Citing an article from MIT Sloan Management Review:

"But there’s no clear evidence that these mandates improve financial performance. A recent study of S&P 500 companies that was conducted by University of Pittsburgh researchers found that executives are “using RTO mandates to reassert control over employees and blame employees as a scapegoat for bad firm performance.” Those policies result in “significant declines in employees’ job satisfaction but no significant changes in financial performance or firm values,” they concluded." (https://sloanreview.mit.edu/article/return-to-office-mandate...)