Does human capital stimulate investment in physical capital? Evidence from a cost system framework

被引:16
|
作者
Lopez-Bazo, Enrique [1 ]
Moreno, Rosina [1 ]
机构
[1] Univ Barcelona, AQR Res Grp IREA, Barcelona 08034, Spain
关键词
Human capital; Physical capital; Growth; Dual framework;
D O I
10.1016/j.econmod.2008.04.008
中图分类号
F [经济];
学科分类号
02 ;
摘要
The direct effect of human capital on economic growth has been widely analysed in the economic literature. This paper, however, focuses on its indirect effect as a stimulus for private investment in physical capital. The methodological framework used is the duality theory, estimating a cost system aggregated with human capital. Empirical evidence is given for Spain for the period 1980-2000. We provide evidence on the indirect effect of human capital in making private capital investment more attractive. Among the main explanations for this process, we observe that higher worker skill levels enable higher returns to be extracted from investment in physical capital. (C) 2008 Elsevier B.V. All rights reserved.
引用
收藏
页码:1295 / 1305
页数:11
相关论文
共 50 条
  • [21] Does access to capital affect cost stickiness? Evidence from China
    Cheng, Shijun
    Jiang, Wei
    Zeng, Yeqin
    ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS, 2018, 25 (1-2) : 177 - 198
  • [22] Inventory investment and the cost of capital
    Jones, Christopher S.
    Tuzel, Selale
    JOURNAL OF FINANCIAL ECONOMICS, 2013, 107 (03) : 557 - 579
  • [23] Does teenage childbearing reduce investment in human capital?
    Webbink, Dinand
    Martin, Nicholas G.
    Visscher, Peter M.
    JOURNAL OF POPULATION ECONOMICS, 2011, 24 (02) : 701 - 730
  • [24] INVESTMENT CRITERIA AND THE COST OF CAPITAL
    WRIGHT, FK
    JOURNAL OF MANAGEMENT STUDIES, 1967, 4 (03) : 251 - 269
  • [25] Does chairperson gender matter? Evidence from the cost of equity capital
    Jiang, Fuxiu
    Cai, Yiqian
    Xia, Xiaoxue
    ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS, 2024,
  • [26] Does teenage childbearing reduce investment in human capital?
    Dinand Webbink
    Nicholas G. Martin
    Peter M. Visscher
    Journal of Population Economics, 2011, 24 : 701 - 730
  • [27] Capital market frictions and human capital investment: Evidence from workplace safety around regulation SHO
    Bai, John
    Lee, Eunju
    Zhang, Chi
    FINANCIAL REVIEW, 2020, 55 (02) : 339 - 360
  • [28] Does venture capital investment enhance corporate innovation? Evidence from Korea
    Lee, Kyounghun
    Oh, Frederick Dongchuhl
    Shin, Donglim
    Yoon, Heejin
    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2023, 50 (1-2) : 236 - 266
  • [29] The impact of investment in human capital on bank performance: evidence from Bangladesh
    Rahman, Md. Mominur
    Akhter, Bilkis
    FUTURE BUSINESS JOURNAL, 2021, 7 (01)
  • [30] Investment in human capital and gender wage differences: evidence from the NLSY
    Sicilian, P
    Grossberg, AJ
    APPLIED ECONOMICS, 2001, 33 (04) : 463 - 471