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Strategic human resource management (HRM) research considers HRM systems a potential source of competitive advantage due to their positive effects on performance outcomes. However, previous research has not paid enough attention to peer companies¡¯ influence on the adoption and the effects of HRM systems of a focal company. Drawing upon the institutional theory, we propose that a company¡¯s adoption of high-investment human resource systems (HIHRS) will be positively related to the level of HIHRS in its peer companies. We also argue that the extent to which HIHRS is associated with organizational outcomes is contingent on the adoption of HIHRS in peer companies. Using a sample of 912 publicly traded companies in U.S. stock market from 2002-2015, we found a positive relationship between the average HIHRS of peer companies in the previous year and a focal company¡¯s HIHRS. We also found that HIHRS is more likely to enhance financial performance (e.g., sales growth and profit growth) when the adoption of HIHRS is low in peer companies. However, HIHRS is more likely to enhance social legitimacy (e.g., employer certifications) when the adoption of HIHRS is high in peer companies. These findings suggest that peer companies play an important role in affecting the adoption and the effects of HIHRS of a focal company.

cgrace2@ceibs.edu