“…Various studies have been conducted to prove the relationship between HR investment and firm value. Human Resource investment positively influences productivity (Holland, 2017;Roca-Puig et al, 2018), profitability (Roca-Puig et al, 2018), and firm value (García-Zambrano et al, 2018;Holland, 2017;Joh & Jung, 2016;Kwon, 2011Kwon, , 2017Massingham & Tam, 2015). Even though it's hard to measure stock market capabilities in recognizing HR quality, several previous types of research show that an effective HR investment signal points to positive stock price reaction (García-Zambrano et al, 2018;Kwon, 2017; Table 1.…”