Human Capital Orientation and Financial Performance : a Comparative Analysis of US Corporatons

• Autorzy: Łukasz Bryl
• Języki publikacji: EN

Abstrakty

W gospodarce opartej na wiedzy kluczową rolę w osiąganiu dodatnich wyników finansowych i utrzymania przewagi konkurencyjnej pełni kapitał ludzki. Rozważania naukowe zwracają uwagę, że przedsiębiorstwa w większym stopniu zorientowane na kapitał ludzki (ang. human capital orientated firms), czyli takie, które m. in. przeznaczają więcej środków na rozwój swoich pracowników, oferują wyższe wynagrodzenia i bogatszy pakiet świadczeń dodatkowych oraz cechują się transformacyjnym stylem zarządzania mogą generować lepsze wyniki finansowe aniżeli firmy zorientowane na kapitał ludzki w mniejszym stopniu, co wynika z: lepszych umiejętności pracowników, ich większej motywacji oraz wyższej całkowitej efektywności organizacji. W artykule postawiono dwa cele naukowe. Pierwszym z nich było stwierdzenie, że firmy zorientowane na kapitał ludzki generują dodatnie wyniki finansowe, natomiast drugim celem było porównanie wyników finansowych firm zorientowanych na kapitał ludzki z tzw. szerokim rynkiem w celu stwierdzenia, czy wyniki finansowe przedsiębiorstw zorientowanych na kapitał ludzki są ponadprzeciętne. Badania przeprowadzono wśród 7204 spółek notowanych na amerykańskiej giełdzie papierów wartościowych w okresie dziesięciu lat. W celu identyfikacji firm zorientowanych na kapitał ludzki wykorzystano listę 100 Best Companies to Work For zgodnie z metodologią zaproponowaną przez Edmansa (2009). Drugą grupę stanowiły amerykańskie przedsiębiorstwa notowane na giełdzie pochodzące z 11 branż. Kluczowe wnioski płynące z tego opracowania są następujące: strategia oparta na orientacji na kapitał ludzki umożliwia osiąganie nie tylko pozytywnych ale także ponadprzeciętnych wyników finansowych, głównie w zakresie: wzrostu wartości akcji i kapitałów własnych. Artykuł ma istotne implikacje praktyczne dla inwestorów w zakresie pożądanych kierunków inwestycji giełdowych, których celem jest osiągnięcie ponadprzeciętnych zysków. Co więcej, badanie wykazało, że strategia zorientowana na kapitał ludzki, mimo ponoszenia wyższych kosztów, jest opłacalna dla przedsiębiorstw. Artykuł wypełnia lukę badawczą dwojako. Po pierwsze, wskazuje, w których obszarach związanych z wynikami finansowymi przedsiębiorstwa zorientowane na kapitał ludzki radzą sobie najlepiej. Po drugie, porównuje wyniki strategii ukierunkowanej na kapitał ludzki z wynikami firm z 11 różnych branż. Badania dotyczyły amerykańskich przedsiębiorstw giełdowych. (abstrakt oryginalny)

EN

In the knowledge-based economy, long-term corporate performance and its competitive advantage are strongly associated with human capital. Theoretical deliberations suggest that companies with greater human capital orientation (higher salaries and benefits, more training, a transformational leadership style, better equipment) might perform better than their peers with less human capital orientated strategy due to: higher skills of employees, greater motivation and thus higher overall corporate effectiveness. On the other hand, orientation towards human capital generates higher costs which may negatively affect profitability and stock market valuation. There are two aims of this paper. The first one is to state whether human capital orientated firms generate positive financial performance. The second aim is to compare financial performance of human capital orientated firms with the benchmarking sample to state if the financial performance is above-average. Research was conducted on a sample of 7,204 unique publicly listed companies from the American stock market within a ten year period (72,040 firm-year observations). Empirical studies were carried out with the help of one hypothesis. Two groups of companies were created and their results on financial performance were compared. The first group consisted of human capital orientated firms that were identified with the help of the well-known 100 Best Companies to Work For listing, in line with the Edmans (2009) approach. The second group composed of US-based publicly listed entities from 11 industries. Analysis was conducted for the 2007-2017 years. The key findings of the paper are: strategy based on human capital orientation provides high profitability and leads to above-average financial performance, mainly in the field of equity growth and stock market valuation. The paper has significant practical implications for investors in terms of possible directions of stock market investments aimed at achieving above-average returns as well as for corporate management by indicating that human capital orientation pays off. The paper fills the research gap between two points. First, it states in which financial performance pillars human capital orientated firms perform best. Second, it compares the results of the human capital orientated strategy with the entities from the 11 different industries. Research refers to the American publicly listed enterprises. (original abstract)

Słowa kluczowe

PL

Gospodarka oparta na wiedzy (GOW); Kapitał ludzki; Wynik finansowy; Korporacje międzynarodowe

EN

Knowledge-based economy; Human capital; Financial performance; International corporation

• Czasopismo: Journal of Entrepreneurship, Management and Innovation (JEMI)
• Rocznik: 2018
• Tom: 14
• Numer: nr 3 Innovation, Entrepreneurship and Organizations' Business Performance
• Strony: 61-86

Twórcy

autor

Łukasz Bryl

• Poznań University of Economics and Business, Poland

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Identyfikatory

DOI

https://doi.org/10.7341/20181433