Role of human assets in measuring firm performance and its implication for firm valuation

被引：0
|
作者：
Maiti M. [1 ]
Vuković D. [1 ,2 ]
机构：
[1] Department for Finance, St. Petersburg School of Economics and Management, National Research University Higher School of Economics, Kantemirovskaya St. 3A, Saint Petersburg
[2] Finance and Credit Department, Faculty of Economics, People’s Friendship University of Russia (RUDN University), Miklukho-Maklaya str.6, Moscow
来源：
Journal of Economic Structures | / 9卷 / 1期
关键词：
Asset Pricing; Factor models; Human asset; Risk;
D O I：
10.1186/s40008-020-00223-3
中图分类号：
学科分类号：
摘要：
The purpose of the study is to evaluate the role of human asset in firm performance and its implication for firm valuation. To do so a modified five-factor model with human asset designed for capturing the size, value, profitability and investment in average portfolio returns that performs better than both Fama–French (1993) three- and Fama–French (2015) five-factor model. Study redefines CMA factors as CvMAv that includes human assets in it. The main problem with the modified five-factor model with human asset is the microcap with conservative investment stocks whose returns behave like that low-value unprofitable firms. © 2020, The Author(s).
引用
收藏
相关论文
共 50 条
  • [1] HUMAN CAPITAL MATTERS: MARKET VALUATION OF FIRM INVESTMENTS IN TRAINING AND THE ROLE OF COMPLEMENTARY ASSETS
    Riley, Shawn M.
    Michael, Steven C.
    Mahoney, Joseph T.
    [J]. STRATEGIC MANAGEMENT JOURNAL, 2017, 38 (09) : 1895 - 1914
  • [2] Firm market valuation and intellectual property assets
    Dosso, Mafini
    Vezzani, Antonio
    [J]. INDUSTRY AND INNOVATION, 2020, 27 (07) : 705 - 729
  • [3] VALUATION OF HUMAN ASSETS IN A SECURITIES BROKERAGE FIRM - AN EMPIRICAL-STUDY
    FLAMHOLTZ, EG
    [J]. ACCOUNTING ORGANIZATIONS AND SOCIETY, 1987, 12 (04) : 309 - 318
  • [4] Shadow costs of incomplete information and short sales in the valuation of the firm and its assets
    Bellalah, Mondher
    [J]. NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2016, 37 : 406 - 419
  • [5] The Role of Smog in Firm Valuation
    Peng, Muze
    Zeng, Yating
    Yang, David C.
    Li, Bin
    [J]. EMERGING MARKETS FINANCE AND TRADE, 2022, 58 (03) : 883 - 895
  • [6] The role of revenue in firm valuation
    Chandra, Uday
    Ro, Byung T.
    [J]. ACCOUNTING HORIZONS, 2008, 22 (02) : 199 - 222
  • [7] Incentive effects of executive compensation and the valuation of firm assets
    O'Connor, Matthew L.
    Rafferty, Matthew
    [J]. JOURNAL OF CORPORATE FINANCE, 2010, 16 (04) : 431 - 442
  • [8] The Role of Human Capital in Firm Valuation: An Application on BIST
    Ozer, Gokhan
    Cam, Ilhan
    [J]. 12TH INTERNATIONAL STRATEGIC MANAGEMENT CONFERENCE, ISMC 2016, 2016, 235 : 168 - 177
  • [9] Measuring the relationship between marketing assets, intellectual capital and firm performance
    Pucci T.
    Simoni C.
    Zanni L.
    [J]. Journal of Management & Governance, 2015, 19 (3) : 589 - 616
  • [10] The role of intangible assets and liabilities in firm performance: empirical evidence
    Haji, Abdifatah Ahmed
    Ghazali, Nazli Anum Mohd
    [J]. JOURNAL OF APPLIED ACCOUNTING RESEARCH, 2018, 19 (01) : 42 - 59
12345