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HRM and Value Creation

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  • Michel PHILIP & Patrick Micheletti
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    Abstract

    It’s conceptually attractive to look for connection between performance, HRM and economic situation. How measure epiphenomenon’s impact when we can’t isolate that from global strategy? If casual relations maybe established, event can be interpreted in several ways (e.g. its chicken and egg situation…). This paper presents the results of a research on corporate performance measured by the creation of shareholder value. To do that we test empirically forced ranking’s performance versus all other classic human resource managements’ result first with a statistical comparison of share based on fortune 100 (from 1996 to 2000); second with Standard & Poor’s (S&P) 500 value creation (from 1997 to 2000) with “Marakon Associates†(the growth between Market-to-book values ratio and the ROE spread (ROE – Cost of equity capital)

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    File URL: http://repec.org/sce2005/up.3657.1107167993.pdf
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    Bibliographic Info

    Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2005 with number 264.

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    Date of creation: 11 Nov 2005
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    Handle: RePEc:sce:scecf5:264

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    Keywords: Forced Ranking; Classic HRM; Value Creation;

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    1. André Zylberberg & Pierre Cahuc, 1994. "Que reste-t-il de la théorie du salaire d'efficience ?," Revue économique, Presses de Sciences-Po, vol. 0(3), pages 385-398.
    2. Gérard Charreaux, 1996. "Vers une théorie du gouvernement des entreprises," Working Papers CREGO 0960501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    3. Macleod, W.B. & Malcomson, J., 1989. "Wage Premiums And Profit Maximisation In Efficiency Wage Models," Papers 337, London School of Economics - Centre for Labour Economics.
    4. Jean-François Troussier, 1993. "Relation d'effort et salaire au mérite," Revue Française d'Économie, Programme National Persée, vol. 8(2), pages 133-176.
    5. Canice Prendergast, 1999. "The Provision of Incentives in Firms," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 7-63, March.
    6. Fama, Eugene F & French, Kenneth R, 1995. " Size and Book-to-Market Factors in Earnings and Returns," Journal of Finance, American Finance Association, vol. 50(1), pages 131-55, March.
    7. Philippe Desbrières & Sylvie Saint-Onge & Michel Magnan, 2000. "Les plans d'option sur actions:théorie et pratique," Working Papers CREGO 1000102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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