The Impact of Human Capital Development on the Firm Performance of Thai listed Companies
Article Sidebar
Main Article Content
Abstract
This research aimed to examine how support for human capital development expenses impacts the performance of companies listed on the Stock Exchange of Thailand. Data were collected from annual reports (Form 56-1) of a sample of 386 companies across seven industrial groups over a three-year period from 2021 to 2023. The researcher employed multiple regression analysis. The findings indicated that human capital development was positively associated with return on assets (ROA) and Tobin’s Q, while no significant relationship was found with return on equity (ROE). This research is beneficial for companies and investors by highlighting the importance of supporting human capital development to enhance organizational competitiveness. Moreover, executives can apply the findings as a policy guideline for developing critical skills to enhance employee potential, thereby improving operational efficiency and achieving better returns.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
All articles published in the Journal of Management Science, Ubon Ratchathani University are copyrighted by the journal. The views and opinions expressed in each article are those of the authors and do not necessarily reflect the views of the Faculty of Management Science, Ubon Ratchathani University. The authors are solely responsible for the content of their articles.
References
เจษณี บุตรคำ. (2567). แบบจำลองความสัมพันธ์เชิงสาเหตุการพัฒนาทุนมนุษย์ที่ส่งผลต่อความได้เปรียบทางการแข่งขันและความสำเร็จในการดำเนินงานของโรงแรมในเขตภาคใต้. วารสารมหาวิทยาลัยพายัพ, 34(2), 52-69.
ยุทธนา แซ่เตียว และ นันธวุฒิ สีอมรสิริ. (2565). การจัดการสมรรถนะของทุนมนุษย์: บทบาทในการสนับสนุนกลยุทธ์ด้านนวัตกรรมและผลการดำเนินงานขององค์การ. วารสารเกษตรศาสตร์ธุรกิจประยุกต์, 16(25), 83-102.
วรลักษณ์ ลลิตศศิวิมล. (2559). แบบจำลองโครงสร้างการพัฒนาทุนมนุษย์ที่ส่งผลต่อความได้เปรียบทางการเข่งขันเพื่อความสำเร็จในการดำเนินงานของธุรกิจเอกชนในจังหวัดสงขลา. วารสารบริหารธุรกิจเทคโนโลยี
มหานคร,13(2), 79-99.
อดิศักดิ์ โสขุมา, วราวุฒิ บานเย็นงาม และ โชติ บดีรัฐ. (2565). นักพัฒนาทรัพยากรมนุษย์: บทบาทที่สำคัญในการพัฒนาองค์การแห่งการเรียนรู้สมัยใหม่. วารสารการพัฒนาการเรียนรู้สมัยใหม่, 7(8), 386-398.
Akpınar, T., & Gun, S. (2016). Testing the human capital development model: The case of apprenticeships in Turkey. International Journal of Training and Development, 20(3), 214-223.
Ali, A., & Faisal, S. (2020). Capital structure and financial performance: A case of Saudi petrochemical industry. The Journal of Asian Finance, Economics and Business, 7(7), 105-112.
Amadi, J. C., Bunu, E. D., & Lawal, A. (2024). Evaluation of human capital development as a strategy for increasing productivity in public organizations: A study of Command Prison Kaduna, Nigeria. Scholar Journal Arts Humanit Social Science, 10, 297-303.
Anagnostopoulou, S. C., & Avgoustaki, A. (2023). The impact of human resource practices on corporate investment efficiency. International Review of Financial Analysis, 87, DOI: 10.1016/j.irfa.2023.102609
Ataniyazov, J. K., & Mavlonov, S. H. O. (2022). Human capital as an important factor in the innovative development of the economy. ACADEMICIA: An International Multidisciplinary Research Journal, 12(2), 53-60.
Avlokulov, A. (2018). Return on assets and financial soundness analysis: Case study of grain industry companies in Uzbekistan. International Journal of Management Science and Business Administration, 4(6), 52-56.
Bhargave, H., & Tandon, D. (2023). How does Tobin’s Q respond to merger and acquisition announcements: Evidence of listed Indian firms. International Journal of Professional Business Review. 8(2), DOI: 10.26668/businessreview/2023.v8i2.1295
Chanda, U., & Goyal, P. (2019). Assessing impact of human capital, SRHRM and employee related factors on firm performance. Journal of Industrial Integration and Management, 4(2), DOI: 10.1142/S2424862218500185
Dziamulych, M., Rogach, S., Shulha, O., Stupen, N., Tendyuk, A., Stryzheus, L., & Bilochenko, A. (2023). Management of production resources of agricultural enterprises in Ukraine: A case study of Volyn Region. Scientific Papers Series Management, Economic Engineering in Agriculture & Rural Development, 23(1),179-187.
Felício, J. A., Couto, E., & Caiado, J. (2014). Human capital, social capital and organizational performance. Management Decision, 52(2), 350-364.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis: Pearson New International Edition. Essex: Pearson Education Limited.
Hamed, A. F., Salman, A. S., Yassen, M., Aldabagh, D. A., & Savenko, V. (2024). Human capital development in knowledge economies. Journal of Ecohumanism, 3(5), 798-816.
Hernandez, M. M., & García, E. A. H. (2020). Human capital effects on business organizations: Econometric estimates for new businesses and exports. Global Business Administration Journal, 4(1), 10-17.
Jalloh, A. A. A., & Ming, F. (2020). Managing human capital as a strategic source of sustainable enterprise development and competitive advantage. International Journal of Management and Humanities, 5(1), 20-29.
Joureih, M. (2019). Human capital development. In Innovation and Social Capital in Organizational Ecosystems (132-150). Hershey: IGI Global Published.
Kapondoro, L., Iwu, C. G., & Twum-Darko, M. (2015). A meta-analysis of the variability in firm performance attributable to human resource variables. Journal of Governance and Regulation. 4(1), 8-18.
Kucharcikova, A., Miciak, M., Tokarcikova, E., & Staffenova, N. (2023). The investments in human capital within the human capital management and the impact on the enterprise’s performance. Sustainability, 15(6), DOI:2071-1050/15/6/5015
Lane, V., & Parthasarathy, M. (2018). A comparison of excess stock market return to standard marketing metrics. In Research, Practices, and Innovations in Global Risk and Contingency Management (pp. 20-37). Hershey: IGI Global Scientific Publishing.
Ludviga, I., & Kalvina, A. (2016). Exploring the relationships between job satisfaction, work engagement and loyalty of academic staff. World Academy of Science, Engineering and Technology, International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 10(1), 99-105.
Maqfiroh, U. & Mauliyah, N. I. (2022). Effect of profit management on company performance. Journal of Academic Research and Science, 7(1), 24-34.
Markjackson, D., & Innocent, A. O. (2020). An exploratory study on human capital investments. International Journal of Scientific and Research Publications (IJSRP), 10(06), 663-667.
Marthalia, L. (2022). The importance of human resources (HR) management in company. Journal of World Science, 1(9), 700-705.
Mayilyan, F., & Yedigaryan, K. (2022). The evolution of human capital theory. Alternative Quarterly Academic Journal, 68-79.
Musthafa, I., Elfindri, E., Anas, Y., & Ariyanto, E. (2024). Human capital and performance of micro, small and medium enterprises: A literature review. Cashflow Current Advanced Research on Sharia Finance and Economic Worldwide, 3(2), 250-275.
Ngowi, D. F. (2020). Evaluation of employees training programmes in improving work efficiency: The case of Tanzania electric supply company. (Master Dissertation). The Open University of Tanzania.
Qomariyah, B., Soeliha, S., & Pramitasari, T. D. (2022). Pengaruh return on equity (ROE) terhadap harga saham dengan nilai perusahaan sebagai variabel intervening pada perusahaan yang bergabung dalam indeks LQ45 periode 2018-2020. Jurnal Mahasiswa Entrepreneurship (JME), 1(1), 106-121.
Sebestova, J. D., & Popescu, C. R. G. (2022). Factors influencing investments into human resources to support company performance. Journal of Risk and Financial Management, 15(1), DOI: 10.3390/jrfm15010019
Shih, Y. N., Chien, W. H., & Chiang, H. S. (2016). Elucidating the relationship between work attention performance and emotions arising from listening to music. Work-A Journal of Prevention Assessment & Rehabilitation, 55(2), 489-494.
Spirin, I. V., Grishaeva, Y. M., Matantseva, O. Y., & Tkacheva, Z. N. (2021). Human capital as a tool of ensuring sustainable development. In Proceeding of the International Science and Technology Conference "FarEastcon 2020" October 2020, Vladivostok, Russian Federation, Far Eastern Federal University (pp. 709-714). Springer: Singapore.
