Salesperson human capital investment and heterogeneous export enterprises performance
Abstract
This paper aims to study the impact of salesperson human capital investment on the export performance of heterogeneous enterprises in China. To distinguish the different effects on the staff level and the management level, we define the human capital investment for the overall salespersons as human capital investment I and the human capital investment for the sales managers as human capital investment II, respectively measured by the salary of the ordinary salespersons and the ratio of expenses to sales. We find that human capital investment I has a significant positive effect on export performance, while human capital investment II shows a “positive U-shaped” relationship with export performance. Considering the heterogeneity of enterprise, the positive effect of human capital investment I is more significant than that of human capital investment II in enterprises with high R&D intensity. Moreover, with the improvement of technology intensity, both the promotion of human capital investment I and human capital investment II would generate greater influence on export performance.
Keyword : salesperson human capital investment, export performance, enterprise heterogeneity, business management, R&D intensity, technology intensity
How to Cite
Zhao, Y., Ruan, W., Jiang, Y., & Rao, J. (2018). Salesperson human capital investment and heterogeneous export enterprises performance. Journal of Business Economics and Management, 19(4), 609-629. https://doi.org/10.3846/jbem.2018.6267
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Barrio-Castro, T. D., López-Bazo, E., & Serrano-Domingo, G. (2002). New evidence on international R&D spillovers, human capital and productivity in OECD. Economics Letters, 77(1), 41-45. https://doi.org/10.1016/S0165-1765(02)00090-3
Becker, G. S. (1962). Investment in human capital: a theoretical analysis. Journal of Political Economy, 70(5), 9-49. https://doi.org/10.1086/258724
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Engel, D., & Procher, D. (2012). Export, FDI and firm productivity. Applied Economics, 44(15), 1931-1940. https://doi.org/10.1080/00036846.2011.556591
Georgiadis, A., & Pitelis, C. N. (2016). The impact of employees᾽ and managers᾽ training on the performance of small-and medium-sized enterprises: evidence from a randomized natural experiment in the UK service sector. British Journal of Industrial Relations, 54(2), 409-421. https://doi.org/10.1111/bjir.12094
Griffith, D. A., & Hoppner, J. J. (2013). Global marketing managers: improving global marketing strategy through soft skill development. International Marketing Review, 30(1), 21-41. https://doi.org/10.1108/02651331311298555
Hawes, J. M., Jr, D. W. J., Schlacter, J. L., & Wolfe, W. G. (1995). Selling and sales management in action examining the bases utilized for evaluating salespeoples᾽ performance. Journal of Personal Selling & Sales Management, 15(4), 57-65.
Helm, R., & Gritsch, S. (2014). Examining the influence of uncertainty on marketing mix strategy elements in emerging business to business export-markets. International Business Review, 23(2), 418-428. https://doi.org/10.1016/j.ibusrev.2013.06.007
Holland, S. B. (2017). Firm investment in human health capital. Journal of Corporate Finance, 46, 374-390. https://doi.org/10.1016/j.jcorpfin.2017.08.003
Kadochnikov, S. M., & Fedyunina, A. A. (2017). The impact of financial and human resources on the export performance of Russian firms. Economic Systems, 41(1), 41-51. https://doi.org/10.1016/j.ecosys.2016.11.001
Koh, A. C., & Robicheaux, R. A. (1988). Variations in export performance due to differences in export marketing strategy: implications for industrial marketers. Journal of Business Research, 17(3), 249-258. https://doi.org/10.1016/0148-2963(88)90057-4
Kozioł, L., Kozioł, W., Wojtowicz, A., & Pyrek, R. (2014). An outline of a compensation system based on human capital theory ☆. Procedia – Social and Behavioral Sciences, 148, 551-558. https://doi.org/10.1016/j.sbspro.2014.07.078
Kumar, A., & Kober, B. (2012). Urbanization, human capital, and cross-country productivity differences. Economics Letters, 117(1), 14-17. https://doi.org/10.1016/j.econlet.2012.04.072
Lagoa, S., & Suleman, F. (2016). Industry- and occupation-specific human capital: evidence from displaced workers. International Journal of Manpower, 37(1), 44-68. https://doi.org/10.1108/IJM-11-2013-0257
Leonidou, L. C., Katsikeas, C. S., & Samiee, S. (2004). Marketing strategy determinants of export performance: a meta-analysis. Journal of Business Research, 55(1), 51-67. https://doi.org/10.1016/S0148-2963(00)00133-8
Melitz, M. J. (2003). The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695-1725. https://doi.org/10.1111/1468-0262.00467
Miller, S. M., & Upadhyay, M. P. (2000). The effects of openness, trade orientation, and human capital on total factor productivity. Journal of Development Economics, 63(2), 399-423. https://doi.org/10.1016/S0304-3878(00)00112-7
Morgan, N. A., Katsikeas, C. S., & Vorhies, D. W. (2012). Export marketing strategy implementation, export marketing capabilities, and export venture performance. Journal of the Academy of Marketing Science, 40(2), 271-289. https://doi.org/10.1007/s11747-011-0275-0
Munch, J. R., & Skaksen, J. R. (2008). Human capital and wages in exporting firms. Journal of International Economics, 75(2), 363-372. https://doi.org/10.1016/j.jinteco.2008.02.006
Olley, G. S., & Pakes, A. (1992). The dynamics of productivity in the telecommunications equipment industry. Econometrica, 64(6), 1263-1297. https://doi.org/10.2307/2171831
Olson, E. M., Slater, S. F., Hult, G. T. M., & Kai, M. O. (2018). The application of human resource management policies within the marketing organization: the impact on business and marketing strategy implementation. Industrial Marketing Management, 69, 62-73. https://doi.org/10.1016/j.indmarman.2018.01.029
Onkelinx, J., Manolova, T. S., & Edelman, L. F. (2016). The human factor: investments in employee human capital, productivity, and SME internationalization. Journal of International Management, 22(4), 351-364. https://doi.org/10.1016/j.intman.2016.05.002
Pastore, F. (2013). Productivity, investment in human capital and the challenge of youth employment. Journal of Education Policy, 28(3), 404-405. https://doi.org/10.1080/02680939.2012.724601
Rialp-Criado, A., & Rialp-Criado, J. (2018). Examining the impact of managerial involvement with social media on exporting firm performance. International Business Review, 27(2), 355-366. https://doi.org/10.1016/j.ibusrev.2017.09.003
Ricci, L. A., & Trionfetti, F. (2012). Productivity, networks, and export performance: evidence from a cross-country firm dataset. Review of International Economics, 20(3), 552-562. https://doi.org/10.1111/j.1467-9396.2012.01038.x
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Ruzo, E., Losada, F., Navarro, A., & Díez, J. A. (2011). Resources and international marketing strategy in export firms: implications for export performance. Management Research Review, 34(5), 496-518. https://doi.org/10.1108/01409171111128698
Schmid, S., & Altfeld, F. (2018). International work experience and compensation: is more always better for CFOs? European Management Journal, 36(4), 530-543. https://doi.org/10.1016/j.emj.2017.11.001
Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1-17.
Slaughter, S. A., Ang, S., & Boh, W. F. (2007). Firm-specific human capital and compensation organizational tenure profiles: an archival analysis of salary data for it. Human Resource Management, 46(3), 373-394. https://doi.org/10.1002/hrm.20169
Söderling, L. (2000). Dynamics of export performance, productivity and real effective exchange rate in manufacturing: the case of Cameroon. Journal of African Economies, 9(4), 411-429. https://doi.org/10.1093/jae/9.4.411
Sousa, C. M., Ruzo, E., & Losada, F. (2010). The key role of managers᾽ values in exporting: influence on customer responsiveness and export performance. Journal of International Marketing, 18(2), 1-19. https://doi.org/10.1509/jimk.18.2.1
Sullivan, P. (2010). Empirical evidence on occupation and industry specific human capital. Labour Economics, 17(3), 567-580. https://doi.org/10.1016/j.labeco.2009.11.003
Toole, A. A., & Czarnitzki, D. (2009). Exploring the relationship between scientist human capital and firm performance: the case of biomedical academic entrepreneurs in the SBIR program. Management Science, 55(1), 101-114. https://doi.org/10.1287/mnsc.1080.0913
Turner, C., Tamura, R., & Mulholland, S. E. (2013). How important are human capital, physical capital and total factor productivity for determining state economic growth in the United States, 1840–2000? Journal of Economic Growth, 18(4), 319-371. https://doi.org/10.1007/s10887-013-9090-4
Volonté, C., & Gantenbein, P. (2016). Directors’ human capital, firm strategy, and firm performance. Journal of Management & Governance, 20(1), 115-145. https://doi.org/10.1007/s10997-014-9304-y
Wang, Y., & Yao, Y. (2003). Sources of China᾽s economic growth 1952–1999: incorporating human capital accumulation. China Economic Review, 14(1), 32-52. https://doi.org/10.1016/S1043-951X(02)00084-6
Yalcinkaya, G., Calantone, R. J., & Griffith, D. A. (2007). An examination of exploration and exploitation capabilities: implications for product innovation and market performance. Journal of International Marketing, 15(4), 63-93. https://doi.org/10.1509/jimk.15.4.63
Yang, C. H., & Chen, Y. H. (2012). R&D, productivity, and exports: plant-level evidence from Indonesia. Economic Modelling, 29(2), 208-216. https://doi.org/10.1016/j.econmod.2011.09.006
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Aw, B. Y., & Hwang, A. R. M. (1995). Productivity and the export market: a firm-level analysis. Journal of Development Economics, 47(2), 313-332. https://doi.org/10.1016/0304-3878(94)00062-H
Axinn, C. N. (1988). Export performance: do managerial perceptions make a difference? International Marketing Review, 5(2), 61-71. https://doi.org/10.1108/eb008353
Babakus, E., Cravens, D. W., Grant, K., Ingram, T. N., & Laforge, R. W. (1996). Investigating the relationships among sales, management control, sales territory design, salesperson performance, and sales organization effectiveness. International Journal of Research in Marketing, 13(4), 345-363. https://doi.org/10.1016/S0167-8116(96)00016-X
Ballot, G., Fakhfakh, F., & Taymaz, E. (2001). Firms᾽ human capital, R&D and performance: a study on French and Swedish firms. Labour Economics, 8(4), 443-462. https://doi.org/10.1016/S0927-5371(01)00038-0
Bapna, R., Langer, N., Mehra, A., Gopal, R., & Gupta, A. (2013). Human capital investments and employee performance: an analysis of it services industry. Management Science, 59(3), 641-658. https://doi.org/10.1287/mnsc.1120.1586
Barrio-Castro, T. D., López-Bazo, E., & Serrano-Domingo, G. (2002). New evidence on international R&D spillovers, human capital and productivity in OECD. Economics Letters, 77(1), 41-45. https://doi.org/10.1016/S0165-1765(02)00090-3
Becker, G. S. (1962). Investment in human capital: a theoretical analysis. Journal of Political Economy, 70(5), 9-49. https://doi.org/10.1086/258724
Black, S. E., & Lynch, L. M. (1996). Human-capital investments and productivity. The American Economic Review, 86(2), 263-267.
Blundell, R., Dearden, L., Meghir, C., & Sianesi, B. (1999). Human capital investment: the returns from education and training to the individual, the firm and the economy. Fiscal Studies, 20(1), 1-23. https://doi.org/10.1111/j.1475-5890.1999.tb00001.x
Bowlus, A. J., & Robinson, C. (2012). Human capital prices, productivity, and growth. The American Economic Review, 102(7), 3483-3515. https://doi.org/10.1257/aer.102.7.3483
Caselli, M. (2014). Trade, skill-biased technical change and wages in Mexican manufacturing. Applied Economics, 46(3), 336-348. https://doi.org/10.1080/00036846.2013.848033
Cavusgil, S. T., & Zou, S. (1994). Marketing strategy-performance relationship: an investigation of the empirical link in export market ventures. The Journal of Marketing, 58(1), 1-21. https://doi.org/10.2307/1252247
Chang, C. F., Wang, P., & Liu, J. T. (2016). Knowledge spillovers, human capital and productivity. Journal of Macroeconomics, 47, 214-232. https://doi.org/10.1016/j.jmacro.2015.11.003
Chng, D. H. M., Shih, E., Rodgers, M. S., & Song, X. B. (2015). Managers’ marketing strategy decision making during performance decline and the moderating influence of incentive pay. Journal of the Academy of Marketing Science, 43(5), 629-647. https://doi.org/10.1007/s11747-014-0401-x
Contractor, F. J., & Mudambi, S. M. (2008). The influence of human capital investment on the exports of services and goods: an analysis of the top 25 services outsourcing countries. Management International Review, 48(4), 433-445. https://doi.org/10.1007/s11575-008-0025-9
Crook, T. R., Todd, S. Y., Combs, J. G., Woehr, D. J., & Ketchen, J. D. J. (2011). Does human capital matter? A meta-analysis of the relationship between human capital and firm performance. Journal of Applied Psychology, 96(3), 443-456. https://doi.org/10.1037/a0022147
Delgado, M. A., Farinas, J. C., & Ruano, S. (2002). Firm productivity and export markets: a non-parametric approach. Journal of International Economics, 57(2), 397-422. https://doi.org/10.1016/S0022-1996(01)00154-4
Demmel, M. C., Máñez, J. A., Rochina-Barrachina, M. E., & Sanchis-Llopis, J. A. (2017). Product and process innovation and total factor productivity: evidence for manufacturing in four Latin American countries. Review of Development Economics, 21(4), 1341-1363. https://doi.org/10.1111/rode.12323
Engel, D., & Procher, D. (2012). Export, FDI and firm productivity. Applied Economics, 44(15), 1931-1940. https://doi.org/10.1080/00036846.2011.556591
Georgiadis, A., & Pitelis, C. N. (2016). The impact of employees᾽ and managers᾽ training on the performance of small-and medium-sized enterprises: evidence from a randomized natural experiment in the UK service sector. British Journal of Industrial Relations, 54(2), 409-421. https://doi.org/10.1111/bjir.12094
Griffith, D. A., & Hoppner, J. J. (2013). Global marketing managers: improving global marketing strategy through soft skill development. International Marketing Review, 30(1), 21-41. https://doi.org/10.1108/02651331311298555
Hawes, J. M., Jr, D. W. J., Schlacter, J. L., & Wolfe, W. G. (1995). Selling and sales management in action examining the bases utilized for evaluating salespeoples᾽ performance. Journal of Personal Selling & Sales Management, 15(4), 57-65.
Helm, R., & Gritsch, S. (2014). Examining the influence of uncertainty on marketing mix strategy elements in emerging business to business export-markets. International Business Review, 23(2), 418-428. https://doi.org/10.1016/j.ibusrev.2013.06.007
Holland, S. B. (2017). Firm investment in human health capital. Journal of Corporate Finance, 46, 374-390. https://doi.org/10.1016/j.jcorpfin.2017.08.003
Kadochnikov, S. M., & Fedyunina, A. A. (2017). The impact of financial and human resources on the export performance of Russian firms. Economic Systems, 41(1), 41-51. https://doi.org/10.1016/j.ecosys.2016.11.001
Koh, A. C., & Robicheaux, R. A. (1988). Variations in export performance due to differences in export marketing strategy: implications for industrial marketers. Journal of Business Research, 17(3), 249-258. https://doi.org/10.1016/0148-2963(88)90057-4
Kozioł, L., Kozioł, W., Wojtowicz, A., & Pyrek, R. (2014). An outline of a compensation system based on human capital theory ☆. Procedia – Social and Behavioral Sciences, 148, 551-558. https://doi.org/10.1016/j.sbspro.2014.07.078
Kumar, A., & Kober, B. (2012). Urbanization, human capital, and cross-country productivity differences. Economics Letters, 117(1), 14-17. https://doi.org/10.1016/j.econlet.2012.04.072
Lagoa, S., & Suleman, F. (2016). Industry- and occupation-specific human capital: evidence from displaced workers. International Journal of Manpower, 37(1), 44-68. https://doi.org/10.1108/IJM-11-2013-0257
Leonidou, L. C., Katsikeas, C. S., & Samiee, S. (2004). Marketing strategy determinants of export performance: a meta-analysis. Journal of Business Research, 55(1), 51-67. https://doi.org/10.1016/S0148-2963(00)00133-8
Melitz, M. J. (2003). The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695-1725. https://doi.org/10.1111/1468-0262.00467
Miller, S. M., & Upadhyay, M. P. (2000). The effects of openness, trade orientation, and human capital on total factor productivity. Journal of Development Economics, 63(2), 399-423. https://doi.org/10.1016/S0304-3878(00)00112-7
Morgan, N. A., Katsikeas, C. S., & Vorhies, D. W. (2012). Export marketing strategy implementation, export marketing capabilities, and export venture performance. Journal of the Academy of Marketing Science, 40(2), 271-289. https://doi.org/10.1007/s11747-011-0275-0
Munch, J. R., & Skaksen, J. R. (2008). Human capital and wages in exporting firms. Journal of International Economics, 75(2), 363-372. https://doi.org/10.1016/j.jinteco.2008.02.006
Olley, G. S., & Pakes, A. (1992). The dynamics of productivity in the telecommunications equipment industry. Econometrica, 64(6), 1263-1297. https://doi.org/10.2307/2171831
Olson, E. M., Slater, S. F., Hult, G. T. M., & Kai, M. O. (2018). The application of human resource management policies within the marketing organization: the impact on business and marketing strategy implementation. Industrial Marketing Management, 69, 62-73. https://doi.org/10.1016/j.indmarman.2018.01.029
Onkelinx, J., Manolova, T. S., & Edelman, L. F. (2016). The human factor: investments in employee human capital, productivity, and SME internationalization. Journal of International Management, 22(4), 351-364. https://doi.org/10.1016/j.intman.2016.05.002
Pastore, F. (2013). Productivity, investment in human capital and the challenge of youth employment. Journal of Education Policy, 28(3), 404-405. https://doi.org/10.1080/02680939.2012.724601
Rialp-Criado, A., & Rialp-Criado, J. (2018). Examining the impact of managerial involvement with social media on exporting firm performance. International Business Review, 27(2), 355-366. https://doi.org/10.1016/j.ibusrev.2017.09.003
Ricci, L. A., & Trionfetti, F. (2012). Productivity, networks, and export performance: evidence from a cross-country firm dataset. Review of International Economics, 20(3), 552-562. https://doi.org/10.1111/j.1467-9396.2012.01038.x
Rodrigue, J. (2014). Multinational production, exports and aggregate productivity. Review of Economic Dynamics, 17(2), 243-261. https://doi.org/10.1016/j.red.2013.08.002
Ruzo, E., Losada, F., Navarro, A., & Díez, J. A. (2011). Resources and international marketing strategy in export firms: implications for export performance. Management Research Review, 34(5), 496-518. https://doi.org/10.1108/01409171111128698
Schmid, S., & Altfeld, F. (2018). International work experience and compensation: is more always better for CFOs? European Management Journal, 36(4), 530-543. https://doi.org/10.1016/j.emj.2017.11.001
Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1-17.
Slaughter, S. A., Ang, S., & Boh, W. F. (2007). Firm-specific human capital and compensation organizational tenure profiles: an archival analysis of salary data for it. Human Resource Management, 46(3), 373-394. https://doi.org/10.1002/hrm.20169
Söderling, L. (2000). Dynamics of export performance, productivity and real effective exchange rate in manufacturing: the case of Cameroon. Journal of African Economies, 9(4), 411-429. https://doi.org/10.1093/jae/9.4.411
Sousa, C. M., Ruzo, E., & Losada, F. (2010). The key role of managers᾽ values in exporting: influence on customer responsiveness and export performance. Journal of International Marketing, 18(2), 1-19. https://doi.org/10.1509/jimk.18.2.1
Sullivan, P. (2010). Empirical evidence on occupation and industry specific human capital. Labour Economics, 17(3), 567-580. https://doi.org/10.1016/j.labeco.2009.11.003
Toole, A. A., & Czarnitzki, D. (2009). Exploring the relationship between scientist human capital and firm performance: the case of biomedical academic entrepreneurs in the SBIR program. Management Science, 55(1), 101-114. https://doi.org/10.1287/mnsc.1080.0913
Turner, C., Tamura, R., & Mulholland, S. E. (2013). How important are human capital, physical capital and total factor productivity for determining state economic growth in the United States, 1840–2000? Journal of Economic Growth, 18(4), 319-371. https://doi.org/10.1007/s10887-013-9090-4
Volonté, C., & Gantenbein, P. (2016). Directors’ human capital, firm strategy, and firm performance. Journal of Management & Governance, 20(1), 115-145. https://doi.org/10.1007/s10997-014-9304-y
Wang, Y., & Yao, Y. (2003). Sources of China᾽s economic growth 1952–1999: incorporating human capital accumulation. China Economic Review, 14(1), 32-52. https://doi.org/10.1016/S1043-951X(02)00084-6
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