Does Human Capital Matter? A Meta-Analysis of the Relationship Between Human Capital and Firm Performance

• 成果类型: Article
• 署名作者: Crook, T. Russell; Todd, Samuel Y.; Combs, James G.; Woehr, David J.; Ketchen, David J., Jr.
• 署名单位: University of Tennessee System; University of Tennessee Knoxville; University System of Georgia; Georgia Southern University; University of Alabama System; University of Alabama Tuscaloosa; University of North Carolina; University of North Carolina Charlotte; Auburn University System; Auburn University
• 刊物名称: JOURNAL OF APPLIED PSYCHOLOGY
• ISSN/ISSBN: 0021-9010
• DOI: 10.1037/a0022147
• 发表日期: 2011
• 页码: 443-456
• 关键词: Human capital; performance; RESOURCE-BASED THEORY; Meta-analysis

摘要

Theory at both the micro and macro level predicts that investments in superior human capital generate better firm-level performance. However, human capital takes time and money to develop or acquire, which potentially offsets its positive benefits. Indeed, extant tests appear equivocal regarding its impact. To clarify what is known, we meta-analyzed effects drawn from 66 studies of the human capital-firm performance relationship and investigated 3 moderators suggested by resource-based theory. We found that human capital relates strongly to performance, especially when the human capital in question is not readily tradable in labor markets and when researchers use operational performance measures that are not subject to profit appropriation. Our results suggest that managers should invest in programs that increase and retain firm-specific human capital.