Higher Purpose

Last registered on October 17, 2023
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Pre-Trial

Trial Information

General Information

Title
Higher Purpose
RCT ID
AEARCTR-0008776
Initial registration date
October 06, 2023

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
October 17, 2023, 11:41 AM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Last updated
October 17, 2023, 8:12 PM EDT

Last updated is the most recent time when changes to the trial's registration were published.

Locations

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Primary Investigator

Name
Deniz Aydin
Affiliation
Washington University in St. Louis
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Other Primary Investigator(s)

PI Name
Richard Thakor
PI Affiliation
University of Minnesota
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PI Name
Anjan Thakor
PI Affiliation
Washington University in St.Louis
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Additional Trial Information

Status
In development
Start date
2023-09-06
End date
2026-01-01
Keywords
Behavior, Finance & Microfinance
Additional Keywords
financial advisers, intrinsic incentives, organizational purpose
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Can intrinsically motivating employees with an organizational purpose (that transcends the usual business goals) raise employee productivity and firm profitability? We study this question through a large-scale natural field experiment with a randomized control within a large multinational financial services firm. In the experiment, we invited through a lottery 808 financial advisors (FAs) to a workshop that explains, reminds, and connects the employees to the firm’s organizational higher purpose. We then compare the behavior and outcomes of invited FAs to the 14,191 in the control group, who are indistinguishable from the invited FAs based on observables. We track impulse responses using administrative data on employee financial performance, productivity, client satisfaction metrics, and surveys. Finally, we scrutinize several additional commonly invoked mechanisms through which the effect manifests, such as social preferences, motivation, clarity, identity, and external stakeholders.
External Link(s)

Registration Citation

Citation
Aydin, Deniz, Richard Thakor and Anjan Thakor. 2023. "Higher Purpose." AEA RCT Registry. October 17. https://doi.org/10.1257/rct.8776-1.1
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Through a lottery, the intervention invites employees to a workshop that explains, reminds, and connects the employees (to) the firm’s organizational higher purpose. See the document for details.
Intervention Start Date
2023-09-06
Intervention End Date
2023-09-11

Primary Outcomes

Primary Outcomes (end points)
Financial—assets: total, net new, commission eligible, fee eligible; total customers. Productivity—bonus eligible profits; organizational level; meet expectations. Client—relationship depth, experience, likelihood to recommend service. Surveys. See the document for details.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
We draw a random subsample of FAs from the universe through a lottery. We then invite these potential participants to the workshop. See the document for details.
Experimental Design Details
Not available
Randomization Method
We use a STATA random number generator. We then invite these potential participants to the workshop.
Randomization Unit
Employee
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
—
Sample size: planned number of observations
808 and 14,191 in treatment and control.
Sample size (or number of clusters) by treatment arms
—
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Minimum detectable effect size of 0.23 standard deviations at 5% significance and 80% power. See the document for details.
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Washington University in St. Louis IRB
IRB Approval Date
2022-06-22
IRB Approval Number
202204017
Analysis Plan

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