High‐involvement work practices and analysts' forecasts of corporate earnings
研究发现，在1990年代，专业股票分析师持续低估了采用高参与工作实践的公司的盈利，原因在于缺乏关于创新人力资源实践的信息。
Abstract Research has shown that high‐involvement work practices are positively related to corporate financial performance. However, it is unknown if investors are able to use information on high‐involvement practices to predict the performance of specific companies. In this study, we examine earnings forecasts for a sample of Fortune 1000 firms and find professional stock analysts consistently underestimated the earnings of firms that made greater use of high‐involvement practices during the 1990s. Based on data collected from newspaper articles and annual reports, we argue that these lower estimates resulted from a lack of information on innovative HR practices. Recommendations to managers for disseminating information on and leveraging highinvolvement HR practices are discussed. © 2006 Wiley Periodicals, Inc.