The future of human resources management and the role of HR managers are presented in this paper. The paper presents the results of nine large reports that have been undertaken around the world. The market, demographic, social, and management changes taking place are addressed.Taking into account these trends, a precise role of HR managers in the future is outlined.A t the turn of the century, human resources managers will have to face new challenges. World economy and markets are different from those of a decade ago. As paradigms have changed, the characteristics affecting human resources management must be also revised. The focus on changes in human resources doesn't seem to be taken up frequently. Until the 90s, very little research on HRM was undertaken. The most important research from this decade is collected in Table 1 (next page; Bournois and Brooklyn, 1994;Losey 1996).The research mentioned points out the trends that will continue in human resources management over the turn of the century. Let's take a closer look and ana lyze what's happening and what will affect the future of HRM. Human Resources TrendsIn a paper of Forster and Whipp (1995), we read about changing market paradigms that will affect HRM: Business InternationalCorporation, in a study of 25 companies from a number of countries, highlights clear changes in diversity management, recruitment and retention strategies, the development of new interna tional management skills and the management of work/family conflicts in response to challenges of internationalization (p. 435).

In this article, we test the capital asset pricing model (CAPM) on the Warsaw Stock Exchange (WSE) by measuring the performance of two portfolios composed of construction firms: family-controlled and nonfamily controlled. These portfolios were selected from the WIG-Construction (WIG-Warszawski Indeks Giełdowy-Warsaw Stock Exchange Index). The performance of both portfolios was measured in the period from 2006 to 2012 with respect to three sub-periods: (1) pre-crisis period: 2006-2007; (2) crisis period: 2008-2009; and (3) post-crisis period: 2010-2012. This division was constructed in this way to find out how family firms performed in crisis times in relation to nonfamily firms. In addition, the construction portfolio was chosen due to its sensitivity to recessions. When an economy faces a downturn, construction firms are among the first to be exposed to risk. The performance was measured by using the capital asset pricing model with statistical inference. We find that public family firms significantly outperformed non-family peers in the crisis times.

No abstract

Purpose This paper aims to examine the performance of corporate social responsibility (CSR) portfolio at the Warsaw Stock Exchange. Design/methodology/approach This paper uses the CSR portfolio of public companies that was selected in a three-step procedure. In total, 23 companies were selected and formed a CSR portfolio that is traded on the Warsaw Stock Exchange under the Respect Index. The Capital Asset Pricing Model (CAPM) is used to compare returns of CSR companies with respect to the market. The performance of this portfolio is measured in the period from 2010 to 2012. Findings This paper finds that the CSR portfolio measured under the Respect Index outperformed market in all time periods from 2010 to 2012. In addition, in 2010, the CSR portfolio exceptionally outperformed the market by almost 80 per cent. In 2011, even though the market was down, the CSR portfolio reported lesser losses: −0.93 vs −1.73 per cent. In the following year, the market regained and the CSR portfolio again outperformed the market by 14 per cent. This paper also finds that the CSR portfolio is more sensitive to systematic risk than to specific risk. In addition, the CSR securities move according to the market trend. Research limitations/implications The limitation of this paper is attributed to a cause-and-effect relationship. In other words, it did not answer whether adopting CSR led to higher profitability or profitability reflected an awareness of market conditions that favored the adoption of CSR. The future research should focus on this issue and indicate whether investors prioritize CSR over profits or vice versa. Practical implications The results indicate that investments in CSR portfolio companies bring abnormal returns to investors. In addition, the CSR portfolio may resist market downturns and even bring exceptional profits to investors. Originality/value This study explains the CSR portfolio’s performance on the Warsaw Stock Exchange by using the CAPM.

Zarządzanie w …Afryce