برون سپاری منابع انسانی : اثرات بازار و کارایی عملیاتی عمکردهای منابع انسانی اجرایی
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|664||2012||7 صفحه PDF||سفارش دهید||5590 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Business Research, Available online 7 October 2012
Using event study methodology and two-stage regression analysis on a sample of firms announcing human resource outsourcing (HRO) contracts, this study tests the association between administrative HRO and firm-level capital market and long run operating performance, with archival financial data controlling for endogeneity and outsourcing decision optimality. The results demonstrate that the equity capital market responds positively to client firms announcing administrative HRO, particularly service firms and those outsourcing transactional HR tasks. Additional statistical analysis shows that suboptimal outsourcing is negatively associated with long run operating performance measured as return on assets and operating return on assets. This study contributes to outsourcing literature by more precisely quantifying outsourcing performance through archival financial data and employing capital market empirical tests. Further, it controls for outsourcing decision optimality in examining long run operating performance effects. This research focuses on HR, a critical function within the firm and value enhancing to the firm.
Firms outsource human resource (HR) services for cost savings, efficiency, service improvements, access to HR expertise and increased flexibility (Bendorf and Barge, 2005, Lee, 2007, Marquez, 2007 and Oshima et al., 2005). Transaction cost economics (TCE) along with capital market and resource based theories suggests an association between outsourcing HR services and overall firm performance (e.g., Lai & Chang, 2010). Yet the existing outsourcing literature has not established an empirical link between human resource outsourcing (HRO) and firm performance, nor has a link been established to the equity capital markets. Prior HRO research primarily addresses the client's decision to outsource (e.g., Adler, 2003, Delmotte and Sels, 2008, Klaas et al., 2001 and Kosnik et al., 2006), characteristics of outsourcing clients (Klaas et al., 2001), the outsourcing relationship (Lievens & Corte, 2008), and the effect of outsourcing on employees (Fisher et al., 2008 and Kessler et al., 1999). Given the far-reaching effect of the HR function within the firm, understanding the outsourcing decision impact is critical for managers desiring to improve profitability and equity market impact. Managing a firm's workforce effectively and strategically can increase shareholder value by 10 to 20% (Becker & Huselid, 2003). This underscores the economic importance of the HR system. Outsourcing HR services can potentially improve organizational efficiency and HR service performance, as well as provide significant cost savings. In fact, some estimate that transforming human resources to optimize efficiency can result in labor cost savings of $9.8 billion for a typical Fortune 500 company (Hansen, 2008) and should lead to improved firm performance.
نتیجه گیری انگلیسی
In contrast to the varying results reported by existing outsourcing research, and the critical strategic influence of HR, this analysis uniquely documents the short and long term wealth effects associated with HRO. Based on transaction cost economics, resource based theory and capital market theory, the sample of firms publicly releasing HRO announcements and the matched control sample of non-outsourcing firms provide evidence of positive market wealth effects resulting from adopting a human resource outsourcing strategy and of negative operating performance when the outsourcing decision is not optimal. The results support H1 with a significant positive market response after the outsourcing announcement equating to an economically significant mean abnormal gain on equity the day following the announcement of over $87 million. Additionally, the transactional HR functions (benefits administration, income and employment verification, learning or training and HR information technology) are differentially related to the positive market response (H2) indicating an expectation of positive cash flows resulting from outsourcing these services. Consistent with Hayes et al.'s (2000) study on IS outsourcing, the results show that for this sample, service industry firms experience a positive market response. This suggests that the capital market may view favorably firms that rely greatly on human capital and outsource their transactional HR functions. In keeping with the capital market theory increased cash flow expectations, this study documents a decline in OROA in the short term, but improved ROA two years after the announcement. An important result relies on residual analysis which provides a means to evaluate the optimality of the outsourcing decision, and controls for potential endogeneity concerns. Firms whose HRO participation is suboptimal experience a decline in ROA three years after the announcement (H3).