The behaviour of enterprises in relation to managers continuous training
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Published
18-09-2018
Andrés Araujo de la Mata
Jon Barrutia Guenaga
Jon Hoyos Iruarrizaga
Jon Landeta Rodríguez
Patxi Ibáñez Hernández
Abstract
The present paper aims at analysing firms' behaviour of managerial training from the viewpoint of information economics. Asymmetric information between organizations and their management may lead to moral hazard and adverse selection. The theoretical literature allows proposing an explicative model that considers the expectations of generating managerial capacities, the expectations of appropriating the benefits of these capacities, the strategic value of managers for firms and finally, the firms' perception of the efforts that investing in managerial training entail. The above-mentioned model analyses variables' influences from a cost-benefit oriented viewpoint by systemizing them in order to the degree of proclivity that firms show. In this way, it aims at explaining the existing contradiction between firms' discourse in favour of firms provided training and the real behaviour that they usually adopt in fact.
How to Cite
Araujo de la Mata, A., Barrutia Guenaga, J., Hoyos Iruarrizaga, J., Landeta Rodríguez, J., & Ibáñez Hernández, P. (2018). The behaviour of enterprises in relation to managers continuous training. Cuadernos De Gestión, 6(1), 83–98. https://doi.org/10.5295/cdg.19153aa
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Keywords
Managers, training, appropriability, moral hazard, adverse selection
References
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AKERLOF, G.A. (1970): «The market of lemons: Qualitative, uncertainly and the market mechanism», Quarterly Journal of Economics, pp. 488-500.
AMIT, R. y SCHOEMAKER, P. (1993): «Strategic assets and organizational rent», Strategic Management Journal, vol. 14. pp. 33-46.
ANDERSON, C.R. y PAINE, F.T. (1975): «Managerial perceptions and strategic behavior», Academy of Management Journal, vol. 4, pp. 33-46.
ANDREWS, K.R. (1987): The Concept of Corporate Strategy, 3rd ed., Richard D. Irwin, Homewood, Illinois.
ARAUJO, A.; BARRUTIA, J.; IBÁÑEZ, P. y LANDETA, J. (2001): Oferta y demanda de formación en gestión para directivos en el ámbito de la CAPV. Cluster del Conocimiento en Gestión Empresarial y Ediciones PMP, Bilbao.
ARAUJO, A.; BARRUTIA, J. y LANDETA, J. (2003): «The Behaviour of Business Organisations with respect to the training of their management staff», en HIRIGOYEN, G. (eds.): Paper Proceedings 2003 of XVII Congreso Nacional y XIII Hispano Francés de AEDEM. The Limits of the Firm. Ed. AEDEM.
ARAGÓN, A.; BARBA, M.ªI. y SANZ, R. (2000): «Condicionantes de formación en las pymes industriales», Revista de Economía Industrial, n.º 334, pp. 35-44.
ARAGÓN, A.; BARBA, M.ªI. y SANZ, R. (2003): «Efectos de la formación de directivos en las pymes españolas», Estudios Financieros, n.º 243, pp. 103-134.
BAILEY, E. y HELFAT, C.E. (2003): «External management sucession, human capital and firm performance: An integrative analysis», Strategic Management Journal, vol. 24, pp. 347-369.
BARNEY, J.B. (1986): «Strategic factor markets: Expectations, luck and business strategy», Management Science, vol. 32, n.º 1, pp. 1.231-1.241.
BARNEY, J. (1991): «Firm resources and sustained competitive advantage», Journal of Management, n.º 17, pp. 31-46.
BARNEY, J. y WRIGHT, P.M. (1998): «On becoming a strategic partner: The role of human resources in gaining competitive advantage», Human Resource Management, vol. 37, n.º 1, pp. 31-46.
BARON, J. y KREPS, D.M. (1999): Strategic Human Resources: Frameworks for General Managers, Nueva York: Willey & Sons.
BAYO-MORIONES, A. y ORTÍN, P. (2003): «Internal promotion versus external recruitment: evidence in industrial plants», Documents de Treball de la Universidad Autónoma de Barcelona (UAB), n.º 03/3.
BECKER, G.S. (1964): Human Capital. Princeton University Press, Princeton, N.J.
BECKER, B. y GERHART, B. (1996): «The impact of human resource management on organizational performance: progress and prospects», Academy of Management Journal, vol. 39, n.º 4, pp. 779-801.
BLYER, M. y COFF, R.W. (2003): «Dynamic capabilities, social capital and rent appropriation: Ties that split pies», Strategic Management Journal, vol. 24, pp. 677-686.
BOXALL, P.F. (1996): «The strategic HRM debate and the resource-based view of the firm», Human Resource Management Journal, vol. 6, n.º 3, pp. 59-75.
BRUNELLO, G. y DE PAOLA, M. (2004): «Market failures and the under-provision of training». OECD Seminar on Human Capital and Labour Market Performance, Bruselas.
BURKE, M.J. y DAY, R.R. (1986): «Accumulative study of the effectiveness of managerial training». Journal of Applied Psychology, vol. 71, n.º 2, pp. 232-245.
CASTANIAS, R.P. y HELFAT, C.E. (1991): «Managerial resources and rents». Journal of Management, n.º 17, pp. 155-157.
CASTANIAS, R.P. y HELFAT, C.E. (2001): «The managerial rents model: Theory and empirical analysis». Journal of Management, n.º 27, pp. 661-678.
COFF, R.W. (1997): «Human assets and management dilemmas: coping with hazards on the road to resource-based theory», Academy of Management Review, vol. 22, n.º 2, pp. 374-402.
COFF, R.W. (1999): «When competitive advantage doesn’t lead to performance: The resourcebased view and stakeholder bargaining power», Organization Science, vol. 10, n.º 2, pp. 119-132.
COFF, R.W. (2003): «The emergent knowledge-based theory of competitive advantage: An evolutionary approach to integrating economics and management», Managerial and Decision Economics, vol. 24, pp. 245-251.
COFF, R.W. y LEE, P.M. (2003): «Insider trading as a vehicle to appropriate rent from R&D», Strategic Management Journal, vol. 24, pp. 183-190.
COTEC (2005): Informe Cotec 2005: Tecnología e Innovación en España. Fundación Cotec para la Innovación Tecnológica.
CHEN, M.-J. y MILLER, D. (1994): «Competitive attack, retaliation and performance: an expectancy-valence framework», Strategic Management Journal, vol. 15, pp. 85-102.
CHILD, J. (1972): «Organization structure, environment and performance: The role of strategic choice», Sociology, vol. 6, pp. 1-22.
DE SAÁ, P. y ORTEGA, R. (2003): «La formación», en BONACHE, J. y CABRERA, A. (eds.): Dirección estratégica de personas: Evidencias y perspectivas para el siglo XXI, Ed. Prentice Hall.
DIERICKS, I. y COOL, K. (1989): «Asset stock accumulation and sustainability of competitive advantage», Management Science, vol. 35, n.º 12, pp. 1.504-1.511.
DOERINGER, P.B. y PIORE, M.J. (1971): Los mercados internos de trabajo y análisis laboral. Ministerio de Trabajo y Seguridad Social. Ed. Closas-Orcogen.
FINKELSTEIN, D. y HAMBRICK, D.C. (1990): «Top management team tenure and organizacional outcomes: The moderating role of managerial discretion», Administrative Science Quarterly, vol. 35, pp. 484-503.
FORRIER, A. y SELS, L. (2003): «Flexibility, turnover and training», International Journal of Manpower, vol. 24, n.º 2, pp. 148-168.
GRANT, R.M. (1991): «The resource-based theory of competitive advantage: Implications for strategy formulation», California Management Review, vol. 33, n.º 3, spring, pp. 114-135.
GRANT, R.M. (1996): «Toward a knowledge-based theory of the firm», Strategic Management Journal, vol. 17, pp.109-122.
GU, F. y LEV, B. (2001): «Intangible assets: Measurement, drivers, usefulness», Working Paper, New York University, April.
HAMBRICK, D.C. y MASON, P.A. (1984): «Upper Echelons: The organization as a reflection of its top managers», Academy of Management Review, vol. 9, n.º 2, pp. 193-206.
HAMBRICK, D.C. y FINKELSTEIN, D. (1987): «Managerial discretion: A bridge between polar views of organizational outcomes». Research in Organizational Behavior, vol. 9, pp. 369-406.
ITAMI, H. (1987): Mobilizing Invisible Assets, Cambridge, MA, Harvard University Press.
JENSEN, M.C. y MECKLING, W.H. (1976): «Theory of the firm: managerial behavior, agency costs and ownership structure», Journal of Financial Economics, n.º 3, pp. 305-360.
KAMOCHE, K. (1996): «Strategic human resource management within a resource-capability view of the firm», Journal of Management Studies, vol. 33, n.º 2, pp. 213-233.
KATZ, R.L. (1974): «Skills of and effective administrator», Harvard Business Review, vol. 52, pp. 90-102.
KNOKE, D. y KALLEBERG, A.L. (1994): «Job training in U.S organizations», American Sociological Review, vol. 59, pp. 537-546.
LADO, A.A. y WILSON, M.C. (1994): «Human resource system and sustained competency-based perspective», Academy of Management Review, vol. 19, n.º 4, pp. 699-727.
LEPAK, D.P. y SNELL, S.A. (1999): «The human resource architecture: Toward a theory of human capital allocation and development», Academy of Management Review, vol. 24, n.º 1, pp. 31-48.
LEPAK, D.P. y SNELL, S.A. (2002): «Examining the human resource architecture: The relationships among human capital, employment and human resource configurations», Journal of Management, vol. 28, n.º 4, pp. 517-54.
LEV, B. (2001): Intangibles: Management, measurement, reporting. Brooking Institution. New York.
MITCHELL, T.; HOLTOM, B. y LEE, T. (2001): «How to keep your best employees: Developing an effective retention policy», Academy of Management Executive, vol. 15, n.º 4, pp. 96-109.
MORROW, C.C.; JARRETT, M.Q. y RUPINSKY, M.T. (1997): «An investigation of the effect and economic utility of corporate-wide training», Personnel Psychology, vol. 50, n.º 1, pp. 91-119.
MUELLER, F. (1996): «Human resources as strategic assets: an evolutionary resource-based theory», Journal of Management Studies, vol. 33, n.º 6, pp. 757-785.
NAVAS, J.E. y GUERRAS, L.A. (2002): La dirección estratégica de la empresa. Teoría y aplicaciones. Civitas Ediciones.
NISAR, T.M. (2004): «La formación como estrategia en los procesos de valor», Revista Europea Formación Profesional, vol. 1, n.º 31, pp. 2-10. Cedefop.
OSTERMAN, P. (1995): «Skill training and work organization in American establishments», Industrial Relations, vol. 34, n.º 2, pp. 125-145.
PARELLADA et al. (1999): La formación continua en las empresas españolas y el papel de las Universidades, Biblioteca Civitas Economía y Empresa.
PENROSE, E.T. (1959): The theory of the growth of the firm. John Wiley and Sons. New York.
PICKETT, L. (1998): «Competencies and managerial effectiveness: Putting competencies to work», Public Personnel Management, vol. 27, pp. 103-115.
PORTER, L.W. y LAWLER, E.E. (1968): Managerial attitudes and performance, Richard D. Irwin, Homewood.
RODRÍGUEZ, A. y ARAUJO, A. (2002): «Algunas consideraciones en la valoración del capital intelectual». En BATZ, L. y COSSIO, F. (eds.): The Limits of the firm, XI Internacional Conference AEDEM. Best Papers Proceedings, Paris, pp. 427-435.
RODRÍGUEZ, A. y ARAUJO, A. (2005): «Métodos para la valoración económico-financiera de los intangibles», en la Ciencia de la Contabilidad, Universidad de Barcelona, pp. 763-884.
SAARI, L.M.; JOHNSON, T.R.; MCLAUGHLIN, S.D. y ZIMMERLE, D.M. (1988): «A survey of management training and education practices in U.S. companies», Personnel Psychology, vol. 41, n.º 4, pp. 731-743.
SPENCE, M. (1973): «Job market signalling», Quarterly Journal of Economics, vol. 90, pp. 1-23.
STIGLITZ, J.E. y WEISS, A. (1981): «Credit rationing in markets with imperfect information». American Economic Review, vol. 71, n.º 3, pp. 393-410.
SCHULTZ, T.W. (1961): «Investment in human capital», American Economic Review, vol. 51, pp. 1-17. American Economic Association Presidential Address.
TANNENBAUM, S.I. y YUKL, G. (1992): «Training and development in work organizations», Annual Review of Psychology, pp. 399-441.
TANNENBAUM, S.I. (1997): «Enhancing continuous learning: diagnostic findings from multiple companies», Human Resource Management, vol. 36, n.º 4, pp. 437-452.
TAUBMAN, P.J. y WALES, T.J. (1973): «Higher education, mental ability and screening», The Journal of Political Economy, vol. 81, n.º 1, pp. 38-55. Chicago.
TEECE, D.J.; PISANO, G. y SHUEN, A. (1997): «Dynamic capabilities and strategic management», Strategic Management Journal, vol. 18, n.º 7, pp. 509-533.
ÚBEDA, M. (2003): «La formación y los resultados empresariales: un análisis empírico», Revista Europea de Dirección y Economía de la Empresa, vol. 12, n.º 4, pp. 185-198.
VALLE, R.; MARTÍN, F.; ROMERO, P. y DOLAN, S.L. (2000): «Business strategy, work processes and human resource training: are they congruent?», Journal of Organizational Behaviour, n.º 21, pp. 283-297.
VROOM (1964): Work and motivation. Nueva York. Willey and Sons.
WACHTER, M.L. y WRIGHT, R.D. (1990): «The economics of Internal Labor Markets», Industrial Relations, vol. 29, n.º 2, pp. 240-262.
WIERSEMA, M.G. y BANTEL, K.A. (1992): «Top management team and demography and corporate strategic change», Academy of Management Journal, vol. 35, n.º 1, pp. 91-121.
WILLIAMSON, O. (1975): Markets and Hierarchies: Analysis and Antitrust Implications. Nueva York: Tlíe Free Press.
WRIGHT, P.M.; MCMAHAN, G.C. y MCWILLIAMS, A. (1994): «Human resources and sustained competitive advantage: A resource-based perspective», The International Journal of Human Resource Management, vol. 5, pp. 301-326.
AKERLOF, G.A. (1970): «The market of lemons: Qualitative, uncertainly and the market mechanism», Quarterly Journal of Economics, pp. 488-500.
AMIT, R. y SCHOEMAKER, P. (1993): «Strategic assets and organizational rent», Strategic Management Journal, vol. 14. pp. 33-46.
ANDERSON, C.R. y PAINE, F.T. (1975): «Managerial perceptions and strategic behavior», Academy of Management Journal, vol. 4, pp. 33-46.
ANDREWS, K.R. (1987): The Concept of Corporate Strategy, 3rd ed., Richard D. Irwin, Homewood, Illinois.
ARAUJO, A.; BARRUTIA, J.; IBÁÑEZ, P. y LANDETA, J. (2001): Oferta y demanda de formación en gestión para directivos en el ámbito de la CAPV. Cluster del Conocimiento en Gestión Empresarial y Ediciones PMP, Bilbao.
ARAUJO, A.; BARRUTIA, J. y LANDETA, J. (2003): «The Behaviour of Business Organisations with respect to the training of their management staff», en HIRIGOYEN, G. (eds.): Paper Proceedings 2003 of XVII Congreso Nacional y XIII Hispano Francés de AEDEM. The Limits of the Firm. Ed. AEDEM.
ARAGÓN, A.; BARBA, M.ªI. y SANZ, R. (2000): «Condicionantes de formación en las pymes industriales», Revista de Economía Industrial, n.º 334, pp. 35-44.
ARAGÓN, A.; BARBA, M.ªI. y SANZ, R. (2003): «Efectos de la formación de directivos en las pymes españolas», Estudios Financieros, n.º 243, pp. 103-134.
BAILEY, E. y HELFAT, C.E. (2003): «External management sucession, human capital and firm performance: An integrative analysis», Strategic Management Journal, vol. 24, pp. 347-369.
BARNEY, J.B. (1986): «Strategic factor markets: Expectations, luck and business strategy», Management Science, vol. 32, n.º 1, pp. 1.231-1.241.
BARNEY, J. (1991): «Firm resources and sustained competitive advantage», Journal of Management, n.º 17, pp. 31-46.
BARNEY, J. y WRIGHT, P.M. (1998): «On becoming a strategic partner: The role of human resources in gaining competitive advantage», Human Resource Management, vol. 37, n.º 1, pp. 31-46.
BARON, J. y KREPS, D.M. (1999): Strategic Human Resources: Frameworks for General Managers, Nueva York: Willey & Sons.
BAYO-MORIONES, A. y ORTÍN, P. (2003): «Internal promotion versus external recruitment: evidence in industrial plants», Documents de Treball de la Universidad Autónoma de Barcelona (UAB), n.º 03/3.
BECKER, G.S. (1964): Human Capital. Princeton University Press, Princeton, N.J.
BECKER, B. y GERHART, B. (1996): «The impact of human resource management on organizational performance: progress and prospects», Academy of Management Journal, vol. 39, n.º 4, pp. 779-801.
BLYER, M. y COFF, R.W. (2003): «Dynamic capabilities, social capital and rent appropriation: Ties that split pies», Strategic Management Journal, vol. 24, pp. 677-686.
BOXALL, P.F. (1996): «The strategic HRM debate and the resource-based view of the firm», Human Resource Management Journal, vol. 6, n.º 3, pp. 59-75.
BRUNELLO, G. y DE PAOLA, M. (2004): «Market failures and the under-provision of training». OECD Seminar on Human Capital and Labour Market Performance, Bruselas.
BURKE, M.J. y DAY, R.R. (1986): «Accumulative study of the effectiveness of managerial training». Journal of Applied Psychology, vol. 71, n.º 2, pp. 232-245.
CASTANIAS, R.P. y HELFAT, C.E. (1991): «Managerial resources and rents». Journal of Management, n.º 17, pp. 155-157.
CASTANIAS, R.P. y HELFAT, C.E. (2001): «The managerial rents model: Theory and empirical analysis». Journal of Management, n.º 27, pp. 661-678.
COFF, R.W. (1997): «Human assets and management dilemmas: coping with hazards on the road to resource-based theory», Academy of Management Review, vol. 22, n.º 2, pp. 374-402.
COFF, R.W. (1999): «When competitive advantage doesn’t lead to performance: The resourcebased view and stakeholder bargaining power», Organization Science, vol. 10, n.º 2, pp. 119-132.
COFF, R.W. (2003): «The emergent knowledge-based theory of competitive advantage: An evolutionary approach to integrating economics and management», Managerial and Decision Economics, vol. 24, pp. 245-251.
COFF, R.W. y LEE, P.M. (2003): «Insider trading as a vehicle to appropriate rent from R&D», Strategic Management Journal, vol. 24, pp. 183-190.
COTEC (2005): Informe Cotec 2005: Tecnología e Innovación en España. Fundación Cotec para la Innovación Tecnológica.
CHEN, M.-J. y MILLER, D. (1994): «Competitive attack, retaliation and performance: an expectancy-valence framework», Strategic Management Journal, vol. 15, pp. 85-102.
CHILD, J. (1972): «Organization structure, environment and performance: The role of strategic choice», Sociology, vol. 6, pp. 1-22.
DE SAÁ, P. y ORTEGA, R. (2003): «La formación», en BONACHE, J. y CABRERA, A. (eds.): Dirección estratégica de personas: Evidencias y perspectivas para el siglo XXI, Ed. Prentice Hall.
DIERICKS, I. y COOL, K. (1989): «Asset stock accumulation and sustainability of competitive advantage», Management Science, vol. 35, n.º 12, pp. 1.504-1.511.
DOERINGER, P.B. y PIORE, M.J. (1971): Los mercados internos de trabajo y análisis laboral. Ministerio de Trabajo y Seguridad Social. Ed. Closas-Orcogen.
FINKELSTEIN, D. y HAMBRICK, D.C. (1990): «Top management team tenure and organizacional outcomes: The moderating role of managerial discretion», Administrative Science Quarterly, vol. 35, pp. 484-503.
FORRIER, A. y SELS, L. (2003): «Flexibility, turnover and training», International Journal of Manpower, vol. 24, n.º 2, pp. 148-168.
GRANT, R.M. (1991): «The resource-based theory of competitive advantage: Implications for strategy formulation», California Management Review, vol. 33, n.º 3, spring, pp. 114-135.
GRANT, R.M. (1996): «Toward a knowledge-based theory of the firm», Strategic Management Journal, vol. 17, pp.109-122.
GU, F. y LEV, B. (2001): «Intangible assets: Measurement, drivers, usefulness», Working Paper, New York University, April.
HAMBRICK, D.C. y MASON, P.A. (1984): «Upper Echelons: The organization as a reflection of its top managers», Academy of Management Review, vol. 9, n.º 2, pp. 193-206.
HAMBRICK, D.C. y FINKELSTEIN, D. (1987): «Managerial discretion: A bridge between polar views of organizational outcomes». Research in Organizational Behavior, vol. 9, pp. 369-406.
ITAMI, H. (1987): Mobilizing Invisible Assets, Cambridge, MA, Harvard University Press.
JENSEN, M.C. y MECKLING, W.H. (1976): «Theory of the firm: managerial behavior, agency costs and ownership structure», Journal of Financial Economics, n.º 3, pp. 305-360.
KAMOCHE, K. (1996): «Strategic human resource management within a resource-capability view of the firm», Journal of Management Studies, vol. 33, n.º 2, pp. 213-233.
KATZ, R.L. (1974): «Skills of and effective administrator», Harvard Business Review, vol. 52, pp. 90-102.
KNOKE, D. y KALLEBERG, A.L. (1994): «Job training in U.S organizations», American Sociological Review, vol. 59, pp. 537-546.
LADO, A.A. y WILSON, M.C. (1994): «Human resource system and sustained competency-based perspective», Academy of Management Review, vol. 19, n.º 4, pp. 699-727.
LEPAK, D.P. y SNELL, S.A. (1999): «The human resource architecture: Toward a theory of human capital allocation and development», Academy of Management Review, vol. 24, n.º 1, pp. 31-48.
LEPAK, D.P. y SNELL, S.A. (2002): «Examining the human resource architecture: The relationships among human capital, employment and human resource configurations», Journal of Management, vol. 28, n.º 4, pp. 517-54.
LEV, B. (2001): Intangibles: Management, measurement, reporting. Brooking Institution. New York.
MITCHELL, T.; HOLTOM, B. y LEE, T. (2001): «How to keep your best employees: Developing an effective retention policy», Academy of Management Executive, vol. 15, n.º 4, pp. 96-109.
MORROW, C.C.; JARRETT, M.Q. y RUPINSKY, M.T. (1997): «An investigation of the effect and economic utility of corporate-wide training», Personnel Psychology, vol. 50, n.º 1, pp. 91-119.
MUELLER, F. (1996): «Human resources as strategic assets: an evolutionary resource-based theory», Journal of Management Studies, vol. 33, n.º 6, pp. 757-785.
NAVAS, J.E. y GUERRAS, L.A. (2002): La dirección estratégica de la empresa. Teoría y aplicaciones. Civitas Ediciones.
NISAR, T.M. (2004): «La formación como estrategia en los procesos de valor», Revista Europea Formación Profesional, vol. 1, n.º 31, pp. 2-10. Cedefop.
OSTERMAN, P. (1995): «Skill training and work organization in American establishments», Industrial Relations, vol. 34, n.º 2, pp. 125-145.
PARELLADA et al. (1999): La formación continua en las empresas españolas y el papel de las Universidades, Biblioteca Civitas Economía y Empresa.
PENROSE, E.T. (1959): The theory of the growth of the firm. John Wiley and Sons. New York.
PICKETT, L. (1998): «Competencies and managerial effectiveness: Putting competencies to work», Public Personnel Management, vol. 27, pp. 103-115.
PORTER, L.W. y LAWLER, E.E. (1968): Managerial attitudes and performance, Richard D. Irwin, Homewood.
RODRÍGUEZ, A. y ARAUJO, A. (2002): «Algunas consideraciones en la valoración del capital intelectual». En BATZ, L. y COSSIO, F. (eds.): The Limits of the firm, XI Internacional Conference AEDEM. Best Papers Proceedings, Paris, pp. 427-435.
RODRÍGUEZ, A. y ARAUJO, A. (2005): «Métodos para la valoración económico-financiera de los intangibles», en la Ciencia de la Contabilidad, Universidad de Barcelona, pp. 763-884.
SAARI, L.M.; JOHNSON, T.R.; MCLAUGHLIN, S.D. y ZIMMERLE, D.M. (1988): «A survey of management training and education practices in U.S. companies», Personnel Psychology, vol. 41, n.º 4, pp. 731-743.
SPENCE, M. (1973): «Job market signalling», Quarterly Journal of Economics, vol. 90, pp. 1-23.
STIGLITZ, J.E. y WEISS, A. (1981): «Credit rationing in markets with imperfect information». American Economic Review, vol. 71, n.º 3, pp. 393-410.
SCHULTZ, T.W. (1961): «Investment in human capital», American Economic Review, vol. 51, pp. 1-17. American Economic Association Presidential Address.
TANNENBAUM, S.I. y YUKL, G. (1992): «Training and development in work organizations», Annual Review of Psychology, pp. 399-441.
TANNENBAUM, S.I. (1997): «Enhancing continuous learning: diagnostic findings from multiple companies», Human Resource Management, vol. 36, n.º 4, pp. 437-452.
TAUBMAN, P.J. y WALES, T.J. (1973): «Higher education, mental ability and screening», The Journal of Political Economy, vol. 81, n.º 1, pp. 38-55. Chicago.
TEECE, D.J.; PISANO, G. y SHUEN, A. (1997): «Dynamic capabilities and strategic management», Strategic Management Journal, vol. 18, n.º 7, pp. 509-533.
ÚBEDA, M. (2003): «La formación y los resultados empresariales: un análisis empírico», Revista Europea de Dirección y Economía de la Empresa, vol. 12, n.º 4, pp. 185-198.
VALLE, R.; MARTÍN, F.; ROMERO, P. y DOLAN, S.L. (2000): «Business strategy, work processes and human resource training: are they congruent?», Journal of Organizational Behaviour, n.º 21, pp. 283-297.
VROOM (1964): Work and motivation. Nueva York. Willey and Sons.
WACHTER, M.L. y WRIGHT, R.D. (1990): «The economics of Internal Labor Markets», Industrial Relations, vol. 29, n.º 2, pp. 240-262.
WIERSEMA, M.G. y BANTEL, K.A. (1992): «Top management team and demography and corporate strategic change», Academy of Management Journal, vol. 35, n.º 1, pp. 91-121.
WILLIAMSON, O. (1975): Markets and Hierarchies: Analysis and Antitrust Implications. Nueva York: Tlíe Free Press.
WRIGHT, P.M.; MCMAHAN, G.C. y MCWILLIAMS, A. (1994): «Human resources and sustained competitive advantage: A resource-based perspective», The International Journal of Human Resource Management, vol. 5, pp. 301-326.
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