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

Maria Fotaki, Raphael N. Markellos, Maria Mania
2009 Social Science Research Network  
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
more » ... er players is associated with negative abnormal club stock returns while player sales and loans have an opposite effect. * p<0.10 ** p<0.05 *** p<0.01
doi:10.2139/ssrn.1325645 fatcat:thuep6j3bjfzjhtvofbixufba4