| چکیده انگلیسی مقاله |
There are many positive and negative viewpoints regarding the necessity of slack resources in organizations. At the same time, it seems that the degree of ease of reuse of organizational slack resources, and especially human slack resources, is a function of the size of companies. Therefore, this research investigated the effect of human and financial slack resources on profitability, with an emphasis on the size factor of listed companies in the TSE from 2013 to 2023. For the study, there were selected 141 listed companies. The pooled/paned regression models were applied to examine hypotheses. Findings indicate that human slack resources and potential financial slack resources have no optimal point. However, the correct management of capital structure and working capital has led to the optimal performance of financial slack resources (containing absorbed and unabsorbed resources). In addition, the optimal profitability of financial slack resources (containing absorbed and unabsorbed resources) was higher in small and medium-sized companies than in large companies. Introduction Slack resources or the abundance of these resources (both financial and human resources) in organizations include resources that have been prepared beyond their current requirements and needs. In general, according to experts, the different classes of financial slack resources are: 1. Absorbed (Recoverable) Slack: Resources that have already been absorbed into the company in the form of capital and additional costs and may be recovered and reused at an unfavorable time. 2. Unabsorbed (Available) Slack: Resources not included in the organization's technical design, and 3. Potential Slack: These resources represent the capacity of organizations to obtain additional resources from the external environment, including increasing debt through the issuance of debt securities or increasing capital through the issuance of stock, as well as the capacity of organizations to receive government assistance, etc. However, there are many positive and negative viewpoints in the field of the necessity and the existence of these resources in organizations. At the same time, it seems that the degree of ease of reuse of organizational slack resources, and especially human slack resources is a function of the companies' size. Therefore, in this research, it was investigated the effect of slack resources on profitability with an emphasis on the size of listed companies in the Tehran Stock Exchange in line with the empirical explanation of the views in this field during 2013-2023. For the study, 141 listed companies were selected. Due to the existence of positive and negative views regarding the necessity of financial and human slack resources and the lack of empirical confirmation of the dominant view in this field, as well as the special attention of shareholders to the profitability of companies in the capital market, conducting this research is of great importance and necessity. It is expected that the results of the present study, in addition to guiding investors in making correct and rational decisions, will lead to the efficiency of human resources, the optimal allocation of financial resources in the capital market, and finally, the efficiency of the TSE. Methods & Material From the perspective of implementation logic, the present study is in the field of deductive-inductive research, based on the purpose, in the class of descriptive research, from the point of view of implementation method, in the category of correlational research, in terms of the implementation process (in terms of the type of data studied), it is among quantitative research, from the perspective of the result, in the category of fundamental research, and in terms of the time dimension, it is among longitudinal research (post-event). In the present study, the pooled/paned regression models were applied to examine hypotheses in software EViews 13. In the research, the criteria of employee growth to sales growth were used to determine human slack resources, the criteria of the ratio of equity to debt were used to measure absorbed (recoverable) financial slack resources, the current ratio was used to determine unabsorbed (available) financial slack resources, and the debt capacity was used to calculate the potential financial slack resources. Also, the gross profit margin index (the ratio of gross profit to total assets) was used to measure the profitability of companies. In this study, the control variables of company size, company age, and ratio of tangible fixed assets, & the moderator and dummy variable of company size were used, too. Findings Findings indicate that there are no curvilinear (non-linear) relationships between human slack resources and potential financial slack resources with the profitability of companies. In other words, these sources have no optimal point. However, there are curvilinear relationships (inverted U-shaped) between absorbed and unabsorbed financial slack resources and with profitability of companies. Other results indicate that the amount of optimal profitability due to absorbed and unabsorbed slack financial resources was higher in small and medium-sized companies than in large companies. Conclusion & Results According to the behavioral theory of firms and the view of those who support the existence of financial slack resources, the existence of financial slack resources is expected to lead to greater benefits for firms by creating profitable investment opportunities. Also, regarding human slack resources, some researchers believe in the driving and shock-absorbing role of these resources, which can have a positive impact on the profitability of companies. This is while opponents of financial slack resources, mainly based on agency theory, believe that managers may abuse these resources for their benefit. In other words, the existence of these resources leads to inefficient and suboptimal behavior in companies. In the field of human slack capacities and resources, some researchers believe that these excess capacities, especially when companies face a crisis, will have a financial burden and negative effects on profitability. However, given the lack of empirical confirmation of the dominant view in this field, it is expected that the relationship between slack resources and the profitability of companies will be in the form of a non-linear quadratic equation. It was also stated that it takes more time to move employees to different tasks in organizations compared to reusing financial slack resources. However, in the case of small and medium-sized companies, it is easier to bring back and redeploy human slack resources, because, in such enterprises, employees are often multi-taskers and can perform other responsibilities that lack the employee. In contrast, employees in large companies are more specialized in their skills and are less likely can compensate for the absence of their colleagues. Therefore, the ease with which organizational resources, and especially human resources, can be redeployed seems to be a function of the company's size. The lack of optimal points in the field of human and potential financial slack resources indicates the lack of proper management of human resources and financial resources (based on criteria of debt capacity) in listed companies. However, the existence of an optimal point in regard to absorbed and unabsorbed financial slack resources shows the correct management of capital structure and working capital in sample companies; So that these resources have led to the optimal performance of companies based on the gross profit margin index. |