scholarly journals Capitalists in the Twenty-First Century*

2019 ◽  
Vol 134 (4) ◽  
pp. 1675-1745 ◽  
Author(s):  
Matthew Smith ◽  
Danny Yagan ◽  
Owen Zidar ◽  
Eric Zwick
Keyword(s):  
Human Capital ◽  
Value Added ◽  
Primary Source ◽  
Premature Death ◽  
Financial Capital ◽  
Capital Growth ◽  
Working Age ◽  
Capital Tax ◽  
Business Profit ◽  
Pass Through

Abstract How important is human capital at the top of the U.S. income distribution? A primary source of top income is private “pass-through” business profit, which can include entrepreneurial labor income for tax reasons. This article asks whether top pass-through profit mostly reflects human capital, defined as all inalienable factors embodied in business owners, rather than financial capital. Tax data linking 11 million firms to their owners show that top pass-through profit accrues to working-age owners of closely held mid-market firms in skill-intensive industries. Pass-through profit falls by three-quarters after owner retirement or premature death. Classifying three-quarters of pass-through profit as human capital income, we find that the typical top earner derives most of her income from human capital, not financial capital. Growth in pass-through profit is explained by both rising productivity and a rising share of value added accruing to owners.

Reassessing the Export Competitiveness of Vietnam

2019 ◽  
Vol 5 (5) ◽  
pp. 539-549
Keyword(s):  
Human Capital ◽  
Comparative Advantage ◽  
Value Added ◽  
Industry Trade ◽  
Export Competitiveness

In this paper, primarily the export specialisation pattern of Vietnam has been examined from the perspective of domestic value added exports. In addition, an effort has been made to identify presence of exaggeration in gross exports measures of industries level competitiveness. Empirical findings suggest that the export specialisation of Vietnam has reversed, and there is presence of exaggeration in the estimates of comparative advantage of ‘human capital and technology intensive’ industries that has also caused in ballooning up their shares in gross exports. Such pattern has arisen because intra-industry trade has become increasingly significant in Vietnam. Received 11th March 2019; Revised 17th October 2019, Accepted 20th October 2019

Open Door System and Endogenous Growth in Indian Economy: An Empirical Analysis on the Role of Human Capital and R&D in Explaining Industrial Productivity

2021 ◽  
Vol 46 (1) ◽  
pp. 24-37
Author(s):  
Arjun K. ◽  
Sanjay Kumar ◽  
A. Sankaran ◽  
Mousumi Das
Keyword(s):  
Human Capital ◽  
Exchange Rate ◽  
Real Exchange Rate ◽  
Endogenous Growth ◽  
Value Added ◽  
Capital Formation ◽  
Knowledge Capital ◽  
Test Technique ◽  
Long Run ◽  
The Impact

The present study investigates the impact of human capital, knowledge capital which is a function of human capital, and real exchange rate scenario in explaining long-run industrial total factor productivity (TFP) from 1980 to 2015 on the theoretical basis of the open endogenous growth model. The variables employed in the contemporary study include manufacturing value added (MNVA) as industrial output measure, gross fixed capital formation (GFCF) as a measure of capital and labour input which is measured using employment data. Gross enrolment ratio (GER) is taken as a measure for human capital formation, expenditure on research and development (R&D) as a proxy for knowledge capital, and real exchange rate indicates global economic shocks. The study involves estimating TFP for Industrial Sector during the post-liberalization period by employing Cobb-Douglas production function. The ARDL bounds test technique for cointegration revealed long-run relation among the varying factors studied. The Toda-Yamamoto causality test concluded bi-directional causality running between, R&D expenditure and Industrial TFP which sends a strong signal to the policymakers for a well-framed long-term integrated approach for human & knowledge capital formation which will act as a strong impetus for manufacturing firms to come up in terms of augmenting production and productivity and expanding foreign market horizon. JEL Classification: D24, E2, J24

scholarly journals The Influence of R&D Intensity on Financial Performance: The Mediating Role of Human Capital in the Semiconductor Industry in Taiwan

2020 ◽  
Vol 12 (12) ◽  
pp. 5128
Author(s):  
Tsung-Chun Chen ◽  
Yenchun Jim Wu
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Capital Investment ◽  
Performance Metrics ◽  
Intangible Assets ◽  
Semiconductor Industry ◽  
Value Added ◽  
Positive Influence ◽  
High Tech ◽  
The Relationship

Knowledge transfer is a strategy used by high-tech companies to acquire new knowledge and skills. Knowledge can be internally generated or externally sourced. The access to external knowledge is a quick fix, but the risks associated with reliance on external sources are often overlooked. However, not acquiring such knowledge is even riskier. There have been a slew of litigations in the semiconductor industry in recent years. The acquisition and assurance of intangible assets is an important issue. This paper posits that internal R&D should take into consideration the knowledge intensity and capital investment in the industry. This study focuses on the relationship between intangible assets and financial performance. It sourced the 2004 to 2016 financial data of semiconductor companies in Taiwan for panel data modeling and examined case studies for empirical validation. This study found that the higher the R&D intensity (RDI) in the value-added component of human capital, the better the financial performance of the company. RDI has a positive influence on the accumulation of human capital and financial performance metrics, and such influence is deferred. Meanwhile, human capital is a mediating factor in the relationship between RDI and financial performance. RDI is integral to the semiconductor industry’s pursuit of business sustainability.

scholarly journals An industry analysis of the power of human capital for corporate performance: Evidence from South Africa

2015 ◽  
Vol 18 (4) ◽  
pp. 486-499 ◽  
Author(s):  
Carla Morris
Keyword(s):  
South Africa ◽  
Human Capital ◽  
Financial Performance ◽  
Market Performance ◽  
Value Added ◽  
Further Education ◽  
Bottom Line ◽  
Revenue Growth ◽  
Earnings Per Share ◽  
Capital Efficiency

Even in industrialised emerging economies, the value-generating competencies of a workforce, known as its human capital efficiency, are a key resource for commercial success. The objective of this research is to empirically investigate the relationship between human capital efficiency (as measured by value-added human capital) and the financial and market performance of companies listed on the Main Board and Alternative Exchange (ALT-X) of the Johannesburg Stock Exchange. Return on assets, revenue growth and headline earnings per share were used as financial performance indicators; while market-to-book ratio and total share return were used to measure market performance. Multivariate regressions were performed, with panel data covering 390 companies in the financial, basic materials, consumer services, consumer goods, industrial and technology industries from 2001 to 2011. First, human capital efficiency was found to have no effect on the market performance of listed companies in South Africa. Secondly, higher human capital efficiency was found to result in the extraction of greater returns from both tangible and intangible assets in all industries. Thirdly, higher profitability was found to be associated with higher human capital efficiency in almost every industry in South Africa, with the exception of the technology industry, where human capital efficiency was found to be independent of headline earnings per share. Finally, higher revenue growth was found to be positively associated with human capital efficiency in those industries which are not consumer-driven. In the consumer-driven industries, human capital efficiency contributes to bottom line profitability even though it is not a driver for revenue growth. Overall, the results of this study confirm that human capital efficiency enhances a company’s financial performance, whether it be through a greater capacity for production and service delivery, tighter cost controls or better use of company resources. Management in all South African industries are encouraged to develop the value-creating abilities of their employees through employer-driven personnel enrichment and training programs and by incentivising workers to pursue further education.

Opportunities for developing value-added brassica seed

2010 ◽  
Vol 14 ◽  
pp. 139-146
Author(s):  
Van De Jong ◽  
B.E. Braithwaite ◽  
T.L. Roush ◽  
A. Stewart ◽  
J.G. Hampton
Keyword(s):  
Biological Control ◽  
New Zealand ◽  
Xanthomonas Campestris ◽  
Cultural Practices ◽  
Effective Means ◽  
Value Added ◽  
Primary Source ◽  
Common Disease ◽  
Black Rot ◽  
Crop Losses

New Zealand produces approximately 5,500 tonnes of brassica seed per year, two thirds of which, valued at $13M, is exported. Black rot caused by Xanthomonas campestris pv. campestris is a common disease of brassicas, and while crop losses are not extensive in New Zealand, internationally total crop losses have been reported. Seeds are the primary source of inoculum and the ease with which this inoculum spreads means that even small traces can cause severe epidemics. Genetic resistance to black rot is a complex trait which makes breeding for resistance in brassicas challenging. The effectiveness of chemical and cultural practices is variable. Biological control with natural antagonistic microbes may provide a more effective means of controlling black rot and other pests and diseases, and create opportunities for increasing the export value of brassica seed. Current cultural practices and the potential for biological control for the management of black rot are reviewed. Keywords: biocontrol, Brassicaceae, crucifer

Intellectual Capital Investment, Stakeholders' Value, Firm Market Value and Financial Performance: The Case of Tunisia Stock Exchange

2013 ◽  
Vol 12 (02) ◽  
pp. 1350010 ◽  
Author(s):  
Hedia Fourati ◽  
Habib Affes
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Capital Investment ◽  
Positive Impact ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Market Valuation ◽  
Using Data

The purpose of this paper is to investigate the role of intellectual capital investment in improving the firm's market value, stakeholders' value and financial performance. Using data drawn from 21 listed companies in Tunisia Stock Exchange, we conducted two studies. On one hand, from using Charreaux (Charreaux (2006). La valeur partenariale: Vers une mesure opérationnelle. Cahier de FARGO no. 1061103, November) measure of stakeholders' value, we demonstrate that financials come to present the weakest stakeholders' value and clients monopolises in term of value acquisition due to a weak ability of negotiation of firms. On the other hand, we construct a regression model of Pulic's value added intellectual capital investment (VAIC) as the measure of the value added from intellectual capital, in market valuation and financial performance. Our results stressed the fact that there is a positive impact of intellectual capital by human capital efficiency and capital employed efficiency on improving firm's market value. Nevertheless, financial performance measured by ROA is still justified by the traditional measure relying on capital employed efficiency. Indeed for Tunisian quoted firms, human capital investment is a pilar for ameliorating firm market valuation of financial performance.

scholarly journals Cities and Growth: In Situ Versus Migratory Human Capital Growth

2008 ◽  
Author(s):  
Desmond Beckstead ◽  
W. Mark Brown ◽  
K. Bruce Newbold
Keyword(s):  
Human Capital ◽  
Capital Growth

scholarly journals Impact of Intellectual Capital Management and Human Capital Circulation on Business Practice at Macro- and Micro Level

2017 ◽  
Vol 9 (5) ◽  
pp. 6-16 ◽  
Author(s):  
Iryna Oleynikova ◽  
Zhanna Balabaniuk
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Financial Analysis ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
General Acceptance ◽  
Managerial Implications ◽  
Standard Practices ◽  
The Impact

Nowadays the main potential for growth comes from the ability to innovate and succeed with breakthrough ideas. However, despite growing importance of the subject matter, there are still no standard practices that would perform such a measurement and employ tendencies of human capital circulation. Various attempts have been made over recent years, but none have achieved general acceptance among experts in the business field. Although there is no universally accepted theory, each has its own strengths and weaknesses in the deriving approximate value of intellectual capital for various companies. In this work, we looked over some theories that have been suggested to estimate intellectual capital and analyzed data from Ukrainian IT companies in order to prove how important measurement of intellectual capital and human capital circulation trends to allow for much better representation of an organization’s competitive position. Additionally, the impact of intellectual capital on various Key Performance Indicators, such as Economic Value Added and Weighted Average Cost of Capital, was examined with supporting financial analysis performed. The paper concludes with an overview of methodological and managerial implications of the research, theoretical and practical limitations and possible improvements, and considerations for further research in the field of study.

scholarly journals NILAI TAMBAH DARI USAHA PENGOLAHAN TEPUNG TERIGU MENJADI MARTABAK MARKOBAR KOTA MANADO

2018 ◽  
Vol 14 (2) ◽  
pp. 35
Author(s):  
Amar ., Nfn ◽  
Tommy F. Lolowang ◽  
Nordy F. L. Waney
Keyword(s):  
Data Analysis ◽  
Data Collection ◽  
Value Added ◽  
Added Value ◽  
Primary Data ◽  
Selling Price ◽  
Total Revenue ◽  
Collection Method ◽  
Profit Analysis ◽  
Business Profit

This study aims to determine the magnitude: (1) the added value of flour business into martabak Markobar Manado (2) profit from flour processing business into martabak Markobar Manado City. The study was conducted in October to December 2017, located in Markobar Kota Manado. Data collection method is done by using primary data. Primary data was obtained through interviews with relevant parties based on a prepared list of questions, as well as on-site observations. Data analysis in this study using: 1) value-added analysis and 2) profit analysis with the formula π = TR - TC. The results showed that Markobar Manado process 3 types of martabak martabak 2 flavors, martabak 4 flavors and martabak 8 flavors. Number of martabak 2 taste processed ie 96 pieces with selling price per fruit of Rp. 50,000 so the total revenue is Rp.4.800.000. Number of martabak 4 flavors processed ie 144 fruit with the selling price per fruit of Rp. 80,000 so that the revenue received by Markobar is Rp.11.520.000. Number of martabak 8 taste processed ie 240 fruit with selling price per fruit of Rp. 100.00.000 so that the revenue received by Markobar is Rp.24.000.000 Profit business martabak 2 taste of Rp. 485,116.71, business profit martabak 4 taste of Rp. 5,297,675.07 and business profit martabak 8 taste of Rp. 9,322,791.78. Processing business martabak 2 flavors produce value added Rp 2,357,116.71, processing martabak 4 flavors produce value added Rp. 8,105,675.07 and martabak processing 8 flavors produce added value of Rp. 14,002,791.78.*eprm*.

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