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Human capital, innovation and productivity in Colombian enterprises: a structural approach using instrumental variables

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  • Simón Ramírez
  • Juan Gallego
  • Mery Tamayo

Abstract

In this paper we explore the R&D–innovation–productivity linkage for the Colombian manufacturing industry, paying special attention to the role of human capital. Using data from two firm-level surveys, the Survey of Development and Technological Innovation (EDIT) and the Annual Manufacturing Survey (EAM), we extend the model of Crépon, Duguet, and Mairesse [1998. ‘Research, Innovation and Productivity: An Econometric Analysis at the Firm Level.’ Economics of Innovation and New Technology 7 (2): 115–158] (hereafter CDM) by including human capital at the investment decision stage. We implement an instrumental variable methodology to correct the potential endogeneity that may arise with the inclusion of human capital. Our results suggest that human capital has a causal effect on research and development (R&D) investment decisions, the innovation behavior of the firm, and increases the labor productivity of the firm. The conclusions highlight the relevance of human capital in the surrounding literature which stands in contrast to prior work that has not included this variable.

Suggested Citation

  • Simón Ramírez & Juan Gallego & Mery Tamayo, 2020. "Human capital, innovation and productivity in Colombian enterprises: a structural approach using instrumental variables," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 29(6), pages 625-642, August.
    • Handle: RePEc:taf:ecinnt:v:29:y:2020:i:6:p:625-642
    DOI: 10.1080/10438599.2019.1664700
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    Cited by:

    1. Huang, Wei-Qiang & Liu, Peipei & Zhu, Yao-Long, 2025. "International extreme sovereign risk connectedness: Network structure and roles," The North American Journal of Economics and Finance, Elsevier, vol. 76(C).
    2. Ugur, Mehment & Vivarelli, Marco, 2020. "The role of innovation in industrial dynamics and productivity growth: a survey of the literature," GLO Discussion Paper Series 648, Global Labor Organization (GLO).
    3. Zhou, Zhongsheng & Zhang, Jingyao, 2025. "Manufacturing enterprise digital transformation, financial flexibility, and financial risk—Evidence from China," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    4. Mehmet Ugur & Marco Vivarelli, 2021. "Innovation, firm survival and productivity: the state of the art," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 30(5), pages 433-467, July.
    5. Jacques Mairesse & Pierre Mohnen & Ad Notten, 2025. "Innovation and productivity: the recent empirical literature and the state of the art," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 15(1), pages 1-27, March.
    6. Cui, Zhuqing & Diwu, Simin, 2024. "Human capital upgrading and enterprise innovation efficiency," Finance Research Letters, Elsevier, vol. 65(C).
    7. Long Xu & Yunsheng Zhou & Liang Chen, 2024. "Digital Transformation and Breakthrough Innovation in Chinese Manufacturing Firms: Based on Ability-Motivation-Opportunity (AMO) Framework of Human Capital," SAGE Open, , vol. 14(3), pages 21582440241, July.
    8. Mehmet Ugur & Marco Vivarelli, 2020. "Technology, industrial dynamics and productivity: a critical survey," DISCE - Working Papers del Dipartimento di Politica Economica dipe0011, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    9. Zhou, Zhongsheng & Zhang, Jingyao & He, Chao, 2025. "Manufacturing enterprise digital transformation, manager cognition, and strategic Risk-Taking—Evidence from China," International Review of Economics & Finance, Elsevier, vol. 98(C).
    10. Marco Túlio Dinali Viglioni & Mozar José Brito & Cristina Lelis Leal Calegario, 2020. "Innovation and R&D in Latin America and the Caribbean countries: a systematic literature review," Scientometrics, Springer;Akadémiai Kiadó, vol. 125(3), pages 2131-2167, December.

    More about this item

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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