We examine the effect of systems of human resource practices on investment efficiency. We argue that employees at all levels of an organization play a significant role in efficient corporate investment. Thus, human resource systems aimed at improving employee quality should be associated with efficient corporate investment. However, the outcome of such systems can be controversial, as they are often ineffective, costly, have dis-synergies and deprive other types of investments of funding, which could lead to deviations from optimal investment. Our findings reveal that systems of human resource practices are negatively associated with investment efficiency, inducing both over- and under-investment. Results are driven mainly by an HR system with a more direct cash cost and are more pronounced with respect to investments in R&D and acquisitions. Overall, our findings are consistent with human resource systems not aligning employees' and shareholders' interests, with consequences for investment efficiency.

我们研究了人力资源实践系统对投资效率的影响。我们认为，组织各级的员工在有效的企业投资中发挥着重要作用。因此，旨在提高员工素质的人力资源系统应该与有效的企业投资相关联。然而，此类系统的结果可能存在争议，因为它们通常效率低下、成本高昂、协同效应不佳并剥夺其他类型的投资资金，这可能导致偏离最佳投资。我们的研究结果表明，人力资源实践系统是消极的与投资效率相关，导致过度投资和投资不足。结果主要由具有更直接现金成本的人力资源系统驱动，并且在研发和收购方面的投资更为明显。总的来说，我们的研究结果与人力资源系统不一致，不符合员工和股东的利益，对投资效率有影响。