Human capital, ownership, and performance: Evidence from China's transportation equipment industry

Research on the importance of human capital on firm performance has largely been premised on the resource based theory. Our study examines the relationship primarily from the resource management theory by emphasizing human capital management and investment. More importantly, we argue that the relationship is differentially moderated by ownership structure due to differences in their institutional constraints. We tested our arguments using a large sample of domestic and foreign firms in China’s transportation equipment industry.