Training and development investment and financial performance: The bidirectional relationship and the moderating effect of financial slack

IF 4 3区 管理学 Q1 INDUSTRIAL RELATIONS & LABOR
Sangok Yoo, Suhyung Lee, Sehoon Kim, Soebin Jang, Daeyeon Cho
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引用次数: 9

Abstract

Research has not yet clearly demonstrated the relationship between training and development (TD) investment and financial performance. This study examines the bidirectional, non-linear, one-year-lagged relationship between TD investment and financial performance, and the moderating effect of financial slack on the relationship based on the resource-based view and the theory of slack resources. We analyze financial data of 174 firms in South Korea over 10 years (2009–2018) using a lagged dependent variable model. Our results demonstrate that TD investment contributes to later financial performance, and financial performance contributes to later TD investment. We find an inverted U-shaped relationship between TD investment and financial performance in both directions. Financial slack positively moderates the bidirectional relationship, such that the inverted U-shaped effect of TD investment on financial performance is more pronounced among those with low financial slack. In the effect of financial performance on TD investment, firms with high financial slack show a U-shaped curve, while firms with low financial slack show an inverted U-shaped curve. This study provides valuable information for human resource development scholars and practitioners about the relationship between TD investment and financial performance.

培训发展投资与财务绩效:双向关系及财务宽松的调节作用
研究尚未清楚地证明培训与发展(TD)投资与财务绩效之间的关系。本文基于资源基础观和资源松弛理论,考察了TD投资与财务绩效之间的双向、非线性、滞后一年的关系,以及财务松弛对二者关系的调节作用。我们使用滞后因变量模型分析了韩国174家公司10年来(2009-2018年)的财务数据。研究结果表明,TD投资对后期财务绩效有促进作用,而财务绩效对后期TD投资有促进作用。我们发现TD投资与财务绩效在两个方向上都呈倒u型关系。财务宽松正向调节双向关系,在财务宽松程度较低的企业中,TD投资对财务绩效的倒u型影响更为明显。在财务绩效对TD投资的影响中,财务宽松程度高的企业呈现u型曲线,而财务宽松程度低的企业呈现倒u型曲线。本研究为人力资源开发学者和从业者提供了有关TD投资与财务绩效关系的宝贵信息。
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
CiteScore
7.60
自引率
6.10%
发文量
19
期刊介绍: Human Resource Development Quarterly (HRDQ) is the first scholarly journal focused directly on the evolving field of human resource development (HRD). It provides a central focus for research on human resource development issues as well as the means for disseminating such research. HRDQ recognizes the interdisciplinary nature of the HRD field and brings together relevant research from the related fields, such as economics, education, management, sociology, and psychology. It provides an important link in the application of theory and research to HRD practice. HRDQ publishes scholarly work that addresses the theoretical foundations of HRD, HRD research, and evaluation of HRD interventions and contexts.
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