{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/29535"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/29535","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Market valuation of firm investments in training and human capital management","abstract":"The relationship between a firm’s human capital management and its performance is a topic of growing interest in recent years. With the increasing role of technology and the rapid innovations in many industries, having highly skilled and knowledgeable employees is often necessary for success. Firms make these investments in training and education, along with implementing various policies regarding employee involvement, improvement, satisfaction, and retention with the expectation that they will result in positive economic performance. This dissertation examines the economic value to firms of investing in the training of their employees. The primary research questions are: (1) whether firms benefit, financially, from investments in training and human capital, and (2) if firms do benefit, what are the firm-level factors that affect how much they benefit? This dissertation contributes to the growing management literature on human capital by providing empirical tests that firm investments in human capital have a positive impact on economic performance, and by identifying firm-level factors that are complementary to these human capital investments. To conduct these empirical tests, I first use event study methodology to obtain a measure of the economic impact of information regarding a firm’s human capital management investments and policies. Subsequent regression analyses are then used to test hypotheses regarding possible complementary relationships between firm-level factors and its human capital investments. Results of the event study provide robust support that training matters; significant abnormal returns are found at appropriate event windows for investments in human capital. Subsequent analysis of the abnormal returns offers some but not unqualified support for the complementarity of investments in advertising, physical capital, and R&D as explaining the return to human capital.","abstract_html":"The relationship between a firm’s human capital management and its performance is a topic of growing interest in recent years. With the increasing role of technology and the rapid innovations in many industries, having highly skilled and knowledgeable employees is often necessary for success. Firms make these investments in training and education, along with implementing various policies regarding employee involvement, improvement, satisfaction, and retention with the expectation that they will result in positive economic performance. This dissertation examines the economic value to firms of investing in the training of their employees. The primary research questions are: (1) whether firms benefit, financially, from investments in training and human capital, and (2) if firms do benefit, what are the firm-level factors that affect how much they benefit? This dissertation contributes to the growing management literature on human capital by providing empirical tests that firm investments in human capital have a positive impact on economic performance, and by identifying firm-level factors that are complementary to these human capital investments. To conduct these empirical tests, I first use event study methodology to obtain a measure of the economic impact of information regarding a firm’s human capital management investments and policies. Subsequent regression analyses are then used to test hypotheses regarding possible complementary relationships between firm-level factors and its human capital investments. Results of the event study provide robust support that training matters; significant abnormal returns are found at appropriate event windows for investments in human capital. Subsequent analysis of the abnormal returns offers some but not unqualified support for the complementarity of investments in advertising, physical capital, and R&D as explaining the return to human capital.","abstract_has_math":false,"creators":["Riley, Shawn M."],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Business Administration","degree_department":null,"school":null,"contributors":["Michael, Steven C.","Mahoney, Joseph T.","Miller, Douglas J.","Vaaler, Paul M."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2012,"date_issued":"2012-02-01T00:54:23Z","date_published":"2012-02-01T00:54:23Z","updated_at":"2026-07-22T22:25:27Z","subjects":["training","Human Capital","event study","abnormal returns","financial performance","strategic assets","complementarity"],"languages":["en"],"rights":["Copyright 2011 Shawn M. Riley"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/2142/29535","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Michael, Steven C.","Mahoney, Joseph T.","Miller, Douglas J.","Vaaler, Paul M."]},{"key":"dc:creator","label":"Author","values":["Riley, Shawn M."]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2012-02-01T00:54:23Z","2014-02-01T11:00:22Z","2011-12"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Business Administration"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["training","Human Capital","event study","abnormal returns","financial performance","strategic assets","complementarity"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2011 Shawn M. Riley"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/29535"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["The relationship between a firm’s human capital management and its performance is a topic of growing interest in recent years. With the increasing role of technology and the rapid innovations in many industries, having highly skilled and knowledgeable employees is often necessary for success. Firms make these investments in training and education, along with implementing various policies regarding employee involvement, improvement, satisfaction, and retention with the expectation that they will result in positive economic performance. This dissertation examines the economic value to firms of investing in the training of their employees. The primary research questions are: (1) whether firms benefit, financially, from investments in training and human capital, and (2) if firms do benefit, what are the firm-level factors that affect how much they benefit? This dissertation contributes to the growing management literature on human capital by providing empirical tests that firm investments in human capital have a positive impact on economic performance, and by identifying firm-level factors that are complementary to these human capital investments. To conduct these empirical tests, I first use event study methodology to obtain a measure of the economic impact of information regarding a firm’s human capital management investments and policies. Subsequent regression analyses are then used to test hypotheses regarding possible complementary relationships between firm-level factors and its human capital investments. Results of the event study provide robust support that training matters; significant abnormal returns are found at appropriate event windows for investments in human capital. Subsequent analysis of the abnormal returns offers some but not unqualified support for the complementarity of investments in advertising, physical capital, and R&D as explaining the return to human capital.","Item withdrawn by Mark Zulauf (zulauf@illinois.edu) on 2011-08-16T18:22:03Z Item was in collections: University of Illinois Theses & Dissertations (ID: 1) No. of bitstreams: 1 Riley_Shawn.pdf: 562163 bytes, checksum: 967746a4c8c25c5255211544de0335d5 (MD5)","Made available in DSpace on 2012-02-01T00:54:23Z (GMT). No. of bitstreams: 2 Riley_Shawn.pdf: 567307 bytes, checksum: 41e3193c242736dfff63ce2650501a4b (MD5) license.txt: 4061 bytes, checksum: 284667826cb15f89ae3bc3b505448895 (MD5)","Item marked as restricted to the 'Administrator' Group (id=1) by William Ingram (wingram2@illinois.edu) on 2012-02-01T00:57:05Z Item is restricted until 2014-02-01T00:56:58Z","Item reinstated by Sarah Shreeves (sshreeve@illinois.edu) on 2014-02-01T11:00:22Z Item was in collections: Dissertations and Theses - Business Administration (ID: 677) Graduate Theses and Dissertations at Illinois (ID: 204) No. of bitstreams: 2 Riley_Shawn.pdf: 567307 bytes, checksum: 41e3193c242736dfff63ce2650501a4b (MD5) license.txt: 4061 bytes, checksum: 284667826cb15f89ae3bc3b505448895 (MD5)","Item released from any restrictions by Sarah Shreeves (sshreeve@illinois.edu) on 2014-02-01T11:00:22Z"]},{"key":"dc:title","label":"Title","values":["Market valuation of firm investments in training and human capital management"]}]}],"canonical_facts":{"dc:contributor":["Michael, Steven C.","Mahoney, Joseph T.","Miller, Douglas J.","Vaaler, Paul M."],"dc:creator":["Riley, Shawn M."],"dc:date":["2012-02-01T00:54:23Z","2014-02-01T11:00:22Z","2011-12"],"dc:description":["The relationship between a firm’s human capital management and its performance is a topic of growing interest in recent years. With the increasing role of technology and the rapid innovations in many industries, having highly skilled and knowledgeable employees is often necessary for success. Firms make these investments in training and education, along with implementing various policies regarding employee involvement, improvement, satisfaction, and retention with the expectation that they will result in positive economic performance. This dissertation examines the economic value to firms of investing in the training of their employees. The primary research questions are: (1) whether firms benefit, financially, from investments in training and human capital, and (2) if firms do benefit, what are the firm-level factors that affect how much they benefit? This dissertation contributes to the growing management literature on human capital by providing empirical tests that firm investments in human capital have a positive impact on economic performance, and by identifying firm-level factors that are complementary to these human capital investments. To conduct these empirical tests, I first use event study methodology to obtain a measure of the economic impact of information regarding a firm’s human capital management investments and policies. Subsequent regression analyses are then used to test hypotheses regarding possible complementary relationships between firm-level factors and its human capital investments. Results of the event study provide robust support that training matters; significant abnormal returns are found at appropriate event windows for investments in human capital. Subsequent analysis of the abnormal returns offers some but not unqualified support for the complementarity of investments in advertising, physical capital, and R&D as explaining the return to human capital.","Item withdrawn by Mark Zulauf (zulauf@illinois.edu) on 2011-08-16T18:22:03Z Item was in collections: University of Illinois Theses & Dissertations (ID: 1) No. of bitstreams: 1 Riley_Shawn.pdf: 562163 bytes, checksum: 967746a4c8c25c5255211544de0335d5 (MD5)","Made available in DSpace on 2012-02-01T00:54:23Z (GMT). No. of bitstreams: 2 Riley_Shawn.pdf: 567307 bytes, checksum: 41e3193c242736dfff63ce2650501a4b (MD5) license.txt: 4061 bytes, checksum: 284667826cb15f89ae3bc3b505448895 (MD5)","Item marked as restricted to the 'Administrator' Group (id=1) by William Ingram (wingram2@illinois.edu) on 2012-02-01T00:57:05Z Item is restricted until 2014-02-01T00:56:58Z","Item reinstated by Sarah Shreeves (sshreeve@illinois.edu) on 2014-02-01T11:00:22Z Item was in collections: Dissertations and Theses - Business Administration (ID: 677) Graduate Theses and Dissertations at Illinois (ID: 204) No. of bitstreams: 2 Riley_Shawn.pdf: 567307 bytes, checksum: 41e3193c242736dfff63ce2650501a4b (MD5) license.txt: 4061 bytes, checksum: 284667826cb15f89ae3bc3b505448895 (MD5)","Item released from any restrictions by Sarah Shreeves (sshreeve@illinois.edu) on 2014-02-01T11:00:22Z"],"dc:identifier":["http://hdl.handle.net/2142/29535"],"dc:language":["en"],"dc:rights":["Copyright 2011 Shawn M. Riley"],"dc:subject":["training","Human Capital","event study","abnormal returns","financial performance","strategic assets","complementarity"],"dc:title":["Market valuation of firm investments in training and human capital management"],"thesis:degree_discipline":["Business Administration"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:27Z"}