Trading on Talent: Human Capital and Firm Performance

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2022-11-22 DOI:10.1093/rof/rfac068

Anastassia Fedyk, James Hodson

引用次数: 0

Abstract

How is technically-skilled human capital reflected in firm performance? We leverage a uniquely detailed employer-employee matched dataset to measure U.S. firms’ technical human capital in IT, Software Engineering, Mobile Networks, Data Analysis, and Web Development. All five technical skillsets are associated with higher firm valuations. However, they negatively forecast both financial and operational performance in the future. For example, a one-standard-deviation increase in employees with IT skills corresponds to 2.2% higher Tobin’s q but predictable future returns of –10 basis points per month. Our results are stronger in tighter labor markets, in firms with more cash, and during time periods when each technical skillset is especially popular. These patterns suggest that the market expects too much from popular technologies, leading to overvaluation. Overall, our results highlight how corporate over-investment can extend to intangible capital such as skilled employees.

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人才交易:人力资本与企业绩效

技术熟练的人力资本如何反映在公司绩效中?我们利用独特详细的雇主-雇员匹配数据集来衡量美国公司在IT、软件工程、移动网络、数据分析和网络开发方面的技术人力资本。这五种技术技能都与更高的公司估值有关。然而，他们对未来的财务和运营业绩都做出了负面预测。例如，拥有IT技能的员工每增加一个标准差，对应的托宾q值就会提高2.2%，但可预测的未来回报是每月-10个基点。在劳动力市场趋紧的情况下，在资金充裕的公司中，以及在每种技术技能特别受欢迎的时期，我们的业绩表现更为强劲。这些模式表明，市场对流行技术的期望过高，导致估值过高。总体而言，我们的研究结果突出了企业过度投资如何延伸到无形资本，如熟练员工。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.