The return to firm investments in human capital |
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| Authors: | Rita Almeida Pedro Carneiro |
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| Affiliation: | 1. Universitat Pompeu Fabra, Barcelona GSE and CREI, Carrer Ramon Trias Fargas 25, 08005 Barcelona, Spain;2. Department of Finance, LSE, Houghton Street, WC2A 2AE London, UK;3. Stockholm School of Economics, Sveavägen 65, 113 83 Stockholm, Sweden;1. Vlerick Business School, Vlamingenstraat 83, 3000 Leuven, Belgium;2. Bentley University, 175 Forest St., Waltham, MA 02452, United States;1. Department of Economics, University of Ghana, Legon, P. O. Box LG 57, Legon, Accra, Ghana.;2. Kent Business School, Kent University, SCL 204, Medway, England, UK |
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| Abstract: | In this paper we estimate the rate of return to firm investments in human capital in the form of formal job training. We use a panel of large firms with detailed information on the duration of training, the direct costs of training, and several firm characteristics. Our estimates of the return to training are substantial (8.6%) for those providing training. Results suggest that formal job training is a good investment for these firms possibly yielding comparable returns to either investments in physical capital or investments in schooling. |
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