The effect of human resources input in enterprise management in Taiwan

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Title:	The effect of human resources input in enterprise management in Taiwan
Authors:	Huang, Chien-Ming;Hsin-Mei Su;Tung-Kuan Lin
Keywords:	multiple regimes model;firm growth;threshold effect;human resources;enterprise risk
Date:	2015-07-25
Issue Date:	2016-04-22 13:43:12 (UTC+8)
Publisher:	Canadian Center of Science and Education
Abstract:	This paper adopts the multiple regimes model to analyze the relations among intangible assets, firm growth and enterprise risk in Taiwan-listed companies. In contrast to previous studies, this paper calculates an indicator of human capital’s excess value to examine whether the human resources allocation difference influences enterprise risk in accordance with Pantzalis and Park (2009). Our results show that there is a significant asymmetric non-linear relation between human resources and enterprise risk. We find that size and the M/B ratio exhibit a multiple threshold effect with enterprise risk. When the firm is large and has a high M/B ratio, there is a significant negative relationship between human resources and enterprise risk; however, this link does not occur with small firms. Finally, the enterprise risk is positively associated with research and development expenses. In summary, the phenomenon may be attributed to the efficiency of innovation.
Relation:	International journal of economics and finance 7(8), p.123-137
DOI:	10.5539/ijef.v7n8p123
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Journal Article

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