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The Impact of Human Capital Cost on Gross Domestic Product (GDP) in Nigeria

Author

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  • Sunday O. Effiok
  • Arzizeh Tiesieh Tapang
  • Okon E. Eton

Abstract

This study aimed at determining the extent to which human capital cost influences gross domestic product in Nigeria. Hitherto, human resource was treated as expenses and written off in profit and loss account. No recognition was given to the skills of labour in human resource accounting and recently in intellectual capital. The research adopted a survey design for the study. The data collected were tabulated and analyzed using the Ordinary Least Square (OLS). The study revealed that human capital costs mirrored by acquisition, development, remuneration and protection costs do affect significantly gross domestic product in Nigeria. The study recommended that there is urgent need for the installation and maintenance of total quality management in Nigeria to enable it remains competitive in the global market. This is because employee¡¯s education, training and development are the key vehicle for building the economy and employee¡¯s capabilities. Finally, government should try to understand and appreciate the value of human capital as it is the most important determinant of it success.

Suggested Citation

  • Sunday O. Effiok & Arzizeh Tiesieh Tapang & Okon E. Eton, 2012. "The Impact of Human Capital Cost on Gross Domestic Product (GDP) in Nigeria," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 3(4), pages 116-126, October.
    • Handle: RePEc:jfr:ijfr11:v:3:y:2012:i:4:p:116-126
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    References listed on IDEAS

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    1. Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, vol. 22(2), pages 233-261, October.
    2. John Paul Macduffie, 1995. "Human Resource Bundles and Manufacturing Performance: Organizational Logic and Flexible Production Systems in the World Auto Industry," ILR Review, Cornell University, ILR School, vol. 48(2), pages 197-221, January.
    3. Williamson, Oliver E, 1981. "The Modern Corporation: Origins, Evolution, Attributes," Journal of Economic Literature, American Economic Association, vol. 19(4), pages 1537-1568, December.
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    Cited by:

    1. Tasawar Nawaz, 2019. "Exploring the Nexus Between Human Capital, Corporate Governance and Performance: Evidence from Islamic Banks," Journal of Business Ethics, Springer, vol. 157(2), pages 567-587, June.
    2. Charles E. Bryant & Rajshekhar G. Javalgi, 2016. "Global Economic Integration in Developing Countries: The Role of Corruption and Human Capital Investment," Journal of Business Ethics, Springer, vol. 136(3), pages 437-450, July.

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