Capital humano e valor de mercado das firmas: uma análise empírica multipaíses entre 2000 e 2020

Abstract

The present study aims to examine the relationship between countrie’s human capital and firm’s market value, measured by the total annual market capitalization. To this end, a panel dataset covering 84 countries from 2000 to 2020 was used. According to growth theory, human capital should be a valuable resource for firms to produce and achieve financial progress. Consistent with this view, a positive relationship between human capital and market value was found, except for low-income countries. In addition to this analysis, we also test whether human capital is affected by market size, and whether human capital reduces current and future volatility. The results for these latter tests showed limited explanatory power, although they provided partial validation. The findings for the former test were ambiguous.