خلاصة:
Since the goal of most organizations is to create value for the stockholders and this is realized in firms enlisted in Stock Exchanges in the form of stock return, it seems absolutely necessary to absorb the attention of managers to the issue of human force efficiency to recognize the effect of human force efficiency in achieving this goal and in recognizing the probable obstacles. The goal of the present research is to assess the effect of human force efficiency on stock return in firms enlisted in Tehran Stock Exchange. To do so, 83 firms enlisted in Stock Exchange during the time period between 2004 and 2013 from among 15 different industries were selected to test the hypotheses. To analyze the variables we have used a multiple regression method of cross sectional and time series data to determine the relationship between independent and dependent variables. Results of the estimation of pooled data regression showed that pooling data method has been an appropriate method to estimate the model. Results of regression and correlation analysis showed that there has not been a meaningful relationship between human force efficiency and firms' stock return in Tehran Stock Exchange. Also there has not been a difference between users' firms and capital firms regarding this issue. Then, the effect of industry type on this relationship was tested and it was concluded that in 6 industries this relationship was negative and in 4 there has been a positive relationship while in 5 industries there was not any relationship observed.
ملخص الجهاز:
"Below the calculation type of each of the variables has been presented: Hypotheses test model R= β0+ β1EFF+ β2SIZE + β3LEV+ β4EMP + β5GDP + β6INF+ β7SGH+ β8IND +ε Where, R = stock return EFF = human force efficiency SIZ = firm size LEV = leverage EMP = employment growth rate GDP = gross domestic production INF = inflation SGH = stock price index growth IND = industry size factor β 0 = latitude form base β1 to β8 = regression coefficients ε = model interference Dependent variable Stock return can be calculated by using the following equation: Where, Pt = stock price at the end of period t Pt-1 = stock price at the start of period t or at the end of period t-1 Dt = benefits resulting from stock ownership that has been appropriated to the stockholder within period t (Raee & Pouyanfar, 2012, 110).
Table (7): Results of the relationship between different industries and stock return No. Industry name Relationship with stock return 1 Metal mine lack of meaningful relationship 2 Foods except sugar lack of meaningful relationship 3 Computer lack of meaningful relationship 4 Chemical meaningful and negative relationship 5 Coal meaningful and positive relationship 6 Basic metals meaningful and positive relationship 7 Tile and ceramic lack of meaningful relationship 8 Sugar and cube sugar meaningful and negative relationship 9 Machinery meaningful and negative relationship 10 Electric tools meaningful and negative relationship 11 Metal products meaningful and positive relationship 12 Non-metal mines meaningful and positive relationship 13 Automobiles meaningful and negative relationship 14 Medicines lack of meaningful relationship 15 Rubber meaningful and negative relationship Results of third hypothesis: Results of this table showed that except the control variable of leverage that has had a negative and meaningful relationship with stock return, all control variables and the dependent variable (human force efficiency) have had a lack of meaningful relationship with stock return."