The Impact of the Contribution of Performance

Measurement Tools; HR Balanced Scorecard and Metrics, in Enhancing Employees Performance

"Empirical Study on the Investor Relations Departments

in the Palestinian Public Shareholding Companies"

مـــــــدى تأثیــــــــــــــر مساھمــــــــــــــة أدوات قیـــــــــــــــــــاس األداء

موظفین) في تعزیز أداء الللموارد البشریة (بطاقة األداء المتوازن والمقاییس

"دراسة تطبیقیة على دوائر عالقات المستثمرین في الشركات الفلسطینیة المساھمة العامة"

By Karim Azmi Khalaf

Supervised by Dr. Sami Ali Abo Al-Ross

Associate Professor in Business Administration

A thesis submitted in partial fulfilment of the requirements for the degree of Master of Business Administration

August, 2018

بغــزة اإلســـــالمیــــةالجـامعــــــــــة

عمادة البحث العلمي والدراسات العلیا

ةـوم اإلداریـلـاد والعـــصـتـة االقـیـلـك

ماجستیـــــــــــــر إدارة األعمـــــــــال

The Islamic University of Gaza

Deanship of Research and Graduate Studies Faculty of Economics & Management Sciences

Master of Business Administration

I

إقــــــــــــــرار

أنا الموقع أدناه مقدم الرسالة التي تحمل العنوان:

The Impact of the Contribution of Performance Measurement Tools; HR Balanced Scorecard and Metrics, in Enhancing Employees Performance

"Empirical Study on the Investor Relations Departments in the Palestinian Public Shareholding Companies"

مـــــــدى تأثیــــــــــــــر مساھمــــــــــــــة أدوات قیـــــــــــــــــــاس األداء

موظفین) في تعزیز أداء الللموارد البشریة والمقاییس (بطاقة األداء المتوازن

دوائر عالقات المستثمرین في الشركات الفلسطینیة المساھمة العامة" "دراسة تطبیقیة على

أقر بأن ما اشتملت علیھ ھذه الرسالة إنما ھو نتاج جھدي الخاص، باستثناء ما تمت اإلشارة إلیھ حیثما ورد، وأن أي مؤسسة ھذه الرسالة ككل أو أي جزء منھا لم یقدم من قبل االخرین لنیل درجة أو لقب علمي أو بحثي لدى

تعلیمیة أو بحثیة أخرى.

Declaration

I understand the nature of plagiarism, and I am aware of the University’s policy on this. The work provided in this thesis, unless otherwise referenced, is the researcher's own work, and has not been submitted by others elsewhere for any other degree or qualification.

:Karim Azmi Khalaf Student's name اسم الطالب:

:Signature كریم عزمي خلف التوقیع:

:Date 18/08/2018 التاریخ:

II

III

Abstract This study aims to identify the impact of the contribution of performance

measurement tools represented by HR Balanced Scorecard “BSC” and HR Metrics in enhancing employees' performance in investor relations departments in the Palestinian Public Shareholding Companies listed in Palestine Exchange. To achieve the study objectives, the descriptive-analytical approach was used. A questionnaire sheet prepared by the researcher was designed as a primary tool for data collection. The study population consisted of (46) companies which received the questionnaire sheet using comprehensive survey method. A number of (42) questionnaire sheets were retrieved representing a response rate of (91.30%).

In order to analyse the relationship and effect between implementing the BSC and Metrics tools form one side and investor relations performance from the other side, Pearson correlation coefficient and simple linear regression were applied.

The study reached the following conclusions: 1- There was an agreement by the respondents on implementing the investigated

tools by the public shareholding companies listed in Palestine Exchange, as the relative weight of BSC tool was (79.34%) while the relative weight of Metrics tool was (74.26%).

2- There was also an agreement by the respondents on that the shareholding companies listed in Palestine Exchange pay attention to the employees’ performance in investor relations department, as the relative weight was (76.67%).

3- Results also showed a strong direct relation (R=0.931) between implementing BSC and Metrics tools by the public shareholding companies listed in Palestine Exchange on one hand, and enhancing the investor relations performance on the other hand.

4- Results also indicated a statistically significant effect of measurement tools variables (BSC, Metrics) on the performance of investor relations department.

The most important recommendations of the study are as follows: 1- Executive management in the public shareholding companies listed in

Palestine Exchange should adopt BSC and Metrics tools in evaluating their employees’ performance.

2- Providing workshops and seminars is necessary to keep track with recent scientific updates and developments in the field of measuring tools of employees’ performance.

3- A separated department under the name of (shareholders department) or (investor relations department) should be introduced and included within the organizational structure of the public shareholding companies listed in Palestine Exchange. This department should technically follow the chairperson of boards of directors and administratively follow the executive management.

IV

Abstract (Arabic Language Version)

ملخص الدراسة

تھدف الدراسة إلى التعرف على مدى تأثیر مساھمة أدوات قیاس األداء متمثلة في بطاقة األداء الفلسطینیة لدى دوائر عالقات المستثمرین في الشركات موظفینلمقاییس في تعزیز أداء الالمتوازن وا

ولتحقیق أھداف الدراسة تم استخدام المنھج الوصفي .المساھمة العامة المدرجة في بورصة فلسطینالتحلیلي، وقد تم تصمیم االستبانة من قبل الباحث كأداة رئیسیة لجمع المعلومات وقد تكون مجتمع الدراسة

) شركة وزع علیھم جمیعا االستبانة باستخدام أسلوب الحصر الشامل واسترجع من االستبیانات 46من ( %. 91.30تقارب ) بنسبة استرداد 42(

ولتحلیل العالقة واألثر بین تطبیق بطاقة األداء المتوازن والمقاییس (میتریكس) وأداء عالقات المستثمرین تم استخدام معامل االرتباط بیرسون واالنحدار الخطي البسیط، ومن أھم نتائج الدراسة التي

التالي:كتم التوصل إلیھا

تطبیق الش��ركات المس��اھمة العامة المدرجة في بورص��ة حول المس��تجیبین قبل ھناك موافقة من .1

% وللمقاییس (میتریكس) وبوزن نس��بي 79.34فلس��طین لبطاقة األداء المتوازن وبوزن نس��بي

74.26.%

حول اھتمام الش��ركات المس��اھمة العامة المدرجة في بورص��ة المس��تجیبین قبلھناك موافقة من .2

%.76.67في دائرة عالقات المستثمرین وبوزن نسبي موظفینفلسطین بأداء ال

) بین تطبیق الشركات المساھمة R=0.931أظھرت النتائج وجود عالقة ارتباط طردیة قویة ( .3

العامة المدرجة في بورصة فلسطین لبطاقة األداء المتوازن والمقاییس (میتریكس) وتعزیز أداء

عالقات المستثمرین.

داللة إحصائیة لمتغیرات أدوات قیاس األداء (بطاقة األداء وأظھرت النتائج وجود أثر ذ .4

المتوازن، میتریكس) على أداء دائرة عالقات المستثمرین.

:ما یليومن أھم التوصیات التي خلصت إلیھا الدراسة

المساھمة العامة المدرجة في بورصة فلسطین الفلسطینیة أھمیة تبني اإلدارة العلیا في الشركات .1

لبطاقة األداء المتوازن والمقاییس (میتریكس) في مجال تقییم أداء الموظفین.

ضرورة تقدیم ورش عمل وندوات لالطالع المستمر على آخر المستجدات والتطورات العلمیة .2

في مجال أدوات قیاس أداء الموظفین.

رة المساھمین) أو (دائرة عالقات المستثمرین) وإدراجھا ضرورة وجود دائرة تحت مسمى (دائ .3

المساھمة العامة المدرجة في بورصة فلسطین، الفلسطینیة ضمن الھیكل التنظیمي في الشركات

.تكون تابعة فنیا لرئیس مجلس اإلدارة وإداریا لإلدارة التنفیذیة

V

Quran Verse

بسم هللا الرحمن الرحیم

تي أنعمـت علي رب أوزعـني أن أشـكر نعـمـتك الـ

ترضـاه وأصـلح لـي وعلى والــدي وأن أعمـل صـالـحا

یتـي إنـي تبـت إلـیـك وإنـي مـن المسـلمین فـي ذر

صدق هللا العظیم

15]األحقاف: [ In the Name of Allah the Merciful "My Lord, enable me to be grateful for Your favor which You have bestowed upon me and upon my parents and to work righteousness of which You will approve and make righteous for me my offspring. Indeed, I have repented to You, and indeed, I am of the Muslims"

[Al-Ahqaf: 15] Great truth of Allah

VI

Dedication

I lovingly dedicate this research:

To the soul of my father and mother, whom I wish they were with me on this day

To my affectionate sisters and brothers and my sister's husband for their endless love, support and encouragement throughout my life

To my great and wonderful wife and my children Akram, Bader, Zeina and Yamen

for supporting me and for being a good supply of motivation and inspiration

To all my family, the symbol of love and giving

To all my friends who encouraged and supported me

To my colleagues in Gaza Power Generating Company

In addition to the Management of Consolidated Contractors Company for trusting and supporting me through my professional life

To all the people in my life who touch my heart

To all who helped me to succeed and to attain my goals.

VII

Acknowledgment

Allah helps and supports me to complete this research. I am extremely grateful

to my God for granting me the ability to study, write, read, see and think.

I would like to express my deepest appreciation to Dr. Sami Abo Al-Ross for

providing me with critical suggestions through his supervision of this study.

I would like to extend my thanks and appreciation to the distinguished

members of the examining committee for their involvement, and I hope that their

comments will contribute to enriching my work.

I would like to thank the Palestine exchange teem and public shareholding

companies listed in Palestine Exchange, and to appreciate all people who participated

in granting their time for this research and offering the necessary information.

I would like to thank everyone who helped and supported me through this

study.

I am proud for studying in this deep-rooted university and to be considered as

an Islamic University student.

VIII

List of Contents

Declaration .................................................................................................................... I

Abstract ...................................................................................................................... III

Abstract (Arabic Language Version) ......................................................................... IV

Quran Verse ................................................................................................................. V

Dedication .................................................................................................................. VI

Acknowledgment ...................................................................................................... VII

List of Contents ........................................................................................................ VIII

List of Tables ............................................................................................................. XI

List of Figures .......................................................................................................... XIII

Chapter One: Research General Framework ......................................................... 1

Introduction ........................................................................................................ 2

Research Problem Statement .............................................................................. 3

Research Variables ............................................................................................. 5

Research Hypotheses .......................................................................................... 6

Research Objectives ........................................................................................... 6

Research Importance .......................................................................................... 7

Chapter Two: Literature Review ............................................................................. 8

Section One: Performance Measurement .................................................................... 9

2.1.1 Introduction ..................................................................................................... 9

2.1.2 Historical Development of Balanced Scorecard ............................................. 9

2.1.3 Balanced Scorecard Dimensions: .................................................................. 12

2.1.4 Balanced Scorecard Benefits ......................................................................... 13

2.1.5 HR Balanced Scorecard ................................................................................ 14

2.1.6 Sample Practices in HR Scorecard ................................................................ 16

2.1.7 Definition of HR Metrics .............................................................................. 17

2.1.8 HR Metrics and Employees Performance Measures ..................................... 18

2.1.9 HR Metrics Add Value .................................................................................. 19

2.1.10 Sample Practices in HR Metrics ................................................................. 20

2.1.11 New Approaches of Performance Measurement ......................................... 23

IX

Section Two: Investor Relations ................................................................................ 26

2.2.1 Introduction ................................................................................................... 26

2.2.2 Public Relations Versus Investor Relations .................................................. 27

2.2.3 Definition of Investor Relations .................................................................... 28

2.2.4 Role of Investor Relations ............................................................................. 28

2.2.5 Requirements of Investor Relations .............................................................. 29

2.2.6 Internet Application and Investor Relations ................................................. 31

2.2.7 Need for IR-PR Convergence........................................................................ 32

2.2.8 Objectives and Practices of Investor Relations ............................................. 32

2.2.9 The Relationship between Performance Measurement and IR ..................... 33

Section Three: Palestine Exchange ............................................................................ 34

2.3.1 Introduction ................................................................................................... 34

2.3.2 Palestine Exchange at a Glance PEX Millstones .......................................... 34

2.3.3 PEX Regulatory Framework ......................................................................... 35

2.3.4 Strategy PEX and Investor Relations ............................................................ 36

2.3.5 Implementation of HR BSC and Metrics in Palestinian Companies ............ 36

2.3.6 Investor relations in the companies listed in PEX ........................................ 38

Chapter Three: Previous Studies ........................................................................... 40

3.1 Introduction ...................................................................................................... 41

3.2 Palestinian Studies ........................................................................................... 41

3.3 Arabic Studies .................................................................................................. 46

3.4 International Studies ......................................................................................... 48

3.5 General Commentary on Reviewed Studies .....................................................53

3.6 What Makes this Study Different from other Studies…………………….…..54

Chapter Four: Research Design and Methodology .............................................. 55

4.1 Introduction ...................................................................................................... 56

4.2 Research Design and Procedures ..................................................................... 56

4.3 Research Methodology ..................................................................................... 56

4.4 Data Sources ..................................................................................................... 57

4.5 Research Population and Sample ..................................................................... 57

4.6 Questionnaire Design and Procedures ............................................................. 57

4.7 Data Measurement ........................................................................................... 58

X

4.8 Validity of the Questionnaire ........................................................................... 58

4.9 Reliability of the Questionnaire ....................................................................... 65

4.10 Test of Normality ........................................................................................... 65

4.11 Statistical Analysis Tools ............................................................................... 66

Chapter Five Data Analysis and Hypotheses Testing ........................................... 68

5.1 Introduction: ..................................................................................................... 69

5.2 Descriptive Analysis of Personal Characteristics:............................................ 69

5.2.1 Gender ........................................................................................................ 69

5.2.2 Age. ............................................................................................................ 69

5.2.3 Educational Qualification. ......................................................................... 70

5.2.4 Years of employment / service. ................................................................. 70

5.2.5 Job title. ...................................................................................................... 71

5.2.6 The sector which the company belongs to. ................................................ 71

5.2.7 Years of Company Business ...................................................................... 72

5.2.8 Who Manages Investor Relations .............................................................. 72

5.3 Data Analysis ................................................................................................... 72

5.3.1 HR Balanced Scorecard and HR Metrics ............................................. 73

5.3.2 Investor Relations Performance ......................................................... 77

5.4 Hypotheses Testing .......................................................................................... 89

Chapter Six Conclusions and Recommendations ............................................... 105

6.1 Introduction .................................................................................................... 106

6.2 Conclusions .................................................................................................... 106

6.3 Recommendations .......................................................................................... 110

6.4 Proposed Future Studies ................................................................................. 113

References ............................................................................................................... 114

Appendixes ............................................................................................................. 123

Appendix (1): List of Referees ............................................................................. 124

Appendix (2): Questionnaire ................................................................................ 125

Appendix (3): Questionnaire (Arabic Language Version) ................................... 131

XI

List of Tables

Table (2.1): HR Scorecard Sample…………………………………………………. 25

Table (4.1): Measurement Scale……………………………………………………. 58

Table (4.2): Correlation coefficient of each item of Balanced Scorecard and HR Metrics, and the total of this field…………………………………....... 59

Table (4.3): Correlation coefficient of each item of "Employees Competencies" and the total of this field……………………………………………………. 60

Table (4.4): Correlation coefficient of each item of "Strategic Awareness and Motivation" and the total of this field…………………………………. 61

Table (4.5) : Correlation coefficient of each item of "The relations between Investor Relations department and Board of Directors, and Executive Management " and the total of this field………………………………... 62

Table (4.6) : Correlation coefficient of each item of "Job Satisfaction" and the total of this field…………………………………………………………….. 63

Table (4.7) : Correlation coefficient of each item of "Job Security" and the total of this field………………………………………………………..………….. 63

Table (4.8): Correlation coefficient of each field and the whole of questionnaire….. 64

Table (4.9): Cronbach's Alpha for each field of the questionnaire…………………. 65

Table (4.10): Kolmogorov-Smirnov test……………………………………………. 66

Table (5.1): Gender…………………………………………………………………. 69

Table (5.2): Age…………………………………………………………………….. 69

Table (5.3): Educational Qualification……………………………………………... 70

Table (5.4): Years of employment / service………………………………………... 70

Table (5.5): Job title……………………………………………………………....... 71

Table (5.6): The sector which the company belongs to…………………………….. 71

Table (5.7): Years of Company Business…………………………………………… 72

Table (5.8): Who Manages Investor Relations……………………………………… 72

Table (5.9): Means and Test values for "Balanced Scorecard"…………………….. 73

Table (5.10): Means and Test values for “HR Metrics”……………………………. 75

Table (5.11): Means and Test values for “Employees Competencies”…………….. 77

Table (5.12): Means and Test values for “Strategic Awareness and Motivation”….. 79

Table (5.13): Means and Test values for “The relations between Investor Relations department and Board of Directors, and Executive Management”…… 81

Table (5.14): Means and Test values for “Job Satisfaction”……………………….. 83

Table (5.15): Means and Test values for “Job Security”………………………........ 85

XII

Table (5.16): Means and Test values for "Investor Relations Performance"………. 87

Table (5.17): Correlation coefficient between implementing Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange………………………………………………………………. 89

Table (5.18): Correlation coefficient between implementing Balanced Scorecard & Metrics, and enhancing Employees competencies in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange………………………………………………………………. 90

Table (5.19): Correlation coefficient between implementing Balanced Scorecard & Metrics, and enhancing Strategy awareness and motivation for Employees in the Investor Relations department in public shareholding companies, Listed in the Palestine Exchange.

……………………………………………… ……………. 91

Table (5.20): Correlation coefficient between implementing Balanced Scorecard & Metrics, and IR relationships with Board of Directors and Executive Management in public shareholding companies, Listed in the Palestine Exchange.

Table (5.21): Correlation coefficient between implementing Balanced Scorecard & Metrics, and enhancing Employees satisfaction in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange………………………………………………………………. 93

Table (5.22): Correlation coefficient between implementing Balanced Scorecard & Metrics, and enhancing Employees retention in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange………………………………………………………………. 94

Table (5.23): Result of simple linear regression analysis…………………………… 94

Table (5.24): Independent Samples T-test of the fields and their p-values for gender. 96

Table (5.25): ANOVA test of the fields and their p-values for age…………..………. 97

Table (5.26): ANOVA test of the fields and their p-values for qualification………. 98

Table (5.27): ANOVA test of the fields and their p-values for years of employment / service…………………………………………………………………. 99

Table (5.28): ANOVA test of the fields and their p-values for job title…………… 100

Table (5.29): ANOVA test of the fields and their p-values for sector……………… 101

Table (5.30): ANOVA test of the fields and their p-values for years of company business………………………………………………………………... 102

Table (5.31): ANOVA test of the fields and their p-values for Manages IR……….. 103

XIII

List of Figures Figure (1.1): Research Variables. ................................................................................ 5

Figure (2.1): HR scorecard. ....................................................................................... 16

Chapter One Research General

Framework

2

Chapter One Research General Framework

Introduction: The keys of competition for any organization seeking to excellence and survival

are increasing the importance of performance measurement tools for the success to reach its goals with a high level of performance. The performance of the employees must include all departments in the companies. The most important of them is the Investor Relations “IR” that is concerned about creating an effective communication within it and with the current shareholders and potential investors to provide information services related to their investments. In addition, it allows the company to upgrade its level and gives a clear vision to encourage them to evaluate it properly.

Most profitable organizations point out their successes to properly managing the

performance of employees and gaining market share. The management involves balancing between their objectives and employees' directions. The performance of employees is the core engine for any company, and lead it to the summit. The performance of employees must be more productive and efficient to help the institutions avoid the difficulties and challenges. Robert Kaplan and David Norton introduced the Balanced Scorecard “BSC” measurement that drives the performance in 1992 through Harvard Business Sector, and the Performance Metrics which was first coined in Performance Management Magazine in 1983 as an “Objectives Metrics”. Measuring performance is at the center of the structure method, and therefore the world market and its speedy pace of change have increased the demand for measurement systems in fashionable firms (Kaplan and Norton, 2007).

On the other hand, the Investor Relations or Shareholders Affairs are the

engagement between companies and those who invest in them. This has been steadily growing in importance since the 1980s, and as a global discipline especially in the developed countries.

Historically, the first goal of IR department was to grow the share value of the

firm’s over the short term. Recently, measures of success are additional sophisticated; firms ask for to create future relationships with their owner of shares and therefore the wider financial team to assist them and support their business and its share value. Private investors and small and micro-cap firms face explicit challenges that have contributed considerably within the enlarged importance of IR within the countries. Small and micro-cap firms usually have very little or no analyst coverage and should take a lot of pro-active role in their communication with shareholders and potential investors to avoid declining liquidity and restricted access to capital.

3

Recently, the rapid growth in on-line and mobile communication has helped to make this direct communication possible. And the growth in execution broking in the countries means that more private investors now make their own investment decisions and require improved access to information, a “level playing field”. The communication with the investors is important and effective in evaluating the overall performance of the company for its strategic and financial management. In addition, in combines between marketing and communication and the knowledge of securities act to create a two-way effective communication with the company.

The shareholders and potential investors, aim to reach fair valuation for the

company’s share (stock), and increase the turnover of this share (stock) in trading sessions at the Palestine Exchange “PEX”. The lack of effective communication affects the ability to gain shareholders and make them hesitant in purchasing other shares in the company. Therefore, the shareholders/IR department cannot work well or contribute to the achievement of its objectives without the presence of qualified staff. Each member of it is capable of performing the activities, tasks and the work assigned to him. Moreover, in order to ascertain the closeness of the employee performance with the required goals he/she has to achieve, we must use the appropriate measure for his/her performance (Palestine Exchange, 2015).

Given the importance of the topic, the title was chosen for this study to

identifying the extent of the contribution of performance measurement tools (Represented in the HR Balanced Scorecard and Metrics) in enhancing employees performance in Investor’s Relations department in The Palestinian public shareholding companies, listed in Palestine Exchange.

Research Problem Statement:

Financial officer should perform many influential tasks that sustain the company. Additionally, the board of directors asking the financial managers to prepare “performance evaluation report” (Diamond and Khemani, 2005). Recently, most of financial officer depend on the financial indicators to evaluate the performance of companies listed in the Palestine Exchange (Al-Najar, 2013).

While many have shown that financial indicators are insufficient for interpreting

the real performance for the company (Gibbons and Kaplan, 2015). Also, Singh and Sohani (2014) exhibits that the traditional performance measurement systems based on financial metrics alone have been considered inadequate and more attention is being paid to non-financial metrics. The pioneers similar Robert Kaplan and David Norton, developed the integrated model of performance measures, called “Balanced Scorecard” (Kaplan, 2010).

4

Moreover, the follow up of performance improvement initiatives develops understanding of the linkage among measurements, improves understanding, and makes target-setting easier. All authors in management and financials testify that the Balanced Scorecard model is integrated. It uses financial and non-financial indicators, balances between the financial and non-financial measures of performance, and measures and enhances the performance in the short run and long run. (Madsen and Stenheim, 2014).

In contrast, Palestine suffers from a lack of empirical efforts that explores the

using of BSC for evaluating performance (Finance, Employee, Process, Customers) of the listed companies in PEX, including various departments, such as the IR Departments. Laskin (2014) found that IR employment is considered a hybrid profession that mixes finance and communications, but only 6% of professionals in a National Investor Relations Institute survey claimed to possess each a communication and business educational background, while only 13% had a communication background.

The experts of Public Relations “PR” believe that speaking and writing

competencies and practitioners knowledge are the talents and knowledge most necessary for handling IR activities (Hong and Ki, 2007). The Relationships building with the financials media additionally the investment communities also fall more into the more general responsibilities of PR instead of the more particular ones in financial field. An IR employee may success to do those tasks. (Palestine Exchange, 2010).

As well as the importance of communication in IR activities, Harford and Uysal

(2014) maintaining and establishing shareowner policy and organizational legitimacy ought to be thought-about a part of fashionable IR. The investor relations operate ought to act as a reflective mechanism that may facilitate public firms to spot any potential social or environmental problems and meet neutral expectations by mitigating those problems ahead. The success of investor relations employee depends on the performance, which requires the measurement of constantly using the best methods.

Most of the Palestinian Public shareholding companies fail (including these

listed in the Palestine Exchange) in achieving continuous communication with the potential Shareholders and investors due to several reasons such as the absence of an independent department for investors' relationships. According to investigation conducted by the researcher, there are (7) companies out of 48 listed in the Palestine Exchange have investor relations department (Palestine Exchange, 2017). In addition, the Methods adopted by companies in communication are represented in General Assembly Meetings (with a low attendance). Those companies with large numbers of shareholders must follow up consistently and communicate with them and evaluate staff performance in the investor relations department to be sure to provide the best services to shareholders (Palestine Exchange, 2017).

5

Therefore, the Problem Statement for the study is clarified in the following question: "To what extent do the contributions of performance measurement tools (HR Balanced Scorecard and Performance Metrics) enhance employees performance in the Investor Relations department in Public shareholding companies, Listed in the Palestine Exchange?"

Research Variables:

The followings are the independent and dependent variables which will be studied through the research: 1- Independent variable: The Performance Measurement Tools:

a) HR Balanced Scorecard. b) HR Metrics.

2- Dependent variable: Investor Relations Performance in the Public Shareholding Companies, including the following (Musyoki, 2015): a) Employees competencies. b) Strategy awareness and motivation. c) IR Relationships with Board of Directors & Executive Management) d) Employees satisfaction. e) Employees security.

Figure (1.1): Research Variables. Source: Articulated by the Researcher, 2018. Based on (Musyoki, 2015)

Independentvariable

• HR Balanced Scorecard. • HR Metrics.

Performance Measurement Tools:

• Employees competencies

• Strategy awareness and motivation.

• IR Relationships with Board of

Directors & Executive Management

• Employee satisfaction.

• Employees security.

Dependent variable

Investor Relations Performance

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Research Hypotheses: The research tests the following hypotheses:

1- There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange. a) There is a significant statistical correlation at level α ≤ 0.05 between

implementing HR Balanced Scorecard & Metrics, and enhancing Employees competencies in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

b) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Strategy awareness and motivation for Employees in the Investor Relations department in public shareholding companies, Listed in the Palestine Exchange.

c) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and IR relationships with Board of Directors and Executive Management in public shareholding companies, listed in the Palestine Exchange.

d) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees satisfaction in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

e) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees retention in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

2- There is a significant statistical impact at level α ≤ 0.05 of implementing HR Balanced Scorecard & Metrics on enhancing employees performance in the IR department in the public shareholding companies listed in the Palestine Exchange.

3- There are significant statistical differences at level α ≤ 0.05 in the responses of the research attributed to the following personal characteristics: (age, gender, job title, educational qualifications, years of service, job category, and place of work). Research Objectives:

This research is undertaken to investigate the impact of performance measurement tools on enhancing employees performance in the investor relations departments in the Palestinian public shareholding companies. Accordingly, the objectives of the research are: 1- To recognize the reality of using HR Balanced Scorecard and Metrics in enhancing

the performance of employees in the Investor Relations Department. 2- To clarify the basic aspects when measuring the employees performance and

highlighting the importance of investor relations department, and to conduct

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“Benchmarking” with the similar companies in the region, in order to provide a good image for the companies.

3- To examine the impact of implementing performance measurement tools (HR Balanced Scorecard and Performance Metrics) on enhancing the performance of employees in the Department of Investor Relations companies listed in the Palestine Exchange public shareholding.

4- To provide suggestions and recommendations to promote the companies’ use of methods and tools to measure performance of employees in the investor relations department. Research Importance:

This research highlights the importance of performance measurement tools in enhancing employee performance in the investor relation department. Also, the research highlights the following points: 1- Theoretical importance:

a) This research increases the researcher knowledge in the field of measuring employee performance tools.

b) This research highlights the lack of studies and researches concerning the role and contribution of performance measurement tools to enhance the performance of employees in the Palestinian companies according to the knowledge of the researcher.

c) This research presents a subject that affects the administrative performance in public shareholding company and performance of the Palestinian Capital Market corporate sector.

2- Practical importance: a) This research encourages the employees in public shareholding companies who

are specialized in the follow-up of investor relations to understand their roles and duties.

b) This research invites shareholders and investors in public shareholding companies to have a role in the measurement of the employees' performance in the Department of Investor Relations in public companies listed in the Palestine Exchange.

c) This research urges the Palestinian Capital Market Authority and the Palestine Exchange to issue binding instructions to public shareholding companies to establish a specialized department of investor relations.

d) This research pay attention of the executive management in the Palestinian public shareholding companies for the importance of using and applying effective tools and methods to measure performance of the employees.

Chapter Two Literature Review

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Section One: Performance Measurement 2.1.1 Introduction:

Performance Measurement helps the companies become more successful and stay ahead on the top. Performance Measurement Tools “PMT” serve to follow HR scorecard implementation through continuously monitoring and reporting assigned strategic objectives which are achieved. PMT have to be linked to all partial objectives within the strategy plan. It is necessary to assign the required strategic value which will reflect the strength of the company’s performance level and offer the highest possible level of objectivity.

Most of companies measure the performance through a variety of tools. They

often choose one tool that works best for them and use it consistently. Dividing the PMT on lagging and leading were predicated on the effect of HR key techniques in the business. PMT as recruiting costs, a qualification index, posts filled up by internal options or management index were placed into leading, because the results of the indicators can affect the HRM in future years.

In case the recruiting costs will be higher, it's important to change the choice

procedure for the employees, and the utilization selection tools to be able to impact the motivating system as well. Qualification index means the number of employees who increase their certification essential to perform their job and management index i.e. the number of employees who move the leadership access program and will be ready to take leading positions necessary in leading PMT to impact the near future leading of real human potential. Qualification index is securely linked to multi skilled employees since when employees increase their qualification, they could take up two positions similarly, and at exactly the same time the business has personal successors in every position, on the other side. The big good thing about the non-public successors system is that the business can be run in a standard setting when some employees instantly quit the work (Gabčanová, 2012).

2.1.2 Historical Development of Balanced Scorecard:

The concept of Balanced Scorecard was developed by Kaplan and Norton in 1992. The objective was to overcome the inadequacies of the standard financial-based performance measuring tools. In a decade, the majority of the Fortune of one thousand corporations was implementing or had already enforced the Balanced Scorecard (kraaijenbrink, 2012).

Now, thousands of private, public and non-profit companies have performed the

Balanced Scorecard (Basuony, 2014). Also, the Balanced Scorecard was highlighted on three additional performance metrics (customer, internal process, and learning and growth) to support a holistic performance outlook (Kaplan, 2010).

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However, the well-balanced scorecard methodology, much like almost all of performance management methodologies, requires the creation of the vision, mission assertion and technique for the organization. You can find basic principles for extracting the correct group of BSC and metrics from the close to infinite set of possibilities that remain even following the essential few procedures recognized. Finding those leveraged inner process methods is the main element in attaining an effective BSC execution (Bourne, 2001). 1- Historical Origins: 1950-1980: The Balanced Scorecard, of course, had not been

original for advocating that non-financial actions were used to stimulate, measure, and assess company performance. In the 1950s, an over-all Electric corporate personnel group conducted a task to build up performance methods for General Electric decentralized sections (Lewis, 1955). The project team recommended that divisional performance be measured by one financial and seven nonfinancial metrics: (Kaplan, 2010). a) Profitability (measured by residual income) b) Market share c) Productivity d) Product leadership e) Public responsibility (legal and ethical behavior, and responsibility of

stakeholders including shareholders, vendors, dealers, distributors, and communities)

f) Personnel development g) Employee attitudes h) Balance between short-range and long-range objectives

One can start to see the origins of the Balanced Scorecard in these eight aims. The financial point of view is symbolized by the first General Electric metric, the client perspective with the next, the process point of view with metrics 3 -5, and the training and growth point of view with metrics 6 and 7. The 8th metric catches the substance of the Balanced Scorecard, motivating managers to attain an effective balance between brief and long-range aims. Unfortunately, the commendable goals of the 1950s GE corporate and business and business job never been ingrained into the management system and desire platform of GE's brand sections.

Actually, despite metrics 5 and 8 in these lists, several GE systems were, as a result, convicted of price-fixing techniques, with the professionals professing that commercial pressure for short-term earnings led these to bargain long-term aims focusing on their public responsibilities.

2- Japanese Management Movements (1975-1990): Through the 1970s and 1980s, improvements in quality and just-in-time creation by Japanese companies challenged the American authority in many important sectors. Several writers argued that American companies give attention to short-term financial performance added with their complacency and slow-moving response to Japan threat.

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Johnson and Kaplan (1987) analyzed the annals of management accounting and figured out that US companies became enthusiastic about short-term financial options and didn't conform their management accounting and control systems to the functional advancements from successful execution of total quality and short-cycle-time management (Kaplan, 2010).

3- Shareholder Value and the Principal-Agent Platform: Not absolutely all academics, however, have been subjected to the recent advancements in functions management. Many continued to be centered on economics and financing, especially the reliable market segments theory from the 1960s and early on 1970s (Fama, 1970). Economists also unveiled principal-agent theory (Grossman and Hart, 1983) to formalize the natural conflict of pursuits between hired exec teams and the firms dispersed shareholders (owners).

The principal-agent adherents urged companies to provide more financial bonuses to senior executive teams, especially bonuses predicated on financial performance, the normal "outcome" solution assumed in principal-agent models. Efficient marketplaces research advised that stock prices continuously mirrored all the relevant general public information about companies' performance, and this executives' settlement could be better aligned with owners' passions through broadened use of commodity and other collateral rewards (Fama and Jensen, 1983). In an identical vein, some argued for aligning settlement to raise accounting surrogates of currency markets performance, especially continual income under its new name, monetary value added (Stewart, 1991).

The 1980s found a huge upsurge in the linkage between professionals' pay and bonuses to financial performance. For the financial economists at the vanguard of the movement, the thought of senior executives watching nonfinancial performance metrics was near blasphemy (Michael, 2001).

4- Uncertainty and Multi-Period Marketing: Lots of the principal-agent models produced by economists and fund scholars are single-period where the company's result gets revealed by the end of the time; no further managerial (agent) activities are required. In such cases, contracting on end result, such as assessed financial performance, can be best. Or, if financial performance, assessed by end-of-period stock price or monetary value added, is complete and sufficient statistically for the worthiness managers through the period, then incentive agreements predicated on stock prices or economical value added can be optimal. But, lots of the actions that professionals take throughout a period - such as replacing the abilities and drive of employees, evolving products through the study and development pipeline, increasing the grade of processes, and boosting trusted connections with customers and suppliers - aren't revealed to general public buyers. Their implications for company value can't be contained into end-of-period stock prices. (Kaplan, 2010).

5- Stakeholder Theory: Stakeholder theory offers another multi-dimensional methodology for business performance dimension. Stakeholders are thought as the communities or individuals, inside or beyond your enterprise. That contains a stake

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or can impact the organization's performance. The idea generally recognizes five stakeholder groupings for a firm: three of these, shareholders, customers, and areas, define the exterior expectations of company's performance; the other two, suppliers and employees, get involved with the business to plan, design, put into action and deliver the business's products and services to its customers (Atkinson et al., 1997).

Management control scholars who apply stakeholder theory to performance dimension, believe "performance dimension design begins with stakeholders" (Neely and Adams, 2002). The stakeholder method of performance measurement begins by defining goals for what each stakeholder group needs from the business and exactly how each group plays a part in the success of the business. Once stakeholder anticipations or, even more, implicit and explicit contracts in the middle of your stakeholders and the business enterprise get defined, the business enterprise then defines a method to meet these aims and match the deals. Thus, as the Balanced Scorecard strategy commences with strategy and then identifies the inter-relationships and goals for various stakeholders, the stakeholder strategy commences with stakeholder focuses on and, in another step, identifies a method to meet shareholder targets (Neely and Adams, 2002).

2.1.3 Balanced Scorecard Dimensions:

The four dimensions of Balanced Scorecard are: (Bose and Thomas, 2007) 1- Financial Dimensions: It presents the long-term goal of the firms to provide superior

re-turns predicated on the capital committed to the machine. Properly designed financial options provide an aggregate view of company's success. Financial options have been the original method of studying organizational success and require such elements as profit-ability, sales progress, and earnings per sales visit. Even though the Balanced Scorecard strains the necessity to incorporate additional methods to find out success, the necessity for Financial Procedures is still an exceptionally strong component to find out success.

2- Learning and Growth Dimension: The goal of the training and growth point of view is to look for the ability of the business to constantly improve and innovate. This is actually the base of any strategy and centers around the real human and intangible investments of the business that is more and more important today. Thus, the concentration is principally on the inner skills and capacities that must support the worthiness creation, which includes the regions of individual and commercial self-improvement and scientific support and tools. This point of view tries to specify the individuals and developmental requirements of the business that will permit ambitious targets in the other three sizes to be performed. To improve shareholder value, a firm must constantly have the ability to innovate, learn and improve that will cause company development. Theoretically, through increased improvement, companies are able to enhance their internal processes, resulting in greater client satisfaction, corporate progress, and increased

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gains. The possible procedures in this point of view are disease rates, worker turnover and education and development (Scott et al., 2012).

3- Customer Dimension: Choosing procedures for the client Point of view of the BSC is determined by the sort of customers desired and the worthiness that the business provides to them. The goal of the Customer Point of view is to give attention to the prospective customers. This allows organizations to generate strategies regular with the sort of customers they would like to attract.

4- The Internal Process Dimension: The Internal Process Sizing: It requires the procedures a business must develop and grasp to reach your goals. Many organizations will focus on such elements as order control, delivery, processing, and product development as good examples. The center point of this point of view relates to the customer point of view because to keep customers satisfied, a business should give attention to the different parts of the organization. If goal customers are dissatisfied when delivery is late, a business must focus on the internal procedure for developing a better delivery system or refine the machine currently used. To do this, managers are commencing a rigorous inner examination not only evaluating the internal functions of the business, but reviewing technology since world competition has lowered the quantity of time organizations. This may bring their products to advertise to reach your goals.

2.1.4 Balanced Scorecard Benefits: There are many benefits associated with Balanced Scorecard:

1- As explained in Kaplan and Norton (2006), BSC allows professionals to check out the commercial projects from four important sizes. Moreover, it offers answers to four basic questions: Just how do customers see us? What must we stand out? Can we continue steadily to improve and create value? Just how do we turn to shareholders? Specifically, BSC minimizes information overload by restricting the amount of actions to only four dimensions.

2- Safeguards from sub-optimization in the decision-making process by forcing the professionals to consider the four sizes of business performance to truly have a complete picture (Kaplan and Norton, 2006).

3- The focal point for the organization's efforts by Anand et al., (2005) is to define and converse priorities to professionals, employees, buyers, even customers. The BSC is currently used as the terminology; the standard against which new projects and companies are assessed (Kaplan and Norton, 2005) in consistence with these results. Salehi and Ghorbani (2011) claim that BSC makes it possible for the managers to learn the vacuum of possible transferring this plan to the full total company system. That is achieved by translating eye-sight and strategy into goals and methods, providing a platform to speak this eyesight and technique to employees, and in that way channeling the energies, the talents, and the precise

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knowledge of folks throughout the business towards obtaining long-term goals (Lipe and Salterio, 2000).

4- Improves managerial decision making by aligning performance actions with the goals and strategies of the business and the business's sections (Lipe and Salterio, 2000).

2.1.5 HR Balanced Scorecard: Every business has multiple stakeholders or sets of people with whom a

company must interact to carry on business. Stakeholder models are not new; they have been used in proper thinking literature for many years (Freedman, 1985). Lately, however, the stakeholder model has been translated into what has been called a well-balanced scorecard (Kaplan and Norton, 1993).

The healthy scorecard is made on the logic that for a company to be considered

successful, it must fulfill certain requirements of three stakeholders: buyers, customers, and employees. Traders require financial performance, assessed in many ways but concentrating on economic profitability, market value, and cash flow. Customers who use products require quality and service, which can be measured through market show, customer determination, customer retention, and other customer-focused issues. Employees of the company want that company to be a healthy place to work as measured by staff and organizational actions (Ulrich, 1997).

A number of companies have begun to use the well-balanced scorecard to assess

overall business performance. Because they did so, of the three stakeholders, employees tend to be the most challenging to measure specifically. Employee actions tend to be less accepted and less strenuous than are buyer and customer options. As a result, much experimentation is occurring in integrating worker measures into the balanced scorecard. Generally, this experimentation can be classified into three works which measure productivity, people, and process (Ulrich, 1997). 1- Productivity: Productivity steps generally take the form of outcome divided by

input. Outcome may be some of a number of indicators of just what a business is wanting to create, such as income, profit, models produced, etc. Common suggested measures are time, labor, or other resources found in producing goods or services.

2- People: Measuring people within the well-balanced scorecard may be achieved by assessing what people do, the way they feel, and what they know. These procedures connect the response of employees in a corporation to the planned practices.

3- Process: Measuring procedures within the BSC concentrates less on people and more on the systems and dynamics within the business. Since the employee dimensions of the well-balanced scorecard emphasize the organization and people components of a company, the procedures related to company and people may also be tracked. Three examples which show the types of functions may be monitored.

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Balanced scorecard started out in the best companies to track Economical Value Added "EVA" by calculating financial results such as cashflow, success, and margins. In addition, they trail Customer Value Added "CVA" by doing continual studies of both inner and exterior customers. To assess People Value Added "PVA", they decided to focus on two functions: control and diversity (Ulrich, 1997). Another frequent misunderstanding is between HR and folks’ (or individuals capital) actions; they are not necessarily the same and by not separating them, the effect can be poor learning resource investment decisions. People measures take information about people drivers or final results in the organization that has an obvious relationship to achieving organizational goals; they symbolize the recruiting options. The HR steps are typically focused on processes and competencies under their control that support the main element people factors (Gabčanová, 2012). Matching to Beatty et al. (2003), the way starts with Kaplan & Norton's Balanced Scorecard, a familiar theory in most companies. While maintaining the scorecard's main by keeping the financial, customer and business process success components, we've changed the aspect "Learning, Development, etc." to "Workforce Success'. We call this new scorecard the Business Scorecard. Also observe that we opt to use the word "success" as opposed to "satisfaction." Clearly companies can walk out business while gratifying customers and employees (Ulrich, 1997). Rather, the target is to make both customers and employees successful in order to make the enterprise successful. Some of conditions replaced such as "mission" and "vision" from the center of the scorecard with "strategic choice." For a non-diversified company or for a company unit within the diversified company, that is believe that a proper choice (or value proposition) should be articulated, such that the labor force can understand and accept how the unit intends to be successful in its chosen market. To simplify that has been chosen Treacy & Wiersema's system in which companies follow value propositions of low-cost supplier (operational excellence), innovator (service or product control) or customization/unique alternatives (customer intimacy) (Beatty, et al., 2003). Proper choice significantly influences customer success, business process success, and plays an important role in evaluating what the labor force must do to reach your goals. To help make the labor force successful in the framework of the scorecard system, we should specify the major goals of the HR system, or HR's deliverables: labor force state of mind, competencies, and habit. To produce these deliverables, the different parts of the HR system must be assessed on the competencies required of the HR labor force, the HR tactics used to create HR's deliverables (e.g ., communication, work design, selection, etc.), and the HR system's integration and alignment with the strategy of the business enterprise (Gabčanová, 2012).

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This approach produces an HR Scorecard Figure (2.1) that enables the introduction of HR dashboards that get HR's contribution. Several companies are seeking such measurements systems and have made substantial progress (Beatty, et al., 2003).

Figure (2.1) HR Scorecard sample points out lagging and leading BSC that is related to the objectives from strategy map and is designed in order to reach the firm´s future approach in the business sector.

Figure (2.1): HR scorecard. Source: (Beatty et al., 2003)

2.1.6 Sample Practices in HR Scorecard:

The following some of H.R scorecard models: (Wunderer & Jaritz, 2006) 1- H.R Scorecard in BMW company:

a) The Strategy goals are the choice of employer: internal/external employees. b) The Indexes are related to attraction in the labor market, staff satisfaction and

selection procedure. c) The Measurement method is developed to measure the attraction analysis,

applicant’s ratio to the invited and search for employees. d) The Importance of this model is a key HR deliverable that will leverage HR role

in the company overall strategy. e) The Uses of model are to diagnose internal work and external slot in a

comparatively easy means.

HR Systems • Alignment • Integration • Differentiation

Strategy Focus • Operational Excellence • Product Leadership • Customer Intimacy

HR Practices • Communication • Work Design • Selection • Development • Measurement • Rewards

HR Competences • Admin . Expertise • Employee Advocacy • Strategy Execution • Change Agency

HR Deliverables • Workforce Mindset • 'Technical Knowledge • 'Workforce Behavior

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2- H.R Scorecard in Breuninger GmbH company: a) The Strategy goals are developing a qualified and motivated staff. b) The Indexes are related to employee satisfaction, employee qualification,

employee fluctuation, and employee productivity. c) The Measurement method is developed to measure the index “happy

employee”, tests results, fluctuation measure, and turnover per employee. d) The Importance of this model is to link the HR activities with the strategy and

to determine the volume in which the HR functions add value to the goals and business strategy.

e) The Uses of model square measures the degree of external match assessed by the advising of the degree that the worker’s “development products” square measure joined to the key strategic performance management programs.

By elaborating models of HR Scorecard, similarly by the accomplishment of HR controlling, it’s necessary to remember that the miscarriage of companies does not exist in machines but in people. According to models of the HR Scorecard, the personnel measuring system must be based on a clear understanding of organizational strategy. It is a mechanism which characterizes the creation of the employees’ value and the system of managing company’s employees. HR Scorecard has five key components (Huselid, 2017): 1- Workforce Success: It asks: Has the workforce accomplished the key strategic

objectives for the business? 2- Right HR Costs: It asks: Is our total investment in the workforce (not just the HR

function) appropriated (not just minimized)? 3- Right Types of HR Alignment: It asks: Are our HR practices aligned with the

business strategy and differentiated across positions, where appropriate? 4- Right HR Practices: It asks: Have we designed and implemented world class human

resource management policies and practices throughout the business? 5- HR Professionals: It asks: Do our human resource professionals have the skills they

need to design and implement a world-class human resource management system?

2.1.7 Definition of HR Metrics: There are many definitions and aims that are contained in different references.

Some will be listed as the following; “The aim of Performance Measurement is to increase the motivation of employees, provide on time and quick feedback, provide fairness in the structure of the organization, provide equal opportunities, support the employees and help them improve themselves” (Griffith, 2003). “Performance is a continuously examined theme in most branches of management, including strategic management by both academic scholars and practicing managers” (Luft, 2004). “Performance measurement can be defined as a method of measurement of how tasks are performed within a program impartially during the implementation of products, services, or processes" (Busco et al, 2006).

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It describes the success to determine whether or not customers' requirements are fulfilled, and helps them understand the processes. After defining the bottlenecks and incompleteness, it determines the points in which betterments need to be done. Then, it takes decisions based on concrete facts, not based on instincts, emotions or beliefs.

Metrics are often confused with measures. We find that it is best to refer to

“measures” as the way in which we hope to quantify a particular concept, a measure is only a representation of reality. “So, it is important to keep in mind that as we discuss HR metrics or measures, they are really surrogates for actual concepts that have been identified as important in our organizations or in our daily lives” (Schiemann, 2007). According to Kazan et al (2012) having defined how the duties and works are going to be performed by staff exceedingly. Since it's evaluated as performance standards or performance objectives, the distinction between measured performance and customary performance that ought to be needed has been done.

Performance standards must own SMART special features. These SMART

special features are as follows: (Kazan and Gumus, 2013) 1- S-Specific: The goals must be concerning the work done, agreed on, definite

(concrete) and also the employees ought to understand what's expected from them. 2- M-Measurable: The standards/goals ought to be objective and "measurable". It

ought to verify however the success of the aim measured. If the standard area unit is quantitative, then the activity is simpler. However, if it is qualitative, then it's necessary to be more careful.

3- A-Achievable: Standards ought to be not solely difficult but additionally approachable. Goals mustn't be terribly tough that staff can never succeed, and that they mustn't be terribly straightforward in addition to be able to accomplish them. They ought to be "realizable".

4- R-Reasonable: The goals ought to be acceptable and affordable. 5- T-Time-Bound: Fulfillment of the goals must be "time-limited" (semiannual or annual). 2.1.8 HR Metrics and Employees Performance Measures:

According to Schiemann (2007), another way to take into account people versus HR methods is to think about their relationship to business results such as success and customer retention. Labor force measures of productivity and retention, are typically in the immediate line of delivering those valuable organizational effects. And the HR function is often the architect and evaluator of certain processes (e.g, reward and identification, training, performance management, expertise acquisition) that helps the business to accomplish important people and business final results.

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Line leaders and other support functions tend to be key players in the execution of those processes. In contrast, employing fill up rates or recruiting effectiveness are more directly under the control of HR, and could well support skill attraction-perhaps a key people factor for certain organizations.

2.1.9 HR Metrics Add Value:

Boudreau (1996) noted that HR metrics create value (or injury) in according with their results on key constituencies: 1- "Persuasion" requires influencing receivers of HR information in ways that gain the

senders of that information. 2- Thus, the way of measuring value would be how favorably information receivers

(e.g., staff, managers, shareholders, regulatory agents) react to the information. HR metrics "work" actions if receivers provide money, authority, effect, or regulatory approval.

3- "Fashion-setting" consists of convincing others that routines are ground breaking and based on the latest thinking. Metrics have value in this framework if they sign that HR methods emulate fashion setters or are frequently emulated by others.

4- The key is to seem "progressive." These frameworks are subsets of any model that suggests HR metrics (and all information) serve to boost decisions.

Persuasion identifies the development as whether or not receivers respond favorably, with regard to the senders. Fashion-setting defines improvement as whether or not opinion-leaders read hours as progressive and progressive. Persuasion and fashion-setting could not continually result in a lot of applicable decisions; but, we are going to offer attention to a lot of general undeniable fact that hour metrics produce worth to the quantity that they improve a lot of choices, that your alternative advancements have important worth, and this knowledge required for the metrics won't offset the good improved upon choices (Boudreau, 1988).

Given this classification of value, the design and use of HR metrics must start

with the constituents to be affected. Constituents for HR metrics include series managers, shareholders, suppliers, customers, staff, administration regulators and communities.

Thus, whether intentional or unintentional, the decision of HR metrics directs

signs that will have an impact on the decisions of the constituents. To become "strategic", metrics must be perceived and experienced to enhance decisions or other valued results for key proper constituents. Strategic HRM must encompass not only ideas and tactics, but also the design of metrics systems that will allow corrections to strategies, and allow the strategic impact to be accepted (Boudreau, 1997).

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The following elements should be accessible in the HR Metrics: (Boudreau, 1997) 1- Constituents will examine HR metrics as more useful and greater in their

conception when they improve important decisions. 2- Constituents will assess HR metrics as more useful when they have experience

using metrics to improve decisions, or when metrics are provided within the decision-making framework.

3- HR metrics that incorporate multi-level measures will be better predictors of tactical outcomes, become more credible and persuasive to decision manufacturers, and can have a greater effect on proper decisions than metrics that indicate only 1 level.

4- HR metrics that reflect bidirectional results between levels will be better predictors of proper outcomes, become more credible and persuasive to decision producers, and can have a greater effect on tactical decisions than metrics that reveal only single-direction predictions between levels.

5- HR metrics that reveal potential, opportunity and inspiration will be better predictors of proper outcomes, be more credible and persuasive to decision creators, and will have a greater effect on proper decisions than metrics that reveal just a few elements.

6- HR metrics that mirror multiple HR activities will be better predictors of tactical outcomes, be more persuasive to decision manufacturers, and can have a larger effect on tactical decisions than metrics that indicate only solo HR activities.

7- Changes in turnover contribute to enhance strategic final results through their results on enhancing capabilities, opportunity and motivation.

8- HR metrics that explicitly articulate linkage will be better predictors of strategic outcomes, be more credible and persuasive to decision manufacturers.

9- HR metrics that articulate key organizational value propositions will be better predictors of strategic outcomes, be more credible and persuasive to decision makers, and will have a greater effect on proper decisions than metrics that fail to echo these value propositions.

10- HR metrics that explicitly link individual capabilities (performance, attitudes, skills) to behaviors, organizational functions and value propositions will be better predictors of tactical outcomes, become more credible and persuasive to decision manufacturers, and will have a larger effect on tactical decisions than metrics.

2.1.10 Sample Practices in HR Metrics: The following are some samples of H.R Metrics:

1- HR metrics of Academy Human Resources: (SSILRC, 2013) a) Commanders play a critical role used in the precision and timeliness of data reported in Army Human Resource Systems (AHRS) by providing oversight, critiquing standard information, resolving problems, and ensuring critical systems that are kept up to date on a regular basis. HR Metrics aim to provide commanders

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with tools to measure the effectiveness and efficiency of brigade/battalion HR operations to quick assess and improve personnel readiness, and assist in identifying requirements for training and additional resources. b) The importance of this practice is as follows:

• Make commanders require vital selections supported information reported in AHRS and facilitate timely and correct updates to army data systems so as to produce commanders with the foremost correct data with that to create assessments and selections. Whether or not serving as performance indicators, unit of time metrics provide commanders a track of mensuration personnel strength and also the effectiveness of unit of time support.HR Metrics are integrated throughout the course (where appropriate) with particular target during the Essential Personnel Services and Man the Force modules.

• HRC develop baseline HR Metrics (Active Component) and the initial aims or standard for success. Each one of these metrics is independently defined to add the goal/standard, data source, supporting HR allowing system and statement tools.

• Implementing a metrics program within the unit Army examination Program states that everyone’s inspections have one purpose: to produce feedback to commanders so that they will build selections to boost the military. Time unit professionals will use time unit metrics to focus commanders on subordinate units' personnel readiness and problems which will want their attention.

• Responsibilities: in spite of rank or duty position, all troopers in your unit have a job in a very booming time unit metrics program. Interact and educate each of your unit leaders and subordinates on the importance of information accuracy and records maintenance. A number of those basic responsibilities are for time unit Metrics references, Operations time unit Metrics Guide for Commander, and also the second responsibilities or procedures to access time unit gradual directions for army HR metric. Elaborated directions for propulsion information for the varied time unit metrics are provided by HRC on Army information on-line.

2- HR Metrics of Digital Media Industry: (ICTC, 2013)

a) The uses of this guide are applicable to digital multimedia companies of most sizes. It had been designed to inform on recruiting principles and demonstrate the way they are applied to the digital press industry. The variation in company size relates more prominently to the magnitude to which initiatives are executed and the techniques relating to how they are implemented.

b) The needs for this guide are the following: • Strategic HR: A tactical plan for recruiting must be aligned with the corporate

strategy. Internal factors like the organization's quest well worth, products and services offered, targeted clients, finances, expected changes, and company abilities and weaknesses are highly recommended. The HR strategic plan also

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needs to consider the surface environment like the labour market, competition, future of technology on the market, client objectives, and labour flexibility.

• Staffing and Retention: Staffing is approximately finding and keeping essential digital media expertise. The option of talent with the correct skill mix appears to have a direct impact on progress opportunities for small to medium size companies.

• Recruitment: The recruiting method refers to the series of activities to encourage qualified people to use for confirmed position. Managers should acquire concrete tools so as to effectively target and attract candidates.

• Selection: Candidates who best fulfill the established criteria are determined. Organizations should make an effort to establish a diverse working environment. Self-management skills and values that are in line with the company's mission are very important considerations when selecting prospects in the digital marketing industry.

• Hiring: It will involve formally offering the positioning to a recruited and determined candidate. Companies can increase their pool of knowledge and skills with the addition of new resources. Employing also escalates the company's capacity to respond to demand.

• Retention: Retention refers to keeping the expertise once they are in the organization. Canadian demographics dictate that the fight to preserve or improve the share of students going into digital mass media programs will intensify in the near future as fewer students will be available for an extremely competitive labour market.

• Employee Policies and Procedures: Today, staff desire to be able to not only work from home but also to have the ability to take four-day workweeks. For some staff, the versatility they receive at work is merely as important as the salary they acquire. Digital advertising companies need to move away from the "one size suits all" approach to policies and types of procedures.

• Compensation: The best aim of any compensation policy is to make a sense of acknowledgement and collateral for current and future workers and staff. In addition, a compensation insurance policy should also set up a balance between satisfying staff needs and the firm's capacity to pay. In order for remuneration to become a extremely effective management tool, the compensation strategy and styles of compensation should be aligned with the HR strategy and also the firm's business targets to support the firms.

• Orientation, Training and Training Orientation: Smaller digital multimedia companies have a tendency to find it challenging to train new staff. However, to be able to mobilize new staff and help them create a sense of belonging in the business, an approach should be made to convey to them all the necessary information when they are appointed.

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• Coaching: Faced with a and specialized labor force, managers often have a difficult time locating a balance between allowing staff to work and creatively, versus supervising them and providing control and training to enable the corporation to attain place targets within specific timeframes.

2.1.11 New Approaches of Performance Measurement: The opportunity of Human Resource Audit “HR Audit” includes the applications

of Human Resource plans and also ensures to use it on firm. It's concerned with compliance and legal review; however, most of the companies do not have the proper Human Resource function, plus they don't possess a clear technique to run the companies to induce the most effective potential ways for effective results (Amy, 2010).

Also, the scope of a Human Resource Audit will vary from a straightforward

review of work policies to an intensive examination of practices, policies, procedures and measurements to work out how close the alignment is between the company’s strategic goals and direction and Human Resource functions that support the company's strategy. Human Resource Audit would possibly go up to now on survey compensation practices, measuring the fight of the employer's scale and determining if multi-site employers are in compliance with their individual native laws related to earnings (Saleem and Akbar, 2015).

Role of Human Resource Audit: It provides feedback regarding the Human

Resource functions, how well it’s implemented by Human Resource specialists, its analysis, and the way managers meet their challenges. And it is associated with the degree overall set of quality analyses which may be centered on unit of time activities in units, departments or company. It evaluates these unit functions, coordinate with organization's strategy, and makes sure of the due diligence. All the legal review is at the compliance. It’s conjointly necessary to update and modify the Human Resource Audit; a step that becomes a good tool for the corporations. To conclude, Human Resource Audit has a crucial side on workers performance toward company success (Saleem and Akbar, 2015).

In addition to using productivity, people, or methods mentioned before to trace

the impact of HR on the business, and assessments are made of the function itself. The assessment is also framed as audits of Human Resources, and three types are implemented as follows: (Ulrich, 1997). 1- HR Practices: Auditing HR practices require assessing the array of services offered

by an HR department. No commonly accepted typology exists to summarize HR services into domains, but we can propose that HR services can be clustered into six domains: staffing, training/development, appraisal, rewards, organization governance, and communication

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2- HR Professionals: Auditing HR professionals require doing a 360 feedback on the extent to which an HR professional demonstrates competence. There are many steps to do that: a) Developing HR Competencies Model. b) Collecting Data Using the Model. c) Summarizing Data and Feedback to HR Professionals and Feedback on HR

competencies. d) Creating Action Plans that can be created at two levels: at an institutional level,

and at an individual level e) Making a Continuous Improvement Auditing.

3- HR Function or Department Auditing: HR functions or departments may be completed in a number of ways; one of them is to compute functional competence that may come from summing individual competencies.

Saleem and Akbar (2015) said “The Importance of HR Audit is an assessment

tool to analyze the effectiveness under the legal review of umbrella with the align of HR strategy”. In addition, Judith (2012) explained “Human Resources Audit helps the company achieve its business aims and targets. It can also help to ensure legal and compliance review while measuring the effectiveness of HR programs”. Furthermore, Saleem and Akbar (2015) added “HR audit helps in realizing firm's targets and objective and leads to overall development of HR department and initiates utilization of full potential of HR function”. Finally, these audits provide a report on the quality of management within the HR function itself.

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Table (2.1): HR Scorecard Sample.

Objectives Lagging BSC Leading BSC First: Financial:

Labor costs Sickness rate Labor cost per 1 employee

Productivity

Decreasing of turnover rate % of turnover Recruiting costs

Effective using of training budget ROI of training

Efficiency of investment to human capital

Second: Customer

Succession planning % of employees who were Promoted

Number of successors on key posts

Using of human capital % of multi skilled employees Qualification index

Retention of the employees % of employees who performed the Employee Dialogue

Participation in career coaching program

Corporate social responsibility

Amount of investment to IT HR technologies Number of activities organized for employees (sport, family day,…)

Savings (money and time) from HR IT technologies Number of new hiring relates to good referral program

Third: Internal

Internal flexibility Job rotation Posts filled by internal sources

Simplify of the sales Process Time for dealing with customer % of customer satisfaction

Increasing of motivation Result from employee motivation survey

Influence of the inflation on salary

Employee survey Return ability of questionnaire Performed action measures

Idea management Number of accepted IM proposal Acquisition for company according to accepted IM proposal

Online HR tools Time for saving of routine HR paper work

Time for saving of routine HR paper work

Fourth: Learning and Growth Consistently supporting of employees qualification

% of training courses matching company requirements

Average number of training hours per employee

Increasing of internal customer orientation

% of participants in communication training

Number of customer´s complaint

Multiprofession Costs for training relates to multiprofession Qualification index

Rewarding system improvement Compensation cost Average company salary

Consistently develop of leadership skills and strengthen manager´s role as a coach and a mentor

Leadership index Leadership index

Source: (Gabčanová, 2012).

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Section Two: Investor Relations 2.2.1 Introduction:

Investor Relations Officers “IROs” say that one of the primary challenges of these work is demonstrating to management that entrepreneur relations add value with their company (Laskin, 2005). Indeed, one might contemplate it evident that good entrepreneur relations are best for a business; however, quantifying such "goodness" can be considered a demanding activity for an IRO or for an entrepreneur relationships scholar.

The looks of the first shareholder can be tracked back again to the 17th century's

Dutch East India company (Britannica, 2006) or sometimes even to the 13th century's Stora Kopparberg mining company (Wikipedia, 2006). In America, the first general public company is thought to be the Boston Production Company, founded in 1814 (Allen, 2004). When the owner of this company had a need to expand the business enterprise, he sold the stock in the business to his affiliates. Nonetheless, the problem of connecting with shareholders and owners didn't appeal to executives until a hundred and fifty years later (National Investor Relations Institute, 2003).

Silver (2004) elucidates that “entrepreneur relations surfaced into its own in the

1960s, often from the so-called dog and pony shows for sell-side experts and retail shareholders, usually presented at the office buildings of securities brokerages”.

As the quantity of institutional resources grew, more shareholders were starting

to ask companies to reveal information not only on financial performance of the firms but also on non-financial areas of their activities because talks about prices were increasingly influenced by non-financial factors. Regarding to a written report from Ernst & Young's Center for Business Innovation, shareholders give non-financial methods, typically, one-third of the weight when coming up with a conclusion to buy or sell any given stock (Light, 1998).

The need for non-financial methods grew sustained in the wake of the accounting

scandal concerning U.S. energy giant Enron, which erupted in past due 2001. The fall of Enron sent great shock waves through the securities markets, shocked investor self-confidence and sparked clamors for substantive reforms in such areas as financial reporting, governance and executive compensations.

Alan Towers, leader of Tower Group, a fresh York PR company, records,

Enron's blow to trader beliefs is the Watergate of business. Trust won't be assumed. Companies must earn it with patterns, communications and market leaders that inspire self-confidence (Allen, 2002).

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Therefore, investors significantly consider non-financial aspects in their evaluation of companies. Among these intangible factors, corporate responsibility “CSR” has received specific amount of attention. The original role of IR experts is to ensure a company's talk about price is rather valued, and therefore the potency of IR might be considered mainly from the point of view of these securities experts or by volatility talk about price. However, as trader involvement in CSR increases, the role of trader relationships expands (Hockerts and Moir, 2004).

2.2.2 Public Relations Versus Investor Relations:

Louis Thompson, chief executive of the National Investor Relations Institute (NIRI), agrees, declaring investors need to find out, simply, what sort of company makes money. “To take action requires that firms disclose information beyond financial performance, to add the growing need for non-financial factors and intangible resources that today constitute a significant part of a firm’s market value" (Allen, 2002).

But as companies emerged to understand they cannot make it through unless

they take general open public interests into consideration. They began to look at two-way PR to build connections with the public stakeholder. Under "two-way symmetrical communication," which really is a standard communication model for today's PR, a business uses research and dialogue to control issue, improves understanding, and builds connections with publics (Grunig and White, 1992). Together with the symmetrical model, both business and publics can be persuaded.

With regards to the original role of PR, it's important to keep in mind that PR

experts in those times operated within an era prior to the huge upsurge of the electronic financial marketing and the web. They navigated a glob dominated by standard circulation newspaper publishers and magazines, a lot of which were vulnerable to skilled PR promotions, perhaps supported by advertising US dollars (Silver, 2004).

Because of this, corporate PR surfaced first, and independently from IR, and was

considered more regarding the marketing, government relationships, and general corporate and business image promotions (Silver, 2004). Until lately, PR experts were largely thought to be news release authors, more tactical than tactical, while IR officials as the disclosers of company volumes and handlers of your dog and pony shows for shareholders.

But this will not be the situation any more. Today's IR and PR officials must

understand regulatory mandates and responsibilities that have an effect on their careers, while at exactly the same time alertly fielding questions from institutional shareholders, analysts, and mass media.

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2.2.3 Definition of Investor Relations: Investor relations “IR” can be defined as “a strategic management responsibility

that integrates finance, communication, marketing and securities law compliance to enable the most effective two-way communication between a company, the financial community, and other constituencies, which ultimately contributes to a company’s securities achieving fair valuation” (NIRI, 2003).

As this meaning illustrates, IR is both a financial self-control and a

communication function. It evidently emphasizes not only communication but “two-way communication,” a concept well-known PR scholar. However, the field of IR is quite undeveloped from the communication theoretical perspective. Petersen and Martin (1996) explained that "theory building studies of IR as a function of corporate and business PR are uncommon in the communication scholarly literature." Actually, regarding to Laskin (2005), communication abstracts have recommendations to only two educational magazines on IR dated 1992 and 1996.

Under such circumstances, theoretical IR consultants themselves are

inconceivable to own strategic communication education or competency, seemingly spot themselves from company and business communication or PR functions in their explicit corporations, and seemingly avoid communication duties in their daily activities (Laskin, 2005). As proved later, there's positively little or no communication competency within the IR these days despite difficulty of IR to uphold " the absolute best two-way communication".

2.2.4 Role of Investor Relations:

Investor Relation is rolling out dynamically during the last few years which is impossible to assume it not being truly a significant function of large companies with a global investors base. It includes substantial support for the funding of any firm and is also therefore directly involved with value creation. But possible check implies that a typical job description can be an illusion.

There is not one, but six roles Investor Relations departments play: (Köhler,

2015) 1- Fulfilling the restrictive duty to produce info: Investor relations as associate degree

information supplier is known alone as fulfilling restrictive necessities. Money communication is reactive and in gear toward the minimum necessities.

2- Communication: The investor relations officer is viewed on the lines of a communication operate, especially because the company’s ambassador within the capital market. This is often completely different from the sort of investor relations that go past the finance operate. Some say investor relations may be a bullet purpose of company communications.

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3- Marketing: Investor relations as a selling operate markets the share. The target is that the maximization of the share worth and creation of a positive image for the corporate.

4- Finance: Here investor relations is known as playing support services for the finance operate in an exceeding company. The investor relations officer has the first role of providing info and explaining the numbers. Investor relations is typically not a bullet purpose of company communications; however, it is associate degree freelance operate or one that reports directly into finance.

5- Integrated activities: Investor relations is associate degree freelance practical unit among a corporation that's harmonic with the finance and communications functions further like strategy, company governance, property and company development. Investor relations conjointly has an academic operate. It acquaints operational business units with the capital markets work and the strain of shareholders area unit as house owners of the corporate.

6- Departmental and private development opportunities: after all, the varied roles don't seem to be clearly depicted. They correspond to both the current and the historical perspective of the characteristics of investor relations.

2.2.5 Requirements of Investor Relations:

Ten key requirements to success of the investor relations department: (The PR Sound Post, 2014) 1- Engagement with investor community: Engaging with the investor community and

developing and maintaining effective relationships with research analysts, institutional investors, and retail brokers, is a primary responsibility of investor relations department. The relationship building between these market participants and the company is of utmost importance.

2- Facilitate access to management: While investors and analysts like speaking with the investor relations department in the early stages of research and information gathering, there comes a time when they will want to speak with other members in management – in particular the CEO and CFO.

3- Shareholder identification and investor targeting: Identifying your company’s shareholders, targeting the ideal investors for your company, and knowing who your shareholders are allow you to understand their investment objectives and have more honest and productive conversations. You may also discover that some of your shareholders have other motives and have purchased your company’s shares for reasons other than long-term capital appreciation.

4- Competitive and market analysis: An important requirement of investor relations is as an investor relations department, you need to keep on top of how your company is performing compared with your peers in terms of operational, financial, and market metrics and performance. In addition, investor relations department should keep track of industry standards and benchmarks as to how investor relations department and communications is practiced.

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5- Development of a compelling value proposition and key messaging: Like many other aspects of investor relations department, the development of a compelling value proposition and key messaging does not happen in a vacuum. Investor relations department must work with its internal functional and business partners to build a powerful proposition and messaging that are considered strategic objectives, investor relations department objectives and other key stakeholder groups. The value proposition and messaging may be used across various communications materials, so keep it clear, consistent, and credible.

6- Development of investor communications and disclosure materials: There are several tools and required documents that investor relations department uses to communicate with the investor community. Often, these materials are developed with support from finance, communications, and legal departments as well as with the revenue-generating businesses. Developing and updating these materials is time-intensive and requires constant monitoring for potential changes and updates.

7- Plan and implement investor events: investor relations department generally oversees the entire quarterly earnings process including logistics, the preparation of press releases, presentations, scripts, Q&A, supplementary schedules, and follow-up calls with institutional analysts and stockholders.

8- Financial media: Many investor relations departments write financial news releases, such as the quarterly earnings release, manage questions and requests from financial media and help executives prepare for interviews with the financial media.

9- Executive coaching and advisory: coaching is important for external spokespeople, whichever the neutral cluster that they're accountable. As the investor relations department, one amongst your responsibilities is also to advise corporate executive, and alternative members of the manager team on strategic matters of stockholder and neutral communication. To boot, executives ought to be coached on a way to communicate and move throughout conferences with and displays to investors. Words, tone and visual communication ought to be determined and evaluated.

10- Feedback and strategic input to management and board: Shareholders area unit terribly candid concerning their thoughts a few firm’s results, strategy and speech act. It's essential that feedback is gathered and worked through the loop into management and also the board while not abundant cleanup. Providing unctuous feedback allows correct dialogue to occur between the corporate and also the investor community, informs management and also the board on strategy and decision-making, and permits the corporate to doubtless build each plan of action and strategic enhancements and how it communicates with investors and alternative stakeholders.

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2.2.6 Internet Application and Investor Relations: The choice of investment opportunities is accomplished through:

1- Detailed economic and financial information: The organization must have the capacity to give these data with a specific end goal to permit the procedure of examination/handling/assessment to the determination of the best venture openings. Subsequently, the need to construct a system of associations with money related organizations depends on a consistent and powerful correspondence process, to help the development and reestablishment of business and the data request from the market. These connections should be actuated by proper monetary and money related correspondences arrangements, which empower the successful and opportune correspondence to budgetary markets administrators of those data intended to encourage the choice and control of ventures (Singer and Cacia, 2009).

2- “IR is characterized as a vital corporate advertising movement consolidating the controls of correspondence and back that furnishes present and potential speculators with a precise depiction of an organization's execution and prospects (NIRI, 2003). Directed successfully, IR can positively affect an organization's aggregate esteem in respect to that of the general market and the organization's cost of capital". Along these lines, through exhibiting new data to its members, the organization can impact the market. To accomplish this goal, IR Manager ought to clarify the esteem drivers of upper hand and procedure with a specific end goal to draw an organization engaging profile that speaks to a speculation other option to the market.

3- These data could be adjusted to disparate market dealer and partners and expanded by various correspondence vehicles as well. The most widely recognized customary instruments of speculator relations practically speaking are the corporate report, the between time report, the yearly broad gathering, press and budgetary expert meetings, roundtable and one-on-one talks and also telephone calls (Singer and Cacia, 2009).

4- Internet is having a developing use, permitting a data streams improvement regarding amount, quality, spatial and transient issue. Numerous organizations overall distribute their corporate money related data on Internet. Oyelere et al. (2003) contend "Financial information gave on the web incorporates exhaustive arrangements of money related explanations, including references; fractional arrangements of monetary articulations.

5- The fundamental goal of the utilization of the Internet for IR exercises is giving individual speculators far reaching and auspicious data that beforehand were accessible just to a select gathering of invested individuals, for example, institutional financial specialists and experts (Bollen et al., 2006). In the event that standardization and globalization of capital markets have made more prominent straightforwardness in monetary and budgetary interchanges dispersal process, innovation has given a ground-breaking instrument since it happened (Higgins, 2000).

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2.2.7 Need for IR-PR Convergence: There is a convergence between IR and PR. This convergence will be

illustrated by the following points: 1- IR is still to a great extent regarded as a monetary capacity instead of a

correspondence capacity of an association. Notwithstanding the meaning of speculator relations requiring "the best two-route correspondence between an organization, the budgetary network, and different voting demographics" (NIRI, 2003), actually there isn't much correspondence skill in the IR hone today. It is still intensely outfitted to the money related network, and little exertion has been made with respect to IR officers to assemble an association with different bodies electorate, particularly with the media.

2- IR should fill in as a "relationship administration movement as opposed to simply distributing monetary data and hence, has a nearby similarity to advertising and key correspondence rehearses when all is said in done instead of to bookkeeping or budgetary revealing" (Laskin, 2009).

3- Both IR and PR not just target inward and outer gatherings of people and depend on the media and up close and personal correspondences to enable a customer to accomplish quantifiable objectives, yet they are likewise basic to the present "expert" model of top of the line, corporate PR (Londner, 2002). As latest studies show, the biggest challenge for IR today is how to communicate non-financial aspects of corporate values effectively.

4- Without great correspondence, financial specialist relations can barely address that difficulty, and hence, a closer coordination, or even the meeting of IR and PR is required. As non-financial related correspondences are increasingly demonstrated to influence stock cost, we will see the pendulum swing the other way,” Thompson argues (PR Week, 2001).

2.2.8 Objectives and Practices of Investor Relations: There are many objectives and practices for investor relations that will be

summarized as the following: 1- Laskin (2005) Suggests “Providing the market intelligence to senior management

and the corporate disclosure used to be the most important responsibility of investor relations. Practitioners are now also involved in corporate management and the evolution of corporate strategy”.

2- Laskin (2005) Adds “Investor relations professionals must comply with multiple disclosure regulations, which require practitioners to have fundamental knowledge of financial markets and information disclosure law. However, investor relations professionals still lack communication skills and expertise”.

3- Hong and Ki (2007) Believe that “Public relations employees consider that writing and speaking skills and public relations knowledge are the skills and knowledge most necessary for handling investor relations activities, relationship building with the financial media and the investment community”

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4- Hogan (2009) Claims that “Online communication tools were changing the communication practices of shareholders of public companies, drastically improving two-way communications between the company and its shareholders and boosting the effectiveness of IR efforts. Although securities regulations are reducing barriers to financial disclosures through social media, publicly held companies are still slow in taking social media communication channels”.

5- Harford and Uysal (2014) state that “Maintaining shareholder activism and organizational legitimacy should be considered part of modern investor relations. The investor relations function should act as a reflective mechanism that can help public companies identify any potential social or environmental issues and meet stakeholder expectations. By mitigating those issues in advance, the importance of investor relations is continually increasing”.

2.2.9 The Relationship between Performance Measurement and IR: IR productive employees are the backbone of each business, but how would you

measure their execution levels? Do they comprehend your targets and desires? It’s safe to mention that they’re meeting their own targets. Every firm has to be compelled to perpetually screen and assess its representatives; here are seven simple approaches to rapidly check execution and guarantee your association is progressing nicely (Skywater, 2017). 1- Punctuality: IR Employees who habitually arrive late for work or area unit abundant

of the time missing from the geographical point are most likely not reaching to meet their execution targets.

2- Quality of work: The convenient fruition of capacities to the sought after customary may be a key pointer in estimating employee execution.

3- Observe personal habits: Perpetual negative behavior patterns will bring down employee execution. This could incorporate enjoying workplace prattle, taking unapproved breaks, and also the utilization of PCs for individual causes.

4- Check their attitude: Associate awful state of mind can ofttimes show itself in rebellious conduct. Once more, this is often supportive to those who area units that are most likely not reaching to meet their execution target.

5- Review personal presentation: Most firms work associate professional article of clothing customary fitting to their trade division and friends culture. Representatives UN agency ignore your wishes or looks and consider gravely your image. It's possible that their execution can neglect to measure up to your wishes.

6- Carry out a client (investor) survey: The results of poor employee execution can eventually show themselves in shopper profit. A client study will speedily distinguish problems with folks and empower you to recover your business objectives heading in the right direction.

7- Carry out random checks: Depending on the concept of your business, take into account actualizing random checks against quality models. This could incorporate checking on phone assembles and venture conferences and assessing records.

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Section Three: Palestine Exchange 2.3.1 Introduction:

The Palestine Exchange “PEX”, was set up as a private shareholding company in 1995. By the end of the year 1996, the Palestine Exchange was completely operational and consented to a working arrangement with the Palestine National Authority, allowing for the licensing and qualification of brokerage companies to take place. PEX conducted its first trading session on February 1997. The PEX was fully automated upon establishment - a first amongst the Arab Stock Exchanges. In 2010, PEX was converted into a public shareholding company. This shift was coupled by the launch of its new corporate identity, bearing the trade name "Palestine Exchange" with slogan "Palestine for opportunities."

Since inception, the Palestine Exchange has leveraged the latest technology to

ensure maximum transparency, integrity and investor protection. PEX trading is carried out via the latest system and overseen by the latest electronic surveillance system. On June, 30th 2018, the PEX listed 48 companies with a total market capitalization of some US$ 3,784 million. Listed companies are divided into five sectors. On June, 30th 2018, eight-member securities companies (brokerage firms) with operations across the West Bank and Gaza Strip operated via the PEX.

The main index in PEX is Al-Quds Index that has fifteen elite firms out of forty-

eight firms. Those fifteen elite firms represent the market capitalization. Also, PEX has five sub-sectors indices that are: Banking and financial services, Insurance, Investment, Industry and Services index. At the top of each year, the firms that are enclosed in Al-Quds Index are assessed since the sample is changed in accordance with the trading statistics and latest conditions of that year. The PEX criteria during this regard depends on variety of things: adore capitalization, range of commerce days, average of share turnover, and alternative trading activity factors.

2.3.2 Palestine Exchange (PEX) at a Glance PEX Millstones:

PEX includes 48 companies as of June, 30th 2018 with market capitalization of about US$ 3,784 million divided to five main sectors; banking and financial services, insurance, investments, industry, and services. Most of the listed companies are profitable and trade in Jordanian Dinar and US Dollars (Palestine Exchange, 2018).

PEX Vision: "A Model National Exchange of Global Aspirations." PEX Mission: "To position Palestine at the Global investment map through

providing an investment environment characterized by equity, transparency and competence as per international best practice."

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There are many points that PEX aims to achieve as follows: 1- Providing secure trading that serves investors and also protects their interests to

extend aware was on the investment for the area people and to boost PEX relation with native, regional and international money establishments and associations.

2- Developing domestic investments and having interaction Palestinian abroad and foreign capital.

3- Increasing market depth and supplying new and numerous money tools and services.

4- Creating good operating surroundings among the PEX by investment in human capital and maintaining state-of-the-art technologies of stock markets.

The following are the Millstones for PEX: 1- 1995: Established as a private shareholding company. 2- 1997: First trading session (18 February). 3- 2005: The Al-Quds Index increased by 306% compared to 2004, recording the

highest amongst the world stock exchanges. 4- 2006: Launch of the Investor Education Program. 5- 2007: Launch of E-Trade Service. 6- 2008: Ranked 33rd amongst International Stock Exchanges and second in the

region in terms of investor protection. 7- 2010: Public Shareholding Company... New Corporate Identity. 8- 2011: Listed a record of seven new companies in one year. 9- 2012: Listed Company. 10- 2013: December: S&P created a stand-alone index for Palestine, September: The

highest trading value in one session of 48.5m USD, June: MSCI created a stand-alone index for Palestine.

11- 2014: Adding Palestine to FTSE indices “Watch List”, Listing the first corporate bond since inception.

12- 2015: Launch PEX E-disclosure system "IFSAH". 13- 2016: Full member at the World Federation of Exchanges (WFE), Gained "Frontier

Market" status at FTSE indices, Launch e-IPO system "EKTITAB". 14- 2017: The agreement with Nasdaq to Buy the new generation of trading platforms

"X-Stream", Re-structuring PEX departments and operations.

2.3.3 PEX Regulatory Framework: In 2005, with the development of the legal structure of the securities sector in

Palestine, particularly the issuance of the Securities Law No. (12) of 2004 and the Capital Market Authority Law No. (13) of 2004, the Palestine Capital Market Authority (CMA) took over the responsibility of supervising the PEX and issuing securities by the public shareholding companies. The PEX operates in accordance with the Securities Law No. (12) of 2004, and the bylaws that stemmed from it in a manner that does not contravene with the CMA directives.

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PEX works additionally in accordance with fashionable rules, which is a powerful basis to confirm a good commercialism setting. These rules include: listing regulation, commercialism regulation, revelation regulation, membership regulation, dispute resolution regulation and also the regulation of skilled conduct (Palestine Exchange, 2017).

2.3.4 Strategy PEX and Investor Relations:

PEX tries to build up Palestine's capital market and to upgrade its subjective nearness among its territorial and global companions. That aims to: (Jarrar, 2016) 1- Strengthen market governance through enhancing our enactment, control,

frameworks, operational techniques, data security, etc. 2- Enhance our association with the PCMA, and facilitate the recorded organizations

and different partners to give premium reactions. 3- Increase Market profundity and grow our financial specialist base, through:

a) Completing the posting of public shareholding companies and proceeding with our instructive effort to qualified family-possessed organizations.

b) Including the trade in the MENA wilderness showcase records. c) Encouraging Palestinians abroad to invest in the Palestinian companies listed. d) Further upgrading our procedure with outreach battles and street appears towards

elevating PEX to institutional and retail financial specialists (local and regional). 4- Diversify our wellsprings of wage through:

a) Expansion of our central depository services. b) Developing better information scattering channels and building a web-based

exchanging (online). 5- Strengthening our association with local and universal markets, and getting full

enrollment of the World Federation of Exchanges (WFE). 6- Promoting the improvement of viable, and prescribing procedures for corporate

administration and speculator relations in Palestinian organizations.

2.3.5 Implementation of HR Balanced Scorecard and Metrics in Palestinian Companies:

Financial officer should perform many influential tasks that sustain the company. Additionally, the board of directors ask the financial managers to prepare “performance evaluation report” (Diamond and Khemani, 2005). Recently, every financial officer has depended on the financial indicators to measure the performance of Palestinian companies listed in PEX (Al-Najar, 2013).

While many authors have shown that financial indicators are insufficient for

interpreting the real performance for the company (Gibbons and Kaplan, 2015). Singh and Sohani (2014) exhibits that “The traditional performance measurement frameworks in view of money related measurements alone have been viewed as deficient and more consideration is being paid to non-financial measurements”.

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Pioneers similar to Robert Kaplan and David Norton, developed the integrated model of performance measurement, called “Balanced Scorecard”. Kaplan and Norton presented the Balanced Scorecard in a 1992. In addition, the working paper of Kaplan and Norton depended on a multi-company investigate task to think about execution estimation in companies whose impalpable resources assumed a focal part in value creation. Through these investigations appear many advantages as follow: 1- Translating company’s procedure to quantifiable parameters. 2- Communicating the procedure to all employees. 3- Enhancing the execution later on. 4- Enhancing operational control. 5- and more successful observing of execution change activities. 6- Improving the comprehension of the relationship among estimations and making

target-setting less demanding.

Madsen and Stenheim (2014) said that “All authors in management and financial field confirmed that the Balanced Scorecard model is integrated. It uses financial and non-financial metrics, balances between the financial and non-financial measures of performance, and measures and enhances the performance in the short-run and long-run.

Thus, the financial measurements alone have failed to predict the real

performance (Kadam, 2012). So, the listed companies in developed countries use the BSC widely. And more than 50% of the companies in the America, Europe and Asia are using Balanced Scorecard model (Marr, 2010). In contrast, Palestine suffers from a lack of empirical efforts that explore the using of the balanced scorecard for evaluating performance of the listed companies in the Palestine Exchange (Zahran and Daraghma, 2016).

In a study, Zahran and Daraghma (2016) determine the level of adopting the four

dimensions of the BSC in measuring the performance of the Palestinian companies listed in PEX. Thus, the previous objective of this research has been achieved by designing a questionnaire sheet aiming at exploring the opinions of the financial managers of the listed companies mentioned. (37) questionnaire sheets were distributed and (32) were returned. Hence, this research states the following results: 1- The financial officer depends on two dimensions; financial and customer for

evaluating the performance of companies listed in the Palestine Exchange. 2- The financial officer does not rely on two dimensions; growth and internal business

process (HR Scorecard) for evaluating the performance of companies listed in PEX.

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3- The financial officer depends on Balanced Scorecard dimensions partially; he/she uses only the most common dimensions namely financial and customer dimensions for evaluating the performance of companies listed in PEX.

In another study, Rahhal and Darabee (2014) examined that “The Palestinian listed companies implementation of BSC and their awareness of its importance for performance evaluation process and the necessity of integrating non-financial with financial metrics to evaluate the performance of company as well. In addition, it explored the Palestinian companies' financial and human capabilities to adopt BSC”.

Their findings show that the majority of Palestinian companies use BSC in their

analysis method either absolutely or partly. In spite of realizing the importance of Balanced Scorecard implementation fully, financial metrics still dominate the concentration of corporations in their evaluations of operation and management performance. These results square measure per previous work of (Anand et al., 2005).

Listed companies have expertise within the range of performance analysis

system and prepared to supply monetary and human resources to adopt BSC. They understand expected advantages from adoption Balanced Scorecard method and prepared to draw in the experience and bear the value of shopping for licenses to use the BSC system. These results ensure different findings of previous work of (Al-Najjar, 2012).

Integrated and comprehensive Balanced Scorecard focuses on strengthening

non-financial measurements which are called leading indicators that include customer, internal business process, and learning and growth dimensions to achieve high financial performance which is called lagging indicators.

2.3.6 Investor relations in the companies listed in PEX:

Investor Relations Department is the most important department that is concerned about creating an effective communication within it on one hand, and with the current shareholders and investors, on the other hand. It aims to provide information services related to their investments, allows the company to upgrade its level and gives a clear vision about it to encourage them to evaluate it properly (Palestine Exchange, 2017).

The communication with the investors is important and effective in evaluating

the overall performance of the company for its strategic and financial management. This combines between marketing and communication. In addition, the knowledge of securities act to create a two-way effective communication with the company. The financial community and the beneficiaries aim to reach fair evaluation for the company’s share (stock), and increase the turnover of this share (stock) in trading sessions at the exchange (Palestine Exchange, 2017).

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Most of the Palestinian Public shareholding companies fail (including these listed in the Palestine Exchange) in continuous communication with the potential shareholders and investors for several reasons such as the absence of an independent department for investors' relationships (Palestine Exchange, 2016). According to a investigation conducted by the researcher, there are (7) companies out of 49 companies listed in the Palestine Exchange have investor relations department. In addition, the methods adopted by companies in communication are represented in General Assembly Meetings (with a low attendance), and the annual reports, in addition to press releases from time to time (Palestine Exchange, 2017).

The lack of effective communication affects the ability to gain shareholders and

makes them hesitant in purchasing other shares in the company. Or it makes them reconsider continuing dealing in this business.

Therefore, all the companies should work on updating the register of

shareholders on a regular basis, where this would keep the management informed of the mixture of the shareholders, both individuals or VIP persons. In addition, it is necessary to provide a guide for the company about how to direct its plans and activities better. This department cannot work well or contribute to the achievement of its objectives without the presence of qualified staff, whose members are capable of performing the activities, tasks and the work assigned to them. Moreover, in order to ascertain the closeness of the employee performance with the required goals he/she has to achieve, we must use the appropriate measure for his/her performance (Palestine Exchange, 2015).

Chapter Three Previous Studies

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Chapter Three Previous Studies

3.1 Introduction: There exist many academic studies that discuss the Performance measurement

tools (HR Balanced Scorecard and Metrics) and performance of the Investor Relations department; this indicates the importance of those subjects.

Regarding local and Arabic studies, they addressed researches that have a

relation with the balanced scorecard, unlike foreign studies, which focused on all the above-mentioned subjects. However, there is no study at all that has addressed (The impact of using performance measurement tools to enhance employees' performance), in particular the department of investor relations. The conduction of this research involved searching journals, theses and libraries in various universities, and the internet, which were used as a guide for the researcher.

The studies reviewed are from different international countries worldwide. The

research here presents (21) studies: (9) Palestinian studies, (5) Arabic studies, and (7) international studies. The studies are presented starting with Palestinian studies followed by Arabic studies and then ended by international studies. The studies were arranged from the newest to the oldest and they were discussed and reviewed by showing the research gap. The most important results and recommendations are listed according to their relevance to the research.

3.2 Palestinian Studies: 1- (Saad and Daraghma, 2016). "Using of the Balanced Scorecard for Performance Evaluation: Empirical Evidence from the Listed Corporations in the Palestine Exchange (PEX)".

The study aims to test the extent of using the four dimensions of the Balanced Scorecard (BSC) in evaluating the performance for the Palestinian companies listed in the Palestine Exchange "PEX". In order to achieve this aim, the study uses a questionnaire sheet to investigate the opinions of the financial managers for the Palestinian companies listed in the PEX. There are 37 questionnaire sheets, where 32 were returned which represents (86.5%).

The outcomes for this study revealed that the financial managers depend on the

financial and customer dimensions for evaluating the performance of the Palestinian companies listed in the PEX. The Palestinian companies listed in PEX do not depend on the learning and growth dimension and business process dimension for evaluating the performance. This study concludes that the Palestinian companies listed in PEX do not depend on the BSC dimensions for evaluating the performance in a correct and complete way.

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The study finishes with a group of recommendations that the companies listed in PEX must adopt the Balanced Scorecard for measuring the performance. It also recommends PEX to obligate the listed companies to use the Balanced Scorecard as a tool for strategic planning and performance measure.

2- (Al-Tarazi, 2015). "The scope of using Balanced Scorecard “BSC” in performance Valuation for the Companies listed in the Palestine Exchange “PEX” Case study on APIC Holding Company 2012".

The study aims to measure the scope of using the Balanced Scorecard “BSC” in performance valuation for the Arab Palestinian Investment Company “APIC” and to see if the elements of the application of the Balanced Scorecard are available for the application of its four dimensions. The study relied on descriptive -analytical method. The study population, which is represented by the executive management of the company, has a size of 45 employees of the company; a questionnaire sheet was distributed to all members of the study, while 36 of them (80%) were retrieved and were suitable for testing purposes.

The most important results of the study were the company has the elements of

the application of the Balanced Scorecard, where it has an ongoing assessment of its operations and it has a clear vision and mission. In addition to that, the company also has a presence of integration among the administrative levels of the company in the implementation of the strategy.

The recommendations focus mainly on the need to hold training courses and

workshops that are required in the areas of evaluating performance and financial and strategic planning by professional organizations; such as Society of Accountants and the Palestinian auditors. The Palestinian Guild Leaders Association, the private Palestinian companies, and the need to treat the obstacles were faced by the application of the Balanced Scorecard because of its close association with ensuring the success of the application.

3- (Rahhal and Darabee, 2014). "Adoption of Balanced Scorecard (BSC) in Palestinian Corporations".

The study aims to examine the extent of BSC adoptation and applying among Palestinian companies listed in PEX as a performance evaluation tool, and explores whether Palestinian companies recognize the importance of non-financial measurements of Balanced Scorecard in their performance measurement process as well. Collecting data through a questionnaire sheet was directed to top management of Palestinian Company including Chief Executive Officer, Chief Financial Officer, Internal Auditor and Controller.

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The results of surveyed companies show that: 30% have fully adoption of Balanced Scorecard, 42% of them have partially adoption, while the remaining companies have not adopted Balanced Scorecard at all. Although the majority of Palestinians companies recognize the importance of Balanced Scorecard adoption in full, financial measurements are still considered the most important metrics in evaluation process of company’s performance. In case of non-financial measurements, all surveyed companies recognize the importance of Balanced Scorecard, customer dimension while importance of other dimensions has different views among companies. The banking sector has the priority in periodically performance evaluation process for financial dimension, and it is the only sector, that recognizes the importance of growth and learning dimension. Finally, respondents of questionnaire sheet who recognize the importance of Balanced Scorecard implementation, indicate that the companies must bear cost and recruit all needed human and non-human resources toward Balanced Scorecard fully adoption.

The study mainly recommends that, if the company wants to enhance its

financial performance (Financial Dimension) it must create and deliver valued products and services to improve customer satisfaction (Customer Dimension). In addition to enhancing customer satisfaction, the company should provide high quality and reasonable cost for its goods and services (Internal Business Process Dimension) and to produce high quality of products and services necessary to have skilled employees and advanced technology (Learning and Growth Dimension).

4- (Obaid, 2014). "The extent of the application of the Balanced Scorecard as a tool for evaluating the performance of the electricity distribution company in Gaza City (GEDCO)".

The study aims to identify the possibility of applying BSC as a tool for evaluating the performance of the Gaza electricity distribution company. The study used a questionnaire sheet to test its hypothesis; the questionnaire sheet was designed and distributed to the staff of GEDCO with all its branches including members of board of directors, general managers, consultants, branch managers, circle managers and heads of departments. The study was based on the analytical descriptive method and analysis of the study variables and test hypotheses.

The outcomes of this study reveal that there is a possibility of BSC application

with its four dimensions with varying degrees, but the learning and growth dimension had very low application.

The study mainly recommends that the administration of the company has to

support and adopt the application of the Balanced Scorecard as a comprehensive and integrated system of strategic administration through forming specialized teams capable to implement the Balanced Scorecard.

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5- (El- Daour, 2013). "The Effect of Adopting the Balanced Scorecard (BSC) to Limit Earning Management (Applied Study)".

The study aims to explore the effect of the adoption of balanced scorecard and its four dimensions and earning management used in Palestinian Economic Entities (PEE). So as to accomplish the objective of this study, eight of economic entities were selected. A survey for Stratford probability sample from managers and head of department was carried out to obtain information about independent variable (balanced scorecard). The response number was 96, whereas the information about dependent variable (earning management) was obtained from entities and published financial reports. Descriptive and analytical statistical techniques were utilized to examine information and talk about the outcomes.

The results indicate that Palestinian Economic Entities adopt a balanced

scorecard in different ratios. In addition, the study shows that Palestinian economic entities used earning management approach. The study also reveals a significant opposite relationship between adoption of balanced scorecard and its four dimensions and limited earning management in Palestinian Economic Entities.

The main recommendation focuses on encouraging all Palestinian Economic

Entities to adopt a balanced scorecard for its role in performance evaluation, minimizing earning management, and encouraging all Palestinian Economic Entities to limit their using of earning management.

6- (Al-Najaar, 2013). "The Impact of the adoption the Balanced Scorecard to strengthen the strategic competitive position (An Empirical Study on financial institutions in the Gaza city)".

The study aims to uncover the extent of the Balanced Scorecard application in the financial firms operating in Gaza Strip and to reveal the most important metrics actually used by these institutions in order to evaluate the strategic competitive position. In addition, the study highlights the effect of the full implementation of the Balanced Scorecard in its four dimensions (financial, customer, operational processes, learning and growth). Strengthening the competitive position, the study was applied to banks and insurance companies operating in Gaza Strip. The sample consists of executive managers, branch managers, and some personnel charged with administrative activities as well as their technical duties.

The outcomes of this study reveal that the financial institutions operating in Gaza

Strip apply the performance standards measuring financial and non- financial, but that is not within the framework of the full and comprehensive model of the Balanced Scorecard (BSC).

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The recommendations focus mainly on the need for the financial institutions operating in Gaza Strip to adopt the Balanced Scorecard (BSC) in an integrated manner, with its four main dimensions.

7- (Abu Jazar, 2012). "Using Balanced Scorecard (BSC) as a tool to evaluate the performance of the Palestinian Islamic Bank (A field Study)".

This study aims to identify the extent of using the Balanced Scorecard (BSC) as a tool to evaluate the performance of Palestinian Islamic Bank, and determines whether the commitment to implement the Balanced Scorecard is related to a set of variables or not, namely: (gender, age, Education degree , specialization, job title, work experience, and training courses). The study used a descriptive analytical approach and descriptive analysis of the variables of the study and test hypotheses. To achieve the objectives and test hypotheses, the study relied on primary and secondary data, and designed a questionnaire sheet which is appropriate to the subject and its objectives.

The results of the study indicate a positive impact on all the dimensions of the

Balanced Scorecard, but the social perspective that the researcher added has a negative impact.

The main recommendation is that the Palestinian Islamic Bank should seek to

adopt the Balanced Scorecard and work to create suitable conditions for the application process.

8- (Dergham and Abu feda, 2009). "The effect of applying the Balanced Scorecard model in promoting the strategic and financial performance of the Palestinian National banks operating in the Gaza Strip (field study)".

This study aims to know the four determined effects of the application of Balanced Scorecard model, including financial, customer, internal processes, and growth and learning. In addition, the study promotes strategic and financial performance of the Palestinian national banks operating in the Gaza Strip.

One of the most important outcomes of the study is that the Palestinian national

banks operating in the Gaza Strip have good awareness. Such a success requires working hard to promote strategic and financial performance. The most important results show that the study BSC model can be used with either all of the dimensions as a whole or each perspective alone to promote strategic and financial performance.

The study recommends that the national Palestinian banks need to adopt the

Balanced Scorecard; this can be achieved through reshaping of the corporate culture and creating appropriate conditions necessary for its application. In addition, there's a need to use the model as a means of rationalization decisions made by managers to guide their behaviors and evaluate their performance.

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9- (Ali, 2007). "Performance Evaluation of Palestinian Telecommunication Corporations by using Balanced Scorecard approach".

The study was directed to the Palestinian Telecommunications organizations in Gaza strip to measure the performance of Jawwal and Paltel in view of the four BSC dimensions as assessed by their workers and investors. Ali designed a special questionnaire sheet and distribute it to 185 workers and investors representing the research population of 668 workers and undefined number of individual investors. In this way, a stratified arbitrary sample was adopted, composed of three investors categories: Directors, Workers and Investors. 170 questionnaire sheets out of 185 were retrieved.

The outcomes show the importance of comprehensive and integrated Balanced

Scorecard, and the strong, direct and significant relation between every dimension and the total degree of BSC. Four equations have been formed to estimate the relation between every dimension and the whole BSC.

The most important recommendation of the study is the need of upgrading and

creating preparing programs and inner business forms notwithstanding leading more compelling correspondence, falling and organization exercises to guarantee both the inside and outside partners' help. 3.3 Arabic Studies: 1- (Ain, 2015). "Adopting Balanced Scorecard to Evaluate Saudi Banking Sector Services under the Governance of Strategic Performance Case of Saudi Commercial Banks".

The study aims to evaluate and develop the BSC approach adopted by Saudi commercial banks for the sake of improving the strategic performance of Saudi banking sector. To achieve this objective, the study relied on 59 questionnaire sheets which had been collected from various managers of different SCB.

The study discloses that there is a growing need to use the model of balanced

scorecard in evaluation of Saudi Commercial Banks “SCB” in the light of strategic performance governance. Moreover, the study concludes that the necessary components to make success of implementation of balances scorecard model are provided in SCB. In addition, the study concludes that SCB are committed to implement the balanced scorecard model with all of its four basic dimensions.

The most important recommendation of the study concludes that adding

“dimension of community partnership” to those four dimensions will contribute in improving the quality performance measurement of Commercial Banks accurately as it will provide new indicators which will reflect the relation of SCB with the community in the frame of its social responsibility.

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2- (Abdel Hamid and Mansour, 2015). "Balanced Scorecard and its role in the performance evaluation National Pension Fund".

The study aims at identifying the nature and philosophy of the BSC; as well as explaining the reasons behind the growing interest in it; besides clarifying its role in performance evaluation in the NPF with Soudan. To achieve this objective, the study relied on quantitative data in the years (2009, 2010, 2011, 2012, 2013).

The results of this study suggest that the performance of services provided by

the NPF has been improving during the study period. Moreover, the BSC provides indicators, which could be used as reference for comparison with other organizations working in the same field.

The study mainly calls for the necessity to benefit from the experience of

international organizations and consultative bodies in terms of guidance for effective application of the BSC.

3- (Al Greeb, 2012). "The Extend of Using Balanced Scorecard Performance Evaluation at Libyan Commercial Banks".

This study aims to introduce the scientific and the theoretical principles of the Balanced Scorecard as well as it aims to know the extent to which it is possible to use the Balanced Scorecard in evaluating the performance of the Libyan commercial banks. In addition to that, it aims to recognize the obstacles facing its application at the Libyan commercial banks. To accomplish the study's objectives, the researcher has designed a questionnaire sheet that consists of two parts. The first part represents the personal and the functional information of the study sample individuals, while the second part consists of questions to know the extent to which it is possible to apply the Balanced Scorecard at the Libyan commercial banks, which have 120 employees and directors.

The most important results of the study reveal that the Libyan commercial banks

are ready to use the Balanced Scorecard, and they are in need of necessary date to apply it.

The main recommendations of the study show that the most important things are

the necessity to fully apply the Balanced Scorecard at the Libyan commercial banks in evaluating the performance because it is considered as an important element for competition between the local and global banks. Moreover, the Libyan commercial banks should overcome the difficulties facing the application of the Balanced Scorecard through allocating sufficient funds to provide the material and the financial requirements in applying the Balanced Scorecard and developing the working human staff though training them on how to use the Balanced Scorecard in evaluating the performance.

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4- (Al-Sawalqa, Holloway and Alam, 2011). "balanced scorecard implementation in Jordan: an initial analysis".

This study aims to analyze the state of implementation of the BSC among Jordanian industrial companies. Jordan is a developed country in the Middle East from an economic perspective. The survey tool provided alook at the level of implementation of 168 companies using BSC approach, among medium and large industrial firms.

The most important results of the study reveal that 35.1% of the surveyed

companies use the BSC approach. The outcomes also indicate that approximately more than 30% of the responding companies were either considering or currently implementing the BSC approach.

The recommendation of the study explains that the future research may also

develop a model (comprehensive and integrated) to assess the impact of using BSC on organizational performance. Also, further studies need to identify the key performance indicators in various dimensions of the BSC and not to take these dimensions as overall in order to overcome some of the limitations of previous studies which take the performance measurements as overall.

5- (Zwaylef and Nour, 2005). "The importance and extent of using balanced scorecard in performance valuation , applied study on a sample of Jordanian bank".

This study aims to show the importance of the Balanced Scorecard and the mechanisms of its application. It also aims to show the role that the BSC played in translating the strategy. In addition, this study makes it a common language shared between the organizations and individuals through the formulation of the measures according to the four dimensions and the scope of using BSC.

The results of this study display that the Balanced Scorecard is considered the

appropriate tool for measuring the performance of the organizations and that the measures in the four prospective vary from one organization to another.

The main recommendations focus on the application of the Balanced Scorecard

as an integrated system.

3.4 International Studies: 1- (Li, 2015). "Investor Relations: A Study of Perceived Fundamental Skills and Practices in Corporations and Agencies".

The study aims to investigate investor relations professionals’ perceptions of the fundamental skills and practices needed in companies and agencies through an online self-administered survey. This survey utilized a stratified examining strategy, which

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can diminish plausible testing blunders and get a more noteworthy level of representativeness. Stratified examining draws tests from homogenous subsets of the aggregate populace to decrease the likeliness of inspecting blunder. For this examination, the populace everywhere is speculator relations specialists in USA, and the stratified subset is the participation from the Financial Communications Section of the PRSA. A warning that contained the online study connect was presented on the Area's online gathering to achieve the 198 individuals from the surveying.

The study finds that the experts saw relationship-building aptitudes with media

and the speculation network are the most essential learning of data exposure process. Official administration helps and emergency correspondence administration are additionally observed essential. The experts showed that enhancing aptitudes and learning of interchanges and fund were as critical as the abilities themselves. This study likewise finds that experts with various affiliations and levels of experience have diverse impression of the key abilities and practices in the field of IR.

The study recommends that more academic research is still needed in the field

of IR.

2- (Stojadinović, et al, 2014). "Human Resource Performance Measurement Framework for Construction Projects and Companies".

The study aims to present a new approach for measuring the performance of employees in construction companies. Two unique strategies are proposed. For representatives straightforwardly occupied with an undertaking, execution is estimated by utilizing distinctive Key Execution Pointers on four diverse association levels. For representatives not specifically occupied with a task, execution is estimated by utilizing Obligation Task Networks that are evaluated utilizing the Quality Capacity Organization strategy. In the two cases, the framework returns non-dimensional assessments for workers, which can be utilized as an administration apparatus for effective human asset administration. The presented framework is designed for civil construction projects and companies in Belgrade, Serbia, but it is applicable to any industry.

The results of the study reveal that the main advantage for a construction firm is

an objective performance measurement system for all employees. The framework proposed in this study is a way to perform such performance measurements. Company management can use the proposed framework as a management tool for allocating jobs or for implementing performance-based rewarding. Measurements are performed in real time, so it is possible to immediately intervene with corrective measures, rewards/penalties or other control mechanisms. Performance-based rewarding can be easily implemented because evaluation factors are non-dimensional. Final evaluation can be linked to the base salaries and bonuses (positive or negative).

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The study recommends that most important direction for further research is detailed quantification of various Key Performance Indictors measures and precondition coefficients, because assigning objective and unbiased evaluations to employees in both modules is crucial for the overall quality of the proposed framework. Developing an appropriate software tool for the accomplishment of the proposed framework in practice is the next planned research step.

3- (Steen and Welch, 2011). "Are Accounting Metrics Applicable to Human Resources? The Case of Return on Valuing Assignments".

The study aims to explore the idea of human capital and its estimation through a survey of the HRA writing, and additionally the writing in (HR). The exact investigation of nine multinational organizations utilized an interpretative approach. The Finnish investigation was directed by a solitary scientist while the Australian examination was led by two specialists, amid 2006 and 2007. Altogether, 13 HR staff and 47 repatriates (previous appointees) were met. The hierarchical point of view is gotten through semi-organized meetings with the HR executives in every one of the taking part organizations, and investigation of organization documentation (organization approaches, methodology manuals and site data). Each organization was given a synopsis report for truthful check.

The results of the study reveal that a noteworthy piece of the scrape HR

interviewees confront is the idea of what they are endeavouring to gauge. There is general accord that following task costs is imperative and all HR interviewees could separate direct expenses related with the worldwide task. The key issue is identified with the non-financial factors. Repatriates additionally remark on how troublesome it would be for an association to adapt these things, given their general immaterial nature.

The most important recommendation shows that the HR directors we met are

very aware of the need to oversee repatriate profession desires and to change over human capital (repatriate know how) into authoritative capital. There is a component of dissatisfaction from the absence of formal expert to impact and to consider line administrators responsible for repatriate turnover. This is especially the case for three of the Australian HR chiefs, who are center supervisors inside their particular HR divisions, and who depend on the status of their immediate reports to advocate repatriation issues at official administration gatherings.

4- (Murphy, 2009). "Strategic Human Resources Management Performance Metrics for Unit-Level Managers: An Exploratory Study of U.S Casual Restaurants".

The study aims to highlight many restaurant companies and to studying the relationship between a company’s performance and its effort to develop an effective human resources management reward and retention system. Consequently, the poll

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sheet was pre-tried and reconsidered in light of proposals of associates who had past involvement in HR and eatery administration. Contents permitted the specialist adaptability in clearing up inquiries or making elective inquiries that were better comprehended by the interviewees.

The most important results of the study reveal that these measurements are to be

the initial phase in distinguishing the connections between an eatery organization's execution and its HR push to create successful administration reward-and-maintenance frameworks. As an initial phase in the improvement of a connection between the HR practices and friends execution for eatery administrators, this investigation recognizes an endless supply of execution measurements to assess a superior work framework for easygoing eatery chiefs in U.S.A

The study recommends additional research to be directed to decide if worker

overviews should be a piece of the assessment procedure. Generally speaking, they mirrored a supposition that workers should be asked what they think and how they feel about an assortment of issues when organizations could stand to see representatives absolutely as expenses. In the new century's information economy, chiefs must be viewed as esteem and riches generators who can significantly influence visitor and representative fulfillment, notoriety, and execution.

5- (Singer and Cacia, 2009). "The Role Of Web Investor Relations For Mitigating And Manage Stock Exchange Liquidity And Enterprise Risks".

The study aims to build a model that helps to explain how the investor relations manager should increase liquidity, support enterprise risks and boosting the value through internet and web-site. Also it aims to propose a web investor relations grading outline in UK. The use of academic research relating to IR and Management of Stock Exchange are discussed, including embedded recommendations.

The results of the study show the importance of investor relations activities, and

that it is important to perform a map of the relation between communication and web investor relations on one hand, and different categories of business risk on other hand. Generally, the results aim to support the view that communication and web investor relations activities are improving the liquidity of stock exchange.

The most important recommendation of the study reveals that without an exact

meaning of the attributes of monetary budgetary correspondences by means of web, that considers the diverse writing recommendations to distinguish the components shared and, isn't significant to experimentally survey the effect of financial specialist web relations. And, the investigation could be expanded in this point of view to scatter top notch data and their bent to initiate a dynamic prudent cycle in the esteem creation process.

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6- (Chhinzer and Chatehorde, 2009). "Challenging Relationships: HR Metrics and Organizational Financial Performance".

This study aims to investigate the suspicion that changing the quantity of HR influences the financial performance that is related to execution of the company. This investigation incorporates and precisely examinations scholarly research to distinguish the connection between HR measurements and authoritative budgetary execution. Utilizing the illustrations, seven noteworthy obstructions in the understanding and utilization of scholastic research identifying with HR measurements and authoritative monetary execution are examined.

Results of the study show that HR metrics which focuses on profit or revenue

are often used to measure human resources. A company in USA may choose to focus on one or both of these purposes: the first is maximizing revenue can be accomplished by increasing sales price, sales volume, or both, and the second is maximizing profit margins can be accomplished by maximizing the difference between the sale price and the costs. However, the measurements used should be consistent with the company's goal.

The most important recommendation of the study focuses on the fact that before

assuming that changing human resources in the company will change organizational financial performance, each company must review its strategies, goals, vision, operations, and measures. Many companies assuming that a change in HR metrics will change the organizational financial performance, despite the risk of the relationship. Before changing HR as a reaction to failed financial performance, companies should look to other measures, for example, business procedure, tasks, or client request and build up an activity design in like manner. 7- (Laskin, 2007). "The Value of Investor Relations: A Delphi Panel Investigation".

The study aims to lead a hypothetical investigation into the commitment of financial specialist relations to the hierarchical primary concern in USA. Additionally, it investigates how hypothetical proclamations about the speculator relations' commitment to the authoritative main concern are assessed by experienced financial specialist relations officers. This crosses over any barrier amongst hypothesis and practice and prompts future advancement of speculator relations science and practice. The technique utilized for examination is a Delphi board. "Delphi is the name of a set of procedures for eliciting and refining the opinions of a group of people".

The most important results of the study show that this Delphi board delivers a

larger number of inquiries than answers, yet it concentrates on the present overwhelming perspectives in the scholarly investigations and in the expert network of the issue of estimating financial specialist relations commitment to the primary

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concern and the manners by which such commitment can be operationalized. The commitment of speculator relations can be isolated into four measurements: (Securities valuation, Trading volume/Liquidity, Analyst scope, and Relationships with the potential investors).

The most important recommendation of the study is that this study underlines

the significance of uniting experts and researchers in the region on financial specialist relations to cooperating on the issues that the activity faces today. Despite the fact that the cooperation is uncommon in this issue, it can turn out to be of a great importance.

3.5 General Commentary on Reviewed Studies:

The subject of performance measurement tools and enhancing employees performance in investor relations departments have become important for institutions. This issue is getting more and more interest and focus due to its importance in affecting the efficiency and effectiveness of any institution, the previous studies and articles were collected from many countries and backgrounds, which give the researcher a clear vision of performance measurement tools and enhancing employees performance, Based on previous studies, this research constructs it hypotheses, and some of the notes can be highlighted as follows:

Some of previous studies focused on the role and implementation of the Balanced Scorecard in assessing the overall performance of companies, banks and institutions in private sector, like the study of Saad and Daraghma (2016), Al-Tarazi (2015), Obaid (2014), El- Daour (2013), Al-Najaar (2013), Abu Jazar (2012), Dergham and Abu feda (2009), Ali (2007), Ain (2015), Al Greeb (2012), Al-Sawalqa, Holloway and Alam (2011), Zwaylef and Nour (2005) and Chhinzer and Chatehorde (2009). Except the study of Abdel Hamid and Mansour (2015) that implemented in the public sector .

Other studies focused on HR Balanced Scorecard and the importance of non-financial dimensions like the study of Rahhal and Darabee (2014) and Stojadinović, et al. (2014).

Some previous studies used the similar population sample like the study of Saad and Daraghma (2016) and Rahhal and Darabee (2014).

Some previous studies bore the subject of how the human resources performance should be measured as well as focusing on metrics. Like the study of Steen and Welch (2011) and Murphy (2009).

Other studies focused on determining skills and experiences that the Investor Relations Department staff must have and the role of the Investor Relations department

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in managing the investment. Like the study of Li (2015), Singer and Cacia (2009) and Laskin (2007).

Some previous studies which focused on showing how to measure the human resources performance and the role of Investor Relations Department in companies. Like the study of Laskin (2007).

Most of the previous studies investigated partially in the HR performance measurement.

All previous studies used the analytical descriptive approach and used the questionnaire tool to collect data. Except the study of Steen and Welch (2011) which used the interview tool to collect data.

There is no Arabic research focused on Investor Relations. 3.6 What Makes this Study Different from other Studies:

The current study is different from other studies as follows: 1- The current study identifies the most important variables to enhance the

performance of employees, their competencies, strategic awareness and motivation. It also identifies the relationship of the IR department with the Board of Directors and executive management, Job Satisfaction and Job Security through the performance measurement tools such as BSC and Metrics, besides their impact on enhancing the performance of employees in the IR departments. In addition, the current study focuses on the indicators of measuring human resources performance not on measuring financial performance as in other studies.

2- The current study was applied to all the Palestinian Public Shareholding Companies listed in the Palestine Exchange provided that their shares are not suspended from trading. Consequently, all economic sectors represented in the study are banking, financial services, insurance, services, industry and investment.

3- The current study focuses on the staff of the Investor Relations Department, as this department is one of the most important departments of the Palestinian Public Shareholding Companies listed in the Palestine Exchange.

4- The current study identifies the most important elements of applying the Balanced Scorecard and standards in the field of human resources.

Chapter Four Research Design and

Methodology

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Chapter Four Research Design and Methodology

4.1 Introduction: This chapter aims to define and clarify the implemented methodology in this

research which examines the impact of the contribution of Performance Measurement Tools (HR BSC and Metrics) in enhancing employees performance. The researcher relies upon a few systems keeping in mind the end goal to achieve this examination and accomplish the expressed objectives, which are: the data about the exploration strategy, inquiring about plan, looking into populace, poll outline and techniques, information estimation, testing survey legitimacy and unwavering quality, test typicality and factual information investigation instruments.

4.2 Research Design and Procedures:

For conducting the research, the researcher depends on the following stages: 1- The first stage includes setting up the research proposal, which includes

fundamentally the recognizable proof and definition of the research problem, and investigating goals arrangement and research design improvement. According to the researcher's experience, the proposed research problem and targets were elucidated suitably.

2- The second stage includes a comprehensive literature review about the primary research theme, variables and research population, alongside related past investigations. This stage is finalized and approved by the supervisor Dr. Sami Abo Al-Ross.

3- The research third stage involves data collection about the study’s population. 4- The fourth stage includes a questionnaire sheet development which covers the

expressed research variables to be examined. This questionnaire sheet was evaluated and revised by 8 academic and professional referees.

5- The fifth stage includes a comprehensive survey for questionnaire sheet distribution, which was directed to all listed companies, as the research population consists of all companies listed in the Palestine Exchange (PEX), to accomplish the targets of the research. 46 questionnaire sheets were distributed to the study population, but 42 were received with response rate 91.30%.

6- The sixth stage includes data analysis and discussion. Utilizing (SPSS 24), the required examination was made.

7- The last stage includes the conclusions and recommendations.

4.3 Research Methodology: For breaking down data, the researcher depends on the method of descriptive

analysis as a research methodology. Descriptive analysis focuses on describing the phenomenon, determining patterns in the data in order to provide answer to the questions that are related to who, what, where, when, and what extent.

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It is viewed as crucial for relatively every examination venture as it offers what can be thought about limits, needs, methods, practices, policies, populations, and settings in a way that is fitting to a specific research question (Loeb et al., 2017).

4.4 Data Sources:

The researcher depends on two types of information sources so as to accomplish the exploration targets, which are:

1- Secondary Data Sources: Such as books, thesis, dissertations, diaries, articles, papers, measurements and site pages.

2- Primary Data Sources: The data gathered by utilizing a questionnaire sheet that was developed specifically for this study.

4.5 Research Population and Sample:

Research population represents the cases or gathering of individuals that the researcher is considering (Saunders et al., 2009).

The study population consists of all companies listed and traded in the Palestine Exchange (48), two companies were excluded from the sample because one stopped from the trading and the other can’t be accessed for information.

The researcher depends on a comprehensive survey method for the questionnaire sheet distribution, and thus 46 questionnaire sheets were distributed to the research sample, but 42 were received with response rate 91.30%.

4.6 Questionnaire Design and Procedures:

The researcher depends on the following questionnaire sheet procedures: 1- The questionnaire sheet was planned by the researcher in view of reviewed studies. 2- The questionnaire sheet was divided to department activity. 3- The questionnaire sheet was looked into and changed by the research's supervisor. 4- The modified copy was given to various academic referees from various

universities. Referees list was attached in (appendix 1). 5- The questionnaire sheet was then adjusted in view of the referee's comments. 6- Based on these modifications, it was presumed that the prepared questionnaire

sheet to be distributed was a final. The researcher firstly designed the questionnaire sheet in Arabic language

(appendix 3), keeping in mind the end goal to make it less demanding for comprehension. After the distribution and gathering of the questionnaire sheets, it was converted into English (appendix 2). The researcher in both copies depended on a clear and simple language.

The questionnaire sheets were distributed with a covering letter which clarified

the research purpose, the responding way, the research aims and the information security in order to have high response rate.

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The questionnaire sheet included the following:

1- Section one includes the personal data for the respondents. 2- Section two includes specific information about the research variables. The

independent variables are HR Balanced Scorecard and HR Metrics, and the dependent variable is Investor Relations Performance.

4.7 Data Measurement: In order to be able to select the appropriate method of investigation, the level of

measurement must be understood. For each type of measurement, there is/are an appropriate method/s that can be applied and not others. In this research, scale 1-10 is used, where -1- represents the highest degree of disagreement, and -10- represents the highest degree of agreement. The numbers assigned to the importance (1, 2, 3, .., 10) do not indicate that the interval between scales are equal, nor do they indicate absolute quantities; they are merely numerical labels.

Table (4.1): Measurement Scale.

4.8 Validity of the Questionnaire: Validity represents to how much any measuring instrument measures what it is

proposed to measure (Thatcher, 2010). There are many aspects and methods for evaluating the questionnaire sheet validity: 1- External (Content) Validity: Content validity refers to how much the questionnaire

sheet delivers adequate coverage of the research questions (Saunders et al., 2009). The content validity of the questionnaire sheet is conducted through the supervisor review in order to assure that the content of the questionnaire sheet is consistent with the research objectives, and evaluate whether the items reflect the research problem or not.

Also, the researcher shows the study tool in the its initial face to a group of 8 commerce faculty member referees in the Palestinian universities, who are specializing in management. The appendix No. (1) shows the names of the referees from the Islamic University of Gaza, Al-Azhar University of Gaza and Al-Quds Open University and Alaqsa university who thankfully evaluated the study tool.

Item Strongly Disagree

Strongly agree

Scale 1 2 3 4 5 6 7 8 9 10

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The researcher asked them to express their views on the extent of appropriateness of phrases to measure what is intended to be done, the clarity of the formulation of phrases and the suitability of each phrase to the axis to which it belongs, and the adequacy of these phrases to cover each axis of this fundamental variables of the study. In addition to that, they had the chance to propose what they see necessary to modify the formulation of phrases or delete them, or add new phrases to study tool and express their views with respect to the primary data (the required personal and functional characteristics of the respondents), along with scale 1-10 is used in the questionnaire. The referees focused on criticizing the length of the questionnaire sheet where they contained some repetitive statements and some judges advised the researcher to reduce some phrases from some axes and add phrases to other axes.

Based on the observations and directions made by the referees, the researcher conducted the amendments agreed on by the majority of the referees, where he modified the phrases and deleted or added some other ones. Appendix (2) and Appendix (3) show the questionnaire sheet in its final shape.

2- Internal Validity: Internal validity of the questionnaire sheet is measured by the correlation coefficients between each item in one field and the whole field.

a) Internal Validity for " HR Balanced Scorecard and HR Metrics": Measuring the correlation coefficient for each item of the " HR Balanced Scorecard and HR Metrics " and the total of the field. Table (4.2) presents this correlation. Table (4.2): Correlation coefficient of each item of HR Balanced Scorecard and HR Metrics,

and the total of this field.

# Item

HR Balanced Scorecard HR Metrics Pearson

Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

1. The company relies on clear systems and procedures. .871 0.000* .820 0.000*

2. The company depends on a specific measurement form. .586 0.000* .853 0.000*

3. The company measures the productivity of staff. .797 0.000* .879 0.000*

4. The company is keenly interested in measuring the staff response to the Policies.

.840 0.000* .868 0.000*

5. The Company focuses on the measurement of the implementation mechanisms of the operations.

.863 0.000* .924 0.000*

6. The company has scientifically qualified specialists. .623 0.000* .385 0.024*

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# Item

HR Balanced Scorecard HR Metrics Pearson

Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

7. The company follows a clear methodology. .752 0.000* .845 0.000*

8. The company follows the latest scientific and professional developments and updates.

.810 0.000* .867 0.000*

9. The extent of the company in assessing activities of human recourses below for Balanced Scorecard/standards: HR planning.

.913 0.000* .863 0.000*

10. Recruitment (searching for staff and urging them to submit employment applications).

.817 0.000* .341 0.038*

11. Selection and appointment. .887 0.000* .899 0.000* 12. Training and development. .902 0.000* .913 0.000* 13. Career planning. .842 0.000* .860 0.000* 14. Performance appraisal. .893 0.000* .853 0.000* 15. Salaries and wages. .862 0.000* .817 0.000* 16. Benefits, incentives and rewards. .875 0.000* .875 0.000* 17. Safety and security. .809 0.000* .811 0.000* 18. Social care. .706 0.000* .862 0.000*

.

* Correlation is significant at the 0.05 level . Table (4.2) clarifies the correlation coefficient for each item of the "HR

Balanced Scorecard and HR Metrics" and the total of the field. The p-values (Sig.) are less than 0.05, so the correlation coefficients of this field are significant at α ≤ 0.05, so it can be said that the items of this field are consistent and valid to measure what they were set for.

b) Internal Validity for " Employees Competencies": Measuring the correlation coefficient for each item of the " Employees Competencies" and the total of the field. Table (4.3) presents this correlation. Table (4.3): Correlation coefficient of each item of "Employees Competencies" and the total of

this field.

# Item Pearson

Correlation Coefficient

P-Value (Sig.)

1. The company is keenly interested in informing staff on the general strategy to accomplish the work assigned to them. .936 0.000*

2. The company informs staff on the detailed plans and goals to complete the work assigned to them. .930 0.000*

3. The company informs the staff on the tasks and duties required from them to complete the work. .938 0.000*

4. The staffs perform work in a good way that is suitable to their experience and qualifications. .818 0.000*

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# Item Pearson

Correlation Coefficient

P-Value (Sig.)

5. The staff performance is evaluated continuously to utilize their competencies and perform the work required. .892 0.000*

6. The company implements training programs for staff development to benefit from their competencies. .879 0.000*

7. The company is keenly interested in stuff working as a team in order to utilize their abilities and competencies for the work entrusted to them.

.947 0.000*

8. The company gives staff authorities according to their qualification. .885 0.000*

* Correlation is significant at the 0.05 level . Table (4.3) clarifies the correlation coefficient for each item of the "Employees

Competencies" and the total of the field. The p-values (Sig.) are less than 0.05, so the correlation coefficients of this field are significant at α ≤ 0.05, so it can be said that the items of this field are consistent and valid to measure what they were set for.

c) Internal Validity for " Strategic Awareness and Motivation ":

Measuring the correlation coefficient for each item of the "Strategic Awareness and Motivation " and the total of the field. Table (4.4) presents this correlation.

Table (4.4): Correlation coefficient of each item of "Strategic Awareness and Motivation" and the total of this field.

# Item Pearson

Correlation Coefficient

P-Value (Sig.)

1. The company motivates staff to participate in the submission of proposals about the strategic plan. .748 0.000*

2. The staff has the ability to exercise their duties in accordance with the strategic plans. .835 0.000*

3. Staffs participate as members of the Strategic Planning Team of the company. .728 0.000*

4. The company encourages staff for innovation and development strategic plans. .854 0.000*

5. The company operates under clear incentive policies and regulations .881 0.000*

6. The company is keenly interested in developing and updating incentive policies and regulations on continuous basis.

.896 0.000*

7. The company is keenly interested in linking the financial incentives to the staff achievements which correspond to the company's strategy.

.852 0.000*

8. The company provides in-kind incentives for staff in light of the achievements which correspond to the company's strategy.

.875 0.000*

* Correlation is significant at the 0.05 level

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Table (4.4) clarifies the correlation coefficient for each item of the "Strategic Awareness and Motivation" and the total of the field. The p-values (Sig.) are less than 0.05, so the correlation coefficients of this field are significant at α ≤ 0.05, so it can be said that the items of this field are consistent and valid to measure what they were set for.

d) Internal Validity for " The relations between Investor Relations department and

Board of Directors and Executive Management ": Measuring the correlation coefficient for each item of the " The relations between Investor Relations department and Board of Directors and Executive Management " and the total of the field. Table (4.5) presents this correlation.

Table (4.5) : Correlation coefficient of each item of "The relations between Investor Relations department, and Board of Directors and Executive Management " and the total of this field.

# Item Pearson

Correlation Coefficient

P-Value (Sig.)

1. A special organizational structure is available for the Investor Relations department. .724 0.000*

2. There is a reference procedure manual for employees in the Investor Relations department. .917 0.000*

3. The work in the company is regulated in accordance with the control procedures in the Investors Relation’s department.

.959 0.000*

4. The work and tasks of Investor Relations department are integrated with other department’s. .878 0.000*

5. The company is keenly interested in promoting continuous communication between the Investor relations department and other departments.

.928 0.000*

6. The Investor Relations Department communicates effectively with the General Manager. .901 0.000*

7. The management of the company enhances constructive communication between the Investor Relations department and the committees drawn from the board of directors.

.860 0.000*

8. There is a big importance for the presence of the Investor Relations department to follow issues of shareholders and investors.

.744 0.000*

* Correlation is significant at the 0.05 level Table (4.5) clarifies the correlation coefficient for each item of the "The relations

between Investor Relations department and Board of Directors and Executive Management " and the total of the field. The p-values (Sig.) are less than 0.05, so the correlation coefficients of this field are significant at α ≤ 0.05, so it can be said that the items of this field are consistent and valid to measure what they were set for.

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e) Internal Validity for " Job Satisfaction ": Measuring the correlation coefficient for each item of the " Job Satisfaction " and the total of the field. Table (4.6) presents this correlation. Table (4.6): Correlation coefficient of each item of "Job Satisfaction" and the total of this field.

# Item Pearson

Correlation Coefficient

P-Value (Sig.)

1. The company makes employees feel secured. .747 0.000* 2. The company is keenly interested that current jobs

allow staff to acquire new skills and experience. .773 0.000*

3. The company is concerned with the provision of appropriate work places for the performance of tasks and responsibilities.

.723 0.000*

4. The company adopts a clear promotion standards and regulations in accordance with professional standards. .832 0.000*

5. The company focuses on the adoption of equity and fairness in dealing with all the staff. .885 0.000*

6. The company determines the salaries of the staff in accordance with the nature and size of work and the prevailing economic circumstances.

.787 0.000*

7. The work in the company is completed in accordance with teamwork spirit among the members of the group. .838 0.000*

8. The company gives its employees nonfinancial or financial incentives rewards when the company makes profits.

.770 0.000*

* Correlation is significant at the 0.05 level . Table (4.6) clarifies the correlation coefficient for each item of the "Job

Satisfaction" and the total of the field. The p-values (Sig.) are less than 0.05, so the correlation coefficients of this field are significant at α ≤ 0.05, so it can be said that the items of this field are consistent and valid to measure what they were set for.

f) Internal Validity for " Job Security ": Measuring the correlation coefficient for each item of the " Job Security " and the total of the field. Table (4.7) presents this correlation.

Table (4.7): Correlation coefficient of each item of "Job Security" and the total of this field.

# Item Pearson

Correlation Coefficient

P-Value (Sig.)

1. The staff feels high employment stability in the company. .843 0.000*

2. The company is keenly interested to provide a stable work environment. .849 0.000*

3. The company acts to promote employment stability through organizational factors. .889 0.000*

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# Item Pearson

Correlation Coefficient

P-Value (Sig.)

4. The company adopts policy of promotions on proper foundations that give the staff stability. .702 0.000*

5. The company gives great attention to social responsibility toward staff. .660 0.000*

6. The jobs in the company are in accordance with the potential of the staff. .882 0.000*

7. The company concentrates on achieving low turnover rate of staff. .886 0.000*

8. The company is interested in achieving low transfer rate of staff. .822 0.000*

* Correlation is significant at the 0.05 level . Table (4.7) clarifies the correlation coefficient for each item of the "Job Security"

and the total of the field. The p-values (Sig.) are less than 0.05, so the correlation coefficients of this field are significant at α ≤ 0.05, so it can be said that the items of this field are consistent and valid to measure what they were set for.

3- Structure Validity: For measuring the validity of the questionnaire sheet structure,

the researcher depends on the statistical test (structure validity test), which depends on testing the validity of each field and the validity of the whole questionnaire sheet. In other words, the test examines the correlation coefficient amongst one field and all the fields of the questionnaire sheet that have the same level of scale.

Table (4.8): Correlation coefficient of each field and the whole of questionnaire sheet.

# Field Pearson

Correlation Coefficient

P-Value (Sig.)

1. HR Balanced Scorecard .973 0.000* 2. HR Metrics .980 0.000*

HR Balanced Scorecard and HR Metrics .976 0.000* 1. Employees Competencies .908 0.000* 2. Strategic Awareness and Motivation .947 0.000* 3. The relations between Investor Relations department and Board

of Directors and Executive Management .877 0.000*

4. Job Satisfaction .862 0.000* 5. Job Security .888 0.000*

Investor Relations Performance .987 0.000* * Correlation is significant at the 0.05 level .

Table (4.8) clarifies the correlation coefficient for each field and the whole questionnaire. The p-values (Sig.) are less than 0.05, so the correlation coefficients of all the fields are significant at α ≤ 0.05, so it can be said that the fields are valid to measure what they were set for to achieve the main aim of the study.

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4.9 Reliability of the Questionnaire: The reliability of an instrument is the level of consistency which measures the

credit it should measure. The less variety an instrument delivers in repeated estimations of a characteristic, the higher its reliability. Reliability can be compared with the soundness, consistency, or constancy of an estimating device. The test is rehashed to a similar example of individuals on two events and afterward looking at the scores got by processing an unwavering quality coefficient (George and Mallery, 2006). To safeguard the dependability of the questionnaire sheet, Cronbach's Coefficient Alpha ought to be connected .

Cronbach's Coefficient Alpha is composed as a measure of inside consistency. That is, do all things inside the instrument measure a similar thing? The ordinary scope of Cronbach's coefficient alpha esteem is in the vicinity of 0.0 and + 1.0, and the higher qualities mirror a higher level of inward consistency.

The Cronbach’s coefficient alpha was calculated for each field of the questionnaire sheet.

Table (4.9): Cronbach's Alpha for each field of the questionnaire sheet.

# Field Cronbach's Alpha 1. HR Balanced Scorecard 0.963 2. HR Metrics 0.974

HR Balanced Scorecard and HR Metrics 0.976 1. Employees Competencies 0.966 2. Strategic Awareness and Motivation 0.936 3. The relations between Investor Relations department and Board of

Directors and Executive Management 0.948

4. Job Satisfaction 0.917 5. Job Security 0.922

Investor Relations Performance 0.980 All items of the questionnaire 0.988

Table (4.9) shows the values of Cronbach's Alpha for each field of the questionnaire sheet and the entire questionnaire sheet. For the fields, values of Cronbach's Alpha were in the range from 0.917 and 0.980.

This range is considered high; the result ensures the reliability of each field of the questionnaire. Cronbach's Alpha equals 0.988 for the entire questionnaire sheet which indicates an excellent reliability of the entire questionnaire.

Thereby, it can be said that the researcher proved that the questionnaire sheet was valid, reliable, and ready for distribution.

4.10 Test of Normality:

To determine whether the data are takes after the typical dispersion or not, the researcher relies upon Kolmogorov-Smirnov (KS) test. This test was proposed by Kolmogorov firstly after that created by Smirnov. It is about the combined appropriation of the information with the normal aggregate ordinary dissemination,

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and bases its P esteem on the biggest error (Öztuna, Elhan, & Tüccar, 2006). Table (4.10) shows the results for Kolmogorov-Smirnov test of normality.

Table (4.10): Kolmogorov-Smirnov test.

Field Kolmogorov-Smirnov

Statistic P-value HR Balanced Scorecard 1.041 0.229 HR Metrics 0.738 0.647 HR Balanced Scorecard and HR Metrics 0.960 0.316 Employees Competencies 1.059 0.212 Strategic Awareness and Motivation 0.568 0.904 The relations between Investor Relations department and Board of Directors and Executive Management 1.272 0.079

Job Satisfaction 0.707 0.699 Job Security 0.799 0.545 Investor Relations Performance 0.755 0.619 All items of the questionnaire 0.866 0.441

From Table (4.10), the p-value for each variable is greater than 0.05 level of significance, then the distributions for these variables are normally distributed. Consequently, parametric tests should be used to perform the statistical data analysis.

4.11 Statistical Analysis Tools:

The researcher used both qualitative and quantitative data analysis methods. The data analysis made utilizing (SPSS 24), the researcher utilized the following tools: 1- Kolmogorov-Smirnov test of normality. 2- Pearson correlation coefficient for Validity. 3- Cronbach's Alpha for Reliability Statistics. 4- Frequency and Descriptive analysis. 5- Pearson correlation coefficient, includes the following:

a) T-test is used to examine if there is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange.

b) T-test is used to examine if there is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees competencies in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

c) T-test is used to examine if there is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Strategy awareness and motivation for Employees in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

d) T-test is used to examine if there is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and IR

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relationships with Board of Directors and Executive Management in public shareholding companies, listed in the Palestine Exchange.

e) T-test is used to examine if there is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees satisfaction in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

f) T-test is used to examine if there is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees retention in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

6- Multiple Linear Regression Model: T-test is used to examine if there is a significant statistical impact at level α ≤ 0.05 of implementing measurement performance tools; HR BSC & Metrics, on enhancing employees performance in the IR department in the public shareholding companies listed in PEX.

7- Parametric Tests (One-sample T test, Independent Samples T-test, Analysis of Variance).

a) One-sample T-test is used to determine if the mean of an item is significantly different from a hypothesized value 6. If the P-value (Sig.) is smaller than or equal to the level of significance, α ≤ 0.05, then the mean of an item is significantly different from a hypothesized value 6. The sign of the Test value indicates whether the mean is significantly greater or smaller than hypothesized value 6. On the other hand, if the P-value (Sig.) is greater than the level of significance, α ≥ 0.05, then the mean of an item is insignificantly different from a hypothesized value 6.

b) Independent Samples T test is used to examine if there is a significant statistical differences at level α ≤ 0.05 in the responses of the research sample attributed to the following personal characteristics (gender).

c) Analysis of Variance is used to examine if there is a significant statistical differences at level α ≤ 0.05 in the responses of the research sample attributed to the following personal characteristics (age, gender, job title, educational qualifications, years of service, job category and place of work).

Chapter Five Data Analysis and

Hypotheses Testing

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Chapter Five Data Analysis and Hypotheses Testing

5.1 Introduction: This chapter aims to provide analysis for the data which are collected by the

questionnaire sheet on the impact of the contribution of HR Performance Measurement Tools (HR BSC and Metrics) on enhancing employees performance.

The current chapter consists of three main parts. Part one is about the descriptive analysis (the personal Information) which are presented and discussed. Part two is about the data analysis (means and Test values for each field). Part three is about hypotheses testing. Also, the results for these points are discussed and compared with previous studies.

5.2 Descriptive Analysis of Personal Characteristics: 5.2.1 Gender:

Table (5.1): Gender Gender Frequency Percent

Male 32 76.2 Female 10 23.8

Total 42 100

Table (5.1) illustrates that 76.2% of the respondents are males while (23.8%) are females, which indicates that the majority of employees are males. The researcher explained this high percentage of males compared to the percentage of female (76.2%). The nature of work in executive management levels in public shareholding companies is difficult and requires continuous follow-up, in addition to the great effort compared to other jobs. And thus, males might be more able to deal with these issues.

5.2.2 Age:

Table (5.2): Age. Age Frequency Percent

Less than 30 years 4 9.5 30 up to less than 40 years 19 45.2 40 up to less than 50 years 12 28.6 50 years and more 7 16.7

Total 42 100

Table (5.2) shows that the highest percentage of the sample is from those in the 30 to less than 40 years group (45.2%). This means that the companies care about employees who have competencies from different life stages, attracting newly graduated competences and new specializations, because they believe in their capabilities in directing any positive change and their contribution to the organization success. (28.6%) of the sample is 40 up to less than 50 years. However, 50 years and more is (16.7%), and (9.5%) of the sample is less than 30 years. The researcher explained that most of the employees in executive management levels in public shareholding companies are young people with age over 30 years and under 40 years.

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The percentage of 30 up to less than 50 years is (73.8%), because the executive management in these companies aspires to appoint young people in executive management positions because they are more capable on giving and making. 5.2.3 Educational Qualification:

Table (5.3): Educational Qualification. Educational Qualification Frequency Percent

Diploma and less 1 2.4 Bachelor 21 50.0 Master Degree 20 47.6 PHD - -

Total 42 100

Table (5.3) shows that the majority of the sample has a Bachelor degree to reach a percentage of (50.0%), which indicates that most administrative jobs in the companies required the first degree. Also, the table illustrates that 47.6% of the respondents have at least a Master degree, which indicates that the companies work hard to attract scientific and academic competences, to match the size of the powers and tasks entrusted to them and consider it as a work requirement. Moreover, this gives good impression about the responses of the respondents because they are scientifically qualified and able to deal with the questionnaire sheet in the right manner. The researcher explained the result by stating that working in executive management levels in public shareholding companies does not always require diploma and PHD (97.6%). Instead the employee's practical experience enriches the case. Therefore, the majority of the executive management staff has Bachelor, then Master degrees.

5.2.4 Years of employment / service:

Table (5.4): Years of employment / service. Years of employment / service Frequency Percent

less than 4 years 1 2.4 4 years up to less than 8 years 4 9.5

8 years up to less than 12 years 11 26.2 12 years and more 26 61.9

Total 42 100

Table (5.4) shows that the majority of the respondents sample has 8 years and more of experience and reach a rate of 88.1%. This indicates that the employees have the sufficient practical experience which supports them in dealing with the questionnaire sheet in the right manner and gives more significant responses. Also, this indicates that the companies care about keeping the skilled and capable employees and invest on them to more development and growth. The researcher attributed the high percentage of employees in the executive management levels of public shareholding companies who have 12 years of experience and more, and 8 years up to less than 12 years percentage (97.6%), to the fact that the executive management is keen to recruit employees in these positions who have worked in the company for a

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long time. It is also easier for managers to manage and supervise those employees because they already know the work even the details of the company's business.

5.2.5 Job title:

Table (5.5): Job title. Job title Frequency Percent

Deputy Executive Director / Deputy General Manager 4 9.5 Manager of Marketing and Public Relations Department 9 21.4 Manager of Investor Relations Department 9 21.4 Manger of Financial Department 20 47.6

Total 42 100

Table (5.5) shows that the majority of the respondents in the targeted sample is a Manger of Financial Department, forming a percentage of (47.6%). However, (21.4%) of the respondents work Manager of Marketing and Public Relations Department and Manager of IR Department, and (9.5%) Deputy Executive Director / Deputy General Manager. The researcher explained that the increase in the percentage of managers of the financial department and Manager of Marketing and Public Relations Department percentage (42.8%) in the sample is because the manager of the department or head of the IR department does not usually stay at company office where most of his work is outside. Because of this, he comes in second place in knowledge of the affairs and relations of investors after the Director of the Department of Finance and Department of Marketing and Public Relations Department. This is because most companies focus on services that offer investors more aspects.

5.2.6 The sector which the company belongs to:

Table (5.6): The sector which the company belongs to. The sector which the company belongs to Frequency Percent

Industry 13 31.0 Insurance 7 16.7 Investment 7 16.7 Services 11 26.2 Banking & Financial Services 4 9.5

Total 42 100

Table (5.6) shows that the sectors to which the company belongs are Industry, forming a percentage of (31.0%), (26.2%) Services, (16.7%) Insurance and Investment, and (9.5%) Banking and Financial Services. The researcher explained this result as natural because the companies listed in PEX did not cooperate with the researcher, although most of the sample members filled out the questionnaire. The percentage of Industry and services companies listed in PEX represents (57.2%). Those within the banking and financial services sector in the sample are (4) companies out of (7); those classified within the industrial sector are (13) companies, the companies listed in the insurance sector are (7); within the investment sector, in the sample are (7) companies out of (10); and finally, within the services sector are (11).

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5.2.7 Years of Company Business: Table (5.7): Years of Company Business

Years of Company Business Frequency Percent less than 5 years 4 9.5 5 years up to less than 10 years 4 9.5 10 years up to less than 15 years 4 9.5 15 years and more 30 71.4

Total 42 100

Table (5.7) shows that the category of respondents who spent 15 years and more in company business got the highest frequency (71.5%). However, the other three categories got only (9.5%) each. The researcher explained the rise in the proportion of companies that were establishment 15 years ago or more to the fact that these public shareholding companies listed in the stock exchange were operating before their shares were listed for trading on the stock exchange, including those whose shares were listed one or two years after the establishment of the Palestine Exchange. As a note, the first trading session began in 1997 which means approximately 20 years so far.

5.2.8 Who Manages Investor Relations:

Table (5.8): Who Manages Investor Relations Who Manages Investor Relations Frequency Percent

Executive Director / General Manager 5 11.9 Deputy Executive Director / Deputy General Manager 1 2.4 Marketing and Public Relations Department 4 9.5 Investor Relations Department 18 42.9 Financial Department 14 33.3

Total 42 100

Table (5.8) shows that Who Manages Investor Relations of the respondents in the targeted sample is Investor Relations Department, forming a percentage of 42.9%. This indicates that there is an increase in the number of companies that have Investor Relations department, based on the statistics of the Palestine exchange in 2016 which stated that there is only 7 companies have Investor Relations department. However, the rest are (33.3%) Financial Department, (11.9%) Executive Director / General Manager, (9.5%) Marketing and Public Relations Department, and (2.4%) Deputy Executive Director / Deputy General Manager. The researcher, according to the high rate in the Investor Relations Department and Financial Department which represents (76.2%) explains this to the tendency by executive management in these companies to establish a department specialized in the work and tasks related to investor relations.

5.3 Data Analysis:

The researcher depends on One sample T-test for data analysis which was used to determine if the mean of an item is significantly different from a hypothesized value 6 for each field.

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5.3.1 HR Balanced Scorecard and HR Metrics: The following is the analysis for the first tool used in the performance

measurement: 5.3.1.1 HR Balanced Scorecard:

Table (5.9): Means and Test values for "HR Balanced Scorecard".

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

1. The company relies on clear systems and procedures. 8.41 1.44 84.12 9.78 0.000* 2

2. The company depends on a specific measurement form. 7.61 2.29 76.06 4.03 0.000* 17

3. The company measures the productivity of staff. 8.12 1.81 81.18 6.84 0.000* 6

4. The company is keenly interested in measuring the staff response to the Policies.

7.74 1.67 77.43 6.18 0.000* 13

5. The Company focuses on the measurement of the implementation mechanisms of the operations.

7.91 1.71 79.12 6.51 0.000* 11

6. The company has scientifically qualified specialists. 8.03 1.82 80.29 6.58 0.000* 9

7. The company follows a clear methodology. 8.41 1.50 84.12 9.38 0.000* 2

8. The company follows the latest scientific and professional developments and updates.

8.34 1.43 83.43 9.67 0.000* 4

9. The extent of the company in assessing activities of human recourses below for Balanced Scorecard/standards: HR planning.

8.03 1.55 80.30 7.52 0.000* 8

10. Recruitment (searching for staff and urging them to submit employment applications).

7.44 1.96 74.41 4.29 0.000* 18

11. Selection and appointment. 7.97 1.85 79.71 6.21 0.000* 10 12. Training and development. 7.74 1.76 77.35 5.74 0.000* 14 13. Career planning. 7.71 1.59 77.06 6.27 0.000* 15 14. Performance appraisal. 8.26 1.50 82.65 8.78 0.000* 5 15. Salaries and wages. 7.88 1.70 78.82 6.45 0.000* 12 16. Benefits, incentives and rewards. 7.71 1.71 77.06 5.80 0.000* 15 17. Safety and security. 8.56 1.31 85.59 11.41 0.000* 1 18. Social care. 8.09 1.48 80.88 8.20 0.000* 7 All items of the field 7.93 1.40 79.34 8.17 0.000*

* The mean is significantly different from 6. Table (5.9) shows the following results:

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a) The mean of item #17 “Safety and security” equals 8.56 (85.59%), Test-value = 11.41, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

b) The mean of item #10 “Recruitment (searching for staff and urged them to submit employment applications)” equals 7.44 (74.41%), Test-value = 4.29, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

c) The mean of the field “HR Balanced Scorecard” equals 7.93 (79.34%), Test-value = 8.17, and P-value=0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this field is significantly greater than the hypothesized value 6. The researcher concluded that the respondents agreed to field of “HR Balanced Scorecard".

d) The company's application of HR Balanced Scorecard in assessing security and protection activity is ranked first in terms of the approval of the respondents. This is because the executive management in the public shareholding company keeps providing adequate security and protection for human resources and continuously evaluates this activity through HR Balanced Scorecard. Thus it has a significant role in stability of staff career. The item recruitment (searching for staff and urged them to submit employment applications) is ranked last in terms of the approval of the respondents, because the executive management in the public shareholding company does not attract qualified employees. So, this requires the evaluation of this activity continuously through HR Balanced Scorecard because this has a significant role in raising the efficiency and effectiveness of the performance of the staff. In addition, the respondents agreed on the field of implementation of the public shareholding company listed in the Palestine Exchange for HR Balanced Scorecard in the human resources aspect as a high percentage because the executive management in these companies keeps using the modern management methods in evaluating human resources activities to enhance the performance of employees and improve their efficiency.

e) "HR Balanced Scorecard" field gets 79.34% and respondents agreed to it. This result is supported by many studies, like Al-Tarazi (2015), Al-Najaar (2013), Abu Jazar (2012), Ain (2015), etc. Obaid (2014) recommends that the administration of the Company support and adopt the application of Balanced Scorecard as a comprehensive and integrated system. Also El-Daour (2013) indicates that the Palestinian Economic Entities adopt a balanced scorecard in different ratios, and the study also revealed a significant

75

opposite relationship between adoption of a balanced scorecard and its four dimensions of earning management in Palestinian Economic Entities. The outcomes in Ali (2007) show that strongly direct and significant relation between every perspective and the total degree of the Balanced Scorecard.

f) This was in contrast to studies conducted by Saad and Daraghma (2016), Rahhal and Darabee (2014), Al-Greeb (2012), and Al-Sawalqa et al. (2011). Murphy (2009) mentions that, when it comes to measuring management, no one metric or approach can meet all circumstances.

5.3.1.2 HR Metrics:

The following is the analysis for the second tool used in the performance measurement:

Table (5.10): Means and Test values for “HR Metrics”.

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

1. The company relies on clear systems and procedures. 7.96 1.90 79.64 5.48 0.000* 4

2. The company depends on a specific measurement form. 7.44 2.67 74.44 2.82 0.009* 9

3. The company measures the productivity of staff. 7.43 2.33 74.29 3.24 0.003* 10

4. The company is keenly interested in measuring the staff response to the Policies.

7.41 2.08 74.07 3.52 0.002* 11

5. The Company focuses on the measurement of the implementation mechanisms of the operations.

7.75 2.20 77.50 4.20 0.000* 6

6. The company has scientifically qualified specialists. 8.59 1.25 85.93 10.79 0.000* 1

7. The company follows a clear methodology. 8.04 2.27 80.36 4.75 0.000* 3

8. The company follows the latest scientific and professional developments and updates.

8.15 2.18 81.48 5.12 0.000* 2

9. The extent of the company in assessing activities of human recourses below for Balanced Scorecard/standards: HR planning.

7.38 2.09 73.79 3.55 0.001* 12

10. Recruitment (searching for staff and urging them to submit employment applications).

6.93 2.23 69.29 2.21 0.036* 17

11. Selection and appointment. 7.04 2.33 70.36 2.35 0.026* 15

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# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

12. Training and development. 7.18 2.40 71.79 2.59 0.015* 14 13. Career planning. 6.82 2.47 68.21 1.76 0.044* 18 14. Performance appraisal. 7.57 1.75 75.71 4.75 0.000* 7 15. Salaries and wages. 7.50 1.82 75.00 4.37 0.000* 8 16. Benefits, incentives and rewards. 6.96 2.15 69.64 2.37 0.025* 16 17. Safety and security. 7.89 2.13 78.93 4.70 0.000* 5 18. Social care. 7.21 2.38 72.14 2.70 0.012* 13 All items of the field 7.43 1.79 74.26 4.30 0.000*

* The mean is significantly different from 6. Table (5.10) shows the following results: a) The mean of item #6 “The company has scientifically qualified specialists”

equals 8.59 (85.93%), Test-value = 10.79, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6. It was concluded that the respondents agreed to this item.

b) The mean of item #13 “Career planning” equals 6.82 (68.21%), Test-value = 1.76, and P-value = 0.044 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

c) The mean of the field “HR Metrics” equals 7.43 (74.26%), Test-value = 4.30, and P-value=0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this field is significantly greater than the hypothesized value 6. The researcher concluded that the respondents agreed to field of “HR Metrics".

d) The company that has scientifically qualified specialists item is ranked first in terms of the approval of the respondents. This is because the executive management in the public shareholding company keeps investing in human resources by attracting individuals at the highest level of influence in all functions and tasks, including the application of human resources standards, which requires specialists with the influence of science and experience efficiency. Firstly, The company's application of HR standards in the assessment of career planning item is ranked last in terms of the approval of the respondents. This is due to the executive management that didn’t have awareness for the practice of career planning in accordance with its organizational requirements. Following this planning requires the evaluation of this activity continuously through human resources standards because this has a great role in creating a strong organization where functions are integrated

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with each other. Then, the respondents agreed in a high percentage on field of implementation of the public shareholding company listed in the Palestine Exchange for human resources standards. This is due to the executive management in these companies that keep using modern management methods in evaluating human resources activities to enhance the performance of employees and improve their efficiency.

e) The obtained results are similar to the results of Al-Tarazi (2015), Al-Najaar (2013), Abu Jazar (2012), and Ain (2015). In addition, Chhinzer and Chatehorde (2009) HR metrics that focus on profit or revenue (financial metrics) are often used to measure human resources.

f) This was in contrast to studies conducted as a similarity measurement tool by Saad and Daraghma (2016), Rahhal and Darabee (2014), Al-Greeb (2012), and Al-Sawalqa et al. (2011). Steen and Welch (2011) mentioned that the key issue is related to the non-monetary variables identified by participants. Repatriates also comment on how difficult it would be for an organization to monetize these items, given their general intangible nature.

5.3.2 Investor Relations Performance: The following is the analysis for the employees performance in the investor

relations department: 5.3.2.1 Employees Competencies:

Table (5.11): Means and Test values for “Employees Competencies”.

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

1. The company is keenly interested in informing staff on the general strategy to accomplish the work assigned to them.

7.76 2.00 77.62 5.72 0.000* 5

2. The company informs staff on the detailed plans and goals to complete the work assigned to them.

7.74 1.78 77.38 6.32 0.000* 6

3. The company informs the staff on the tasks and duties required from them to complete the work.

8.31 1.87 83.10 8.02 0.000* 1

4. The staffs perform work in a good way that is suitable to their experience and qualifications.

8.12 1.38 81.19 9.93 0.000* 3

5. The staff performance is evaluated continuously to utilize their 8.19 1.90 81.90 7.46 0.000* 2

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# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

competencies and perform the work required.

6. The company implements training programs for staff development to benefit from their competencies.

7.26 2.23 72.62 3.67 0.001* 8

7. The company is keenly interested in stuff working as a team in order to utilize their abilities and competencies for the work entrusted to them.

7.95 1.97 79.52 6.41 0.000* 4

8. The company gives staff authorities according to their qualification. 7.71 2.05 77.14 5.42 0.000* 7

All items of the field 7.88 1.72 78.81 7.09 0.000* * The mean is significantly different from 6.

Table (5.11) shows the following results: a) The mean of item #3, “The company informs the staff on the tasks and duties

required from them to complete the work” equals 8.31 (83.10%), Test-value = 8.02, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

b) The mean of item #6, “The company implements training programs for staff development, and to benefit from their competencies” equals 7.26 (72.62%), Test-value = 3.67, and P-value = 0.001 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

c) The mean of the field “Employees Competencies” equals 7.88 (78.81%), Test-value = 7.09, and P-value=0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this field is significantly greater than the hypothesized value 6. The researcher concluded that the respondents agreed to field of “Employees Competencies”.

d) The company informs the staff on the tasks and duties required from them to complete the work item is ranked first in terms of the approval of the respondents. It seems that the executive management of the public shareholding company is convinced that the completion of the work to the fullest in the Department of Investor Relations requires in advance informing the employee about all tasks and duties required from him in order to evaluate and correct the performance of the employees of the department. On the other hand, “The company implements training programs for staff development to

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benefit from their competencies” is ranked last in terms of the approval of the respondents. Perhaps the executive management in the public shareholding company may not be aware of the benefit of internal and external training programs for the staff of the investor relations department through which will develop the performance of employees and improve the efficiency and their unused energies. Additionally, the respondents agreed on the Employees Competencies item in a high percentage because the executive management in the public shareholding companies listed in the Palestine Exchange keeps paying attention to the employees in the Department of Investor Relations. Those employees work in one of the most important departments because the services and functions of this department are directed to investors and are the most influential on the company.

e) "Employees Competencies" gets 78.81% and respondents agreed to it. This result is supported as apart axes by many studies like Dergham and Abu feda (2009). Ali (2007), for example, recommends enhancing and developing the training programs and the internal business processes.

f) This was in contrast to the study conducted by Rahhal and Darabee (2014), and Obaid (2014) in relation to Learning and Growth.

5.3.2.2 Strategic Awareness and Motivation:

Table (5.12): Means and Test values for “Strategic Awareness and Motivation”.

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k 1. The company motivates staff to

participate in the submission of proposals about the strategic plan.

7.57 1.76 75.71 5.80 0.000* 3

2. The staff have the ability to exercise their duties in accordance with the strategic plans.

7.76 1.45 77.62 7.90 0.000* 1

3. Staffs participate as members of the Strategic Planning Team of the company.

7.26 1.74 72.62 4.70 0.000* 6

4. The company encourages staff for innovation and development of strategic plans.

7.40 1.87 74.05 4.86 0.000* 4

5. The company operates under clear incentive policies and regulations 7.38 1.68 73.81 5.32 0.000* 5

6. The company is keenly interested in developing and updating incentive policies and regulations on continuous basis.

7.26 2.01 72.62 4.06 0.000* 6

7. The company is keenly interested in linking the financial incentives 7.62 2.05 76.19 5.12 0.000* 2

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# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

to the staff achievements which correspond to the company's strategy.

8. The company provides in-kind incentives for staff in light of the achievements which correspond to the company's strategy.

7.17 2.19 71.67 3.46 0.001* 8

All items of the field 7.43 1.54 74.29 6.01 0.000* * The mean is significantly different from 6.

Table (5.12) shows the following results: a) The mean of item #2 “The staff has the ability to exercise their duties in

accordance with the strategic plans” equals 7.76 (77.62%), Test-value = 7.90, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

b) The mean of item #8 “The company provides in-kind incentives for staff in light of the achievements which correspond to the company's strategy” equals 7.17 (71.67%), Test-value = 3.46, and P-value = 0.001 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

c) The mean of the field “Strategic Awareness and Motivation” equals 7.43 (74.29%), Test-value = 6.01, and P-value=0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this field is significantly greater than the hypothesized value 6. The researcher concluded that the respondents agreed to field of “Strategic Awareness and Motivation”.

d) “The staff have the ability to exercise their duties in accordance with the strategic plans” is ranked first in terms of respondents' approval. It seems the executive management of the public shareholding company is convinced of harnessing all the material and available human resources in the IR department to achieve the objectives of the strategic plan, including making the employees of the department perform their duties in the strategic plan. On the other hand, “the company provides in-kind incentives for staff in light of the achievements, which correspond to the company's strategy” is ranked last in terms of the respondents’ approval. Perhaps the executive management may be not aware of the adaptation of the policy of linking the in-kind incentives provided to the employees of the IR Department with the actual achievements they have

81

achieved. Finally, the respondents agreed on the field of strategic awareness and motivation in a high percentage. Maybe the executive management keeps increasing the strategic awareness of the employees of the IR Department and not only the officials. In addition, the administration keeps implementing the incentive management practices that encourage employees of the IR Department to participate in strategic planning.

e) "Strategic Awareness and Motivation" field gets 74.29 % and respondents agreed to it. This result is partially supported by many studies such as Al-Tarazi (2015) where it has an ongoing assessment of its operations, and it has a clear vision and mission. Dergham and Abu feda (2009) mentioned that the Palestinian national banks operating in the Gaza Strip have good awareness, and such a success requires working hard to promote strategic and financial performance. In Ain (2015), the study discloses that there is a growing need to use the model of balanced scorecard in evaluation of Saudi Commercial Banks in the light of strategic performance governance.

f) This was partially contrasted with the study conducted by Saad and Daraghma (2016), that recommends the Palestine Exchange to obligate the listed companies to use the BSC as a tool for strategic planning and performance evaluation. Finally, Chhinzer and Chatehorde (2009) recommend that each organization review its corporate strategies, goals, vision, operations, and measures.

5.3.2.3 The Relations between Investor Relations department and Board of Directors and Executive Management:

Table (5.13): Means and Test values for “The Relations between Investor Relations department and Board of Directors and Executive Management”.

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

1. A special organizational structure is available for the Investor Relations department.

6.98 2.57 69.76 2.46 0.018* 7

2. There is a reference procedure manual for employees in the Investor Relations department.

6.76 2.69 67.62 1.83 0.038* 8

3. The work in the company is regulated in accordance with the control procedures in the Investor Relations department.

7.19 2.40 71.90 3.21 0.003* 6

4. The work and tasks of Investor Relations department are integrated with other department’s.

7.69 2.14 76.90 5.13 0.000* 2

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# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

5. The company is keenly interested in promoting continuous communication between the Investor relations department and other departments.

7.52 2.00 75.24 4.93 0.000* 4

6. The Investor Relations Department communicates effectively with the General Manager.

7.85 2.22 78.54 5.35 0.000* 1

7. The management of the company enhances constructive communication between the Investor Relations department and the committees drawn from the board of directors.

7.30 2.20 73.00 3.74 0.001* 5

8. There is big importance for the presence of the Investor Relations department to follow issues of shareholders and investors.

7.66 2.35 76.59 4.52 0.000* 3

All items of the field 7.35 2.01 73.51 4.36 0.000* * The mean is significantly different from 6.

Table (5.13) shows the following results: a) The mean of item #6 “The Investor Relations Department communicates

effectively with the General Manager” equals 7.85 (78.54%), Test-value = 5.35, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

b) The mean of item #2 “There is a reference procedure manual for employees in the Investor Relations department” equals 6.76 (67.62%), Test-value = 1.83, and P-value = 0.038 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

c) The mean of the field “The relations between Investor Relations department and Board of Directors and Executive Management” equals 7.35 (73.51%), Test-value = 4.36, and P-value=0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this field is significantly greater than the hypothesized value 6. The researcher concluded that the respondents agreed to field of “The relations between Investor Relations department and Board of Directors and Executive Management”.

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d) Firstly, “The Investor Relations Department communicates effectively with the General Manager” item is ranked first in terms of the approval of the respondents. This seems the investor relations department of the public shareholding company understands the importance of effective communication with the general manager of the company because he is at the top of the executive management and at the same time being the link with the board of directors. Second, “there is a reference procedure manual for employees in the Investor Relations department” is ranked last in terms of the approval of the respondents, because not all companies use a clear guide to organize the relationships between them. Finally, the respondents agreed on the relationship of the investor relations department with the board of directors and executive management in a high percentage. This is because the Department of Investor Relations seem to keep establishing strong relations with the Board of Directors and executive management. The work of this department is linked to the investors, who are the most influential in the company. This requires constant coordination with the Board of Directors and executive management, and it requires periodical communication with them.

e) "The relations between IR department and Board of Directors and Executive Management" gets (73.51 %), and respondents agreed to it. This result is supported by many studies as a part of relations, such as Al-Tarazi (2015) who highlighted the integrated system between the executive management.

f) However, this was in contrast to part of the study conducted by Li (2015) who finds that the professionals perceived relationship-building skills with media and the investment community to be the most important. Knowledge of information disclosure process, executive management assistance and crisis communication management were also seen as important. Finally, the study recommends more academic research in the field of investor relations.

5.3.2.4 Job Satisfaction: Table (5.14): Means and Test values for “Job Satisfaction”.

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

1. The company makes employees feel secured. 8.02 1.41 80.24 9.33 0.000* 3

2. The company is keenly interested in that current jobs allow staff to acquire new skills and experience.

7.93 1.61 79.29 7.74 0.000* 4

3. The company is concerned with the provision of appropriate work places for the performance of tasks and responsibilities.

8.38 1.17 83.81 13.21 0.000* 1

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# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

4. The company adopts a clear promotion standards and regulations in accordance with professional standards.

7.74 1.61 77.38 7.00 0.000* 6

5. The company focuses on the adoption of equity and fairness in dealing with all the staff.

7.74 1.52 77.38 7.43 0.000* 6

6. The company determines the salaries of the staff in accordance with the nature and size of work and the prevailing economic circumstances.

7.69 1.47 76.90 7.44 0.000* 8

7. The work in the company is completed in accordance with teamwork spirit among the members of the group.

7.79 1.55 77.86 7.44 0.000* 5

8. The company gives its employees nonfinancial or financial incentives rewards when the company makes profits.

8.02 1.51 80.24 8.60 0.000* 2

All items of the field 7.91 1.18 79.12 10.51 0.000* * The mean is significantly different from 6.

Table (5.14) shows the following results: a) The mean of item #3 “The company is concerned with the provision of

appropriate work places for the performance of tasks and responsibilities” equals 8.38 (83.81%), Test-value = 13.21, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6. It was concluded that the respondents agreed to this item.

b) The mean of item #6 “The company determines the salaries of the staff in accordance with the nature and size of work and the prevailing economic circumstances” equals 7.69 (76.90%), Test-value = 7.44, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

c) The mean of the field “Job Satisfaction” equals 7.91 (79.12%), Test-value = 10.51, and P-value=0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this field is significantly greater than the hypothesized value 6. The researcher concluded that the respondents agreed to field of “Job Satisfaction”.

d) “The company is concerned with the provision of appropriate work places for the performance of tasks and responsibilities” is ranked first in terms of the

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approval of the respondents. This is because the executive management in the public shareholding company considers it as a necessity to provide suitable workplaces that include all the material possibilities that create a suitable job environment through which the employees of the investor relations department can carry out their duties and responsibilities. However, “The company determines the salaries of the staff in accordance with the nature and size of work and the prevailing economic circumstances” is ranked last in terms of the approval of the respondents. It seems the executive management in the public shareholding company may be not convinced that achieving the satisfaction of the employees requires finance satisfaction by providing the salary which is equivalent to the nature and size of the work and the tasks entrusted to them and cover their needs and commensurate. Moreover, the respondents agreed on scope of Job Satisfaction at a high percentage because the executive management in public shareholding companies keeps implementing policies that enhance employees satisfaction which will positively affect their performance and achieve the company's objectives.

e) "Job Satisfactions" field gets 79.12 % and respondents agreed to it. This result is supported by many studies as a part of relation, like Al-Tarazi (2015), Al-Najaar (2013), Abu Jazar (2012), Ain (2015), etc. For instance, Stojadinović, et al (2014) recommend that company management can use the proposed framework as a management tool for allocating jobs or for implementing performance-based rewarding. Measurements are performed in real time, so it is possible to immediately intervene with corrective measures, rewards/penalties or other control mechanisms.

f) However, this result is in contrast with studies conducted by Saad and Daraghma (2016), Rahhal and Darabee (2014), Obaid (2014), Al-Greeb (2012), Al-Sawalqa et al. (2011), etc. Therefore, Murphy (2009) recommends that further research needs to be conducted to determine whether employee surveys need to be part of the evaluation process and mentions that the managers must be seen as value and wealth generators who can profoundly affect guest and employee satisfaction, reputation, and performance.

5.3.2.5 Job Security: Table (5.15): Means and Test values for “Job Security”.

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

1. The staff have high employment stability in the company. 7.86 1.46 78.57 8.26 0.000* 3

86

# Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

2. The company is keenly interested to provide a stable work environment.

8.12 1.70 81.19 8.08 0.000* 1

3. The company acts to promote employment stability through organizational factors.

7.88 1.38 78.81 8.82 0.000* 2

4. The company adopts policy of promotions on proper foundations that give the staff stability.

7.29 1.98 72.93 4.18 0.000* 8

5. The company gives great attention to social responsibility toward staff.

7.71 1.76 77.14 6.32 0.000* 5

6. The jobs in the company are in accordance with the potential of the staff.

7.74 1.78 77.38 6.32 0.000* 4

7. The Company concentrates on achieving low turnover rate of staff.

7.54 1.66 75.37 5.93 0.000* 7

8. The company is interested in achieving low transfer rate of staff. 7.70 1.49 77.00 7.22 0.000* 6

All items of the field 7.74 1.34 77.44 8.45 0.000* * The mean is significantly different from 6

Table (5.15) shows the following results: a) The mean of item #2 “The company is keenly interested to provide a stable

work environment” equals 8.12 (81.19%), Test-value = 8.08, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

b) The mean of item #4 “The company adopts policy of promotions on proper foundations that give the staff stability” equals 7.29 (72.93%), Test-value = 4.18, and P-value = 0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this item is significantly greater than the hypothesized value 6 . It was concluded that the respondents agreed to this item.

c) The mean of the field “Job Security” equals 7.74 (77.44%), Test-value = 8.45, and P-value=0.000 which is smaller than the level of significance α ≤ 0.05. The sign of the test is positive, so the mean of this field is significantly greater than the hypothesized value 6. The researcher concluded that the respondents agreed to field of “Job Security”.

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d) “The company is keenly interested to provide a stable work environment” is ranked first in terms of the approval of the respondents, because the executive management in the public shareholding company finds that providing a stable organizational environment at work is the basis for the career stability of employees in the investor relations department. However, “The company adopts a policy of promotions on proper foundations that gives the staff stability” is ranked last in terms of the approval of the respondents. This might be attributed to the executive management in the public shareholding company which is not interested in adopting and developing a clear policy for promotions to grant it for employees on the basis of clear and fair criteria. Additionally, the respondents agreed on functional stability with a high percentage because the executive management in the public shareholding companies listed in the Palestine Exchange keep achieving job stability among the employees of the IR Department by applying a set of policies and procedures that make the employees more stable and belong to the company.

e) "Job Security" field gets 77.44 % and respondents agreed to it. This result is supported by many studies as a part of relation, such as Al-Tarazi (2015), Al-Najaar (2013), Abu Jazar (2012), Ain (2015), Stojadinović, et al (2014), etc. On the other hand, this was in contrast to studies conducted by Saad and Daraghma (2016) , Rahhal and Darabee (2014), Obaid (2014), Al-Greeb (2012), Al-Sawalqa et al. (2011), Murphy (2009), etc.

5.3.2.6 In General "Investor Relations Performance":

Table (5.16): Means and Test values for "Investor Relations Performance".

Item

Mea

n

S.D

Prop

ortio

nal

mea

n (%

)

Test

val

ue

P-va

lue

(Sig

.)

Ran

k

Employees Competencies 7.88 1.72 78.81 7.09 0.000* 2

Strategic Awareness and Motivation 7.43 1.54 74.29 6.01 0.000* 4

The relations between Investor Relations department and Board of Directors and Executive Management

7.35 2.01 73.51 4.36 0.000* 5

Job Satisfaction 7.91 1.18 79.12 10.51 0.000* 1

Job Security 7.74 1.34 77.44 8.45 0.000* 3

All Items of Investor Relations Performance 7.67 1.40 76.67 7.73 0.000*

*The mean is significantly different from 6.

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Table (5.16) shows the following results: The mean of all items equals 7.67 (76.67%), Test-value = 7.73 and P-value =0.000

which is smaller than the level of significance α ≤ 0.05. The mean of all items is significantly different from the hypothesized value 6. The researcher concluded that the respondents agreed to all items of Investor Relations Performance.

The respondents agreed on the field of investor relations performance with a high

percentage. This is because the executive management in the public shareholding companies listed in the Palestine Exchange keeps enhancing the performance of the staff of the Investor Relations Department through the interest in many aspects including: competencies, increase the strategic awareness of employees and motivate them, Management, executive management, Job Satisfaction and finally career stability. In addition, From the table, the highest agreement is on " Job Satisfaction” with a mean of 7.91 (79.10%) followed by Employees Competencies in the investor relations with mean 7.88 (78.80%).

The lowest agreement is on the relations between Investor Relations department

and Board of Directors and Executive Management which is 7.35 (73.50%). It means that, PEX must commit the companies to implementing the corporate governance regulations between investor Relations department and Board of Directors and Executive Management.

Then Strategic Awareness and Motivation followed with 7.42 (74.29%)

Therefore, the listed companies in PEX must adhere to preparing governance guide, and let the employees participate as members of the Strategic Planning Team of the company.

Finally, there is a lack of research on investor relations, so it is difficult to compare

fully with studies in the same field. So, the study suggests further research to be conducted to determine the investor relations performance.

89

5.4 Hypotheses Testing: In the following, the researcher provides a discussion for the three hypotheses

presented in chapter one.

5.4.1 There is a significant statistical correlation at level α ≤ 0.05 between implementing; HR Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange.

Table (5.17): Correlation coefficient between implementing HR Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public

shareholding companies listed in the Palestine Exchange.

Item

HR Balanced Scorecard HR Metrics

HR Balanced Scorecard & HR

Metrics Pearson

Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Investor Relations

Performance .844 0.000* .952 0.000* .931 0.000*

* The relationship is significant at 0.05 level. Table (5.17) shows that the correlation coefficient between implementing; HR

Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange equals 0.931 and the p-value (Sig.) equals 0.000. The p-value (Sig.) is less than 0.05, so the correlation coefficient is statistically significant at α ≤ 0.05. It is concluded that there exists a significant relationship between implementing; HR Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange.

The respondents agreed on the existence of a significant statistical relationship

between the application of HR Balanced Scorecard and HR Metrics and enhancing employees performance in the department of investors in the public shareholding companies listed in the Palestine Exchange. This indicates that the care of the executive management in these companies to apply performance measurement tools and standards is positively reflected on enhancing the performance of employees in the investor relations department. It is one of the most important departments of those companies, that achieves the objectives of the department and contributes to the achievement of the objectives of the company as a whole.

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This hypothesis is divided into the following sub-hypotheses:

a) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees competencies in the Investor Relations department in public shareholding companies, Listed in the Palestine Exchange.

Table (5.18): Correlation coefficient between implementing HR Balanced Scorecard & Metrics, and enhancing Employees competencies in the Investor Relations department in public

shareholding companies, Listed in the Palestine Exchange.

Item

HR Balanced Scorecard HR Metrics HR Balanced Scorecard

& HR Metrics

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Employees competencies .803 0.000* .925 0.000* .909 0.000*

* The relationship is significant at 0.05 level. Table (5.18) shows that the correlation coefficient between implementing HR

Balanced Scorecard & Metrics, and enhancing Employees competencies in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange equals 0.909 and the p-value (Sig.) equals 0.000. Since the p-value (Sig.) is less than 0.05, the correlation coefficient is statistically significant at α ≤ 0.05. It is concluded that there exists a significant relationship between implementing HR Balanced Scorecard & Metrics, and enhancing Employees competencies in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

The respondents agreed on the existence of a significant statistical relationship between the application of the HR Balanced Scorecard and HR Metrics and enhancing employees competencies in the department of investors in the public shareholding companies listed in the Palestine Exchange. This indicates that the executive management in these companies keeps applying performance measurement tools which is reflected positively in enhancing the competencies of the staff in the investor relations department, raises their performance levels, and makes them more efficient and effective in achieving the goals.

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b) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Strategy awareness and motivation for Employees in the Investor Relations department in public shareholding companies, Listed in the Palestine Exchange.

Table (5.19): Correlation coefficient between implementing Balanced Scorecard & Metrics, and

enhancing Strategy awareness and motivation for Employees in the Investor Relations department in public shareholding companies, Listed in the Palestine Exchange.

Item

HR Balanced Scorecard

HR Metrics HR Balanced

Scorecard & HR Metrics

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Strategic Awareness

and Motivation

.796 0.000* .909 0.000* .888 0.000*

* The relationship is significant at 0.05 level. Table (5.19) shows that the correlation coefficient between implementing; HR

Balanced Scorecard & Metrics, and enhancing Strategy awareness and motivation for Employees in the Investor Relations department in public shareholding companies, Listed in the Palestine Exchange equals 0.888 and the p-value (Sig.) equals 0.000. Since the p-value (Sig.) is less than 0.05, the correlation coefficient is statistically significant at α ≤ 0.05. It is concluded that there exists a significant relationship between implementing HR Balanced Scorecard & Metrics, and enhancing Strategy awareness and motivation for Employees in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

The respondents agreed on the existence of a significant statistical relationship

between the application of HR Balanced Scorecard and HR Metrics with Strategic awareness and motivation in the department of investors in the public shareholding companies listed in the Palestine Exchange. This indicates that the executive management's care in these companies to apply performance measurement tools will enhance the strategic awareness and motivation of employees in the Investor Relations Department, and will make them, in the execution of their work and tasks, closer to the objectives of the Strategic Plan.

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c) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and IR relationships with Board of Directors and Executive Management in public shareholding companies, listed in the Palestine Exchange.

Table (5.20): Correlation coefficient between implementing Balanced Scorecard & Metrics, and

IR relationships with Board of Directors and Executive Management in public shareholding companies, Listed in the Palestine Exchange.

Item

HR Balanced Scorecard HR Metrics

HR Balanced Scorecard & HR

Metrics Pearson

Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

The relations between Investor Relations

department and Board of Directors and

Executive Management

.643 0.000* .919 0.000* .837 0.000*

* The relationship is significant at 0.05 level. Table (5.20) shows that the correlation coefficient between implementing; HR

Balanced Scorecard & Metrics, and IR relationships with Board of Directors and Executive Management in public shareholding companies, listed in the Palestine Exchange equals 0.837 and the p-value (Sig.) equals 0.000. The p-value (Sig.) is less than 0.05, so the correlation coefficient is statistically significant at α ≤ 0.05. It is concluded that there exists a significant relationship between implementing HR Balanced Scorecard & Metrics, and IR relationships with Board of Directors and Executive Management in public shareholding companies, listed in the Palestine Exchange.

The respondents agreed on the existence of a significant statistical relationship

between the application of HR Balanced Scorecard and HR Metrics and enhancing the relationship of the Investor Relations Department with the Board of Directors and executive management. This indicates that the executive management in these companies keeps applying tools in performance measurement which is reflected positively on the establishment of a strong relationship between the Investor Relations Department on the one hand, and the Board of Directors and executive management in the public shareholding companies listed in the Palestine Exchange, on the other hand. This entails effective coordination and communication between these entities to serve the objectives of the Investor Relations Department as a whole.

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d) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees satisfaction in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

Table (5.21): Correlation coefficient between implementing HR Balanced Scorecard & Metrics, and enhancing Employees satisfaction in the Investor Relations department in public

shareholding companies, listed in the Palestine Exchange.

Item

HR Balanced Scorecard HR Metrics HR Balanced

Scorecard & HR Metrics

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Job Satisfaction .780 0.000* .715 0.000* .741 0.000*

* The relationship is significant at 0.05 level. Table (5.21) shows that the correlation coefficient between implementing HR

Balanced Scorecard & Metrics, and enhancing Employees satisfaction in the IR department in public shareholding companies, listed in the Palestine Exchange equals 0.741 and the p-value (Sig.) equals 0.000. The p-value (Sig.) is less than 0.05, so the correlation coefficient is significant statistically at α ≤ 0.05. It is concluded that there exists a significant relationship between implementing HR Balanced Scorecard & Metrics, and enhancing Employees satisfaction in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

The respondents agreed on the existence of a significant statistical relationship

between the application of the BSC and HR Metrics and enhancing Job Satisfaction in the department of investors in the public shareholding companies listed in PEX. This indicates that the executive management's care in applying performance measurement tools is positively reflected in enhancing the job satisfaction of the employees in the investor relations department. This naturally improves the level of performance of the employees in the department and makes them more efficient and effective in implementing required tasks.

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e) There is a significant statistical correlation at level α ≤ 0.05 between implementing HR Balanced Scorecard & Metrics, and enhancing Employees retention in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange.

Table (5.22): Correlation coefficient between implementing Balanced Scorecard & Metrics, and enhancing Employees retention in the Investor Relations department in public shareholding

companies, listed in the Palestine Exchange.

Item

HR Balanced Scorecard HR Metrics HR Balanced

Scorecard & HR Metrics

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Pearson Correlation Coefficient

P-Value (Sig.)

Job Security .756 0.000* .747 0.000* .754 0.000* * The relationship is significant at 0.05 level.

Table (5.22) shows that the correlation coefficient between implementing HR Balanced Scorecard & Metrics, and enhancing Employees retention in the Investor Relations department in public shareholding companies, listed in the Palestine Exchange equals 0.754 and the p-value (Sig.) equals 0.000. The p-value (Sig.) is less than 0.05, so the correlation coefficient is significant statistically at α ≤ 0.05. It is concluded that there exists a significant relationship between implementing HR Balanced Scorecard & Metrics, and enhancing Employees retention in the Investor Relations department in public shareholding companies, listed in PEX.

The respondents agreed on the existence of a significant statistical relationship

between the application of HR Balanced Scorecard and HR Metrics and enhancing job stability in the department of investors in the public shareholding companies listed in the Palestine Exchange. This indicates the care of the executive management in these companies for the application of performance measurement tools which is reflects positively on enhancing the stability of the employees in the investor relations department. In addition, it creates an atmosphere of stability within these companies, which inspires employees for more loyalty and belonging.

5.3.2 There is a significant statistical impact at level α ≤ 0.05 of implementing HR

Balanced Scorecard & Metrics, on enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange.

Table (5.23): Result of simple linear regression analysis. Variable B T Sig. R R-Square F Sig. (Constant) 2.290 3.629 0.001*

.844 0.712 81.741 0.000** HR Balanced Scorecard

0.708 9.041 0.000*

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Variable B T Sig. R R-Square F Sig. (Constant) 1.532 4.071 0.000*

.952 0.907 263.012 0.000** HR Metrics 0.800 16.218 0.000* (Constant) 1.496 3.840 0.000*

.931 0.867 261.802 0.000** HR Balanced Scorecard & HR Metrics

0.803 16.180 0.000*

* The variable is statistically significant at 0.05 level. * * The relationship is statistically significant at 0.05 level. - Table (5.23) shows the correlation coefficient R =0.931 and R-Square = 0.867. This means 86.7% of the variation in Investor Relations Performance is explained by implementing measurement performance tools HR Balanced Scorecard & Metrics. - And shows the Analysis of Variance for the regression model. F=261.802, Sig. = 0.000, so there is a significant relationship between the dependent variable “Investor Relations Performance” and the independent variable "implementing measurement performance tools, HR Balanced Scorecard & Metrics".

The estimated regression equation is: Investor Relations Performance = 1.496+ 0.803* (implementing measurement

performance tools; HR Balanced Scorecard & Metrics)

The estimated regression equation is used to predict the value of Investor Relations Performance for any gives value (responses) to the independent variable " implementing measurement performance tools, HR Balanced Scorecard & Metrics".

The respondents agreed on the existence of a significant statistical relationship

between the application of HR Balanced Scorecard and HR Metrics which enhances employees performance in the investor relations departments of the public shareholding companies listed in the Palestine Exchange. This indicates that the application of the executive management in these companies to the performance measurement tools will have a strong impact on enhancing the performance of employees in the investor relations department. In addition, it makes the performance of employees more efficient and effective and in the interest of the objectives of the department and the objectives of the company as a whole.

As for the relations between Investor Relations department and Board of

Directors and Executive Management, the executive management of the public shareholding companies will establish a regulatory structure for the department that is appropriate to the organizational structure of the company as a whole. In addition, it will develop policies, instructions and procedures governing the functions of the department and make its relationship continuous and constructive with the Board of Directors and Executive management.

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Following the Strategic Awareness and Motivation, the companies must

continue the executive management in public shareholding companies to follow the approach of enhancing the strategic awareness of employees and motivating them in accordance with appropriate policies and procedures. The members of the strategic planning team of the company should not be confined to the executive management and middle management staff, but they should be members of distinguished and competent staff

5.3.3 There is a significant statistical difference at level α ≤ 0.05 in the responses

of the research sample attributed to the following personal information (gender, age, qualification, years of employment / service, Job Title, The sector which the company belongs, years of company business and manages investor relations). This hypothesis is divided into the following sub-hypotheses:

a) There is a significant statistical difference at level α ≤ 0.05 in the responses of the research sample attributed to gender.

Table (5.24): Independent Samples T-test of the fields and their p-values for gender.

# Field Means Test

Value Sig. Male Female

1. HR Balanced Scorecard 7.74 8.42 -1.304 0.201 2. HR Metrics 7.23 8.37 -1.319 0.198 HR Balanced Scorecard and HR Metrics 7.44 8.49 -1.838 0.073 1. Employees competencies 7.66 8.59 -1.512 0.138 2. Strategic Awareness and Motivation 7.22 8.09 -1.577 0.123 3. The relations between Investor Relations

department and Board of Directors and Executive Management

7.16 7.96 -1.107 0.275

4. Job Satisfaction 7.70 8.59 -2.167 0.036* 5. Job Security 7.54 8.39 -1.797 0.080 Investor Relations Performance 7.46 8.34 -1.796 0.080 All items of the questionnaire 7.45 8.39 -1.842 0.073

* The mean difference is significant a 0.05 level. Table (5.24) shows that the p-value (Sig.) is smaller than the level of significance

α ≤ 0.05 for the field “Job Satisfaction”. Then, there is a significant difference among the respondents toward this field due to gender. It is concluded that the personal characteristic “gender” has an effect on this field.

For the other fields, the p-value (Sig.) is greater than the level of significance α

≤ 0.05. Then, there is an insignificant difference among the respondents toward these fields due to gender. It is concluded that the personal characteristic “gender” has no effect on the other fields.

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This indicates that males and females, from their points of view, regard the

application of public shareholding companies listed in the Palestine Exchange for performance measurement tools and enhancing the performance of employees in the Department of Investor Relations, homogeneous. It is clear that they work without distinction or discrimination in responsibilities, duties or tasks.

b) There is a significant statistical difference at level α ≤ 0.05 in the responses of

the research sample attributed to age.

Table (5.25): ANOVA test of the fields and their p-values for age.

No. Field

Means

Test Value Sig. Less

than 30 years

30 up to less than 40

years

40 up to less than 50

years

50 years and

more

1. HR Balanced Scorecard 8.74 7.55 8.47 7.61 1.430 0.253 2. HR Metrics 8.76 6.70 7.76 7.78 1.458 0.250 HR Balanced Scorecard and

HR Metrics 8.73 7.10 8.31 7.62 2.150 0.110

1. Employees competencies 9.03 7.31 8.51 7.70 1.995 0.131 2. Strategic Awareness and

Motivation 8.25 6.97 8.15 6.96 2.182 0.106

3. The relations between Investor Relations department and Board of Directors and Executive Management

8.84 6.32 8.44 7.43 4.483 0.009*

4. Job Satisfaction 8.50 7.51 8.56 7.56 2.843 0.051 5. Job Security 8.44 7.20 8.57 7.41 3.687 0.020* Investor Relations

Performance 8.61 7.07 8.44 7.41 3.674 0.020*

All items of the questionnaire 8.64 7.08 8.38 7.49 3.004 0.042*

* The mean difference is significant a 0.05 level. Table (5.25) shows that the p-value (Sig.) is smaller than the level of significance

α ≤ 0.05 for the fields. “The relations between Investor Relations department and Board of Directors and Executive Management, Job Security and Investor Relations Performance”. Therefore, there are a significant difference among the respondents toward this field due to age. It is concluded that the personal characteristic “age” has an effect on this field.

For the other fields, the p-value (Sig.) is greater than the level of significance α ≤ 0.05. So, there is an insignificant difference among the respondents toward these fields due to age. It is concluded that the personal characteristic “age” has no effect on the other fields.

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This indicates that the different age groups look at the application of public

shareholding companies listed in the Palestine Exchange for performance measurement tools as homogeneous. This means that the company, when using these tools in the measurement and evaluation, does not distinguish between employees in terms of age. While viewing the age groups of less than 30 years as enhancing the performance of employees in the investor relations department was heterogeneous, the young employees are still unable to judge that the company enhances their performance.

c) There is a significant statistical difference at level α ≤ 0.05 in the responses of

the research sample attributed to qualification.

Table (5.26): ANOVA test of the fields and their p-values for qualification.

# Field Means

Test Value Sig. Diploma

and less Bachelor Master

Degree 1. HR Balanced Scorecard 6.72 8.09 7.83 0.513 0.603 2. HR Metrics 7.40 7.45 7.40 0.005 0.944 HR Balanced Scorecard and

HR Metrics 6.72 7.79 7.63 0.221 0.803

1. Employees competencies 6.00 7.88 7.98 0.616 0.545 2. Strategic Awareness and

Motivation 6.00 7.25 7.69 0.846 0.437

3. The relations between Investor Relations department and Board of Directors and Executive Management

6.38 7.51 7.24 0.204 0.816

4. Job Satisfaction 6.13 8.00 7.91 1.224 0.305 5. Job Security 6.00 7.83 7.74 0.892 0.418 Investor Relations Performance 6.10 7.70 7.71 0.633 0.536 All items of the questionnaire 6.29 7.73 7.68 0.453 0.639

* The mean difference is significant a 0.05 level. Table (5.26) shows that the p-value (Sig.) is greater than the level of

significance α ≤ 0.05for each field. So, there is an insignificant difference among the respondents toward each field due to qualification. It is concluded that the qualification has no effect on each field.

This indicates that the educational qualifications have been matched in terms of

its consideration of the application of public shareholding companies listed in the Palestine Exchange for performance measurement tools and enhancing the performance of employees in the Investor Relations Department. This explains that all employees have enough academic achievement to evaluate the company's Measure performance and enhance employee performance.

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d) There is a significant statistical difference at level α ≤ 0.05 in the responses of the research sample attributed to years of employment / service.

Table (5.27): ANOVA test of the fields and their p-values for years of employment / service.

No. Field

Means

Test Value Sig. less

than 4 years

4 years up to less

than 8 years

8 years up to less than 12

years

12 years and

more

1. HR Balanced Scorecard 8.06 8.03 8.06 7.86 0.048 0.986 2. HR Metrics 7.50 7.72 7.50 7.36 0.035 0.991 HR Balanced Scorecard and

HR Metrics 7.78 8.03 7.76 7.60 0.087 0.967

1. Employees competencies 8.38 7.59 8.15 7.79 0.165 0.919 2. Strategic Awareness and

Motivation 7.13 7.16 7.45 7.47 0.058 0.981

3. The relations between Investor Relations department and Board of Directors and Executive Management

7.63 8.09 6.68 7.51 0.632 0.599

4. Job Satisfaction 7.75 7.47 8.05 7.93 0.230 0.875 5. Job Security 8.25 7.38 7.66 7.82 0.177 0.911 Investor Relations

Performance 7.83 7.54 7.62 7.70 0.025 0.995

All items of the questionnaire 7.80 7.74 7.65 7.66 0.006 0.999 * The mean difference is significant a 0.05 level.

Table (5.27) shows that the p-value (Sig.) is greater than the level of significance α ≤ 0.05 for each field. So, there is an insignificant difference among the respondents toward each field due to years of employment / service. It is concluded that the years of employment / service have no effect on each field.

This indicates that the years of experience don’t match in terms of their

consideration of the application of public shareholding companies listed in the Palestine Exchange for performance measurement tools and enhancing the performance of employees in the Investor Relations Department. This means that the experience of each employee, whether small or large is enough to assess the company's position in the field of application Performance measurement tools and employee performance enhancement.

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e) There is a significant statistical difference at level α ≤ 0.05 in the responses of the research sample attributed to job title.

Table (5.28): ANOVA test of the fields and their p-values for job title.

# Field

Means

Test Value Sig.

Deputy Executive Director / Deputy General Manager

Manager of Marketing and Public Relations

Department

Manager of Investor Relations

Department

Manger of Financial

Department

1. HR Balanced Scorecard 7.49 7.40 9.02 7.72 2.451 0.082

2. HR Metrics 8.37 6.43 8.44 7.28 1.823 0.169 HR Balanced

Scorecard and HR Metrics

7.89 6.78 8.63 7.63 2.157 0.109

1. Employees competencies 8.34 7.18 8.78 7.70 1.543 0.219

2. Strategic Awareness and Motivation

7.47 7.03 8.06 7.32 0.719 0.547

3. The relations between Investor Relations department and Board of Directors and Executive Management

7.38 6.57 8.42 7.22 1.365 0.268

4. Job Satisfaction 8.19 7.81 8.54 7.62 1.398 0.258

5. Job Security 8.16 7.51 8.50 7.43 1.611 0.203 Investor

Relations Performance

7.91 7.22 8.46 7.46 1.499 0.230

All items of the questionnaire

7.85 7.07 8.52 7.52 1.707 0.182

* The mean difference is significant a 0.05 level. Table (5.28) shows that the p-value (Sig.) is greater than the level of

significance α ≤ 0.05 for each field. So, there is an insignificant difference among the respondents toward each field due to job title. It is concluded that the job title has no effect on each field.

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This indicates that the job titles are matched in terms of respondents’ point of view toward applying performance measurement tools in the public shareholding companies listed in the Palestine Exchange and enhancing the performance of employees in the Investor Relations Department. This means that the job titles are close to each other and capable of agreement.

f) There is a significant statistical difference at level α ≤ 0.05 in the responses of

the research sample attributed to sector.

Table (5.29): ANOVA test of the fields and their p-values for sector.

# Field

Means

Test Value

Sig. Industry Insurance Investment Services

Banking &

Financial Services

1. HR Balanced Scorecard 7.92 6.92 8.25 8.11 8.93 1.323 0.284

2. HR Metrics 7.31 6.27 7.49 7.45 8.96 1.328 0.288 HR Balanced

Scorecard and HR Metrics

7.96 6.72 7.91 7.35 8.91 1.497 0.223

1. Employees competencies 8.16 6.79 8.17 7.49 9.28 1.774 0.155

2. Strategic Awareness and Motivation

7.50 6.63 7.81 7.09 8.69 1.459 0.234

3. The relations between Investor Relations department and Board of Directors and Executive Management

7.44 6.64 7.38 6.82 9.56 1.725 0.165

4. Job Satisfaction 7.97 7.55 8.35 7.39 8.78 1.567 0.203

5. Job Security 7.68 7.41 8.09 7.30 8.94 1.368 0.264 Investor

Relations Performance

7.75 7.03 7.96 7.22 9.05 1.846 0.141

All items of the questionnaire

7.82 6.89 7.93 7.28 9.00 1.740 0.162

* The mean difference is significant a 0.05 level.

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Table (5.29) shows that the p-value (Sig.) is greater than the level of significance α ≤ 0.05 for each field. So, there is an insignificant difference among the respondents toward each field due to sector. It is concluded that the sector has no effect on each field.

This indicates that the sectors in which the companies belong to from

respondents point of view are related to the application of public shareholding companies listed in the Palestine Exchange for performance measurement tools and enhancing the performance of employees in the Investor Relations Department. This explains that all companies, regardless of the economic sector, are following up all new inhuman resources.

g) There is a significant statistical difference at level α ≤ 0.05 in the responses of

the research sample attributed to years of company business. Table (5.30): ANOVA test of the fields and their p-values for years of company business.

# Field

Means

Test Value Sig. less

than 5 years

5 years up to less

than 10 years

10 years up to less than 15

years

15 years and

more

1. HR Balanced Scorecard 7.37 8.36 6.11 8.10 1.692 0.189 2. HR Metrics 6.81 8.37 6.69 7.49 0.548 0.654 HR Balanced Scorecard and

HR Metrics 7.35 8.43 6.74 7.76 0.803 0.500

1. Employees Competencies 7.38 8.56 7.34 7.93 0.444 0.723 2. Strategic Awareness and

Motivation 6.63 8.22 6.88 7.50 0.902 0.449

3. The relations between Investor Relations department and Board of Directors and Executive Management

7.66 8.38 5.91 7.37 1.075 0.371

4. Job Satisfaction 7.19 7.59 7.31 8.13 1.321 0.282 5. Job Security 7.16 7.84 7.25 7.88 0.524 0.668 Investor Relations

Performance 7.20 8.12 6.94 7.77 0.685 0.567

All items of the questionnaire 7.24 8.25 6.86 7.76 0.772 0.517 * The mean difference is significant a 0.05 level.

Table (5.30) shows that the p-value (Sig.) is greater than the level of significance α ≤ 0.05 for each field. So, there is an insignificant difference among the respondents toward each field due to years of company business. It is concluded that the years of company business have no effect on each field.

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This indicates that, despite the different ages of companies, it does not make a difference from the respondents point of view, regarding the application of public shareholding companies listed in the Palestine Exchange for performance measurement tools, and enhancing the performance of employees in the Investor Relations Department.

h) There is a significant statistical difference at level α ≤ 0.05 the responses of the

research sample attributed to Manages Investor Relations. Table (5.31): ANOVA test of the fields and their p-values for Manages Investor Relations.

# Field

Means

Test Value Sig.

Executive Director / General Manager

Deputy Executive Director /

Deputy General Manager

Marketing and Public Relations

Department

Investor Relations

Department

Financial Department

1. HR Balanced Scorecard 6.80 8.17 6.89 8.57 7.63 2.205 0.092

2. HR Metrics 6.80 7.83 5.22 8.49 6.50 4.383 0.008* HR Balanced

Scorecard and HR Metrics

6.89 8.00 5.64 8.46 7.54 3.749 0.012*

1. Employees Competencies 6.70 8.00 6.16 8.53 7.96 2.587 0.053

2. Strategic Awareness and Motivation

6.23 8.00 6.25 7.86 7.60 1.941 0.124

3. The relations between Investor Relations department and Board of Directors and Executive Management

7.18 8.00 4.88 8.44 6.68 4.326 0.006*

4. Job Satisfaction

7.13 8.00 7.72 8.24 7.83 0.939 0.452

5. Job Security 6.75 8.00 7.56 8.12 7.65 1.111 0.366 Investor

Relations Performance

6.80 8.00 6.51 8.24 7.55 2.177 0.091

All items of the questionnaire

6.82 8.00 6.24 8.32 7.52 2.746 0.043*

* The mean difference is significant a 0.05 level. Table (5.31) shows that the p-value (Sig.) is smaller than the level of significance

α ≤ 0.05 for the fields “The relations between Investor Relations department and Board

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of Directors and Executive Management, Job Security and Investor Relations Performance”. This means there is a significant difference among the respondents toward this field due to age. It is concluded that the personal characteristic “age” has an effect on this field.

For the other fields, the p-value (Sig.) is greater than the level of significance α

≤ 0.05. Therefore there is an insignificant difference among the respondents toward these fields due to age. It is concluded that the personal characteristics’ age has no effect on the other fields.

This indicates that there is no difference among those who follow the relations

of investors in the companies on the effect of age when applying the public shareholding companies listed in the Palestine Exchange for performance measurement tools and enhancing the performance of the employees in the investor relations department as they are assigned the duties of supervision and follow up the Investor Relations Department. So, there is no core differences among them.

Chapter Six Conclusions and

Recommendations

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Chapter Six Conclusions and Recommendations

6.1 Introduction:

This chapter aims to present the results of the study that were obtained after statistical analysis. Some recommendations were suggested by the researcher due to the importance and its role in promoting and strengthening workers performance in investor's relationships departments within companies listed and traded in Palestine Exchange. This will be through applying HR Performance Measurement Tools mainly (BSC, Metrics). 6.2 Conclusions:

This research investigates for answering the question: To what extent do the contributions of performance measurement tools (HR Balanced Scorecard and Metrics) enhance employees performance in the Investor Relations department in Public shareholding companies listed in the Palestine Exchange?. Because of that, the researcher depends on reviewing literature, distributing a questionnaire sheet and analyze the data. The researcher summarizes the research conclusion as the following:

6.2.1 Conclusions Related to HR Balanced Scorecard:

The conclusion in the field of “HR Balanced Scorecard": some items of the field are available and used at maximum levels as safety and security, and depend on clear systems and procedures. The company follows a clear methodology. The executive management keeps providing adequate security and protection for human resources and continuously evaluates this activity through the HR Balanced Scorecard. So, it has a significant role on stability of staff career.

Other items related to the field of “HR Balanced Scorecard" were found in the lowest levels in this field as, the Recruitment (searching for staff and urging them to submit employment applications), because the executive management is not aware of attracting qualified employees and following this policy.

Also, other items are found at the lowest levels such as, the company depends on a specific measurement form, Training and development, career planning, benefits and incentives and rewards, and the company is keenly interested in measuring the staff response to the Policies. This is due to the lack of awareness for modern programs that act as an integrated model. 6.2.2 Conclusions Related to HR Metrics:

The conclusion in the field of “HR Metrics": Some items of the field are available and used at maximum levels such as the company has scientifically qualified specialists, the company follows the latest scientific and professional developments and updates, and the company follows a clear methodology. This is due to the executive management that keeps investing in human resources by attracting

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individuals at the highest level of influence in all functions and tasks, including the application of human resources standards, which requires specialists with the influence of science and experience efficiency.

Other items related to the field of “HR Metrics" are found in the lowest levels such as, career planning. Maybe this goes to the lack of awareness for practice of career planning in accordance with its organizational requirements and following this planning requires the evaluation of this activity continuously through human resources standards. This has a great role in creating a strong organization.

And, other items are found with the lowest levels in this field such as the recruitment (searching for staff and urging them to submit employment applications), because the executive management isn’t aware of attracting qualified employees and following this policy.

Also, selection and appointment, training and development, benefits incentives and rewards, and social care get the lowest levels in this field, because of the lack of awareness for modern programs that act as an integrated model. 6.2.3 Conclusions Related to Investor Relations Performance:

The conclusion in the field of “Investor Relations Performance": Some items of the field are available and used at maximum levels such as “Job Satisfaction”, “Employees Competencies” and “Job security”. Perhaps the executive management keeps enhancing the performance of the staff of the Investor Relations Department through the interest in many aspects.

Other items found with the lowest levels in this field are “The relations between Investor Relations department and Board of Directors and Executive Management” and “Strategic Awareness and Motivation”. It is because the companies don’t have a governance guide, and the employees don’t participate as members of the Strategic Planning Team of the company. There is still a lack of research on the Investor Relations field.

6.2.4 Conclusions Related to Employees Competencies:

The conclusion in the field of “Employees Competencies": Some items of the field are available at maximum levels as “The company informs the staff on the tasks and duties required from them to complete the work.”. Maybe because the executive management is convinced that the completion of the work to the fullest in the Department of Investor Relations requires informing the employee in advance about all tasks and duties that are required from him in order to evaluate and correct the performance of the employees of the department.

Other items found with the lowest levels in this field include “The company implements training programs for staff development to benefit from their competencies”. That may be due to the lack of internal and external training programs for the staff of the investor relations department to develop their performance to benefit from their efficiency and their unused energies.

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6.2.5 Conclusions Related to Strategic Awareness and Motivation:

The conclusion in the field of “Strategic Awareness and Motivation" shwos a high percentage because the executive management keeps increasing the strategic awareness of the employees of the IR Department in listed companies and the administration keeps implementing the incentive management practices that encourage employees of the IR Department to participate in strategic planning.

Some items of the field are available at maximum levels such as “The staff has the ability to exercise their duties in accordance with the strategic plans” and “The company provides in-kind incentives for staff in light of the achievements which correspond to the company's strategy”. It is because the executive management is convinced of harnessing all the material and available human resources in the IR department to achieve the objectives of the strategic plan, including making the employees of the department perform their duties according to the strategic plan.

Other items are found with the lowest levels in this field such as “The company provides in-kind incentives for staff in light of the achievements, which correspond to the company's strategy”. That may be due to the lack of the executive management adaptation of the linking the in-kind incentives provided to the employees of the IR Department with the actual achievements they have achieved.

6.2.6 Conclusions Related to the relations between Investor Relations

department and Board of Directors and Executive Management: The conclusion in the field of “The relations between Investor Relations

department and Board of Directors and Executive Management" shows a high percentage.

Some items of the field are available at maximum levels such as the relations between Investor Relations department and Board of Directors and Executive Management " and “The Investor Relations Department communicates effectively with the General Manager”. Maybe the IR Department keeps establishing strong relations with the Board of Directors and executive management. In addition, the work of this department is linked to the investors who are the most influential in the company. This requires constant coordination between the Board of Directors and executive management and communication.

Other items are found at the lowest levels in this field such as “There is a reference procedure manual for employees in the Investor Relations department”, “A special organizational structure is available for the Investor Relations department” and “The work in the company is regulated in accordance with the control procedures in the Investor Relations department”. Maybe not all the companies use a clear guide to organize the relationships between them.

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6.2.7 Conclusions Related to Job Satisfaction: The conclusion in the field of “Job Satisfaction" shows a high percentage. Some

items of the field are available at maximum levels as "The company is concerned with the provision of appropriate work places for the performance of tasks and responsibilities". It is because the executive management keeps implementing policies that enhance employees satisfaction which will positively affect their performance and achieve the company's objectives.

Other items are found at the lowest levels in this field such as “The company determines the salaries of the staff in accordance with the nature and size of work and the prevailing economic circumstances” That may be due to the failure the executive management to achieving the satisfaction of the employees by determining the salaries of the staff in accordance with the nature and size of work and the prevailing economic circumstances.

6.2.8 Conclusions Related to Job Security:

The conclusion in the field of “Job Security" shows a high percentage because the executive management keeps achieving job stability among the employees of the IR Department by applying a set of policies and procedures that make the employees more stable and belonging to the company.

Some items of the field are available at maximum levels such as “The company is keenly interested to provide a stable work environment”. It is because the executive management finds that providing a stable organizational environment at work is the basis for the career stability of employees in the investor relations department.

Other items are found at the lowest levels in this field such as “The company adopts policy of promotions on proper foundations that give the staff stability”. That may be due to the lack of adopting and developing a clear policy for promotions to grant it for employees on the basis of clear and fair criteria. “The Company concentrates on achieving low turnover rate of staff” is also at allow level due the lack of interest in efficiency and experience as a standard.

6.2.9 Conclusions Related to Hypotheses Testing: 6.2.9.1 Conclusions Related to The Correlation Between implementing HR

Balanced Scorecard & Metrics, and enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange. There is a significant statistical correlation between implementing HR Balanced Scorecard & Metrics, as an independent variable, and enhancing employees performance (Employees competencies, Strategy awareness and motivation, IR relationships with Board of Directors and Executive Management, Employees satisfaction, Employees retention) in the Investor Relations department as a dependent variable in the public shareholding companies listed in the Palestine Exchange.

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6.2.9.2 Conclusions Related to the Impact of implementing measurement

performance tools; HR Balanced Scorecard & Metrics, on enhancing employees performance in the Investor Relations department in the public shareholding companies listed in the Palestine Exchange: There is a strong significant impact of implementing measurement performance tools (HR Balanced Scorecard & Metrics) as an independent variable on enhancing employees performance in the Investor Relations department as a dependent variable in the public shareholding companies listed in the Palestine Exchange. There is a significant statistical relationship between the application of the HR Balanced Scorecard and Metrics with Strategic awareness and motivation in the department of investors in the public shareholding companies listed in the Palestine Exchange. This indicates that the executive management's care in these companies to apply performance measurement tools enhances the strategic awareness and motivation of employees in the Investor Relations Department, which will make them, in the execution of their work and tasks, closer to the objectives of the Strategic Plan.

6.2.9.3 Conclusions Related to the Differences in The Population Responses Toward Personal Characteristics:

There is no significant difference in the answers of the respondents attributed to the following: Gender, Qualification, Years of employment / service, Job Title, and the sector which the company belongs to in addition to Years of Company Business and Manages Investor Relations. Besides, there is a difference in the answers of the respondents attributed to Age.

6.3 Recommendations: The following are the most important recommendations that the researcher

draws based on the research analysis and conclusions: 6.3.1 Recommendations Related to HR BSC:

1- To encourage the executive management in public shareholding companies listed in the Palestine Exchange to follow up the developments related to the implementing of the HR Balanced Scorecard in the field of measuring and evaluating human resources and searching for expert staff and urging them to submit employment applications.

2- The executive management of public shareholding companies listed in the Palestine Exchange is advised to use HR Balanced Scorecard when measuring the efficiency and effectiveness of the company in attracting employees.

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3- Adopting the executive management in the public shareholding companies listed in the Palestine Exchange a specific measurement model (Integrated Model) according to the HR Balanced Scorecard, which is relied upon when evaluating the performance of human resources, instead of using more than one model.

6.3.2 Recommendations Related to HR Metrics: 1- To encourage public shareholding companies listed in the Palestine Exchange

to follow up the developments related to the application of performance measurement in the field of measuring and evaluating human resources.

2- To help the executive management of public shareholding companies listed in the Palestine Exchange implement performance measurement when evaluating the extent of commitment to draw up policies and establish clear procedures for career planning.

3- Recommending the executive management of public shareholding companies listed in the Palestine Exchange to use performance measurement as an integrated model when measuring the company's ability to attract employees by evaluating the policies and procedures set by the company in this regard.

6.3.3 Recommendations Related to Employees Competencies: 1- The executive management in public shareholding companies listed in the

Palestine Exchange is advise to develop plans and formulate policies that enhance the competencies of employees and make them more experienced and knowledgeable in the field of the company's business.

2- Providing the executive management of the public shareholding companies listed in the Palestine Exchange with the adequate financial budget which relates to the implementation of quality training programs to improve the performance of employees and make them more productive.

3- The executive management of public shareholding companies listed in the Palestine Exchange need to adopt the idea of granting employees powers according to their competencies, and the extent of their ability to exploit these powers in an optimal manner.

6.3.4 Recommendations Related to Strategic Awareness and Motivation: 1- The executive management in public shareholding companies listed in the

Palestine Exchange should continuously follow the approach of enhancing the strategic awareness of employees and motivating them in accordance with appropriate policies and procedures.

2- The executive management of public shareholding companies listed in the Palestine Exchange are recommended to offer in-kind incentives to employees based on the achievements and in line with the company's philosophy, vision and strategy.

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3- The executive management of public shareholding companies listed in the Palestine Exchange needs to develop and modernize policies and regulations of incentives in a manner consistent with the conditions of the internal and the external environments.

4- The members of the strategic planning team of the company should not be confined to the executive management and middle management staff, but they should be members of distinguished and competent staff.

6.3.5 Recommendations Related to the relations between Investor Relations department and Board of Directors and Executive Management:

1- It is recommended to follow up the performance of the Investor Relations Department in public shareholding companies listed in the Palestine Exchange and develop policies, instructions and procedures governing the functions of the department and make its relationship continuous and constructive with the Board of Directors and executive management.

2- The Director of the Investor Relations Department, after communicating with the executive management of the public shareholding companies listed in the Palestine Exchange, is recommended to develop a working procedures manual that includes all the functions of the department and clarifies the tasks and responsibilities assigned to each department employee.

3- The executive management of the public shareholding companies listed in the Palestine Exchange should establish a regulatory structure for the department that is appropriate to the organizational structure of the company as a whole.

6.3.6 Recommendations Related to Job Satisfaction: 1- Encouraging the executive management of public shareholding companies

listed in the Palestine Exchange to enhance employee satisfaction and adhere to them through the development of plans, policies and procedures to achieve this purpose.

2- The executive management of the public shareholding companies listed in the Palestine Exchange needs to adopt standards, regulations and policies for promotion that are clear and compatible with the professional standards that make the promotion of the share of the most efficient and the best.

3- The executive management in the public shareholding companies listed in the Palestine Exchange is recommended to adopt an approach for justice and equity when dealing with all employees without discrimination, as efficiency is the basis.

4- The salary scale should be constantly reviewed by the executive management in the public shareholding companies listed in the Palestine Exchange, to be more suited to the nature and size of the business and the prevailing economic conditions in Palestine.

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6.3.7 Recommendations Related to Job Security: 1- Strengthening the system of job stability in the public shareholding companies

listed in the Palestine Exchange by adhering to the employees and encouraging them to exert their efforts to achieve the company's goals by motivating them and granting them safety.

2- The executive management of the public shareholding companies listed in the Palestine Exchange is recommended to adopt various standards that enhance functional stability, including transparency and fairness in granting promotions.

3- The executive management of the public shareholding companies in Palestine Exchange should adopt the principle of adhering to the employee and not taking care of the external rotation of the employees by replacing new employees with the old ones, in light of the lack of interest in efficiency and experience as a standard for recycling.

6.3.8 General Recommendations: 1- The Palestinian Capital Market Authority (PCMA) should mandate the boards

of directors of companies listed and traded in Palestine Exchange to form a committee emanating from the Board of Directors to supervise and follow up existing relations with investors.

2- To establish a department under the name of (the shareholders' department) or (the investor relations department) and to include it within the organizational structure of companies listed in Palestine Exchange. This technically subordinates to the Chairman of the Board and administratively to the executive management.

3- To enroll employees of the Investor Relations Department in a specialized internal and external training courses, focusing on subjects related to shareholders and investors.

6.4 Proposed Future Studies: The following are some interesting ideas that can be covered by researchers in

their future researches: 1- The impact of the application of HR Balanced Scorecard and Metrics on the

performance of staff in the NGOs in the Gaza Strip. 2- The impact of applying the HR Balanced Scorecard and Metrics on the

performance of employees in national and foreign banks in Palestine. 3- The impact of applying the HR Balanced Scorecard and Metrics on the

performance of employees in academic institutions in Gaza. 4- The human resources audit which focuses on evaluation processes and model,

development. 5- The Role of Investor Relations in facilitating the process of work to explain the

tasks and duties.

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Appendixes

124

Appendix (1): List of Referees

Job Title Referee Name No.

Professor at the Faculty of Commerce – The Islamic University of Gaza.

Dr. Yousef Bahar 1. Assistant Professor at the Faculty of Commerce – The Islamic University of Gaza.

Dr. Akram Sammour 2.

Assistant Professor at the Faculty of Commerce – The Islamic University of Gaza.

Dr. Khaled Dahliz 3.

Assistant Professor at the Faculty of Commerce – Al Azhar University of Gaza.

Dr. Mohammed Fares 4.

Assistant Professor at the Faculty of Commerce – Al Azhar University of Gaza.

Dr. Ramez Bedair 5.

Associate Professor at the Faculty of Commerce – Open Quds University . Dr. Jalal Shabat 6. Assistant Professor at the Faculty of Administration and Finance – Al Aqsa University - Gaza.

Dr. Alaedin Al-Sayed 7.

Chief of Area (Khan Younis) - UNRWA Dr. Mohammed Al-Aidi 8.

125

Appendix (2): Questionnaire

Islamic University - Gaza Research and Postgraduate Affairs Faculty of Commerce Business Administration Department

Dear Sir, ……………………. Peace be upon you,

Please fill in the questionnaire attached for a study entitled: The Impact of the Contribution of Performance Measurement Tools

(BSC, Metrics) in Enhancing Employees Performance.

“Empirical Study on the Investor Relations Departments in the Palestinian Public Shareholding Companies”

The researcher prepares the study and is willing to apply this questionnaire in order to

collect data necessary for this research. The questionnaire has three sections (Personal Data - Performance Measurement Tools – Investor Relations Performance) and each section contains a series of clauses.

The purpose of this study is to recognize the impact and contribution of performance measure tools (Balanced Scorecard) in enhancing stuff performance in the Palestinian Public Shareholding Companies. It also aims to recognize the extent of using and applying Balanced Scorecard on investor relations departments, and clarifies the basic aspects to focus on Public Shareholding Companies when measuring its staff performance.

This study will highlight the importance of having departments for investor relations in Public Shareholding Companies to join the same advanced companies and ease of doing (Benchmarking) with these companies. These departments will show a good image of the company. Finally, the study will help me come to conclusions and recommendations which encourage companies to use tools for benchmarking performance beside the importance of having special divisions for investor relations.

So, I respectfully request to fill this questionnaire then send it to khalaf.karim@gmail.com hoping for accuracy and objectivity which have a positive impact in ensuring the success of this research. Note, that the information contained in this research will be used only for scientific research purposes.

I appreciate your cooperation with us Please accept my sincere regards,,,

The researcher

126

First: Personal Information: Please answer the following questions which include general information related

to the respondent, put a sign () in the appropriate place. 1- Gender:

Female ⧠ Male ⧠

2- Age:

⧠ 50 years and more

⧠ 40 up to less than 50 years

⧠ 30 up to less than 40 years

⧠ Less than 30 years

3- Qualification:

⧠ PHD ⧠ Master Degree ⧠ Bachelor ⧠ Diploma and less

4- Years of employment / service:

⧠12 years and more

⧠ 8 years up to less than 12 years

⧠ 4 years up to less than 8 years

⧠ less than 4 years

5- Job Title: ⧠ Deputy Executive Director / Deputy General Manager

⧠ Executive Director / General Manager

⧠ Manager of Investor Relations Department

⧠ Manager of Marketing and Public Relations Department

Manger of Financial Department ⧠

6- The sector which the company belongs to:

⧠ Services ⧠ Investment ⧠ Insurance ⧠ Industry

⧠ Banking & Financial Services

7- Years of Company Business: ⧠ 15 years and more

⧠10 years up to less than 15 years

⧠ 5 years up to less than 10 years

⧠ less than 5 years

8- Who Manages Investor Relations:

⧠ Deputy Executive Director / Deputy General Manager

⧠ Executive Director / General Manager

⧠ Investor Relations Department ⧠ Marketing and Public Relations Department

⧠ Others, identify ـــــــــــــــــــــــــــــــــــــــــــــــ

⧠ Financial Department

127

Second: Performance Measurement Tools and HR Metrics: Definition of Balanced Scorecard: it is a modern model to evaluate the

performance of business organizations, where it is considered a comprehensive management system that aims to help the organization interpret its vision and strategies into a set of objectives and interrelated strategic measurements.

The definition of HR Metrics: It is a set of mathematical equations used in human resources in order to measure the effectiveness of human resources activities such as training , development and the ability of the company to maintain its staff , the efficiency of human resources and how to calculate the productivity of human resources in the company. These standards help human resources managers in the process of determining the impact and effectiveness of programs carried out by the Human Resources division .

Please select the degree between 1-10 and put it in front of the following

statements according to the measurement tool used (HR Balanced Scorecard or Metrics), Number 1 indicates (not approved significantly) while number 10 refers to (very large degree of approval).

Metrics HR Balanced Scorecard andHR Second: 10 – 1 10 – 1

Statement When applying HR Metrics

When applying HR Balanced

Scorecard

The company relies on clear systems and procedures.

1.

The company depends on a specific measurement form.

2.

The company measures the productivity of staff.

3.

The company is keenly interested in measuring the staff response to the Policies.

4.

The Company focuses on the measurement of the implementation mechanisms of the operations.

5.

The company has scientifically qualified specialists.

6.

The company follows a clear methodology. 7. The company follows the latest scientific

and professional developments and updates.

8.

128

Metrics HR Balanced Scorecard andHR Second: 10 – 1 10 – 1

Statement When applying HR Metrics

When applying HR Balanced

Scorecard

The extent of applying HR

Metics

The extent of applying HR

Balanced Scorecard

The extent of the company in assessing activities of human recourses below for Balanced Scorecard/standards:

9.

HR planning. a. Recruitment (searching for staff and urging

them to submit employment applications). b.

Selection and appointment. c. Training and development. d. Career planning. e. Performance appraisal. f. Salaries and wages. g. Benefits, incentives and rewards. h. Safety and security. i. Social care. j.

Third: Investor Relations Performance Definition of Investor Relations: It is the responsibility of the strategic

management which integrats communications, marketing, funding and compliance with stock rules for effective communication between the company and the investment environment and other communities which contribute to the achievement of justice in the evaluation of Company stocks.

Please select the degree between 1-10 and put it in the front of the following statements, The number 1 indicates (not approve significantly) while number 10 refers to (very large degree of approval).

10 – 1 Statement 1) Employees Competencies:

The company is keenly interested in informing staff on the general strategy to accomplish the work assigned to them.

1.

The company informs staff on the detailed plans and goals to complete the work assigned to them.

2.

The company informs the staff on the tasks and duties required from them to complete the work.

3.

The staffs perform work in a good way that is suitable to their experience and qualifications.

4.

The staff performance is evaluated continuously to utilize their competencies and perform the work required.

5.

129

10 – 1 Statement The company implements training programs for staff development

to benefit from their competencies. 6.

The company is keenly interested in stuff working as a team in order to utilize their abilities and competencies for the work entrusted to them.

7.

The company gives staff authorities according to their qualification. 8. 2) Strategic Awareness and Motivation:

The company motivates staff to participate in the submission of proposals about the strategic plan.

1.

The staff have the ability to exercise their duties in accordance with the strategic plans.

2.

Staffs participate as members of the Strategic Planning Team of the company.

3.

The company encourages staff for innovation and development of strategic plans.

4.

The company operates under clear incentive policies and regulations 5. The company is keenly interested in developing and updating

incentive policies and regulations on continuous basis. 6.

The company is keenly interested in linking the financial incentives to the staff achievements which correspond to the company's strategy.

7.

The company provides in-kind incentives for staff in light of the achievements which correspond to the company's strategy.

8.

3) The relations between Investor Relations department and Board of Directors and Executive Management:

A special organizational structure is available for the Investor Relations department.

1.

There is a reference procedure manual for employees in the Investor Relations department.

2.

The work in the company is regulated in accordance with the control procedures in the Investor Relations department.

3.

The work and tasks of Investor Relations department are integrated with other department’s.

4.

The company is keenly interested in promoting continuous communication between the Investor relations department and other departments.

5.

The Investor Relations Department communicates effectively with the General Manager.

6.

130

10 – 1 Statement The management of the company enhances constructive

communication between the Investor Relations department and the committees drawn from the board of directors.

7.

There is big importance for the presence of the Investor Relations department to follow issues of shareholders and investors.

8.

4) Job Satisfaction: The company makes employees feel secured. 1. The company is keenly interested that current jobs allow staff to

acquire new skills and experience. 2.

The company is concerned with the provision of appropriate work places for the performance of tasks and responsibilities.

3.

The company adopts a clear promotion standards and regulations in accordance with professional standards.

4.

The company focuses on the adoption of equity and fairness in dealing with all the staff.

5.

The company determines the salaries of the staff in accordance with the nature and size of work and the prevailing economic circumstances.

6.

The work in the company is completed in accordance with teamwork spirit among the members of the group.

7.

The company gives its employees nonfinancial or financial incentives rewards when the company makes profits.

8.

5) Job Security: The staff have high employment stability in the company. 1. The company is keenly interested to provide a stable work

environment. 2.

The company acts to promote employment stability through organizational factors.

3.

The company adopts policy of promotions on proper foundations that give the staff stability.

4.

The company gives great attention to social responsibility toward staff.

5.

The jobs in the company are in accordance with the potential of the staff.

6.

The company concentrates on achieving low turnover rate of staff. 7. The company is interested in achieving low transfer rate of staff. 8.

Please accept our sincere regards,,,

I appreciate your cooperation with us

131

Appendix (3): Questionnaire (Arabic Language Version)

االستبانة

غــزة -اإلسالمیـــــــــــــــــــــة الجامعـــــــــــة

شئون البحث العلمي والدراسات العلیـــــا

التجــــــــــــــــــــــــــــــــــــــــــارةكلیــــــــــــــــــــــــــــــــــــة

قســــــــــــــم إدارة األعمــــــــــــــــــــــــــــــــــــــــــــــال

السید / ....................... المحترم حضرة

،،،، السالم علیكم ورحمة هللا و�ر�اته

نرجو منكم التكرم بتعبئة نموذج االستبانة التي بین أید�كم، وهي لدراسة �عنوان:

مدى تأثیـــــــــــــــر مساهمة أدوات قیــــــــــــــاس األداء

تعز�ز أداء الموظفین في(�طاقة األداء المتوازن والمقاییس)

"دراسة تطبیقیة على دوائر عالقات المستثمر�ن في الشر�ات المساهمة العامة الفلسطینیة"

�قوم الباحث �إعداد الدراسة وهو �صدد تطبیق استبانة للحصول على المعلومات والبیانات الالزمة لذلك، وتشتمل أداء عالقات المستثمر�ن) و�تضمن �ل محور –قیاس األداء أدوات –االستبانة على ثالث محاور (البیانات الشخصیة

مجموعة من الفقرات.حیث تهدف هذه الدراسة إلى التعرف على مدى تأثیر مساهمة أدوات قیاس األداء (�طاقة األداء المتوازن والمقاییس)

لفلسطینیة، والتعرف على مدى في تعز�ز أداء الموظفین في دوائر عالقات المستثمر�ن في الشر�ات المساهمة العامة اتطبیق واستخدام �طاقة األداء المتوازن ومقاییس األداء في دوائر عالقات المستثمر�ن، وتوضیح الجوانب األساسیة للتر�یز

علیها في الشر�ات المساهمة العامة عند قیاس أداء موظفیها.ر�ن في الشر�ات المساهمة العامة، لاللتحاق �اإلضافة إلى تسلیط الضوء على أهمیة وجود دوائر لعالقات المستثم

) مع هذه الشر�ات، ومدى أهمیة هذه Benchmarking�الشر�ات المتقدمة المماثلة وسهولة إجراء المقارنة المعیار�ة (الدائرة في إظهار صورة جیدة للشر�ة، وذلك بهدف الوصول إلى النتائج والتوصیات التي تشجع الشر�ات على استخدام

قیاس األداء ومدى أهمیة وجود دوائر خاصة �عالقات المستثمر�ن.أدوات khalaf.karim@gmail.comلذا أرجو منكم التكرم بتعبئة هذه االستبانة وارسالها على البر�د االلكتروني التالي

لواردة في هذا البحث آمال توخي الدقة والموضوعیة لما له من األثر اإل�جابي في إنجاح هذا البحث، علما �أن المعلومات ا ستستخدم ألغراض البحث العلمي فقط.

شاكر�ن لكم حسن تعاونكم معنا

،،، والتقدیر االحترام فائق �قبول وتفضلوا

الباحث

132

أوال: البیانات الشخصیة:

) في األسئلة اآلتیة والتي تتضمن معلومات عامة تتعلق �المستجیب بوضع إشارة (یرجى اإلجا�ة عن

المكان المناسب.

الجنس: -1

أنثى ⧠ ذ�ر ⧠

العمر: -2

سنة فأكثر 50 ⧠ سنة 50أقل من -40 ⧠ سنة 40قل من أ – 30 ⧠ سنة 30ل من أق ⧠

المؤهل العلمي: -3

د�توراه ⧠ ماجستیر ⧠ �كالور�وس ⧠ دبلوم فأقل ⧠

سنوات الخدمة: -4

فأكثرسنة 12 ⧠ سنة 12من أقل - 8 ⧠ واتسن 8 أقل من -4 ⧠ سنوات 4أقل من ⧠

الوظیفي: المسمى -5

نائب الرئیس التنفیذي / نائب المدیر العام ⧠ الرئیس التنفیذي / المدیر العام ⧠

مدیر دائرة عالقات المستثمر�ن ⧠ مدیر دائرة التسو�ق والعالقات العامة ⧠

مدیر الدائرة المالیة ⧠

القطاع الذي تنتمي إلیه الشر�ة: -6

الخدمات ⧠ االستثمار ⧠ التأمین ⧠ الصناعة ⧠

البنوك والخدمات المالیة ⧠

سنوات عمل الشر�ة: -7

سنة فأكثر 15 ⧠ سنة 15أقل من - 10 ⧠ سنوات 10أقل من -5 ⧠ سنوات 5أقل من ⧠

المستثمر�ن:من الذي �قوم �متا�عة عالقات -8

نائب الرئیس التنفیذي / نائب المدیر العام ⧠ الرئیس التنفیذي / المدیر العام ⧠

دائرة عالقات المستثمر�ن ⧠ دائرة التسو�ق والعالقات العامة ⧠

ـــــــــــــــأخرى، حددها ـــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ ⧠ الدائرة المالیة ⧠

133

والمقاییس: ثانیا: أدوات قیاس األداء

نظام منظمات األعمال، حیث تعتبر أسلوب حدیث في تقییم أداء هي تعر�ف �طاقة األداء المتوازن:

إلى مجموعة من األهداف والقیاسات استراتیجیاتهاعلى ترجمة رؤ�تها و نظمةیهدف إلى مساعدة الم متكامل إداري

.المترا�طة االستراتیجیة

هي مجموعة من المعادالت الر�اضیة المستخدمة في الموارد البشر�ة بهدف قیاس تعر�ف المقاییس:

التدر�ب والتطو�ر وقدرة الشر�ة على االحتفاظ �موظفیها و�فاءة الموارد مثل:وأنشطة الموارد البشر�ة فاعلیة أعمال

هذه المقاییس تساعد مدیري الموارد البشر�ة في ، �ما أن البشر�ة و�یفیة حساب انتاجیة الموارد البشر�ة �الشر�ة

د البشر�ة. دارة الموار إفاعلیة البرامج التي تنفذها أثر و عملیة تحدید

إما �طاقة األداء ( �حسب أداة القیاس المستخدمة أمام العبارات التالیة 10 - 1یرجى اختیار الدرجة من

إلى الموافقة 10إلى عدم الموافقة بدرجة �بیرة جدا و�شیر الرقم 1، �حیث �شیر الرقم ) المتوازن أو المقاییس

بدرجة �بیرة جدا.

المتوازن والمقاییسثانیا: �طاقة األداء

الفقرة1 - 10 1 - 10

عند تطبیق �طاقة

األداء المتوازن

عند تطبیق المقاییس

تعتمد الشر�ة على أنظمة و�جراءات واضحة. .1

یوجد لدى الشر�ة نموذج قیاس محدد تعتمد علیه. .2

تقوم الشر�ة �قیاس إنتاجیة الموظفین. .3

استجا�ة الموظفین للسیاسات.تحرص الشر�ة على قیاس مدى .4

تر�ز الشر�ة على قیاس آلیات تنفیذ العملیات. .5

یوجد لدى الشر�ة أخصائیین مؤهلین علمیا. .6

تتبع الشر�ة منهجیة واضحة. .7

تتا�ع الشر�ة آخر المستجدات والتطورات العلمیة والمهنیة. .8

9. البشر�ة أدناه مدى تطبیق الشر�ة في تقییم أنشطة الموارد

لبطاقة األداء المتوازن / المقاییس:مدى تطبیق �طاقة

األداء المتوازن

مدى تطبیق

المقاییس

تخطیط القوى العاملة. .أ

االستقطاب (البحث عن الموظفین وحثهم على تقد�م طلبات .ب

التوظیف).

االختیار والتعیین. .ج

134

المتوازن والمقاییسثانیا: �طاقة األداء

الفقرة1 - 10 1 - 10

عند تطبیق �طاقة

األداء المتوازن

عند تطبیق المقاییس

التدر�ب والتطو�ر. .د

التخطیط الوظیفي. .ه

تقییم األداء. .و

الرواتب واألجور. .ز

المزا�ا والحوافز والمكافآت. .ح

األمن والسالمة. .ط

الرعا�ة االجتماعیة. .ي

ثالثا: أداء عالقات المستثمر�ن:

مسؤولیة اإلدارة االستراتیجیة التي تدمج التمو�ل واالتصاالت والتسو�ق هي تعر�ف عالقات المستثمر�ن:

األخرى، مجتمعات وال البیئة االستثمار�ةبین الشر�ة و الفعال ماالتواصل من أجل األوراق المالیة وانینقاالمتثال لو

تحقیق العدالة في تقییم األوراق المالیة للشر�ة.في اهموالتي تس

إلى عدم الموافقة بدرجة 1أمام العبارات التالیة، �حیث �شیر الرقم 10 - 1یرجى اختیار الدرجة من

إلى الموافقة بدرجة �بیرة جدا. 10رة جدا و�شیر الرقم كبی

10 - 1 الفقرة

كفاءات الموظفین: )1

إلنجاز األعمال المو�لة لهم.على االستراتیجیة العامة الموظفین تهتم الشر�ة �اطالع .1

التفصیلیة إلنجاز األعمال المنوطة األهدافعلى الخطط و تطلع الشر�ة الموظفین .2

.بهم

.إلنجاز األعمال الموظفین على المهام والواجبات المطلو�ة منهمتقوم الشر�ة �اطالع .3

.همومؤهالت همخبراتینجز الموظفین األعمال �شكل جید �ونها تتناسب مع .4

یتم تقییم أداء الموظفین �شكل دائم ومستمر الستغالل �فاءاتهم و�نجاز األعمال .5

المطلو�ة.

بتنفیذ برامج تدر�بیة لتطو�ر الموظفین واالستفادة من �فاءاتهم.الشر�ة قومت .6

135

10 - 1 الفقرة

متحرص الشر�ة على عمل الموظفین بروح الفر�ق لتوظیف امكانیاتهم و�فاءاتهم للقیا .7

�األعمال المو�لة لهم.

.وفقا لكفاءاتهمللموظفین الصالحیات تمنح الشر�ة .8

) الوعي االستراتیجي والتحفیز:2

.في تقد�م اقتراحات حول الخطة االستراتیجیة على المشار�ة الموظفینتحفز الشر�ة .1

.القدرة على ممارسة مهامهم �ما ینسجم مع الخطط االستراتیجیة�الموظفین یتمتع .2

.شارك الموظفین �أعضاء في فر�ق التخطیط االستراتیجي للشر�ة� .3

.والتطو�ر �ما �حقق التخطیط االستراتیجيشجع الشر�ة الموظفین على اإلبداع ت .4

.سیاسات ولوائح واضحة للتحفیزفي ظل الشر�ة تعمل .5

.الشر�ة بتطو�ر وتحدیث سیاسات ولوائح التحفیز �استمرارتهتم .6

الحوافز الماد�ة للموظفین �إنجازاتهم التي تتطابق مع على ر�ط الشر�ة تحرص .7

.تهااستراتیجی

التي تتطابق مع المحققة و نجازاتفي ظل اإلالشر�ة الحوافز العینیة للموظفین تقدم .8

.استراتیجیة الشر�ة

) عالقة دائرة عالقات المستثمر�ن مع مجلس اإلدارة واإلدارة العلیا:3

هیكل تنظیمي خاص بدائرة عالقات المستثمر�ن. توفری .1

دائرة عالقات المستثمر�ن. یوجد دلیل إجراءات عمل لكل موظف یرجع إلیه في .2

ینضبط العمل في الشر�ة وفقا إلجراءات رقابیة في دائرة عالقات المستثمر�ن. .3

تتكامل أعمال ومهام دائرة عالقات المستثمر�ن مع الدوائر األخرى. .4

بین دائرة عالقات المستثمر�ن والدوائر تحرص الشر�ة على تعز�ز التواصل المستمر .5

األخرى.

مع المدیر العام.�شكل فعال تتواصل دائرة عالقات المستثمر�ن .6

بین دائرة عالقات المستثمر�ن واللجان المنبثقة بناء تواصلتعزز إدارة الشر�ة خلق .7

عن مجلس اإلدارة.

تتا�ع قضا�ا المساهمین والمستثمر�ن.مستثمر�ن العالقات دائرة لأهمیة �الغة لوجود یوجد .8

الوظیفي:) الرضا 4

�األمن الوظیفي. ینالموظفالشر�ة شعر ت .1

136

10 - 1 الفقرة

تتیح الوظائف الحالیة للموظفین إمكانیة اكتساب مهاراتتحرص الشر�ة على أن .2

وخبرات جدیدة.

یة.المهام والمسؤولیات الوظیفو ممارسة األعمال مناسبة لماكن تهتم الشر�ة بتوفیر أ .3

مهنیة.اللمعاییر ومنسجمة مع ا واضحةمعاییر وأنظمة ترقیة تتبنى الشر�ة .4

الموظفین.�افة عدالة عند التعامل مع النصاف و تر�ز الشر�ة على تبني اإل .5

هممع طبیعة وحجم أعمال�ما یتناسب التي یتقاضاها الموظفین الرواتبتحدد الشر�ة .6

االقتصاد�ة السائدة. والظروف

الفر�ق بین أعضاء المجموعة.لروح وفقا في الشر�ة األعمالتنجز .7

مالیة للموظفین عند تحقیق الشر�ة أر�اح. المكافآت تمنح الشر�ة الحوافز المعنو�ة أو ال .8

) االستقرار الوظیفي:5

�شعر الموظفون �استقرار وظیفي عال في الشر�ة. .1

تحرص الشر�ة على توفیر بیئة مستقرة في العمل. .2

تعز�ز االستقرار الوظیفي من خالل العوامل التنظیمیة.تعمل الشر�ة على .3

تتبنى الشر�ة سیاسة إجراء الترقیات على أسس سلیمة تمنح الموظفین االستقرار. .4

تعطي الشر�ة اهتماما �الغا لمسؤولیتها االجتماعیة اتجاه الموظفین. .5

تتناسب الوظائف في الشر�ة مع إمكانیات الموظفین. .6

الشر�ة على تحقیق معدل دوران خارجي للموظفین منخفض.تر�ز .7

تهتم الشر�ة بتحقیق معدل دوران داخلي للموظفین منخفض. .8

وتفضلوا �قبول فائق االحترام والتقدیر،،،

وشكرا لحسن تعاونكم معنا،،،