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Human Capital and the Returns to Stakeholder Relations

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The Financial Ecosystem

Abstract

We outline the development of the economic view of human capital as an asset, rather than as a cost, and describe the foundations of related valuation methods. We summarize the literature on the relationship between good human capital management practices and financial return. We link the recognition of this relationship to investor efforts to collaborate with civil society, labor unions, and regulators to improve disclosure and raise standards around working conditions and human capital management.

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Notes

  1. 1.

    Labor resources consisted of slaves, villeins, bordars, cottars, coscets, and coliberts.

  2. 2.

    More precisely, the strategy earned a four-factor alpha of 3.5%, after accounting for the four Carhart risk factors: market beta, size, value, and momentum (Carhart, 1997).

  3. 3.

    KLD has since been acquired by MSCI.

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Correspondence to Satyajit Bose .

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Bose, S., Dong, G., Simpson, A. (2019). Human Capital and the Returns to Stakeholder Relations. In: The Financial Ecosystem. Palgrave Studies in Impact Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-05624-7_8

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  • DOI: https://doi.org/10.1007/978-3-030-05624-7_8

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-05623-0

  • Online ISBN: 978-3-030-05624-7

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

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