Skip to main content

Human Capital and the Returns to Stakeholder Relations

  • Chapter
  • First Online:
The Financial Ecosystem


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.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

USD 16.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 129.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions


  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.


Download references

Author information

Authors and Affiliations


Corresponding author

Correspondence to Satyajit Bose .

Rights and permissions

Reprints and permissions

Copyright information

© 2019 The Author(s)

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

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.

Download citation

  • DOI:

  • Published:

  • 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)

Publish with us

Policies and ethics