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ERIC Number: EJ934247
Record Type: Journal
Publication Date: 2011-May
Pages: 14
Abstractor: As Provided
Reference Count: 124
ISSN: ISSN-0021-9010
Does Human Capital Matter? A Meta-Analysis of the Relationship between Human Capital and Firm Performance
Crook, T. Russell; Todd, Samuel Y.; Combs, James G.; Woehr, David J.; Ketchen, David J., Jr.
Journal of Applied Psychology, v96 n3 p443-456 May 2011
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. (Contains 1 figure, 3 tables, and 4 footnotes.)
American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002-4242. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail:; Web site:
Publication Type: Journal Articles; Reports - Research
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A