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The Impact of an Innovative Human Resource Function on Firm Performance: the Moderating Role of Financing Strategy

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  • J Dawson
  • Neal Knight-Turvey
  • Andrew Neal
  • M West
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    Abstract

    The current study examined the impact of the human resource function and financing strategyon the financial performance of 104 UK manufacturing firms. Hypotheses are drawn from aresource-based perspective on human resource management and a financial theoryperspective on capital structure. Results show that an innovative HR function is significantlyrelated to economic performance. However, the relationship between an innovative HRfunction and economic performance was moderated by the firm¿s financing strategy. Firmsobtained higher returns from an innovative HR function when pursuing a low leveraging(debt) financing strategy, a finding consistent with modern finance theory notions that firmspecificstrategic assets provide greatest value when financed primarily through equity asopposed to debt.

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    File URL: http://cep.lse.ac.uk/pubs/download/dp0630.pdf
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    Bibliographic Info

    Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0630.

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    Date of creation: Apr 2004
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    Handle: RePEc:cep:cepdps:dp0630

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    Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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    Keywords: human resource function; manufacturing; firm performance; asset characteristics;

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    1. Raymond Caldwell, 2003. "The Changing Roles of Personnel Managers: Old Ambiguities, New Uncertainties," Journal of Management Studies, Wiley Blackwell, vol. 40(4), pages 983-1004, 06.
    2. Williamson, Oliver E, 1988. " Corporate Finance and Corporate Governance," Journal of Finance, American Finance Association, vol. 43(3), pages 567-91, July.
    3. Mocnik, Dijana, 2001. "Asset specificity and a firm's borrowing ability: an empirical analysis of manufacturing firms," Journal of Economic Behavior & Organization, Elsevier, vol. 45(1), pages 69-81, May.
    4. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
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