2011
DOI: 10.5539/ass.v7n12p22
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The Innovation of Human Resource Investment and Value Relevance in Equity Valuation

Abstract: This paper explores the innovation and value relevance of human resource investment and market reactions of investors on education and training expense in Korean security markets over the period of [2001][2002][2003][2004][2005][2006][2007][2008]. This study tests whether education and training expense is empirically associated with one year after earnings performance and the information content of education and training is immediately reacted in the Korean stock markets. The empirical result of this paper sho… Show more

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Cited by 1 publication
(7 citation statements)
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“…Second, the return of HR investment may be obtained in a long-term period (Edmans, 2011;Kwon, 2011 The result of the statistical analysis test does not support the research hypothesis. Based on empirical evidence, HR investment does not have significant influence on firm value.…”
Section: Methodsmentioning
confidence: 97%
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“…Second, the return of HR investment may be obtained in a long-term period (Edmans, 2011;Kwon, 2011 The result of the statistical analysis test does not support the research hypothesis. Based on empirical evidence, HR investment does not have significant influence on firm value.…”
Section: Methodsmentioning
confidence: 97%
“…Becker (1975) emphasized education's role in increasing worker's productivity, Spence (1973) meanwhile argued that education is just a way to communicate a candidate worker's characteristics that cannot be observed by companies in the early stage of recruitment (Weiss, 1995). Spence's theory is also supported by research in South Korea that shows ongoing education and training costs have a negative relationship with the next year's profit (Kwon, 2011).…”
Section: Introductionmentioning
confidence: 88%
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