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Firm Specific Human Capital
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Book Synopsis Firm-specific Human Capital by : Edward P. Lazear
Download or read book Firm-specific Human Capital written by Edward P. Lazear and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: One problem with the theory of firm-specific human capital is that it is difficult to generate convincing examples of investment that could generate the sometimes observed large and continuing effects on earnings. Another approach, called the skill-weights' view, allows all skills to be general in that there are other firms that use each of the skills. But firms use them in different combinations and with different weights attached to them. The skill-weights view not only has aesthetic appeal, but is consistent with the frequently observed large tenure effects. All of the implications of the traditional view are produced by this approach, and there are a number of other implications that distinguish the new view from the traditional one. The empirical evidence already contains some support for the skill-weights view.
Book Synopsis Micro-Foundations of Firm-Specific Human Capital by : Joseph Raffiee
Download or read book Micro-Foundations of Firm-Specific Human Capital written by Joseph Raffiee and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on human capital theory, strategy scholars have emphasized firm-specific human capital as a source of sustained competitive advantage. In this study, we begin to unpack the micro-foundations of firm-specific human capital by theoretically and empirically exploring when employees perceive their skills to be firm-specific. We first develop theoretical arguments and hypotheses based on the extant strategy literature, which implicitly assumes information efficiency and unbiased perceptions of firm-specificity. We then relax these assumptions and develop alternative hypotheses rooted in the cognitive psychology literature, which highlights biases in human judgment. We test our hypotheses using two data sources from Korea and the United States. Surprisingly, our results support the hypotheses based on cognitive bias - a stark contrast to the expectations embedded within the strategy literature. Specifically, we find organizational commitment and, to some extent, tenure are negatively related to employee perceptions of the firm-specificity. We also find that employer provided on-the-job training was unrelated to perceived firm-specificity. These findings suggest that firm-specific human capital, as perceived by employees, may drive behavior in ways not anticipated by existing theory - for example, with respect to investments in skills or turnover decisions. This, in turn, may challenge the assumed relationship between firm-specific human capital and sustained competitive advantage. More broadly, our findings may suggest a need to reconsider other theories, such as transaction cost economics, that draw heavily on the notion of firm-specificity and implicitly assume widely shared and unbiased perceptions.
Book Synopsis Firm Specific Human Capital by : University of British Columbia. Department of Economics
Download or read book Firm Specific Human Capital written by University of British Columbia. Department of Economics and published by . This book was released on 1974 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firm Specific Human Capital: a Shared Investment Or Optimal Entrapment? by : David Donaldson
Download or read book Firm Specific Human Capital: a Shared Investment Or Optimal Entrapment? written by David Donaldson and published by . This book was released on 1974 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firm-Specific Human Capital and Theories of the Firm by : Margaret M. Blair
Download or read book Firm-Specific Human Capital and Theories of the Firm written by Margaret M. Blair and published by . This book was released on 2003 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on contracting problems in firms caused by asset specificity and investment incentives, particularly the problems that arise when employees make investments in quot;firm specific human capital.quot; In such cases, employee investments will also be seriously at risk in the enterprise.Under the nexus of contracts theory of corporations, corporation law is viewed as providing a standardized solution to a central contracting problem, namely the agency problem between shareholders (who are assumed to be the quot;ownersquot; of the firm) and their hired managers. All other relationships are seen as governed by ordinary, negotiated contracts. But where employees make important specific investments, it is no longer appropriate to assume that shareholders are, and should be, the hiring party, or the quot;owners.quot; A broader view of what a firm is, and what corporation law accomplishes, is needed, one that permits exploration of why one set of participants in the firm might end up with certain control rights rather than some other set. For a firm in which such firm-specific employee investments are important, one would expect, for example, to find institutional arrangements that are central to the nature of the firm and that encourage continuity in the relationships between employees and the firm, as well as give employees the means to protect their stakes. Such institutions might include unions, severance pay, and social norms of lifetime employment, together with internal job ladders, career paths, seniority rules, and direct and formal control rights. The paper then reviews several new theories that view the firm alternately as a system of incentives, or as a nexus of specific investments. In other words, they conceptualize the firm as a mechanism for governing the relationships among all the participants (those who contribute labor as well as those who contribute capital), not just the relationship between shareholders and managers.
Book Synopsis The Importance of Firm-specific Human Capital by : Nancy E. Cole
Download or read book The Importance of Firm-specific Human Capital written by Nancy E. Cole and published by . This book was released on 1993 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Perceptions of Firm-Specific Human Capital by : Joseph Raffiee
Download or read book Perceptions of Firm-Specific Human Capital written by Joseph Raffiee and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on human capital theory, strategy scholars have emphasized firm-specific human capital as a source of sustained competitive advantage. This study challenges some critical implicit assumptions of extant theory by exploring how workers actually think about firm-specificity. We test several theoretical predictions using longitudinal data from Korea and the United States. Contrary to extant theory, we find that organizational tenure and commitment are negatively related to workers' reported firm-specificity of their skills. Consistent with this, we also find that employees in managerial occupations report that their skills are relatively less firm-specific. Employer provided on-the-job training was not significantly linked with employee reports of firm-specificity. This may call into question the assumed relationship between firm-specific skills and sustained competitive advantage. We offer explanations for these counterintuitive findings and discuss the implications for future theoretical and empirical work on firm-specificity.
Book Synopsis Firm-specific Human Capital as a Shared Investment by : Edwin Leuven
Download or read book Firm-specific Human Capital as a Shared Investment written by Edwin Leuven and published by . This book was released on 1999 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Skill-Weights Approach on Firm Specific Human Capital by : Uschi Backes-Gellner
Download or read book The Skill-Weights Approach on Firm Specific Human Capital written by Uschi Backes-Gellner and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a recent paper Lazear (2004) proposed the so called skill-weights view of firm-specific human capital. According to his theory all single skills are general but each firm may require a different combination of these single skills. The purpose of our paper is to test Lazear's model using a large and very detailed data set, the BIBB/IAB Qualification and Career Survey. The paper focuses on firms' investments in human capital, which according to the skill-weights approach should depend on the specificity of the firm's skill combination, on the breadth of the skill bundle, on the thickness of the external labor market and on the probability of separation. We estimate OLS regressions and poisson regression for count data. We find that all implications are borne out in the data.
Download or read book Human Capital written by Gary S. Becker and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A diverse array of factors may influence both earnings and consumption; however, this work primarily focuses on the impact of investments in human capital upon an individual's potential earnings and psychic income. For this study, investments in human capital include such factors as educational level, on-the-job skills training, health care, migration, and consideration of issues regarding regional prices and income. Taking into account varying cultures and political regimes, the research indicates that economic earnings tend to be positively correlated to education and skill level. Additionally, studies indicate an inverse correlation between education and unemployment. Presents a theoretical overview of the types of human capital and the impact of investment in human capital on earnings and rates of return. Then utilizes empirical data and research to analyze the theoretical issues related to investment in human capital, specifically formal education. Considered are such issues as costs and returns of investments, and social and private gains of individuals. The research compares and contrasts these factors based upon both education and skill level. Areas of future research are identified, including further analysis of issues regarding social gains and differing levels of success across different regions and countries. (AKP).
Book Synopsis Optimal Promotion Rules and Investment in Firm-specific Human Capital by : Jeff Borland
Download or read book Optimal Promotion Rules and Investment in Firm-specific Human Capital written by Jeff Borland and published by . This book was released on 1990 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Learning, Wage Dynamics, and Firm-Specific Human Capital by : Leonardo Felli
Download or read book Learning, Wage Dynamics, and Firm-Specific Human Capital written by Leonardo Felli and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We introduce a dynamic and fully strategic model of wage determination in the presence of firm-specific human capital. In this model, human capital is interpreted as information. We show that equilibrium exists and is efficient and that it gives rise to a unique distribution of the social surplus. We show further that the equilibrium wage is determined by three factors. Consideration of these factors allows us to determine when and how the market mechanism enables the worker to capture some of the returns to firm-specific human capital. We relate our findings to the ongoing empirical debate concerning the return to tenure.
Book Synopsis The Role of Occupation-specific Human Capital in Economic Analysis by : Russell Alan Ormiston
Download or read book The Role of Occupation-specific Human Capital in Economic Analysis written by Russell Alan Ormiston and published by . This book was released on 2007 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This three-chapter compilation examines the theoretical and empirical implications of occupation-specific human capital as it relates to current labor economics research. The first chapter demonstrates that acknowledging occupational specificity in the human capital model allows for a reconciliation of a long-standing theoretical dispute regarding the role of occupation in the labor market. The second chapter extends the literature by estimating the cross-occupation transferability of human capital using data on the knowledge, skills, and abilities utilized in each vocation. These estimates are then applied to verify displaced blue-collar manufacturing workers as structural "victims" given lower rates of human capital application in their new occupations compared to others displaced in the labor market. The third chapter investigates the relationship between high school employment and post-school economic outcomes, as it uses occupation-specific human capital principles to dismiss the notion that in-school employment provides the "marketable skills" necessary to stimulate post-school economic gains.
Book Synopsis Firm specific human capital, rent sharing and efficient bargaining by : Robert A. Hart
Download or read book Firm specific human capital, rent sharing and efficient bargaining written by Robert A. Hart and published by . This book was released on 1990 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firm - Specific Human Capital by : Andreas Albert
Download or read book Firm - Specific Human Capital written by Andreas Albert and published by GRIN Verlag. This book was released on 2012-12-14 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2012 im Fachbereich BWL - Allgemeines, Note: 1,0, Gottfried Wilhelm Leibniz Universität Hannover, Sprache: Deutsch, Abstract: Becker (1962) unterschied zwischen allgemeinem und unternehmensspezifi-schem Humankapital. Bei allgemeinem Humankapital handelt es sich um Fähigkeiten von Arbeitnehmern eines Unternehmens, die auf andere Unternehmen am Markt übertragbar sind. Ein Flugzeugmechaniker, der seine Ausbildung bei der Army absolvierte, kann mit seinen Fähigkeiten auch einen Arbeitsplatz bei einer Fluggesellschaft bekommen. Somit kann sein Wissen auch in anderen Unternehmen verwendet werden. Einen allgemeineren Ansatz bietet Lazear (2009). Angenommen es existieren verschiedene Fähigkeiten, die zum allgemeinen Humankapital gezählt werden. Der Unterschied in der Verwendung zwischen den verschiedenen Unternehmen am Markt besteht ausschließlich in der Gewichtung der Fähigkeiten der Arbeitnehmer. Ein Beispiel könnte zum besseren Verständnis beitragen. Betrachtet wird ein Unternehmen, das eine Steueroptimierungssoftware herstellt. Ein typischer Mitarbeiter dieses Unternehmens benötigt Kenntnisse in Wirtschaft und Recht sowie im Umgang mit Computern. Keine dieser Fähigkeiten alleingenommen sind unternehmensspezifisch, denn es existieren andere Unternehmen, die Mitarbeiter mit diesen Fähigkeiten nachfragen. Die Kombination dieser grundlegenden Fähigkeiten stellt dabei die unternehmensspezifische Verwendung des allgemeinen Humankapitals dar. Arbeitnehmer haben deshalb keinen Anreiz sämtliche Kosten der Investition in diese Fähigkeiten zu tragen, da sie diese nicht mit der gleichen Gewichtung in einem anderen Unternehmen verwenden können und der Lohnanspruch somit sinkt.
Book Synopsis The effects of firm-specific human capital on management equity investment and turnover by : Robert Comment
Download or read book The effects of firm-specific human capital on management equity investment and turnover written by Robert Comment and published by . This book was released on 1991 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The New Relationship by : Margaret M. Blair
Download or read book The New Relationship written by Margaret M. Blair and published by Brookings Institution Press. This book was released on 2002-07-31 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human capital and organizational capital are increasingly important as a source of value in many firms. But even as this is happening, organizational forms and employment relationships appear to be changing in ways that reduce loyalty and commitment and encourage mobility on the part of employees. Are these changes consistent in ways that contradict traditional theory and wisdom, or is the corporate sector getting a temporary boost in earnings by restructuring and cutting payrolls; but failing to make necessary new investments in human capital? The essays in this book provide intriguing new evidence on these questions. The contributors quantify the degree to which job stability is declining, and the costs of job loss to long-term workers; provide historical perspective on today's workplace changes; explore the reasons why work is being reorganized and decisionmaking tasks are being pushed downward; examine the rationale for and effect of equity-based compensation systems, both in old industries and in the newest high-tech sectors; and assess the "state of the art" of measuring and accounting for investments in human capital. This book is the result of a joint Brookings-MIT conference. In addition to the editors, authors include Eileen Appelbaum, Laurie Bassi, Avner Ben-Ner, Peter Berg, Joseph Blasi, Timothy Bresnahan, Eric Brynjolfsson, Allen Burns, Peter Cappelli, Greg Dow, Lorin Hitt, Douglas Kruse, Baruch Lev, Julia Liebeskind, Jonathon Low, Daniel McMurrer, Louis Putterman, Charles Schultze, and Anthony Siesfeld.
