论会计师事务所人力资源的确认与计量外文翻译资料

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武汉理工大学毕业论文

论会计师事务所人力资源的确认与计量

外文翻译

Direct and indirect effects of human capital

on firm value:evidence from Italian companies

1 Abstract

Purpose – The purpose of this paper is to examine whether information on intellectual capital (IC) is value relevant for investors and the role played by the single components of IC (human capital,organizational capital, relational capital) in creating firm value.

Design/methodology/approach – The 1995 Ohlson model has been employed to investigate the relationship between the current accounting measures (book value and earnings) and future measures of profitability, proxied by IC. The Value Added Intellectual Coefficient (VAICe) approach is used to determine the firmrsquo;s efficiency in using IC resources. The sample analysis analyzed is constituted of financial sector companies listed on the Italian Stock Exchange for the period 2006-2008.

Findings – The findings fully confirm the existence of a positive relationship between accounting values and market value on the one hand and IC components as measured by VAICe and market value on the other. Results show that investors attach more value relevance to human capital efficiency (HCE) than to structural capital efficiency (SCE) and that HCE plays an indirect role in the relation between IC and market value.

Research limitations/implications – The paper is focused on one sector (financial) and one country (Italy). The focus on the entire financial sector allows the authors to validate results from an Italian perspective and to extend them for similar banking structures in other countries, and to favor comparisons with other similar studies.

Practical implications – The main implications for financial company managers are that, when developing a strategy aimed at strengthening IC, they should consider that human capital plays an indirect part with regard to the other components and that each investment in one of the IC subcategories should not be evaluated in isolation but in relation to its interactions.

Originality/value – The paper realizes a fusion between value relevance and IC literature. To the best of the authorsrsquo; knowledge, this is the first paper that examines the relationship between VAICe and the market value of the Italian financial sector, using an Ohlson model modified to include IC information, comprehensive of the human capital indirect effect.

Keywords Italy, Intellectual capital, Human capital, Market value, Value relevance, Ohlson model,Financial sector.

Paper type ：Research paper.

2 Introduction

The present work belongs to the strand of literature known as value relevance analysis (VRA), the objective of which is the estimation of the relevance of an accounting value in the determination of market value .

The purpose of this paper is to investigate if and how current (book value and earnings) and future measures of profitability impact on the market value of the firm. Using IC information as a proxy of the firmrsquo;s future profitability, the paper belongs also to the IC literature, according to which intangible resources are the firmrsquo;s main value driver (Petty and Guthrie, 2000; Tan et al., 2008). From this point of view, the paper examines whether information on intellectual capital (IC) is value relevant for investors and also the role played by the different components of IC in the firmrsquo;s value creation.

The research objectives have been achieved by conducting a regression analysis
with a model inspired by the original version of the Ohlson (1995) model, the main reference point in market-based accounting research (Giner and Iniguez, 2006). The analysis has been carried out on the financial services firms listed on the Italian Stock Exchange for the three-year period 2006-2008.

Although the Ohlson model has been subjected to several empirical tests, particularly in the USA, much has yet to be learned about the market value/accounting values relationship in other geographical contexts, as well as in environments characterized by different forms of accounting regulation (Courteau, 2008). For the above reason, we have chosen to test the validity of the Ohlson model on the Italian market, which presents differing characteristics both in terms of size and orientation compared to Anglo-Saxon countries (Brealey et al., 2007).

The analysis focuses on a particular area of the Italian capital market, the financial sector. This sector, normally excluded by researchers on account of its particular characteristics, is the subject of our paper because of the fact that the financial industry is one of the most knowledge-intensive industries (Pulic, 1998, 2000; Mavridis, 2004; Goh, 2005).

Our findings fully confirm the existence of a positive relationship between accounting values and market value on the one hand and IC components and market value on the other. In detail, the research provides evidence that the impact of human capital on firm performance became relevant only when it interacted with the other IC
components (human, organizational and relational capital).

The research favors the increase in knowledge both from a theoretical and from an empirical point of view, contributing to the growing number of empirical studies in the field of value relevance and of the IC literature following the value-added intellectual coefficient methodology for the measurement of IC.

One of the most interesting elements of novelty lies in the consideration that the paper realizes a fusion between two currents in the literature, those of value relevance and of IC. Moreover, it is also interesting to see how the paper approaches IC value relevance, in investorsrsquo; business valu

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