Human Resources Turnover as an Asset Acquisition, Accumulation and Divesture Process | Zendy

Maria Fotaki | Zendy; Raphael N. Markellos | Zendy; Maria Mania | Zendy; Stefan Szymanski | Zendy; John Goddard | Zendy; Gilad Livne | Zendy; Lynn Hodgkinson | Zendy; Markus Schmid | Zendy; Juán de Dios | Zendy; Tena Horrillo | Zendy; Peter Norman Sørensen | Zendy

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Human Resources Turnover as an Asset Acquisition, Accumulation and Divesture Process

Author(s) -

Maria Fotaki,

Raphael N. Markellos,

Maria Mania,

Stefan Szymanski,

John Goddard,

Gilad Livne,

Lynn Hodgkinson,

Markus Schmid,

Juán de Dios,

Tena Horrillo,

Peter Norman Sørensen

Publication year - 2009

Publication title -

ssrn electronic journal

Language(s) - English

Resource type - Journals

ISSN - 1556-5068

DOI - 10.2139/ssrn.1325645

Subject(s) - asset turnover , process (computing) , business , asset (computer security) , finance , computer science , computer security , stock exchange , return on assets , operating system

This paper sheds light on the drivers and consequences of turnover in human resources within a firm. Our perspective is novel and borrows elements from the corporate finance literature and the Resource-Based View of the firm which deal with the purchase, sale and improvement of assets. The analysis employs an event study using daily panel data from a group of listed clubs in the UK soccer industry. Our results suggest asymmetric wealth effects of human resources turnover: the acquisition of soccer players is associated with negative abnormal club stock returns while player sales and loans have an opposite effect.

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