Бидний тухай
Багш ажилтан
This study investigates the impact of human capital on financial performance using financial statement data from Mongolia's Ministry of Finance E-balance system spanning 2013 to 2022. Utilizing a robust dataset of 210,950 firm-year observations and employing both fixed effects and System Generalized Method of Moments (GMM) models, we find that human capital investments, as measured by the human capital ratio, significantly enhance financial performance, measured by Tobin's Q. Our results indicate that firms investing more in employee wages, social insurance, and training relative to their sales exhibit higher market valuations. Additionally, firm size, leverage, cash holdings, tangible assets, growth, and liquidity are significant determinants of financial performance. The findings underscore the strategic importance of human capital in achieving superior firm outcomes, providing valuable insights for managers and policymakers aiming to enhance organizational performance through effective human resource practices.
This study investigates the impact of human capital on financial performance using financial statement data from Mongolia's Ministry of Finance E-balance system spanning 2013 to 2022. Utilizing a robust dataset of 210,950 firm-year observations and employing both fixed effects and System Generalized Method of Moments (GMM) models, we find that human capital investments, as measured by the human capital ratio, significantly enhance financial performance, measured by Tobin's Q. Our results indicate that firms investing more in employee wages, social insurance, and training relative to their sales exhibit higher market valuations. Additionally, firm size, leverage, cash holdings, tangible assets, growth, and liquidity are significant determinants of financial performance. The findings underscore the strategic importance of human capital in achieving superior firm outcomes, providing valuable insights for managers and policymakers aiming to enhance organizational performance through effective human resource practices.
