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Industry uncertainty and the profitability returns to human capital in SMEs
The Journal of the New Economic Association. 2027. No. 3. P. 1–27.
In press
This study examines how industry uncertainty moderates the relationship between human capital (HC) and profitability in Russian SMEs. Using hierarchical linear modeling on data from 2013–2023, the analysis reveals that the HC–profitability link varies significantly across industries depending on their dynamism and heterogeneity. Investments in personnel enhance profitability in stable sectors but show diminishing returns in high-turnover industries with rapid skill obsolescence. Human capital efficiency (HCE) demonstrates consistent positive effects across all sectors, though industry heterogeneity weakens this relationship due to barriers in knowledge transfer. The findings position human capital as a critical adaptive resource within dynamic capability theory and provide practical insights for optimizing workforce strategies in volatile economic environments.This study examines how industry uncertainty moderates the relationship between human capital (HC) and profitability in Russian SMEs. Using hierarchical linear modeling on data from 2013–2023, the analysis reveals that the HC–profitability link varies significantly across industries depending on their dynamism and heterogeneity. Investments in personnel enhance profitability in stable sectors but show diminishing returns in high-turnover industries with rapid skill obsolescence. Human capital efficiency (HCE) demonstrates consistent positive effects across all sectors, though industry heterogeneity weakens this relationship due to barriers in knowledge transfer. The findings position human capital as a critical adaptive resource within dynamic capability theory and provide practical insights for optimizing workforce strategies in volatile economic environments.
Research target:
Economics and Management
Language:
English
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