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How higher education affects corporate human capital investment: Based on Upper Echelons Theory

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  • Wu, Limeng
  • Fang, Jing

Abstract

This study uses listed companies from China's Shanghai and Shenzhen stock markets to examine how the level of higher education attained by corporate executives affects the company's human capital investment, based on Upper Echelons Theory. The findings suggest a positive correlation: higher education levels among executives lead to increased investment in human capital. Further analysis reveals that this effect is most pronounced in large-scale and non-state-owned enterprises, suggesting that the benefits of higher education on human capital investment are facilitated by the company's scale and institutional flexibility.

Suggested Citation

  • Wu, Limeng & Fang, Jing, 2024. "How higher education affects corporate human capital investment: Based on Upper Echelons Theory," Finance Research Letters, Elsevier, vol. 69(PA).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324010493
    DOI: 10.1016/j.frl.2024.106019
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