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Investigating the Relationship of Human Resources Value & Bankruptcy Forecasting for Companies Listed in Tehran Stock Exchange | ||
| مدیریت منابع انسانی پایدار | ||
| Volume 3, Issue 5, October 2021, Pages 195-181 PDF (1.23 M) | ||
| Document Type: Original Article | ||
| DOI: 10.22080/shrm.2021.3773 | ||
| Authors | ||
| sahar mehdipour picha1; mohsen alizadeh* 2; Mahmoud Yahyazadehfar | ||
| 1graguated in emba | ||
| 2university of mazandaran | ||
| Receive Date: 10 July 2022, Accept Date: 10 July 2022 | ||
| Abstract | ||
| All organizations seek to improve their performance, and human resource management can be considered as a tool for competitive advantage and affect organizational results and performance. The purpose of this article is to investigate the relationship between the value of human resources and predicting the bankruptcy of companies listed on the Tehran Stock Exchange. For this purpose, the hypothesis of human resources value is related to the prediction of bankruptcy developed and to test it, the statistical method of linear regression has been used. Information of 73 companies listed on the Tehran Stock Exchange during the period 2011 to 2020 has been collected. The Altman model was also used to measure bankruptcy risk, and the Pulic's human capital efficiency formula was used to measure the value of human resources. Data analysis was also performed by Excle and Eviews software. The results of the analysis show that there is a significant negative relationship between the human resources value and the risk of corporate bankruptcy. Given the negative relationship between the human resources value and bankruptcy risk, it can be concluded that human resources are a vital factor in improving financial and organizational performance and as a key component of value creation, increase performance and ultimately lead to better financial performance. | ||
| Keywords | ||
| Human Resources Value; Bankruptcy Forecast; Tehran Stock Exchange | ||
| Full Text | ||
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Afshari, A., Saeedi, A., & Reshadi, E. (2012). The Impact of Leverage on Firms Investment Decision in Tehran Stock Exchange (TSE), Scientific Research Quarterly Journal of Management Accounting, 5(13), 17-29. (In Persian).
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The journal of finance, 23(4), 589-609.
Altman, E. I., & Hotchkiss, E. (2006). Corporate financial distress and bankruptcy : predict and avoid bankruptcy, analyze and invest in distressed debt. 354.
Anwar,, G., & Abdullah, N. N. (2021). The impact of Human resource management practice on Organizational performance. International Journal of Engineering, Business and Management, 5(1), 35–47. https://doi.org/10.22161/IJEBM.5.1.4
Barbuța-Mișu, N., & Madaleno, M. (2020). Assessment of bankruptcy risk of large companies: European countries evolution analysis. Journal of Risk and Financial Management, 13(3), 58.
Barney, Barney, J. B., Ketchen, D. J., & Wright, M. (2011). The Future of Resource-Based Theory: Revitalization or Decline? Https://Doi.Org/10.1177/0149206310391805, 37(5), 1299–1315.
Bendickson, J. S., & Chandler, T. D. (2019). Operational performance: The mediator between human capital developmental programs and financial performance. Journal of Business Research, 94, 162-171.
Bakhrdi Nasab, Vahid. (2018). Predict Bankruptcy Using Workforce Agility in the Organization. Journal of Human Capital Empowerment, 2 (4), 317-329. (In Persian).
Brédart, X., Séverin, E., & Veganzones, D. (2021). Human resources and corporate failure prediction modeling: Evidence from Belgium. Journal of Forecasting, 40(7), 1325-1341.
Cenciarelli, V. G., Greco, G., & Allegrini, M. (2018). Does intellectual capital help predict bankruptcy?. Journal of intellectual capital.19(2), 321-337.
Chang, S. L. (2007). Valuing intellectual capital and firms' performance: Modifying Value Added Intellectual Coefficient (VAIC (TM)) in Taiwan IT industry (China), 68 (07).
Chen, M. Y. (2011). Bankruptcy prediction in firms with statistical and intelligent techniques and a comparison of evolutionary computation approaches. Computers & Mathematics with Applications, 62(12), 4514-4524.
Dalwai, T., & Salehi, M. (2021). Business strategy, intellectual capital, firm performance, and bankruptcy risk: evidence from Oman's non-financial sector companies. Asian Review of Accounting. 29(3), 474-504.
Du Jardin, P. (2012). The influence of variable selection methods on the accuracy of bankruptcy prediction models. Bankers, Markets & Investors, 116, 20–39.
Emami Emami Meibodi, A., Jamei, R., Najafi, G., & Behrooz, A. (2021). The effect of investment in human resources to report on internal control over financial reporting of listed companies in Tehran Stock Exchange. Program and Budget Research, 2(1), 7–30. (In Persian).
Euler Hermes Economic Research. (2019). The View Economic Research. Available
Flamholtz, E. G. (1998). Human resource accounting. Jossey-Bass publisher.Los Angeles.
Frantzreb, Frantzreb, R. B., Landau, L. L. T., & Lundberg, D. P. (1974). The valuation of human resources. Business Horizons, 17(3), 73–80.
Ghadiri Moghadam, A., Gholampourfard, M.M., & Nasirzadeh, f. (2009). Investigating the Ability of Altman and Ahlson Bankruptcy models in Predicting the Bankruptcy of accepted Companies in the Stock exchange, Journal of Knowledge and development, 16(28), 193-220. (In Persian).
Ghayouri Moghadam, A., Mohamadi Zanjirani, D., & Neamatollahi, Z. (2012). Investigation of the Intellectual Capital Effects on Efficiency as a Measure of Business Performance, Journal of Financial Accounting Research, 4, (3), 87-104. (In Persian).
Ghodrati, H., & Manavi Moghadam, A.H. (2010). Check the accuracy of bankruptcy prediction models (Altman, Shirata, Ahleson, Zemsky, Springitt, CEScore, Fulmer, Farajzadeh Genetics and Mckay Genetics Models) in Tehran Stock Exchang, Journal of Accounting Research, 2(7), 128-144. (In Persian).
Gord, A., & Habibi Kandbon, V. (2010). Evaluation of financial capability of pharmaceutical companies based on springgate model, Journal of Economic Research and Policy, 17(52), 117-136. (In Persian).
Izadinia, N., Rabiee, H., & Hamidian, N. (2013). A Study of the Relationship between Financial Leverage and Real Earning Management of Listed Companies in Tehran Stock, Journal of Accounting Advances, 5(1), 33-54. (In Persian).
Jashari, A., & Kutllovci, E. (2020). The impact of human resource management practices on organizational performance case study: manufacturing enterprises in Kosovo. Business: Theory and Practice, 21(1), 222-229.
Kashive, N. (2012). Creating Employer Brand by Valuing Human Capital in Organization and Measuring Intangible Assets, International Journal of Enterprise Computing and Business Systems, 2(1), 1-24.
Lensberg, T., Eilifsen, A., & McKee, T. E. (2006). Bankruptcy theory development and classification via genetic programming, European Journal of Operational Research, 169(2), 677-697.
Likert, R. (1967). The human organization: its management and values, New York: Mcgraw -Hill.
Mahdavi, GH. H., & Sahlabadi, S. (2012). Imperical Investigation of the Relationship between Human Resource value and Stock Rate of Return of companies listed on Tehran Stock Exchange, Journal of Experimental Accounting Research, 2, 2(4), 17-33. (In Persian).
Mansour, J. (2008). Business law, Tehran: Publication of the meeting, sixty-Forth edition. (In Persian).
Myers, M. S., & Flowers, V. S. (1974). A Framework for Measuring Human Assets:Http://Dx.Doi.Org/10.2307/41164522, 16(4), 5–16.
Moradi Shahdadi, K., Anvary Rostamy, A. A., Ranjbar, M. H., & Sadeghi Sharif, S. J. (2018). Explaining Impacts of Intellectual Capital on Reducing Firms’ Probability of Bankruptcy: Evidence from Tehran Stock Exchange. Organizational Resources Management Researchs, 7(4), 157-159. (In Persian).
Namazi, M., & Ghadirian Arani, M.H. (2014). Investigation of the relationship between bankruptcy risk intellectual capital and its components for the companies listed in Tehran stock Exchange, Journal of Experimental Accounting Research, 4, (1), 115-141. (In Persian).
Namazi, N., & Khajavi, Sh. (2005). Usefulness of Accounting variable in predicting systematic risk of companies listed on the Tehran Stock Exchange, Journal of Accounting and Auditing Reviews, 11(38), 93-119. (In Persian).
Norosh, I., & Yazdani, S. (2010). Investigating the effect of Financial Leverage on Investment in companies listed on the Tehran Stock Exchange, Journal of Financial Accounting Research, 2, 2(4), 35-48. (In Persian).
Pajhohi, M.R. (1993). Human Resource Accounting model for the Valuation of human resources, Quarterly Journal of Improvement and Transformation Management Studies, 2(8), 83-93. (In Persian).
Pulic, A. (2000). VAIC™–an accounting tool for IC management, International journal of technology management, 20(5-8), 702-714.
Roshandel Arbatani, T, Shirvani Naghani, M. (2015). Provide a model for improving the organization's financial performance, emphasizing the role of "human resource composition" and "management stability". Financial Research, 17 (2), 199-218. (In Persian).
Shah Alizadeh, R. (2013). Costing, Valuation and Reporting Human Resource, Journal of Accounting and Auditing Studies, 1, 4(1), 98-110. (In Persian).
Shrouf, H., Al-Qudah, S., Khawaldeh, K., Obeidat, A., & Rawashdeh, A. (2020). A study on relationship between human resources and strategic performance: The mediating role of productivity. Management Science Letters, 10(13), 3189-3196.
Yahyazadefar, M., Aghajani, H.A., & Yahyatabar, f. (2014). Investigation of the relationship between Intellectual Capital and companies performance in Tehran Stock exchange, Journal of Financial Research, 16, 1(1), 181-199. (In Persian(
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| References | ||
|
Afshari, A., Saeedi, A., & Reshadi, E. (2012). The Impact of Leverage on Firms Investment Decision in Tehran Stock Exchange (TSE), Scientific Research Quarterly Journal of Management Accounting, 5(13), 17-29. (In Persian).
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The journal of finance, 23(4), 589-609.
Altman, E. I., & Hotchkiss, E. (2006). Corporate financial distress and bankruptcy : predict and avoid bankruptcy, analyze and invest in distressed debt. 354.
Anwar,, G., & Abdullah, N. N. (2021). The impact of Human resource management practice on Organizational performance. International Journal of Engineering, Business and Management, 5(1), 35–47. https://doi.org/10.22161/IJEBM.5.1.4
Barbuța-Mișu, N., & Madaleno, M. (2020). Assessment of bankruptcy risk of large companies: European countries evolution analysis. Journal of Risk and Financial Management, 13(3), 58.
Barney, Barney, J. B., Ketchen, D. J., & Wright, M. (2011). The Future of Resource-Based Theory: Revitalization or Decline? Https://Doi.Org/10.1177/0149206310391805, 37(5), 1299–1315.
Bendickson, J. S., & Chandler, T. D. (2019). Operational performance: The mediator between human capital developmental programs and financial performance. Journal of Business Research, 94, 162-171.
Bakhrdi Nasab, Vahid. (2018). Predict Bankruptcy Using Workforce Agility in the Organization. Journal of Human Capital Empowerment, 2 (4), 317-329. (In Persian).
Brédart, X., Séverin, E., & Veganzones, D. (2021). Human resources and corporate failure prediction modeling: Evidence from Belgium. Journal of Forecasting, 40(7), 1325-1341.
Cenciarelli, V. G., Greco, G., & Allegrini, M. (2018). Does intellectual capital help predict bankruptcy?. Journal of intellectual capital.19(2), 321-337.
Chang, S. L. (2007). Valuing intellectual capital and firms' performance: Modifying Value Added Intellectual Coefficient (VAIC (TM)) in Taiwan IT industry (China), 68 (07).
Chen, M. Y. (2011). Bankruptcy prediction in firms with statistical and intelligent techniques and a comparison of evolutionary computation approaches. Computers & Mathematics with Applications, 62(12), 4514-4524.
Dalwai, T., & Salehi, M. (2021). Business strategy, intellectual capital, firm performance, and bankruptcy risk: evidence from Oman's non-financial sector companies. Asian Review of Accounting. 29(3), 474-504.
Du Jardin, P. (2012). The influence of variable selection methods on the accuracy of bankruptcy prediction models. Bankers, Markets & Investors, 116, 20–39.
Emami Emami Meibodi, A., Jamei, R., Najafi, G., & Behrooz, A. (2021). The effect of investment in human resources to report on internal control over financial reporting of listed companies in Tehran Stock Exchange. Program and Budget Research, 2(1), 7–30. (In Persian).
Euler Hermes Economic Research. (2019). The View Economic Research. Available
Flamholtz, E. G. (1998). Human resource accounting. Jossey-Bass publisher.Los Angeles.
Frantzreb, Frantzreb, R. B., Landau, L. L. T., & Lundberg, D. P. (1974). The valuation of human resources. Business Horizons, 17(3), 73–80.
Ghadiri Moghadam, A., Gholampourfard, M.M., & Nasirzadeh, f. (2009). Investigating the Ability of Altman and Ahlson Bankruptcy models in Predicting the Bankruptcy of accepted Companies in the Stock exchange, Journal of Knowledge and development, 16(28), 193-220. (In Persian).
Ghayouri Moghadam, A., Mohamadi Zanjirani, D., & Neamatollahi, Z. (2012). Investigation of the Intellectual Capital Effects on Efficiency as a Measure of Business Performance, Journal of Financial Accounting Research, 4, (3), 87-104. (In Persian).
Ghodrati, H., & Manavi Moghadam, A.H. (2010). Check the accuracy of bankruptcy prediction models (Altman, Shirata, Ahleson, Zemsky, Springitt, CEScore, Fulmer, Farajzadeh Genetics and Mckay Genetics Models) in Tehran Stock Exchang, Journal of Accounting Research, 2(7), 128-144. (In Persian).
Gord, A., & Habibi Kandbon, V. (2010). Evaluation of financial capability of pharmaceutical companies based on springgate model, Journal of Economic Research and Policy, 17(52), 117-136. (In Persian).
Izadinia, N., Rabiee, H., & Hamidian, N. (2013). A Study of the Relationship between Financial Leverage and Real Earning Management of Listed Companies in Tehran Stock, Journal of Accounting Advances, 5(1), 33-54. (In Persian).
Jashari, A., & Kutllovci, E. (2020). The impact of human resource management practices on organizational performance case study: manufacturing enterprises in Kosovo. Business: Theory and Practice, 21(1), 222-229.
Kashive, N. (2012). Creating Employer Brand by Valuing Human Capital in Organization and Measuring Intangible Assets, International Journal of Enterprise Computing and Business Systems, 2(1), 1-24.
Lensberg, T., Eilifsen, A., & McKee, T. E. (2006). Bankruptcy theory development and classification via genetic programming, European Journal of Operational Research, 169(2), 677-697.
Likert, R. (1967). The human organization: its management and values, New York: Mcgraw -Hill.
Mahdavi, GH. H., & Sahlabadi, S. (2012). Imperical Investigation of the Relationship between Human Resource value and Stock Rate of Return of companies listed on Tehran Stock Exchange, Journal of Experimental Accounting Research, 2, 2(4), 17-33. (In Persian).
Mansour, J. (2008). Business law, Tehran: Publication of the meeting, sixty-Forth edition. (In Persian).
Myers, M. S., & Flowers, V. S. (1974). A Framework for Measuring Human Assets:Http://Dx.Doi.Org/10.2307/41164522, 16(4), 5–16.
Moradi Shahdadi, K., Anvary Rostamy, A. A., Ranjbar, M. H., & Sadeghi Sharif, S. J. (2018). Explaining Impacts of Intellectual Capital on Reducing Firms’ Probability of Bankruptcy: Evidence from Tehran Stock Exchange. Organizational Resources Management Researchs, 7(4), 157-159. (In Persian).
Namazi, M., & Ghadirian Arani, M.H. (2014). Investigation of the relationship between bankruptcy risk intellectual capital and its components for the companies listed in Tehran stock Exchange, Journal of Experimental Accounting Research, 4, (1), 115-141. (In Persian).
Namazi, N., & Khajavi, Sh. (2005). Usefulness of Accounting variable in predicting systematic risk of companies listed on the Tehran Stock Exchange, Journal of Accounting and Auditing Reviews, 11(38), 93-119. (In Persian).
Norosh, I., & Yazdani, S. (2010). Investigating the effect of Financial Leverage on Investment in companies listed on the Tehran Stock Exchange, Journal of Financial Accounting Research, 2, 2(4), 35-48. (In Persian).
Pajhohi, M.R. (1993). Human Resource Accounting model for the Valuation of human resources, Quarterly Journal of Improvement and Transformation Management Studies, 2(8), 83-93. (In Persian).
Pulic, A. (2000). VAIC™–an accounting tool for IC management, International journal of technology management, 20(5-8), 702-714.
Roshandel Arbatani, T, Shirvani Naghani, M. (2015). Provide a model for improving the organization's financial performance, emphasizing the role of "human resource composition" and "management stability". Financial Research, 17 (2), 199-218. (In Persian).
Shah Alizadeh, R. (2013). Costing, Valuation and Reporting Human Resource, Journal of Accounting and Auditing Studies, 1, 4(1), 98-110. (In Persian).
Shrouf, H., Al-Qudah, S., Khawaldeh, K., Obeidat, A., & Rawashdeh, A. (2020). A study on relationship between human resources and strategic performance: The mediating role of productivity. Management Science Letters, 10(13), 3189-3196.
Yahyazadefar, M., Aghajani, H.A., & Yahyatabar, f. (2014). Investigation of the relationship between Intellectual Capital and companies performance in Tehran Stock exchange, Journal of Financial Research, 16, 1(1), 181-199. (In Persian(
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