نوع مقاله : مقاله پژوهشی
نویسندگان
1 دکتری حسابداری، گروه حسابداری، دانشکده علوم اجتماعی و اقتصاد، دانشگاه الزهرا، تهران، ایران
2 دانشیار، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران
3 کارشناسی ارشد حسابداری، بانکدار، بانک سینا، ارومیه، ایران
چکیده
کلیدواژه‌ها
عنوان مقاله [English]
نویسندگان [English]
Objective: Credit rating is important for decisions so it is important to investigate the factors affecting it. It is expected that effective investment in human resources will lead to a reduction in the credit risk of companies through an increase in profitability. and as a result, their credit rating will improve. Inefficient employment of the workforce is costly, since the amount of labor and wage expenses in comparison with other types of costs in most firms and manufacturing companies is highly significant. Such inefficiency can reduce profitability and, consequently, exert an important influence on increasing the firm’s risk level and decreasing its credit rating. Moreover, inefficient investment in human resources through increased agency costs due to situational monitoring and the existence of a murky information environment can lead to a decrease in profitability. Given that lower profitability may create continuity concerns for the firm and increase the likelihood of bankruptcy, this factor can ultimately contribute to a decline in the corporate credit rating. In other words, the main objective of this study is to examine whether inefficient investment in labor, through its adverse effect on profitability, can lead to a deterioration in a firm’s credit rating.
Methods: In this research, a sample consisting of 126 companies admitted to the Tehran Stock Exchange during the period of 2014-2024 was examined. Human capital investment inefficiency was measured using the method of Jang, Lee, and Weber (2014), and credit rating was obtained through the emerging market scoring model. The return on equity was calculated by dividing net profit by the book value of equity. Subsequently, the research hypotheses were tested using linear regression and the Sobel test with Eviews and Stata software.
Results: The results of the research show the negative effect of the inefficiency of investment in human resources on profitability and positive effect of profitability on credit rating, and this effect is statistically significant. Based on the results of the study, it can be concluded that inefficient investment in human resources leads to a decrease in profitability, on the other hand, low profitability leads to an increase in risk and, as a result, a decrease in the credit rating of companies, but the mediating effect of profitability in the relationship between inefficient investment in human resources and credit rating was not confirmed.
Conclusion: The findings of this study indicate that the workforce is a crucial production factor influencing profitability and serves as a vital element for companies in achieving competitive advantage. Therefore, it is recommended that company managers exercise greater diligence during the recruitment process to minimize monitoring and agency costs. Also, given the inverse relationship between credit rating and profitability, it is recommended that companies focus on implementing cost control programs to increase profitability.
Innovation: The novelty of this study lies in the development of an integrated framework to examine the impact of human capital investment inefficiency on corporate profitability and credit ratings. This approach not only facilitates the enhancement of organizational performance regarding human resource utilization but also enriches the credit rating literature, particularly given the nascent state of rating agencies in the Iranian context.
کلیدواژه‌ها [English]
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