High‐involvement work practices and analysts' forecasts of corporate earnings

George S. Benson · Susan M. Young · Edward E. Lawler

62 citations0/0 files storedHuman Resource Management

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Auditing, Earnings Management, Governance Corporate Finance and Governance Accounting and Organizational Management

Abstract

Abstract Research has shown that high‐involvement work practices are positively related to corporate financial performance. However, it is unknown if investors are able to use information on high‐involvement practices to predict the performance of specific companies. In this study, we examine earnings forecasts for a sample of Fortune 1000 firms and find professional stock analysts consistently underestimated the earnings of firms that made greater use of high‐involvement practices during the 1990s. Based on data collected from newspaper articles and annual reports, we argue that these lower estimates resulted from a lack of information on innovative HR practices. Recommendations to managers for disseminating information on and leveraging highinvolvement HR practices are discussed. © 2006 Wiley Periodicals, Inc.

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References

1995THE IMPACT OF HUMAN RESOURCE MANAGEMENT PRACTICES ON TURNOVER, PRODUCTIVITY, AND CORPORATE FINANCIAL PERFORMANCE.1995Human Resource Bundles and Manufacturing Performance: Organizational Logic and Flexible Production Systems in the World Auto Industry 1994EFFECTS OF HUMAN RESOURCE SYSTEMS ON MANUFACTURING PERFORMANCE AND TURNOVER.1996THE IMPACT OF HUMAN RESOURCE MANAGEMENT ON ORGANIZATIONAL PERFORMANCE: PROGRESS AND PROSPECTS.1962New Patterns of Management.1996Corporate Disclosure Policy and Analyst Behavior.1994Competitive Advantage Through People 1996HUMAN RESOURCE MANAGEMENT, MANUFACTURING STRATEGY, AND FIRM PERFORMANCE.

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