ǂThe ǂimpact of human capital efficiency on enterprise profitability

[N. S. Veselinović]

[20], VIII, 306 listova

Biografija autora: list [307] Bibliografija: list. 260-282

Intellectual Capital Management, Human Resources Management, Business Performance Management

In the knowledge economy era, significant transformations are evident in the allocation of company resources due to the predominant influence of intellectual resources on value creation. At the core of intellectual capital is human capital (HC), encompassing human resources, qualifications, knowledge, motivation, and other essential attributes. Furthermore, human capital plays a pivotal role in generating, enhancing, and developing other intellectual and material resources. The purpose of this doctoral dissertation is to identify the role of HC in enhancing the competitiveness of companies in the knowledge economy era and to emphasize its importance for the growth of HC efficiency and enterprise profitability. The primary objective of the theoretical-empirical research is to understand the impact of HC efficiency on enterprise profitability. Specific objectives of the dissertation include: 1) identifying the importance of increasing HC value for intellectual capital growth, 2) emphasizing the significance of effective HC value management for HC efficiency, and 3) exploring the impact of various productivity indicators on the efficiency in the use of human capital, as well as the effects of HC value, human capital return on investment, various productivity indicators, and efficiency in the use of human capital on enterprise profitability. The concept of HC is theoretically explained in detail to comprehend its unique nature in modern business conditions. This includes a comprehensive description of HC characteristics, components, and approaches, as well as an analysis of the HC phenomenon in microeconomic theories. Previous theoretical-empirical research results are presented, determining the impact of HC on enterprise innovation, value creation, and competitiveness. Given the key role HC plays in the 21st century business operations, HC management is identified as a relevant strategic activity. Consequently, the components, benefits, limitations, and models of the HC management process are outlined. Quantifying the value of HC is complex due to its "invisibility" and immateriality, so various models of measuring HC value are explained. Measuring the value of HC serves as the foundation for conceptualizing and measuring HC efficiency. Traditional and contemporary approaches to HC efficiency, involving various financial and non-financial indicators, are discussed. Improving HC efficiency has implications for enterprise profitability, so the concept of profitability is explained in detail. Specific challenges in measuring and managing overall efficiency are presented due to the neglect of factors influencing enterprise profitability, such as undisclosed human and other intellectual resources in financial statements. Key questions explored include how HC affects profit and capital employed in measuring profitability, as well as the influence of human and other intellectual capital on the traditional approach to measuring and managing enterprise profitability. Additionally, the relationship between HC efficiency and profitability indicators is explained through the systematization of previous empirical research. Abstract: In the empirical part of the doctoral dissertation, an original conceptual model was designed to analyze the impact of HC efficiency on enterprise profitability. Using descriptive statistics, correlation, and regression analysis, the following empirical results were obtained: 1) the number of employees positively affects human capital value, 2) the number of employees negatively affects certain productivity indicators, 3) human capital value negatively affects human capital return on investment, 4) human capital value negatively affects the efficiency in the use of human capital, 5) certain productivity indicators positively affect the efficiency in the use of human capital, 6) human capital value negatively affects enterprise profitability, 7) human capital return on investment positively affects enterprise profitability, 8) certain productivity indicators positively affect enterprise profitability, and 9) the efficiency in the use of human capital positively affects enterprise profitability. Based on the consideration of theoretical and empirical results, recommendations are provided to company management. These recommendations focus on the formulation and implementation of more efficient and effective HC management strategies, the improvement of HC efficiency and enterprise profitability, as well as a different treatment of HC within the framework of accounting practices.

ljudski kapital, efikasnost, rentabilnost, merenje performansi, preduzeće, upravljanje

human capital, efficiency, profitability, performance measurement, enterprise, management

005.336.4:658.155(043.3)

S 190

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