Earticle

이슈리더십의 효과적인 실행을 위한 조직지원의 중요성이 요구되고 있으나, 이에 대한 실증적 논의는 부족한 실정이다. 이러한 특징을 반영하여, 본 연구에서는 이슈리더십이 실행을 위한 조직의 조직으로 인적자본투자에 대한 지각을 설정하여, 인적자본투자에 대한 지각이 상사지향 시민행동과 동료지향 정보제공행동에 이르는 관계에서 이슈리더십의 메커니즘을 규명하고자 하였다. 이를 위해, 첫째, 인적자본투자에 대한 지각이 다차원 이슈리더십(이슈창안, 오디언스 몰입, 이슈실행)에 대한 영향력 관계를 살펴보았다. 둘째, 다차원 이슈리더십(이슈창안, 오디언스 몰입, 이슈실행)이 대상에 따른 행동 유형(상사지향 시민행동, 동료지향 정보공유행동)에 미치는 영향력을 확인하였다. 셋째, 인적자본투자가 상사지향 시민행동, 동료지향 정보공유행동에 이르는 메커니즘에서 이슈리더십의 매개효과를 규명하고자 하였다. 연구대상은 제주지역에 소재하고 있는 대형 호텔 및 금융기관을 대상으로 자료를 수집하였으며, 253명으로부터 획득된 자료를 활용하였다. 분석결과, 인적자본투자에 대한 지각은 이슈리더십이 발현하게 하는 원인이 되는 것을 확인하였고, 다차원 이슈리더십은 상사지향 시민행동과 동료지향 정보제공행동에 미치는 영향력에 있어 차이가 있는 것으로 확인되었다. 이슈리더십의 매개효과에 있어서는 인적자본투자와 상사지향 시민행동은 이슈창안과 오디언스 몰입에 의해 완전 매개되고, 인적자본투자와 동료지향 정보공유행동은 오디언스 몰입이 완전 매개하였다. 이슈리더십을 다차원으로 접근한 본 연구에서는 다차원 이슈리더십이 대상에 따른 행동 유형에 차이가 있는 것으로 확인되어 기존 연구와 차별된 결과를 보이고 있다.

The current paper is aimed to demonstrate the mechanism by multi-dimensional issue leadership in the relationships between human capital investment and citizenship behavior toward supervisors, and information sharing behavior toward co-workers. In detail, impacts of perceived human capital investment to multi-dimensional issue leadership (Issue creating, audience involving, issue implementation) were revealed. Effects of Multi-dimensional issue leadership (Issue creating, audience involving, issue implementation) on behavioral types (citizenship behavior toward supervisors, and information sharing behavior) was verified. Mediating effects by Multi-dimensional issue leadership was examined in the links between human capital investment and citizenship behavior toward supervisors, and information sharing behavior toward co-workers. The data came from 253 employees who work for large hotel and banks in Jeju province. Human capital investment is a crucial factor to predict Multi-dimensional issue leadership (Issue creating, audience involving, issue implementation). Issue creating and audience involving well accounted for citizenship behavior toward supervisors, and audience involving was just associated with information sharing behavior toward co-workers. Audience involving fully mediated both relationships between human capital investment and citizenship behavior toward supervisors, and information sharing behavior toward co-workers, whereas, Issue creating just fully mediated the relations of human capital investment and citizenship behavior toward supervisors. In the present research, issue leadership which was multi-dimensional approach, were revealed different results compared with previous research on issue leadership.

본 연구에서는 캐나다의 NLSCY 자료를 이용하여 고등학교 졸업시 경제상황이 장기소득과 고용의 안정성에 미치는 영향을 분석하였다. 불경기에 졸업한 세대들은 다른 세대들보다 상급교육기관 진학률이 전체적으로 높은 편이나 저소득층의 진학률은 경기가 좋지 않을수록 낮아지는 것으로 나타났다. 불황기 도래시 교육투자 지원책들은 상이한 효과를 보이고 있다. RESP(Registered Educational Savings Plan) 이용자들이 정부보증대출 이용자와 장학금 수혜자보다 불황기에 상급학교에 진학할 가능성이 높은 경향이 있다. 소득수준과 고용안정성 격차는 고교졸업시 경제 상황보다는 교육투자, 또한 이로 인한 종사 직업군과 산업군의 차이에 더 큰 영향을 받는 것으로 나타났다. 불경기에 교육자금 부족으로 교육투자가 충분하지 않아 생애소득이 낮아지는 위험을 줄이기 위해 인적자본 투자를 지원할 필요하다고 사료된다. 이를 위하여 RESP와 같은 교육저축상품이 다른 지원책보다도 더 효과적인 것으로 예상된다.

We address the effect of economic state at high school graduation on long-term income and employment status, using NLSCY of Canada. We find the possibility that the recessions may reduce human capital investment of lower income classes. We also show that the low income and the unstable employment of recession cohorts is due to less post-secondary education, which allows lower accessibility to the occupations and the industries that offer higher wage and stable employment. In addition, we provide some evidence, supporting the policy implication that subsidy to savings plans for education is effective to induce the post-secondary education.

판매원은 기업과 고객 사이에서 기업을 대신하여 고객과의 관계를 관리하고 발전시키는 핵심적인 역할을 하며 고객이 지각하는 서비스 수준을 향상시키는데 도움을 준다. 이러한 이유로 판매원은 기업성과 달성에 핵심적인 역할을 한다. 본 연구에서는 JD-R model을 바탕으로 판매원의 사회자본과 인적자본투자가 역할 스트레스 요소인 역할 과부하와 역할 모호성 및 직무열의, 판매노력에 어떠한 영향을 주는지 살펴보았다. 이를 위해 본 연구에서는 국내의 판매원 691명을 대상으로 설문조사를 실시하였으며, 구조 방정식 모델을 이용하여 분석하였다. 연구결과 사회자본은 직무열의를 향상시키는 동시에 역할 스트레스 요소인 역할 과부하와 역할 모호성을 줄이는 것을 확인하였다. 인적자본투자는 판매원의 직무열의를 높이는데 영향을 미쳤다. 그러나 역할 과부하와 역할 모호성에는 아무런 영향이 없음을 확인하였다. 한편 역할 스트레스 요소 중 역할 모호성은 판매원의 직무열의에 부정적인 영향을 미쳤으나 역할 과부하는 직무열의에 미치는 영향력을 본 연구에서는 확인하지 못하였다. 마지막으로 직무열의는 판매원의 판매노력을 향상시키는 것을 확인하였다. 이러한 연구결과를 바탕으로 이론적이고 실무적인 시사점을 제시하였다.

The salesperson interacts with customers in place of corporations and enhances perceived service levels of customer. For this reason, the salesperson plays a pivotal role in business performance. We aim to examine the effects of social capital and human capital investment on role stresses, work engagement and sales effort based on the JD-R model. As a form of job resources, social capital and human capital investment were proposed as leading factors of salesperson’s sales efforts through work engagement. Role overload and role ambiguity were suggested as the job demands, reducing work engagement of salespersons. We also analyzed the effects of social capital and human capital investment on role overload and role ambiguity. In this study, we collected data from 691 salespeople in South Korea. Data analysis was performed using structural equation modeling. The results showed that social capital has a positive influence on work engagement and negative influence on role stresses(role overload and role ambiguity). Human capital investment has a positive effect on work engagement, but human capital investment is not significant on role stresses. Role ambiguity reduces work engagement. Finally, we found that work engagement of salesperson enhances sales effort. These results represent that social capital and human capital investment can be regarded as the job resources for salesperson.

The aims of this study were to analyze middle-aged households’ financial preparation for retirement. Specifically, this study surveyed the relation between human capital investment for children and the middle-aged households’ financial preparation for retirement and investigated factors influencing financial preparation for retirement. Data were obtained from the 3rd Korean Retirement and Income Study (KReIS) in 2009, and a sample of 757 households was selected. The statistical methods were frequency, percentile, mean, standard deviation, χ2, t-test, Pearson’s correlation coefficient, and logistic regression analysis. The findings of this study are as follows. First, the percentile of preparation for living costs for old age was 49.9% for the middle-aged households. In terms of the types of preparation for living costs for old age, the results showed 61.6% of personal preparation, 33.9% of pension system, and 1.3% for children and relatives. In relation to the adequacy of the preparations for living costs for old age, preparations made by 57.4% of the middle-aged households were inadequate. Observing the minimum living costs for old age and adequate living costs after retirement for single and couple, the minimum living costs of the middle-aged households was 1.46 million won for couple and 0.91 million won for single. The adequate living costs for old age was 2.07 million won for couple and 1.34 million won for single. Second, there were 757 households with total education expenditure. Of these, 208 incurred annual expenditure on public education, and the annual expenditure for public education was 7.28 million won. There were 170 households with annual expenditure for private education, and the annual expenditure for private education was 2.50 million won. 243 households of middle-aged households had annual expenditure for human capital investment, including both public and private education, with annual expenditure for human capital investment for children of 7.82 million won. Furthermore, in the human capital investment factor, there was a difference in the middle-aged households’ financial preparation for retirement according to their annual expenditure for human capital investment including both public and private education. In addition, there was a difference in financial preparation for retirement based on their public education expenditure. Third, in the logistic regression model 1, which included human capital investment, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and human capital investment. In the logistic regression model 2, which included annual expenditure for public education and annual expenditure for private education, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and annual expenditure for public education.

본 연구는 최고경영자의 조절초점 성향이 기업의 혁신성과에 미치는 영향을 살펴본 것으로, 연구개발 인적자본에 대한 투자의 매개효과와 외부 자원 조달의 영향을 실증적으로 검증하고자 하였다. 조절초점이론(Regulatory Focus Theory)을 기반으로 최고경영자의 향상초점 (promotion focus)과 예방초점(prevention focus) 성향이 연구개발 인적자본 투자에 관한 의사결정에 서로 다른 영향을 미칠 것이라고 가정하 였으며, 그로 인해 기업의 혁신성과도 달라질 것이라 예상하였다. 또한 최고경영자의 연구개발 인적자원 투자에 대한 인지에 영향을 미칠 수 있는 상황 요인으로 외부 자원 조달 수준에 따른 조절된 매개효과를 살펴보고자 하였다. 이를 위해 국내 중소 제조기업을 대상으로 수집한 498개의 데이터를 사용하여 분석을 실시하였다. 그 결과, 최고경영자의 향상초점 성향은 연구개발 인적자본에 대한 투자를 증가시키며, 이는 기업의 혁신성과에 긍정적인 영향을 미치는 것으로 나타났다. 반면, 최고경영자의 예방초 점 성향은 연구개발 인적자본 투자에 유의미한 영향을 미치지 않았다. 또한, 외부 자원 조달 수준이 높을수록 향상초점 성향의 최고경영자가 인적자본에 대한 투자를 더 늘리는 경향이 있으며, 이는 기업의 혁신성과를 더욱 향상시키는 것으로 나타났다. 이러한 결과는 중소기업의 혁신 추구 활동에 관한 전략적 의사결정과 성과에 최고경영자의 심리적 특성이 중요한 역할을 한다는 것을 시사한다.

This study examines the influence of CEOs' regulatory focus on corporate innovation performance, specifically investigating the mediating effect of R&D human capital investment and the moderating effect of external resource acquisition. Drawing on Regulatory Focus Theory, the research posits that CEOs with a promotion focus and those with a prevention focus differentially affect decisions related to R&D human capital investment, subsequently leading to variations in innovation performance. Furthermore, the study explores the moderated mediation effect of external resource acquisition as a contextual factor that could influence CEOs' perceptions of R&D human capital investment. To test these hypotheses, data were collected from 498 small and medium-sized manufacturing enterprises in South Korea. The results indicate that CEOs with a promotion focus tend to increase investments in R&D human capital, which positively affects corporate innovation performance. Conversely, CEOs with a prevention focus do not significantly influence R&D human capital investment. Moreover, the study reveals that higher levels of external resource acquisition strengthen the tendency of promotion-focused CEOs to increase investments in human capital, further enhancing corporate innovation performance. These findings suggest that CEOs' psychological characteristics play a crucial role in strategic decision-making and performance related to the pursuit of innovation in SMEs.

외국인직접투자가 지역경제발전에 미치는 영향에 대해서는 많은 연구가 있다. 본 연구는 기존연구를 바탕으로 외국인직접투자와 인적자본의 상호작용이 지경경제발전에 미치는 영향을 중국 산동성을 사례로 실증 분석한다. 본 연구는 산동성의 16개 지급시의 1990-2023년의 자료를 이용하고 있다. 기존의 지역경제성장모형에 외국인직접투자와 인적자본의 상호작용을 나타내는 변수를 추가하고 있다. 본 연구의 패널회귀모형에서 종속변수는 지역별 1인당 GDP를 이용하고 자본변수는 전체사회고정자산투자액을 이용 한다. 그리고 노동력변수는 취업인구를 이용하고 있다. 본 연구의 외국인직접투자는 실제이용금액을 이용하고 있다. 그리고 인적자본은 교육수준별 차이를 비교하기 위해 중등교육과 고등교육의 재학생수가 전체 인구에서 차지하는 비중을 이용하고 있다. 본 연구는 중국의 WTO가입을 기점으로 전체 분석기간을 1990-2000년, 2001-2023년 그리고 1990-2023년으로 구분하고 있다. 본 연구의 분석결과는 세 가지로 요약할 수 있다. 첫째 외국인직접투자와 인적자본의 상호작용이 지역경제발전에 미치는 영향은 적극적이며 통계적 유의성을 가지고 있다. 둘째 2001-2023년과 비교할 때 1990-2000년 기간의 상호작용 의 영향이 더욱 높은 통계적 유의성을 가진다. 셋째 중등교육수준의 인적자본과 비교할 때 고등교육수준의 인적자본의 상호작용이 지역경제발전에 미치는 영향이 상대적으로 크게 나타나고 있다. 따라서 본 연구의 결과에 의하면 지역경제발전을 위한 외국인직접투 자와 인적자본의 상호작용의 역할이 중요하며 특히 인적자본의 교육수준이 중요하다.

This paper analyzes the impact of the interaction between foreign direct investment and human capital on regional economic development. Based on panel data from 16 prefecturelevel cities in Shandong Province from 1990 to 2023, an extended model based on the Cobb-Douglas production function is constructed, introducing the interaction variable between foreign direct investment and human capital to analyze its impact on regional economic development. In this panel regression model, regional economic development is measured by GDP per capita, capital is represented by total fixed asset investment, labor force is the number of employed persons at the end of the year, and human capital is measured as the proportion of students with secondary education and higher to the total population. To further compare the phased characteristics of the interaction between foreign direct investment and human capital, this paper divides the analysis period into three periods: 1990-2023, 1990-2000, and 2001-2023, with China's accession to the World Trade Organization in 2001 as the boundary. Furthermore, regression analyses are conducted on three indicators: human capital at the middle education level, human capital at the high education level, and comprehensive human capital. The empirical results of this paper demonstrate that, first, the interaction between foreign direct investment and human capital exhibits a significant positive effect across all model settings, indicating that this interaction can effectively promote regional economic development. Second, phased results indicate that the interaction between foreign direct investment and human capital was more pronounced between 1990 and 2000. After 2001, despite the overall expansion of foreign direct investment, its interaction with human capital weakened, highlighting the importance of matching human capital structure with foreign direct investment quality. Third, comparing human capital education levels, the interaction between human capital with higher education and foreign direct investment has a stronger impact on regional economic development than that between human capital with middle education, indicating that human capital with higher education plays a more critical role in translating foreign direct investment effects into regional development. In summary, there is a significant complementary relationship between foreign direct investment and human capital, and their deep integration is a key path to enhancing regional economic development. Therefore, while promoting foreign direct investment inflows, regional development policies should also increase investment in human capital, particularly higher education resources, to enhance foreign direct investment absorption capacity and achieve regional economic development.

本文分析FD与人力资本之间的相互作用对区域经济发展的影响。基于山东省的16个 地级市1990-2023年的面板数据, 构建以柯布-道格拉斯生产函数为基础的扩展模型, 引入 FDI和人力资本的相互作用变量, 分析其对区域经济发展的影响。面板回归模型的区域经 济发展水平以人均GDP衡量, 资本变量以全社会固定资产投资额表示, 劳动力变量为年底 就业人员数, 人力资本则以中等及以上教育的在校生人数占总人口比例进行度量。为进 一步比较FDI与人力资本相互作用影响的阶段性特征, 本文以2001年中国加入世界贸易组 织为界, 划分为1990-2023年, 1990-2000年以及2001-2023年的三个分析期间。同时, 对中等 教育水平的人力资本, 高等教育水平的人力资本和综合人力资本三种指标分别开展回归 分析。本文的实证分析结果表明, 第一, FDI与人力资本的相互作用在不同模型设定中均 表现出显著的正向效应, 二者的相互作用能够有效促进区域经济发展。第二, 分阶段结果 表明, 1990-2000年期间FDI与人力资本的相互作用更为显著, 2001年以后尽管FDI总体规模 扩大, 但其与人力资本的相互作用相对减弱, 显示出人力资本结构与FDI质量之间匹配的 重要性。第三, 在人力资本教育水平的比较中, 高等教育水平的人力资本与FDI的相互作 用对区域经济的影响强于中等教育水平的人力资本与FDI的相互作用对区域经济的影响, 说明高等教育水平的人力资本在推动FDI效应转化为区域发展方面发挥着更加关键的作 用。综上所述, FDI与人力资本之间存在显著的互补关系, 两者的深度融合是提升区域经 济发展的关键路径。因此, 区域发展政策在推动FDI引入的同时, 应加大对人力资本特别 是高等教育资源的投入, 以增强FDI吸收能力, 实现区域经济发展。

이 연구에서는 기업의 투자정책, 지배구조, 시장가치평가 간의 관련성을 규명하고자 하였다. 현금흐름에 이르기까지의 과정에 따라 인적자원 투 자, 연구개발 투자, 유형자산 투자, 마케팅 투자의 역순으로 시장가치에 반영될 것이며, 시장평가의 지속시간은 그 반대가 될 것으로 추론하였다. 또한 좋은 지배구조는 시장평가에 반영되는 시간을 단축하고 반영의 지 속성은 강화시킬 것으로 추론하였다. 분석 결과 지배구조 및 투자정책은 기업가치에 유의적인 영향을 미치는 것으로 나타났으나 투자정책이 시장 평가에 반영되는 시차는 관측되지 않았다. 또한 좋은 지배구조가 기업가 치를 증가시키는 것으로 나타났으나, 그것이 시장평가 시간을 단축시키 거나 지속시간을 늘리지는 못하는 것으로 나타났다. 이러한 결과는 시장 이 효율적이어서 각종 투자정보가 발생 즉시 완전하게 주가에 반영되거 나, 지배구조가 한 번 결정되면 쉽게 바뀌지 않는 경직성 때문일 수 있 다. 또는 Bhagat and Bolton (2008)이 보고한 것과 마찬가지로 지배구조 가 미래 주식시장 성과와 무관한 것일 수도 있다. 데이터 상의 노이즈 때문에 이런 결과가 나타날 가능성도 배제하기 어렵다.

The purpose of this paper is to investigate the effect of human capital investment on productivity wage gap. Furthermore, it tries to estimate the gender productivity wage gap based upon three different ways of estimating wage equations. According to the empirical results, human capital variables increase in individual's wage resulted from increased labor productivity. Moreover, the empirical results also implies that the large portion of the gender wage gap is due to the productivity difference between men and women. In order to get rid of the gender productivity wage gap, the equal opportunities to invest in human capital should be given to men and women at the same time.

Investments to human capital have important roles in securing human resources with enhanced skill-sets to create new knowledge, and boosting innovative capacity of the knowledge-based economy, However, since it is not possible to expand the investments to human capital indefinitely due to tight budgets of individuals and the government, it is crucial to think about how to effectively generate rates of return to investment in education from the economy-wide perspective. In this study, we use a knowledge-based CGE model to quantitatively analyze the macroeconomic effects of the investments in education focusing on Korea, in order to estimate returns to investments in education in accordance of policy scenarios which cover quantitative expansion of investments in education, as well as the quality improvement of the educational system in terms of the wave of rapid technological innovation. As a result, it is confirmed that the returns to investments in education of Korea can be achieved ranging from 5.39% to 7.29%, depending on the designed policy scenario. In addition, by comparing macroeconomic effects by scenarios, it is found that it is important for Korea economy to establish lifelong education systems that promotes active accumulation and improvement of workers' skills, strengthen on-the-job training and workplace-based vocational training programs, and make reforms of educational system to cope with the rapid changes of technological innovation.

We address the optimal combination of the subsidies to the R&D investment, the educational investment, and the job training to attain the optimal portfolio of the knowledge investment and the human capital investment. The policy simulations, using a general equilibrium model, which reflects the characteristics of the Korean economy and the knowledge production and the human capital accumulation process, show that: (1) the subsidy to the R&D investment is more effective to improve the productivity and the welfare of the future generations than that to the educational investment (or to the job training); (2) compared with the difference in the impact of the subsidy schemes on the productivity, the difference in the increase in the tax burden due to the provision of the subsidy is smaller, which indicates the differential effects on the welfare; and (3) the optimal combination of the subsidy schemes, taking into account the differential impact on the productivity, the tax burden, the welfare across generations, is shown 50-65% subsidy to the R&D investment, 65-80% subsidy to the educational investment, and no subsidy to the job training.

This paper develops a dynamic model of human capital investment and labor participation. The main focus is on the fact that women’s labor force participation rate is U-shaped over the course of development. We also analyze the behavior of the relative education levels of men and women, the education levels of women in the labor force and outside of it, and the magnitude and sign of income and wage effects. The underlying assumption of the model is the existence of economies of scope in the traditional sector of the economy. This creates a tradeoff between remaining in traditional production where farm work and child rearing can be undertaken simultaneously, and moving to modern production where income is potentially higher.

This paper analyzes the factors associated with economic growth in Myanmar by extending the Trade-FDI-led growth model with human capital and financial development through a Vector Error Correction Model (VECM). Vector Error Correction Model is a form of Vector Autoregressive, which has additional restrictions due to the existence of non-stationary but cointegrated data forms. VECM model conducts the long-term equations between the test variables at different degrees of integration and tests the Granger analysis for multi cointegration. The findings confirm that FDI has a positive effect on GDP per capita growth in the long-run, and financial development has a negative long-run effect on GDP per capita. In the short-run, FDI and exports positively affect GDP per capita growth while imports negatively affects GDP per capita. The Granger causality test revealed that human capital is positively interrelated with the export industry while exports and FDI enhance GDP per capita. Overall, Myanmar’s economic growth appears as an export-FDI-led growth model. Therefore, export policy and foreign direct investment policy should be collectively promoted for economic growth in Myanmar.

The purpose of this study is to assess whether and to what extent HC contributes to national economies, and the influence it has on subsequent FDI flowing into those economies. A systematic empirical study based on the Generalized Method of Moments (GMM) for 50 developed and developing countries has been undertaken by this study; in order to evaluate the role of HC on FDI inflows using all indicators previously used as a HC proxy in previous studies. We have utilized a newly developed index that is focused on weighted HC stock to examine the effects of HC on FDI inflows. The results clearly indicate that HC is important for attracting FDI in developing and developed countries. It demonstrates that the general educational attainment of a country is of importance in the FDI context. It would appear that HC formation should be emphasized in developing countries if FDI attraction is to be considered as a valid policy objective.

This article is devoted to problems of assessing effectiveness of investments to human capital. The main focus is such special part of human capital, as foreign labor force. The use of foreign labor force can save significant business and public funds on education, training and health maintenance. However, at present time there is no the only correct approach to assessing the effect of migration. The author tries to understand the situation and results already known approaches to solve this problem.

Purpose ? The purpose of this paper is to analyze the mediated moderation role of foreign direct investment inflows (FDI), along with technological innovation (TI), in the relationship between investment in human capital (IHC) and the green economy, which is often ignored in current literature. Design/Methodology/Approach ? In order to estimate the mediated moderating effect of TI and FDI on the nexus of IHC and the green economy, we use principle component analysis (PCA) to create a green economy index (GEI) by first selecting 15 relevant variables. Furtherly, the data analyzed covers 33 OECD nations from 2005 to 2018 using a Generalized Method of Moments (GMM) model. Findings ? This paper demonstrates that while FDI positively moderates the relationship between IHC and the green economy, the positive role of FDI can be hindered by TI as a mediating variable in OECD countries. The empirical result reveals a U-shaped association between IHC and the green economy. Moreover, we also explain the joint effect of FDI and IHC on TI in OECD countries. FDI shows a negative role in the impact of IHC on TI. Research Implications ? This paper puts forward dialectical thinking to view the impact of human capital investment on the green economy, and suggests that governments should view role of IHC in the green economy dialectically, plus adequately utilize its promotional role to address associated risks. The findings can support decision makers in how to use IHC precisely to achieve the goal of sustainable development.

This paper develops a theoretical model that explores the effects of child investment on human capital accumulation. Household investment effects are measured as a function of quality of investment choices, time allocation, child effort, and spillover effects. The theory dynamics are derived by employing a two-period OLG model. The model dynamics reveal the existence of multiple steady states of quality investment and child human capital accumulation under two stages of development. These dynamics show why poor households are often unable to escape poverty. Empirically, the theory and dynamics are tested with United States data. The data suggest that for poor households, income and parental human capital have no significant effect on child performance at school. Child effort and parental quality investment are shown to be significant determinants of child performance at school across household types.

Early marriage, especially of women, is a common phenomenon in developing countries like India. Given the well-established negative consequences that early marriage entails, several countries have enacted some form of minimum age of marriage law for women. However, such a legislation may entail a perverse consequence for the daughter in dowry-paying societies. This paper game-theoretically explores the impact of a rise in legal minimum age of marriage for women on the amount the parents spend on the daughter’s human capital accumulation. It argues that such a legal mandate may force the household to earmark less on the daughter’s human capital accumulation, because later marriages entail higher dowry expenditures. Hence poor parents are forced to save more for future dowry by spending less on their daughter’s human capital. Hence higher future dowries are financed by cutting back on daughter’s human capital investments.

The purpose of this study is to investigate how the human and social capitals of Korea venture capitalists influence their investment strategy and performance, considering the mediating role of the investment strategy they use. The database in which Korea Venture Investment Corp. recorded the investment or return that took place in the venture investment fund in which they invested was used. The analysis methods employed include descriptive statistics, correlation analysis, and hierarchical regression analysis with the use of the SPSS statistics package. It was found that venture capitalists with an output function background or with more experience in venture investment pursue the strategy of investing in earlier stage ventures or in more specialized industries. It was also found that the strategy of investing in earlier stage ventures mediates the relationship between output function background or more investment experience that venture capitalist has and their investment performance. For contributions and implications, first, this study pioneered the field of venture capitalist research as the first study to study the relation between investment behavior and investment performance at the individual level of venture capitalist list. Second, if venture capitalists are employed in venture capital, practical implications can be provided through the results of this study.

본 연구는 연구개발투자와 인적자본투자의 상호효과가 기업가치에 미치는 영향을 실증적으로 분석하였다. 또한 연구개발투자와 인적자본투자의 가치관련성이 기업의 성장 여부에 따라 변화하는지를 검증하였다. 1998-2006 기간 동안 국내 상장 제조기업을 대상으로 Ohlson 모형을 사용하여 연구개발투자와 인적자본투자의 가치관련성을 검증한 결과는 다음과 같다. 연구개발투자는 성장기업의 경우에만 기업가치에 유의한 양(+)의 영향을 주는 것으로 나타났고 인적자본투자는 성장기업, 비성장기업 경우 모두 기업가치에 유의한 양(+)의 영향을 주는 것으로 나타났다. 이를 통해 인적자본투자는 기업의 성장에 상관없이 기업 가치를 증가시키는 요소로서 시장에서 인정받고 있다는 것을 알 수 있다. 반면, 연구개발투자는 항상 기업 가치를 증가시키는 것이 아니라 비성장기업의 경우 보다는 성장기업의 경우에만 기업 가치를 증가시키는 요소로 시장에서 인정받고 있다는 것을 알 수 있다. 연구개발투자와 인적자본투자의 상호효과는 성장기업의 경우에만 기업가치에 유의한 양(+)의 영향을 주는 것으로 나타났다. 따라서 인적자본투자가 증가할수록 연구개발투자가 기업가치 증가에 미치는 영향이 더 커지는 것은 성장기업에 한정된다. 이는 성장기업의 연구개발투자가 기업가치에 주는 영향은 인적자본투자의 영향을 받는다는 것을 의미한다.

This paper empirically analyzes the interaction effect of R&D investment and human capital investment on value relevance of firms. This study also tests whether or not the value relevance of R&D investment and human capital investment changes depending upon the growth of firms. The modified Ohlson model is used to test the hypotheses with the sample of listed domestic manufacturing companies from 1998 to 2006. The results are as follows. Human capital investment always has a significant positive value relevance regardless of firm growth. On the other hand, R&D investment was found to have a significant positive value relevance only with growth-firms. These results imply that human capital investment always augments firm values. However, R&D investment does not always increase firm values, but has limited effects only on the growth-firms. Finally, the interaction effect of R&D investment and human capital investment on the value relevance of firms was found significant only with growth-firms. Accordingly, the argument that R&D investment has a greater influence on firm value as human capital investment increases would be limited to growth-firms.

본 연구는 기업의 인적자본투자가 불확실한 경영환경에서 기업의 성과창출과 생존에 미치는영향을 살펴보았다. 이를 위하여, 자원기반이론, 인적자본이론, 사회교환이론을 바탕으로 가설을도출하였고, 아시아 금융위기 이전과 아시아 금융위기 동안 한국의 제조업 상장회사들을 표본으로 사용하여 자연실험 (natural experiment)과 같은 상황에서 가설을 검정하였다. 연구결과는 아시아 금융위기 이전의 인적자본투자는 아시아 금융위기 동안 기업의 성과 (총자산수익률)와 생존에긍정적인 영향을 미친다는 것을 발견하였다. 본 연구의 결과는 전략적 인사관리분야의 연구에 이론적･실증적으로 공헌을 하며, 한국기업에 시사점을 제공한다.

This study investigates the impacts of a firm’s human capital investment onfirm performance and survival under unstable business environment. Building uponresource-base theory, human capital theory, and social exchange theory, this studydevelops and tests hypotheses with a sample of listed manufacturing firms inKorean Stock Exchange before and during Asian financial crisis, which allows usto test hypotheses under research context like ‘natural experiment’. The results ofthis study show the positive effects of a firm’s human capital investment madebefore Asian financial crisis on firm performance(return on assets) and survivalduring Asian financial crisis. This study contributes to accumulating knowledge onstrategic human resource management and provides practical implications.