Acad. Manag. J."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1016\/0304-405X(76)90026-X","article-title":"Theory of the Firm: Managerial Behavior, Agency Costs and Capital Structure","volume":"3","year":"1976","journal-title":"J. Financ. Econ."},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"64","DOI":"10.1002\/mde.2980","article-title":"Determinants of moral hazard in research and development supply relations: Empirical results beyond the agency-theory explanation","volume":"40","author":"Kloyer","year":"2019","journal-title":"Manag. Decis. Econ."},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"2122","DOI":"10.1111\/jbfa.12769","article-title":"The agency costs of investment opportunities and debt contracting: Evidence from exogenous shocks to government spending","volume":"51","author":"Callen","year":"2024","journal-title":"J. Bus. Financ. Account."},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"103114","DOI":"10.1016\/j.ijhm.2021.103114","article-title":"Servant leadership elevates supervisor-subordinate guanxi: An investigation of psychological safety and organizational identification","volume":"101","author":"Lv","year":"2022","journal-title":"Int. J. Hosp. Manag."},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"245","DOI":"10.1016\/j.emj.2022.11.008","article-title":"Linking psychological and social capital to organizational performance: A moderated mediation of organizational trust and proactive behavior","volume":"42","author":"Kidron","year":"2024","journal-title":"Eur. Manag. J."},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"20321","DOI":"10.1007\/s12144-022-04148-x","article-title":"Authentic leadership and employee resilience during the COVID-19: The role of flow, organizational identification, and trust","volume":"42","author":"Mao","year":"2023","journal-title":"Curr. Psychol."},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"1348","DOI":"10.1007\/s12144-020-00663-x","article-title":"Leader humility as a predictor of employees\u2019 feedback-seeking behavior: The intervening role of psychological safety and job insecurity","volume":"41","author":"Qian","year":"2022","journal-title":"Curr. Psychol."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1016\/0304-405X(84)90023-0","article-title":"Corporate financing and investment decisions when firms have information that investors do not have","volume":"13","author":"Myers","year":"1984","journal-title":"J. Financ. Econ."},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"1045","DOI":"10.1287\/mnsc.1120.1630","article-title":"The impact of corporate social responsibility on firm value: The role of customer awareness","volume":"59","author":"Servaes","year":"2013","journal-title":"Manag. Sci."},{"key":"ref_55","first-page":"1424","article-title":"Impact of information technology capabilities on organizational resilience: The mediating role of social capital","volume":"11","author":"Li","year":"2024","journal-title":"Hum. Soc. Sci. Commun."},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"1338","DOI":"10.1108\/IJEBR-07-2022-0681","article-title":"Strategic factors conferring organizational resilience in SMEs during economic crises: A measurement scale","volume":"29","author":"Verreynne","year":"2023","journal-title":"Int. J. Entrep. Behav. Res."},{"key":"ref_57","first-page":"738","article-title":"Adaptive fit versus robust transformation: How organizations respond to environmental change","volume":"31","author":"Beck","year":"2005","journal-title":"J. Manag."},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"1063","DOI":"10.2147\/PRBM.S318632","article-title":"Linking employee resilience with organizational resilience: The roles of coping mechanism and managerial resilience","volume":"14","author":"Liang","year":"2021","journal-title":"Psychol. Res. Behav. Manag."},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"1482","DOI":"10.1108\/IJOPM-05-2015-0305","article-title":"Fostering incremental and radical innovation through performance-based contracting in buyer-supplier relationships","volume":"36","author":"Sumo","year":"2016","journal-title":"Int. J. Oper. Prod. Manag."},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"119","DOI":"10.1080\/10803548.2023.2265133","article-title":"Role of safety-specific transformational leadership in fostering extra-role behaviors through psychological contract fulfillment among frontline workers during COVID-19","volume":"30","author":"Usman","year":"2024","journal-title":"Int. J. Occup. Saf. Ergon."},{"key":"ref_61","doi-asserted-by":"crossref","unstructured":"Piao, J., and Hahn, J. (2025). How safety leadership influences employee safety participation and compliance through safety knowledge: The moderating role of psychological resilience. Front. Psychol., 16.","DOI":"10.3389\/fpsyg.2025.1615084"}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/14\/1\/105\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,1,22]],"date-time":"2026-01-22T05:15:47Z","timestamp":1769058947000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/14\/1\/105"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,1,19]]},"references-count":61,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2026,1]]}},"alternative-id":["systems14010105"],"URL":"https:\/\/doi.org\/10.3390\/systems14010105","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,1,19]]}}}