Human Capital Development Research Articles

Does ESG Performance Drive Long-Term Sustainable Economic Growth in Asia? Insights from a Novel ESG Index and Panel Cointegration Analysis

Background: Rapid population growth and the depletion of natural resources pose significant global challenges. These issues are further exacerbated by unethical corporate practices, such as accounting fraud and financial scandals, which contribute to economic downturns. This study investigates the role of Environmental, Social, and Governance (ESG) performance in fostering sustainable economic growth in Asia. Methods: This study adopts an explanatory research design, utilizing panel data collected from the World Bank for 46 Asian countries spanning the period from 1990 to 2022. The causality was determined using a robust panel regression model to examine the long-term and short-term effects of ESG performance on economic growth. Results: The findings reveal a strong positive long-term relationship between ESG performance and GDP per capita, suggesting that sustainable practices enhance productivity, attract investment, and contribute to human capital development. However, short-term effects are largely insignificant, except in specific Asian countries where targeted policies and rapid transitions yield immediate benefits. Conclusion: The study underscores the critical role of ESG performance in driving long-term sustainable economic growth in Asia. It highlights clear long-term benefits, including increased productivity, investment, and human capital development, despite limited short-term effects in certain regions. These findings emphasize the need for policymakers and stakeholders to integrate ESG criteria alongside financial metrics, enabling them to enhance economic resilience, drive innovation, improve financial performance, and address environmental and social challenges. Novelty: This research creates novelty by contributing in three ways. First, it develops a unique ESG index in the absence of a standardized ESG index for Asian countries. Second, while most existing studies focus on the impact of ESG adoption on firm-level performance, this study shifts the perspective to a macroeconomic scale, examining how ESG performance influences overall economic growth. Thirdly, it provides empirical evidence on the impact of ESG performance on economic growth in the region, offering valuable insights for sustainable development policies.

Digital Economy as a Catalyst for Economic Growth in the Context of SDG 8 in EU Countries

Objective: The main objective is to reveal a mechanism for generating sustainable economic growth (SDG 8) by establishing financial stability and enhancing the population's well-being in EU countries during this period of increasing digitalization. Theoretical Framework: This topic presents the main concepts and theories that underpin the research. [List relevant theories, models, or frameworks] stand out, providing a solid basis for understanding the investigation's context. Method: Text mining by VOSViewer is applied. For this analysis, literature sources from the Web of Science database were gathered for the period from 2016 to 2023 because the digital revolution reshaped the economic landscape during this period. To examine the impact of digitalization on economic growth, panel research was conducted, covering 27 European Union member states, using a Vector Autoregression Model. Results and Discussion: Digitization can have a positive impact if there is complete interaction between the implementation of digital technologies and other components of economic development. When advanced solutions are employed to automate tasks without further developing other aspects, achieving economic growth through digitization becomes nearly impossible. Additionally, an unfavorable business environment can hinder the speed of digital transformation. Research Implications: To achieve sustainable economic and social development in line with SDG 8 within the European Union, it is crucial to enhance organizational and economic structures, develop technical and material infrastructure, encourage innovation in production, boost the competitiveness of regional enterprises, foster public-private partnerships, invest in human capital development, and maintain social competitiveness. These measures are vital to unlocking the full potential of digitalization and ensuring a smooth and balanced transition in technology, society, and the economy. Investing in human capital development through avenues such as digital skills training, technology education, and research is essential. This promotes a skilled and adaptable workforce capable of meeting the changing demands of the digital age, driving innovation and economic growth. Originality/Value: This study contributes to the literature by emphasizing a distinct trend: business models are evolving due to the widespread adoption of ICT and the innovations propelled by the Fourth Industrial Revolution. New technologies such as artificial intelligence are generating significant opportunities for entrepreneurship, particularly in gig and circular economies. The effects of digitalization and its socioeconomic implications have captured the attention of analysts.

How Does Renewable Energy Production Respond to Digital Financial Inclusion and Education?

ABSTRACTIncreasing renewable energy production is the best solution to combat global climate change and energy poverty. Investment possibilities in renewable energy are growing because of the financial sector's transition to digitalization, which significantly eases access to capital. However, the literature on the linkage between digital financial inclusion, education, and renewable energy production is scant. This analysis investigates the nexus between digital financial inclusion, education, and renewable energy production in the panel data of 40 top carbon emitter economies from America, Asia, and Europe using the 2SLS and GMM approaches. The results show the positive impact of digital financial inclusion on renewable energy production globally and in Asia, America, and Europe. However, education has a favorable role in renewable energy production globally and in all regions. Additionally, per capita income, R&D expenditures, environmental pressures, and trade are crucial in increasing renewable energy production. Thus, the government should increase digital financial infrastructure and human capital development to develop renewable energy.

Methodology and Practical Test of Human Capital Assessment of Ukrainian Oil and Gas Enterprises in the Context of Sustainable Development

This paper proposes and tests a methodology for evaluating the human capital of oil and gas industry enterprises. The methodology is based on previously developed mathematical and test tools, with enhancements to support decision-making in human capital development. The proposed methodology facilitates a comprehensive mathematical analysis of assessment results and provides analytical and graphical justifications for the approaches, methods, and models used in shaping personal development trajectories. These trajectories are tailored to the needs of individuals as bearers of human capital and consider its role in achieving sustainable development goals. Given the purpose of this study—to analyze the state and development opportunities of human capital in oil and gas enterprises using the authors’ assessment methodology—the presented approach aims to provide a comprehensive framework for evaluating and enhancing human capital in this key sector. This study includes a survey of employees of three groups of enterprises: NAFTOGAZ Group (Kyiv, Ukraine), Ukrainian private oil and gas companies, and enterprises of other sectors of Ukraine’s economy. A comparative analysis carried out via mathematical tools enabled a detailed evaluation of the collected data. The study conclusions highlight within-group and intergroup comparative characteristics of respondents based on calculated values and deviations in their intellectual attributes. These findings allow us to formulate a set of recommendations regarding the appropriateness of corrective actions and also validate the reliability and objectivity of the proposed human capital assessment methodology. This methodology may potentially help in strategic decision-making in the development of the gas and oil industry and allows for planning the changes in human capital necessary to ensure sustainable development.

Human Capital and Agricultural Development: Impact of FDI in the WAEMU

We aimed to analyze the impact of foreign direct investment (FDI) on the interrelationship between human capital and agricultural development in the West African Economic and Monetary Union (WAEMU) zone. The econometric model was estimated using the Pooled Mean Group method. The estimates reveal an impact on the interrelation between human capacities and agricultural development in the WAEMU countries. Furthermore, it is certain that the presence of foreign investments in the WAEMU zone has created activities, which remain insufficient in relation to the potential of the zone. These inadequacies are explained by the absence of sufficiently dynamic sub-regional policies capable of boosting development by raising the level of human capital and promoting sustainable and profitable agriculture. Similarly, these investments have not allowed local industrial integration. As a result, few domestic sectors are created and most inputs are imported, which worsens the current account deficits of the WAEMU countries. The implications in terms of economic policy seem significant. Free access to the factor market should be guaranteed to farmers in the WAEMU countries with the agri-food policy that could lead countries to acquire competitive technical skills. Indeed, it is necessary to (1) diversify training in specific professions that aim to improve the productivity of farmers; (2) thoroughly reform the education system; (3) increase access to technological offers; (4) make the private sector more and better responsible so that it develops initiatives in the field of education and collaboration with local authorities and individual operators and (5) promote good governance because it is a factor in attracting FDI.

SHAPING HIGHER EDUCATION: THE RISE OF ENTREPRENEURIAL UNIVERSITIES

Entrepreneurial universities play a crucial role in existing economic landscape, stimulating innovation, entrepreneurial initiative and economic development. These institutions extend their traditional mission of teaching and research by integrating an entrepreneurial perspective, promoting the commercialization of research and supporting start- ups. The concept of the entrepreneurial university has evolved significantly, now including actions and initiatives that support innovation and knowledge transfer to industry and communities. Factors such as visionary leadership, institutional culture, support networks and collaborations with business and public authorities are essential for the development of these universities. For regional development, knowledge transfer and commercialization of the academic research’s outcomes, the incubators and support for new firms are also important activities promoted by these universities. While facing challenges such as funding constraints and bureaucratic hurdles, entrepreneurial universities have significant opportunities to innovate and collaborate with industry partners. Their impact on regional development is evident by creating jobs, stimulating innovation and improving the local entrepreneurial ecosystem, thus contributing to economic growth and human capital development.

Basic education and youth employment in Odukpani local government area of cross River State

The paper examines the comparative impact of Formal (Basic Education) and Informal Education on rural development in Odukpani Local Government Area of Cross River State, Nigeria. It is argued that Basic Education will not translate into an engine of growth and rural development, except it is tailored and adapted to meet the needs of specific rural communities. There is therefore need for Basic Education programs by the Government, to be tailored to meet the needs of different rural communities, otherwise it will have an almost zero impact on development. The specific objectives were to examine the impact of access to Basic (formal) Education opportunity on rural development: and also, to find out the impact of acquisition of Non - formal Education through life skill acquisition on rural development in terms of human capital development and youth employment. Human capital development theory and structural model constituted the theoretical framework. Three hypotheses were formulated to guide the study and a well-structured questionnaire was used to obtain quantitative data from 400 respondents, using a multi-stage sampling procedure. The field data were analyzed using one-way Analysis of Variance ANOVA technique. On hypothesis one; the result revealed that the calculated F-value of 50.149* is higher than the critical F-value of 2.10 at 0.05 level of significance with 399 degrees of freedom, for hypothesis two, the result showed the calculated F-value of 63.424* is higher than the critical F-value of 2.01 at 0.05 level of significance with 399 degrees of freedom, under hypothesis three, the result revealed the calculated F-value of 10.849* is higher than the critical F-value of 1.52 at 0.05 level of significance with 399 degrees of freedom; which implies that Basic-Nine Education, Acquisition of skills and Formal Basic-Nine Education has significant influence on employment opportunities/income generation, and acquisition of life skills in Odukpani Local Government Area of Cross River State and therefore, very strategic for the development of rural areas. It was recommended, among others, that an accessible educational system in a conducive school environment with skill acquisition programmes should be promoted in order to enhance human capital development, labour productivity and gainful employment opportunities in rural areas.

Institution Building and Development Administration in Nigeria

Institution building is a critical component of Nigeria’s development agenda, as it directly impacts the efficiency of governance, the stability of the political system, and the overall economic and social progress of the country. Over the years, Nigeria has faced numerous challenges in establishing strong, resilient institutions due to factors such as corruption, inadequate infrastructure, ethnic divisions, and a legacy of colonial governance structures that were ill-suited to the country’s diverse population. This paper explores the concept of institution building in Nigeria, examining its historical evolution, the role of institutions in development administration, the challenges faced in the process, and offering policy recommendations to strengthen institutional frameworks. The study underscores the central role institutions play in shaping a nation’s development trajectory. Strong institutions, particularly those that are transparent, accountable, and inclusive, are key to fostering economic growth, ensuring good governance, and addressing social inequality. Drawing from existing literature, the paper outlines the connection between institutional quality and national progress. It argues that without institutional reforms, Nigeria’s potential for economic growth and stability remains largely untapped, particularly in areas such as public administration, legal systems, and economic diversification. The paper also delves into the historical context of institution building in Nigeria, discussing the challenges inherited from the colonial period, which have left a lasting imprint on the country's governance structures. It analyzes the importance of addressing corruption, decentralizing administrative functions, diversifying the economy away from oil dependence, and reforming the legal and judicial systems to improve the functioning of public institutions. Additionally, the study highlights the need for social cohesion and inclusivity in Nigeria’s institution-building process, considering the country’s ethnic and religious diversity. In conclusion, the paper provides a set of policy recommendations aimed at reinforcing institutional capacity and fostering development. These include strengthening anti-corruption measures, decentralizing power to local governments, enhancing public sector management, promoting economic diversification, and investing in education and human capital development. Ultimately, the paper emphasizes that institution building is not a one-time endeavor but an ongoing process requiring sustained political will, collaboration across sectors, and active citizen participation to achieve long-term development goals.

ВОЗМОЖНОСТИ НАРОДНЫХ ПРЕДПРИЯТИЙ В КОНТЕКСТЕ ВОПРОСОВ РАЗВИТИЯ СЕЛЬСКИХ АГЛОМЕРАЦИЙ

The article discusses possible directions and mechanisms for the inclusion of national enterprises in projects for the creation of rural agglomerations. The author presents an alternative concept of creating agglomerations, which assumes the creation of a national enterprise as a core. In the structure of the organizational and economic mechanism of such an agglomeration, key functions and roles are assigned to the state, an investment and construction company accredited by the state, authorized banks and, most importantly, scientific institutions of an agricultural profile. The functioning of the agglomeration provides for the use of housing leasing mechanisms, public-private partnerships, and active cooperation with vocational education institutions (secondary and higher). It is assumed that the proposed solution will provide a systematic approach to solving the most pressing problems of the industry: with human capital, scientific and technical development, creation and development of social infrastructure in rural areas close to the urban level. State control mechanisms are also provided for the development of such projects, which is possible due to the possible ownership of 25 percent of the shares of national enterprises to third–party individuals and legal entities - not employees. The inclusion of national enterprises with a core function in the agglomeration will ensure the involvement of the rural population in the industry, provide motivational mechanisms for productive work and development.

Juxtaposing the influence of nuclear energy, human development index and research & development on economic performance of the European Union countries

AbstractNuclear energy has emerged as one of the essential sources of energy in the European Union (EU) region. It does not cause pollution to the environment, just like renewable energy (RE), though it is subject to depletion. Therefore, nuclear energy – a low‐carbon energy source – is fundamental in maintaining sustainable development through raising national income with less ecological harm. However, there are studies that have investigated the influence of nuclear energy on the economic performance and on environmental sustainability. Thus, to cover the existing gap and inform policy making this study investigates the influence of nuclear energy and research & development (necessary for technological innovations) on the economic performance of the EU countries. The data of fourteen EU nuclear energy consuming countries is used in this analysis for the period 1990 to 2015. Important determinants of economic growth – capital, RE, human capital and financial development – are specified in the model for model controlling purposes. To achieve the research aim, the Generalized Least Squares and the Panels Correlated Standard Errors that caters for the within‐panel correlations are used. The findings depict that nuclear energy, research & development, human development index and financial development are fundamental in raising the economic growth of the EU countries. However, capital growth rate and renewable energy are counterproductive. This research informs policy implication in nuclear energy use along with technological innovations and human development in order to advance sustainable economic growth.

Formation of rural human capital infrastructure in contemporary conditions

In modern conditions, human capital is a priority factor in the development of rural areas of Belarus. The socio-economic character of its formation makes it necessary to study the specifics of human capital development in the territorial area. The conducted research, which is also based on a detailed study of sociological surveys, allows us to point out infrastructural factors that predetermine the concentration of human capital in rural areas. This fact actualizes the task of improving the methods of managing its development through the development of conceptual approaches to the formation of the concept of rural human capital development.

Wage system grading as a priority direction for the development of human capital within metallurgical industry

The purpose of this research consists in need to consider the application of the wage grading model project for the Karaganda Metallurgical Plant in Temirtau town (Karaganda region) for "Qarmet" JSC, with a description of its positive and negative socio-economic aspects.The methodology of wages calculation (considered and used in this article) is based on the application of KPI indicators in distribution of incentive income of employees. In addition, the article contains a statistical comparison method for visualizing the economic phenomena under consideration around the subject of the presented work.The scientific novelty (originality / value) of work lies in the possibility of consideration of progressive (graded) payroll system type for a ferrous metallurgy enterprise, which was previously not typical for this industry. Such consideration is important for the future practical implementation of this method of calculation in the aspect of labor relations improving in production realities for human capital development within the industry.The research findings are presented in the following provisions: The problems of the metallurgical industry in the aspect of remuneration are considered; a model of encouragement for increasing qualitative and quantitative indicators of labor activity is proposed; positive and negative aspects for functioning of such kind of model in practice are reflected; solutions are proposed to overcome negative factors for its practical implementation.

Skill dependencies uncover nested human capital.

Modern economies require increasingly diverse and specialized skills, many of which depend on the acquisition of other skills first. Here we analyse US survey data to reveal a nested structure within skill portfolios, where the direction of dependency is inferred from asymmetrical conditional probabilities-occupations require one skill conditional on another. This directional nature suggests that advanced, specific skills and knowledge are often built upon broader, fundamental ones. We examine 70 million job transitions to show that human capital development and career progression follow this structured pathway in which skills more aligned with the nested structure command higher wage premiums, require longer education and are less likely to be automated. These disparities are evident across genders and racial/ethnic groups, explaining long-term wage penalties. Finally, we find that this nested structure has become even more pronounced over the past two decades, indicating increased barriers to upward job mobility.

Infrastructure Development and Economic Growth in South Sudan

Purpose: The purpose of this study was to examine the infrastructure development and its contribution to the economic growth of South Sudan with emphasis on transport, communication and electricity. The dependent variable was economic growth, measured by the growth rate of gross domestic product, and the independent variables to measure infrastructure were road transportation, communication, and electricity. Methodology: Qualitative methodology was used through face to face interviews using an interview guide and focused group discussions from a sample of 200 respondents comprising of the directors from the Ministry of Infrastructure, Ministry of Finance, Members of parliament and local government as the representative of the common citizens selected using stratified sampling technique. The data collected was analyzed descriptively into themes and interpreted. Findings: The findings revealed that infrastructure played a significant role in the economic growth of the country. Road Transportation, communication, and electricity had a positive impact in development of the country. However the absence of economic resilience and the inability need to fill the technology gap and insufficient production of basic needs contributed to inequality and states’ disparities. Unique Contribution to theory, Practice and Policy: The study findings were aligned to the theory of infrastructure-led development, which states that public capital, in which infrastructure is included as necessary input in the production process, contributes to economic growth. The study recommended that South Sudan should adopt strategies and policies that will increase the quantity and quality of infrastructure development, as well as a capital formation strategy accompanied by human capital development and high institutional quality.

The social life of money for children.

Inspired by Nigel Dodd's The Social Life of Money, this article proposes an analysis of entangled economic lives, that is, how meaning, structures and politics jointly shape the flow of monies within households. The past decades have marked a shift from "childrearing expenditures" to "parenting investments" that align with new visions of both children and parents. The new social life of money for children revolves less around what Viviana Zelizer decades ago famously called "a priceless child," and more in support of human capital development of children and invested parenting identities. The new ideational schemas are scaffolded by financialization, an exploding parenting product industry, and an aloof state offloading provision for children onto individual parents. Leading entangled economic lives, parents engage in relational work in which they match the sacred child-parent bond with not only culturally appropriate but actually affordable monies for children, creating a new political economy of parenting.

대학의 사회·경제적 영향력 측정 방안 연구: H 대학 사례를 중심으로

Objectives This study was conducted to find a way to measure the social and economic impact of universities through a case studies of universities impact analysis. Methods We conducted a qualitative analysis of case studies and reviewed relevant literature from multiple universities. The proposed framework was tested and validated through its application to empirical data from H University. Results The social and economic impact of universities was categorized into four areas: economic contribution, human capital development, knowledge society advancement, and community engagement. These include both their role as economic entities and the value created through their primary functions—education, research, and community service. Analysis of 2023 data from H University revealed a monetary impact equivalent to 2.6 times its invested budget, highlighting its diverse societal contributions. Conclusions This study proposes and validates a framework for quantifying the social and economic impact of universities. The findings provide a foundational tool for evaluating university contributions and shaping future strategies.

Management 5.0: Technologies and tools for effective management of industrial enterprises

Subject. This article discusses the issues of formation of Industry 5.0. Objectives. The article aims to determine the specific features of Management 5.0 model and develop a system of indicators to assess the effectiveness of managers' activities in the context of the digital transformation of the industrial sector of the economy. Methods. For the study, we used a comparative analysis. Results. The article describes the key features of Management 5.0. Conclusions and Relevance. In the context of Industry 5.0, in order to assess the effectiveness of managers, it is necessary to take into account the level of digital maturity of the enterprise, the profitability of innovations, environmental sustainability, and the development of human capital in addition to economic indicators. The results of the study can be used when developing strategies for managing industrial enterprises in the context of digitalization of the economy.

Impact of Educational Policies and Reforms on Human Capital Development in Rwanda

Rwanda, a landlocked country in East Africa, has undergone remarkable transformation in the decades following the 1994 genocide against Tutsi. The investment made in the technology and education system is a means of fostering the development of human capital. Thus, recognizing the role of education in the achievement of human capital development, the country has undertaken significant education reforms and policy initiatives in recent years to improve the quality and accessibility of education across the country. Therefore, this study aimed at examining the extent to which educational policies and reforms contributed to human capital development. Conducted in 30 districts, the study employed a cross-sectional survey research design under an explanatory quantitative research approach to collect data from 310 teacher respondents. The data collected were analyzed using bivariate correlation and regression analyzes. The findings revealed a positive and significant relationship (p<0.05) between current educational policies and reforms on the development of human capital in Rwanda. Additionally, the linear regression model indicated that the implementation of the competency-based curriculum (CBC) (β= 0.207, p < 0.5), designed content in the CBC (β= 0.364, p < 0.05), the infrastructure and resources (β= 0.151, p < 0.05), and the provided teaching and learning materials (β= 0.113, p < 0.05) contributed significantly to human capital development in Rwanda. They contributed 35.6 % (Adjusted, R2 = 0.356, p < .05) of the variance. Recommendations include regular teacher training programs on innovative teaching approaches, ICT integration in teaching and learning, inclusive education, gender-responsive pedagogy, as well as planning activities that involve student engagement directly, such as diverse competitions in their respective subjects, and field visits. Received: 2 July 2024 | Revised: 19 November 2024 | Accepted: 14 January 2025 Conflicts of Interest The authors declare that they have no conflicts of interest to this work. Data Availability Statement The data that support this work are available upon reasonable request to the corresponding author. Author Contribution Statement Aimable Sibomana: Conceptualization, Methodology, Formal analysis. Louis Havugiyaremye: Conceptualization, writing - orginal draft. Emmanuel Bizimana: Formal analysis, Validation, Writing - review & editing. Pancras Ndokoye: Investigation, Resources, Project administration.

Tracing financial inclusion pathway to sustainable development: the criticality of population growth and energy intensity using a machine learning approach

PurposeDespite the criticality of financial inclusion, population growth and energy intensity in shaping production and consumption, economic and environmental sustainability, less attention has been directed to their collective and integrating role as pathways to sustainable development. This study therefore examines the critical link between financial inclusion and sustainable development in Nigeria, taking into account the role of population growth and energy intensity.Design/methodology/approachThe study employs the Kernelized regularized least squares (KRLS) machine learning approach and Granger causality test to investigate the pathways of financial inclusion, population growth and energy intensity on sustainable development.FindingsFinancial inclusion path to sustainable development is not statistically significant. This is because the potential of financial inclusion are eclipsed by broader economic problems Population growth and energy intensity have significant dampening effects on sustainable development. These results have broad ramifications for environmental sustainability and macroeconomic strategies to Nigeria’s quest for achieving sustainable development.Practical implicationsPolicies such as improvement of financial literacy and development of responsible financial behavior among the underserved populations can enhance the role of financial inclusion in sustainable development. Similarly, investment in education and human capital development, and adoption of renewable energy technologies can mitigate the effects of population growth and energy intensity.Originality/valueThe present study focuses on the pathway of financial inclusion to sustainable development, taking into account key variables of population growth and energy intensity.

Addressing Human Capital Development Challenges in Developing Countries Using an Interval-spherical Fuzzy Environment

This study evaluates and ranks the challenges of human capital development in developing countries based on their severity. Human capital development is crucial for economic growth, as acquiring knowledge, skills, and abilities plays a vital role in advancing these countries. However, various challenges impede the ability of developing countries to invest in human capital. Six key challenges were identified through a review of existing literature and expert insights. To analyse these challenges, the Stepwise Weight Assessment Ratio Analysis (SWARA) method within an interval-valued spherical fuzzy (IVSF) framework was utilized. The findings reveal that high unemployment, low literacy and education levels, and inadequate investment in skills development are the most significant challenges. Based on these results, the study offers actionable recommendations for governments seeking to enhance human capital development in these countries.