Advancing the Human Capital Perspective on Value Creation by Joining Capabilities and Governance Approaches
探讨如何结合能力与治理方法来推进人力资本视角下的价值创造，强调企业专用人力资本对核心竞争力的重要性，并分析传统股东模型的缺陷及其对人力资本投资的影响，最后提出激励和保护人力资本发展的机制。
This paper elaborates on how the human capital perspective on value creation can be advanced by joining the capabilities and governance approaches. Investments in firm-specific human capital can be an important pathway to building and enhancing a firm’s core competencies. Thus, it is vital to build mechanisms and systems that encourage the development and safeguarding of these human capital-based capabilities. Our paper unpacks the notion of firm-specific human capital and presents a view on why this form of human capital especially matters in today’s business context. We review pitfalls and shortcomings of a traditional shareholder model and its likely impacts on investments in firm-specific human capital. Finally, we discuss mechanisms by which the firm-specific human capital development process can be stimulated and protected.