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TOWARD A THEORY OF PERCEIVED FIRM-SPECIFIC HUMAN CAPITAL

机译:迈向知觉的特定于人类的资本的理论

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Strategy research suggests that firm-specific human capital is a source of sustained competitive advantage, at least in part because it may constrain employee mobility. However, it is also typically assumed that employees are reluctant to invest in firm-specific skills because such investments may come at the cost of developing general skills, thereby reducing their attractiveness in the labor market. This creates a theoretical paradox: Employee investment in firm-specific human capital is crucial for value creation and appropriation, yet there is believed to be global under investment in firm-specific skills. We argue that the logic behind this theory depends on the assumption that firm-specific human capital is accurately and objectively perceived among labor market participants and that relaxing this assumption significantly limits conclusions that can be drawn about competitive advantage. The key takeaway is that perceptions of firm specificity, even if inaccurate, can be more important than objective firm-specific human capital in determining the likelihood that firm-specific human capital can be a source of sustained advantage. By relaxing the assumption of strong-form labor market efficiency, we develop propositions regarding how firms can facilitate and manage perceptions of firm specificity, thereby increasing the likelihood that a competitive advantage can be sustained. In doing so, we help reconcile some of the differing assumptions in micro and macro work on human capital and employee retention.
机译:战略研究表明,特定于公司的人力资本是持续竞争优势的来源,至少部分原因是它可能会限制员工的流动性。但是,通常还假定员工不愿投资于公司的特定技能,因为此类投资可能以发展通用技能为代价,从而降低了他们在劳动力市场上的吸引力。这就产生了一个理论上的悖论:员工对公司特定的人力资本的投资对于价值创造和挪用至关重要,但据信全球范围内对公司特定技能的投资不足。我们认为,该理论背后的逻辑取决于以下假设:在劳动力市场参与者中准确,客观地感知了公司特定的人力资本,而放宽这一假设将极大地限制可以得出的关于竞争优势的结论。关键要点是,在确定公司特定的人力资本可以成为持续优势来源的可能性时,即使不准确,对公司特异性的认识也比客观的公司特定的人力资本更为重要。通过放宽对强有力的劳动力市场效率的假设,我们就公司如何促进和管理对公司特殊性的看法提出了命题,从而增加了维持竞争优势的可能性。在此过程中,我们有助于调和微观和宏观工作中有关人力资本和员工保留的一些不同假设。

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