Human Capital and Stock Returns: Is the Value Premium an Approximation for Return on Human Capital?

Hansson, Bo

doi:10.2139/ssrn.265363

Cited by 7 publications

(3 citation statements)

References 31 publications

(20 reference statements)

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“…Labor unions influence the development of wages and salaries and, accordingly, a firm’s profitability and value (Abowd, 1989). Furthermore, unionized labor is demonstrated as being related to financial risks due to the influence of unions on labor costs (Hansson, 2004; Rosett, 2001). If there is a public understanding that GHG emissions should be lowered, then this pressure might also be executed through labor unions.…”

Section: Methodsmentioning

confidence: 99%

Stakeholder Relevance for Reporting

et al. 2015

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Although stakeholder theory is widely accepted in environmental disclosure research, empirical evidence about the role of stakeholders in firms’ disclosure is still scarce. The authors address this issue for a setting of carbon disclosure. Our international sample comprises the Carbon Disclosure Project (CDP) Global 500, S&P 500, and FTSE 350 reports from 2008 to 2011, resulting in a total of 1,120 firms with 3,631 firm-year observations. The authors apply Tobit regressions to analyze the relationship between carbon disclosure and the relevance of the following stakeholder groups: government, general public, media, employees, and customers. Our results confirm that in addition to carbon performance, all stakeholders are associated with carbon disclosure. Only one stakeholder group (government) acts as a moderator for the relationship between carbon performance and carbon disclosure. Furthermore, the authors find that carbon performance but not the affiliation to a carbon-intensive industry acts as a moderator between stakeholder relevance and carbon disclosure.

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Section: Methodsmentioning

confidence: 99%

Stakeholder Relevance for Reporting

et al. 2015

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“…We follow Campbell (1996) to construct LBR. On the other hand, HI is the firm‐specific measure of HC and is arrived at in line with Hansson (2004).…”

Section: Data and Variable Definitionsmentioning

confidence: 97%

A six‐factor asset pricing model: The Japanese evidence

Roy

2021

Fin Plan Rev

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The fundamental research question associated with the asset pricing framework relates to the risk and return relationship in return predictability. We introduce the human capital component to the Fama–French five‐factor model and derive an equilibrium six‐factor asset pricing model in an intertemporal framework. The study comprises the Japanese monthly time‐series dataset for 24 years spanning November 1990 to December 2017. The Generalized method of moments estimation and Gibbons‐Ross‐Shanken test results confirm that the six‐factor model yields better estimates and equally outperforms the Fama–French three‐factor, Carhart four‐factor, and Fama–French five‐factor models in explaining the variation in excess return on Fama–French variant portfolios. The core results and findings hold when we use labor income growth as an alternate measure of human capital in the six‐factor asset pricing model.

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“…Moreover, measurements as well as disclosures of HC stock, flow, along with excellence (Ployhart et al, 2011) are important for business firms to efficient managing of decisive resource in addition to better control of knowledge, skill and capabilities of members of staff for achieving competitive benefit above the contestants (Beattie & Smith, 2010). Besides, both current employees and potential employees have need of information concerning the firm's HC policy along with practice, so that they could make decisions after detailed consideration (Hansson, 2004).…”

Section: Literature Reviewmentioning

confidence: 99%

Voluntary Human Capital Disclosure and Firm Value Relationship in the Listed Companies of Bangladesh: A Conceptual Overview

Mili

Hashim

2020

JIBE

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The aim of this paper is to incorporate relevant empirical researches and literature for extending the potentials of voluntary human capital disclosure to increase the value of the listed firms in Bangladesh. Voluntary human capital disclosure reduces information asymmetry and increases the financial lucidity of the business, and hence, could minimize agency conflicts, and satisfy employees’ and other stakeholders’ of the business. However, subsequent to a 13.8 percent drop in 2018, the broad index of the Dhaka Stock Exchange Limited lost 17.3 percent in 2019. It is among the first paper focusing on the consequence of voluntary human capital disclosures on firm value from a combination of agency theory, signaling theory, and stakeholder theory perspective. Moreover, extant literature endow with inconsistent and less evidence concerning the relationship of voluntary human capital disclosure with firm value. The present paper proposes and illustrates potential proposition for future empirical investigation in the context of an emerging economy like Bangladesh. It is also expected that the present paper would endow with further knowledge to investors, managers, and other stakeholders to upgrade firm value by means of voluntary human capital disclosure in their corporate reporting practices.

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Human Capital and Stock Returns: Is the Value Premium an Approximation for Return on Human Capital?

Cited by 7 publications

References 31 publications

Stakeholder Relevance for Reporting

Stakeholder Relevance for Reporting

A six‐factor asset pricing model: The Japanese evidence

Voluntary Human Capital Disclosure and Firm Value Relationship in the Listed Companies of Bangladesh: A Conceptual Overview

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