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Accou of econom Theory (TC l Theory (H (ACC) coun ote Human asol represe g ACC coun hly professio ccounting 946-052X 13, No. 2 think.org/ 021 end how unting is ic value ET), the HCT), as nterparts Capital ented the nterparts. onalized account and ‘tor models merely Accord account should Americ measure of subs semanti truths w to prom 2.1.1. 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The tor unction, and nting Assoc munication opositions d decision m ial in aiding udy objectiv es of TCET, used in this action Cost E Economy T ations when ecruiting ne (AC) will o (LC) becom (Chaudhry nant focus in the govern within entiti 5) propose C alternative ACC of the r control we cs in accoun mote the AC in organizat rce-Based V ore skill-foc a firm's com d then supp theory, res y are imperf the rare com gative weat opositions th in organiza istence, but d give life rch analogy d be embrac ciation (AA system, the that link a making (the g practitione ves in HRA the RBVFT review and Economy T Theory is fo making de ew employ occur, or tra me inevitab & Roomi, n contractin nance implic ies (Joskow that betwe es, firms cho e actual co ere key tene nting for H CC relations tions. This r View of the cused view, mpetitive ed portive syst ources and fectly mobi mpetencies 122 ther’(risks) hat relate it ations. As d t its cohere to Human implied tha ced or adop AA) (1973) e theory of accounting e pragmatic ers as well A. T, HCT, and designated Theory ounded on t ecisions rela yees from o ain (reposit ble. Inasmu , 2010; Ar ng of HC (S cations of a w, 1993; Rio een the ou ose the mos ost of HC ets to be exp HC in organi ships betwe remains the Firm Theor which pres dge should tems such a capabilitie ile (Karthike were HC q Asian so that it sh to measure depicted in ent truths m Resource at the HRA, pted by key ) has prop accounting measureme part) in or as research d the EVT w d as the para the premise ating to HC outside the tion) existin uch, they el rgyres & L Schepker, O asset specifi ordan & W tside hiring st efficient in the HR plored. Mor izations. A een HC cost goal of HR ry supposes tha be nurtured as outsourc s are hetero eyan, Bhaga ualities suc n Journal of F hould functi ement-comm the model, make it func Accounting , as a strateg y constituen posed that g should be ents to dec rganizations hers to pose were used a asol. that hiring C deployme firm in wh ng ones in w lect to empl Liebeskind, Oh, Martyno icity, as a fo illiamson, 1 g (AC) and combination RA branch re specifica Accordingly ts and Hum RA practice. at those rare d and reposi ed technolo ogeneously at, & Kanna h as value, Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro ion in organ munication economics ction pragm g (HRA), a gic decision nts in organi for ACC considered cision mod s. These un the right q as key inform g and trainin ent. Therefo hich case h which case loy HC in t 1999). TC ov & Poppo form of asse 1985). Rior nd internal on. Asset sp of account ally, the AC y, this theor man Capital e competen itioned from ogy are intr y distributed an, 2012). rareness, n ccounting 946-052X 13, No. 2 think.org/ nizations decision s did not matically. as a HC n model, izations. to be a as a set dels (the derlying questions mants of ng costs ore, they hiring or training the most CET has o, 2014) et–based rdan and training ecificity ting and and LC ry would Earning ncies and m within roduced. d among Barney not being imitable source through valuabl advanta compet of any f obtaine disclosu and hig conclud compan that dro middle manage the firm Kaplan facilitat Accord disciplin 2.1.1.3 Third, i its pote dual qu The the among training general the firm firm-sp benefits Accord is impe compet be adop Total H Actual H applied tandem 2.1.1.4 The EV e, and imm of competit h business p e, rare, ini age to the fi ence and pr firm (Porter d, maintain ure of HC in gh value of ded that HC ny and that t ove its comp stages of de ers would ac m’s compet and Nort ting firms ingly, this ne in organ The Human is the HCT, ential future ualities of sp eory describ employees g and retent skills that c m and which ecific skill s linked wit ingly, HC w erative that encies that pted in orga Human Capit Human Cap to typify t with the m The Econom VT presume mobility. Ray tive advanta processes a imitable, a irm. Porter rofits. HC w r & Stern, 2 ned, and se nvestments. f HC, as we C possessing the compan petitive adv evelopment ccount for t titive edge on (1992). to repositio theory wo izations. n Capital Th which is fo e economic pecialized c bed HC in t (Chaudhry ion (Flamho could easily h were harde s were com th such skill with firm-sp KISS firm drove their nizations; th tal Cost (TH pital Revenu the basis up matching pos mic Value T s that all em y, Barney, a age only if nd that tho and non-sub (1985) opin which posse 001). Chen egregated th . Lepak and ell as low g high uniqu ny continued vantage. HC t and replac the quantita by especia Accountin on their ke uld be fun heory ounded on th benefits to core compe terms of inv y & Roomi oltz, 1999). y be transfer er to apply mpensated ls, interim e pecific skill ms employed r profitabilit he HRA as HCC) in org ue (AHCR) pon which o stulate. Theory mployees in 123 and Muhan f they were ose business bstitutable nes that HC essed these n and Lin (2 these catego d Snell (199 uniqueness ueness and d to invest i C costs in th cement cost ative value o ally focusin ng for HC ey HC in ndamental i he premise be derived etencies and vestments m i, 2010). In . Becker (19 rred to orga in another f for at leas employee m ls would op d robust pa ty. Thus, th a strategic d ganizations ) to be deriv organization n firms bear Asian nna (2004) p used to do s processes resources C with rare attributes w 004) stipula ories of HC 9) distingui and low-v high value in these asse his regard in s at the fina of their HC ng on learn C in organ the most p in promotin that firms a d from it. H d non-transf made in tra nvestments i 993) promo anizations o firm. He ori st a portion mobility wou pt to stay, an ay schemes his theory w decisions to , to be matc ved from it. ns can accu value since n Journal of F propose tha something and activit were sourc skills was t would be the ate that the w C would e ished betwe value HC in were nurtur ets as posse ncluded: le al stages of in HRA to ning and gr izations wo profitable s ng the ado acquire suff HC in this th ferability (C ining and k in HC were oted that HC or firm-spec iginated tha n of the in uld accrue a nd hence ret s aimed at would affirm ool would p ched with H The theory urately fore e they are ca Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro at resources g, or were e ties that use ces of com the roots of e ultimate a way a firm equal its qu een high uni n a quadran red from w essing the ra earning cos developme effectively growth prop ould be u strategic fu option of th ficient HC b heory posse Chen & Lin knowledge b e acquired C could gro cific skills u at if employ ncreased ec a monetary tention ach retaining th m the notion promote the HCEP as we would ther ecast their H apable of re ccounting 946-052X 13, No. 2 think.org/ s were a xploited ed these mpetitive f a firm's attention formed, uantified iqueness nt. They ithin the are skills sts at the ent. Firm manage posed in seful in unctions. he HRA based on esses the n, 2004). building through w either unique to ees with conomic penalty. ieved. It heir HC n that: to ACC of ell as the refore be HCEP in endering future s inescap instrum value o derived (Flamho addition Butt (2 particul or othe interven view th current manage 2.1.2 Th The fou ACC th enuncia finance impacts in ACC 2.1.2.1 Basic A pragma measuri 1973; A (ASOB informa & Auer activity in ACC Matthew broad p guide th found th how the definitio account or blind self-exp their re services to o pable conclu mental sense of HC has d from each oltz, 1999). n within the 2013), HRA lar organiza er functiona ning factor hat HC is th dispensati erial decisio he Torch ur key econ heories of ation origina disciplines s on organiz C was the me The Basic A ACC theory atic proposi ing, and co AICPA, 19 AT) as th ation to per rbach, 1974 y for certain C was the m w (1996) p principles th he developm hat the theo ey were der ons uphold tants, name dly prepare planatory an elation to organization usion that e as their cr been define h employee . Thus in th e firm for th A took cogn ation and at al structure for competi he foremost on. Investm ons which au nomic theor basic, norm ate. The AC s provide us zations (Cas easurement Accounting y has been itions expl ommunicati 970). It wa he process mit informe 4). AAA (1 kinds of de measuremen proposed tha hat provide a ment of new ory consists ived, and it what Rom ly, to read t d, and to in nd free from each other ns. Foster ( firms’ only riterion of j ed as the p e for the p he EVT, the he entire per nizance of t whatever es. Human itive advant t investmen ments in H ugment firm retical foun mative, and CC theories seful analyt scio & Boud of the econ Theory identified aining and ng econom as highlight of identif ed judgmen 973) furthe ecision mod nt of the ec at basic AC a general fr w practices s of basic as included th meo and Mc the record, t nterpret, rea m mysteries and intrin 124 (2001) has a y choice wa judgment, a present valu period they e efficiency riod of wor the efforts level of eng Capital A tage in orga nt in organiz HC would m market va ndations wer d positivity s promote t tical concep dreau, 2011 nomic perfo as a cohes d guiding t mic informat ted in the fying, mea nts and deci er identified dels. Accord conomic pe CC theory w rame of refe s and proce ssumptions, he reporting cKinney (20 the hierogly arrange, an s of bookkee nsic results Asian argued that as to accep as their theo ue of the fu y were exp y of HC in rk was the o s employed gagement, i Accounting anizations. T zations, and be accoun alue. re the basis y view; de he HRA di pts for mea ). Ijiri (197 ormance of t sive set of the accoun tion to user statement asuring, an isions by us d basic AC ding to Kab erformance was the log erence to ev edures. Wol , definitions g of ACC an 008) propos yphics of ac nd produce eping, the n s. Accordin n Journal of F evidence r pt economic ory of valu future servic pected to re the quest f overriding f by all tho including d presuppose This theory d especially ted for in s upon whic esignated as scipline. T suring HC p 5) suggeste the accounte conceptual ntant's actio rs of financ of Basic A nd commun sers of the i C theory a bir (2005), th of the acco gical reason ery account lk, Dodd, an s, principles nd financial sed to be th ccounts, wh in a simple narrative of ngly, basic Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro rationally le c efficiency ue. The in ces expecte remain in t for econom factor. Acco ose that wo directors, m es that HC would prom y KISS firm HRA to p ch the fund s the torch The econom programs a ed that the k ed. l, hypotheti ons in iden cial reports Accounting nicating ec information as the meas he underlyi ounted. Per ning in the tant to evalu and Rozyck s, and conce information he key activ hether unmi e but distin f facts as the ACC theo ccounting 946-052X 13, No. 2 think.org/ ed to the y in the ndividual ed to be the firm mic value ording to ork in a anagers, C is the mote the ms of the promote damental h in the mics and and their key issue cal, and ntifying, s (AAA, Theory conomic n (Sadan urement ing issue rara and form of uate and i (2008) epts and n. These vities of stakably nct form, ey were, ory was acknow econom make in quantita decision guiding THCC a 2.1.2.2 The nor ACC p normati (Kabir, firms fo started (1953) account account argued discussi an indu classify This wa in some presum on the d of econ hugely Howeve Sinha, there w informa measure theory p with the as a sy professi appears indeed, investig theoreti applied enhance wledged in t mic results i nformed de ative value ns. The the g the contem and AHCR The Norma rmative AC rocedures, ive ACC th 2005), and or improved with some considered ting practic ting practic that the g ions were o uctive study y work as b as a reasona e assumptio ed the obje deductive ap nomic value supplement er, the norm 2008). Al was a lack of ation needs ement prop progressive e possible u ystem of k ional ACC s to have pa normative gation empl ical framew to underpi e firm value this inquiry in their fina ecisions. H of HC as eory would mporary acc in their org ative Accou CC theory s and the co heory notio d measurem d decisions goal assum d normative ce and then e. Ijiri (197 goal assum often stated y of the exi being induc able proposa ons and go ctivity postu pproach. No s, and paths ts both the b mative theor lthough wit f agreement s of users osals (Kabi ely defined uses of that knowledge; world. Nev aved the w e research loyed the n works are d in the found e. y as a meas ancial repor RA, as a u the most f d therefore countant’s w ganizations. unting Theor seeks to pre ontents of f on presuppo ment was ab . Ijiri (1975 mptions and e theory a n rationalize 75) distingu mptions in based on on isting system ctive or ded al as the exi al propositi ulate when onetheless, s on clear pr basic and po ry was critic th emphasis t among the s, and the ir 2005). Ra itself as a knowledge and this vertheless, th ay for the s was not k normative p erived to p dation of H 125 surement an rts to enable unique bran fundamenta be applied work of ide ry escribe som financial rep oses measu bout determ 5) viewed t d then deduc as inductiv ed and just uished betw normative ne's convict m. Kabir (2 ductive onl isting practi ions that d assumption the normat rocedures a ositive theo cized as bei s on recogn e theorists o ese differen amirez and set of know e, was never created a hey added t success of killed off perspective promote the HCA in org Asian nd quantifi e managers nch of ACC al investme d as the ba entifying, m me basis of ports (Watt urement an mining the q the normativ ced ACC p e and argu tified the m ween inducti models or tions and pr 2005) conte ly, as some ice promote deduced its ns were emp tive ACC th and processe retical fram ing prescrip nition and n the basic nces led t Jeanjean (2 wledge whi rtheless det distance be that the suc the positivi by the ris as the basi e HRA disc anizations f n Journal of F cation tool and other C, aspires nt in organ sis of the measuring, a ACC meas ts & Zimm d recogniti quantitative ve theory a procedures. ued that it major eleme iveness and r goals ad references ra ended that i e works uti ed in Ijiri (1 existence. ployed, as t heory is a m es as envisa meworks. tive (Miller measureme assumption to different 2009) sugge ich, while r ached from etween the cess of the ity theory; a e of positi s upon whi ipline. Th for improve Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro of firms’ v key constit to account nizations fo HRA disci and commu surement, p merman, 198 ion issues e value of a as deductive However, L t examined ents of the d deductiven dvocated in rather than b it was infea ilized both 975) had its Furthermor this analysis measurement aged in HRA r & Bahnso ent issues i ns and hypo nt recogniti ested that no remaining i m those uses e theorists normative t and conclu ive researc ich advance he theory w ed decision ccounting 946-052X 13, No. 2 think.org/ valuable tuents to for the or better ipline in unicating articular 86). The in ACC assets in e, which Littleton d extant existing ness and n policy based on asible to models. s origins re, ACC s hinged t system A, and it n, 2010; in ACC, thesized ion and ormative in touch s to exist and the theorists ded that ch. This ed ACC would be ns which 2.1.2.3 The PAT explain paradig to expla and exp stipulat practice view of explicit theory o 1992). T inculcat the beh and hu politico determi 2001). tradition measure frames complex were co can be epitomi The int counter measure organiz measure disciplin account Akintoy strategi econom the HCA 2.1.3 Th In Figur structur Capital Capital The Positiv AT is a measu the interco gms in organ ain and pre planatory o ed that the e rather than f theory in tly champio on economi Thus PAT a te: first, the havioral app uman beh o-contractua inants of AC The pos nal ACC re ement and and dealt w x business omplementa the produ ize its work terconnecte rparts has em e the quant zations. Ste ement and nes such ting discipli ye, 2012; T c decision mists' counte A practice. he HRA Str re 2.1, the H re and which (IC), Hum (Ind.C), as vity Accoun urement-qu onnectednes nizations. A dict ACC p of the ACC positivity n improve th science. In oned a met ic-based exp accomplishe e impact of proach whi havior (Blo al perspectiv CC policy c sitivity fram esearch was recognition with the rap environmen ary in this e ct of good kability and edness of t manated th titative valu en, Welch, quantificati as econom ine in the e Theeke, 200 tool in o erparts. In t ructure HRA has em h include: H man Compet s well as So nting Theory uantification ss between According to practices. PA C practice ( view was b hem, and w their first a thodology t planations a ed more tha ACC inform ch analyses oomfield, ve, which e choices mad mework, al s normative n paramete pidly chang nt, and how enunciation. d ACC theo how it fits w the three A e HRA as a ue of HC a and McC ion of HC w mics and sc arly 1960s 05; Herman organization this inquiry, manated sev Human Cap tence Acco ocial Capita 126 y n-procedura the ACC p o Sinha (200 AT is a scie (Chambers, based on th was a scienti article on p that would and predicti an mere eco mation on f s the relatio Libby, & examines th de by prepa lthough cri e (Sinha, 2 ers in ACC ging modern w they are a . Imke (200 ories. Thee with other k ACC theor a unique br as the forem Cormack (2 was underst cientific m of the last nson, 1986), ns. This fo , the interco ven disciplin pital (HC), A ounting (HC al (Soc.C). Asian al approach t practice and 08), the prim entific, emp 1993). Wa he intention ific theory s positivism, W focus emp ions of ACC nomic mea financial ma onships bet & Nelson, he organizat arers of acc iticized as 008), ration C promoted n economic accounted. A 01) has sugg eke (2005) known and a retical fram ranch of AC most factor 011) have tandable wi management century (Ch , when acco ollowed an onnectednes nes identifie Accounting CoA), Struc These were n Journal of F that seeks to d the social- mary object pirical, econ atts and Zi n to explain since it was Watts and Z pirical resea C practice ( surement an arkets (Koth tween acco 2002); a tional, econ ounts (Field not being nale was be by the ba c behaviora Accordingly gested that g proposes t accepted the meworks an CC whose s r of compet suggested th the roots t. HRA wa houhan & N ountants em n earlier re ss of the th ed in this de For People ctural Capit e typified as Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro o communi -political-ec tive of the P nomic-based immermann n and predi consistent Zimmerman arch in acc (Boland & nd quantific hari, 2001); ounting info and, third, nomic, and ds, Lys, & V scientific eyond the e asic and no al relationsh y, the three good ACC that a theo eories. nd their ec solitary them etitive advan that the fo s of ACC in as exposed Naghshband mbraced it a evelation b heories unde epiction as t e (AFP), Inte tal (SC), In s synonymo ccounting 946-052X 13, No. 2 think.org/ cate and conomic PAT was d theory n (1986) ict ACC with the n (1986) counting Gordon, cation to second, ormation , the political Vincent, because essential ormative hips in a theories practice ry must conomic me is to ntage in focus on n source d as an di, 2015; as a HC by their erpinned the HRA ellectual ndividual ous with HRA pr HRA th disciplin 2.1.3.1 Most H key them case stu tool in research measure (Flamho expose. Corpora Footbal Kenyan implem abandon empiric strategi compet three e quantita support manage compet This ex focused market ractice (The heory in org ne ought to Human Cap HRA researc matic areas udies on HR organizatio h on controv ement and/ oltz, Narasi . Various em ation, Touch ll clubs, WM n medium mented ACC ned the pr cal works w c HC decis ence develo empirical w ative versus t of quantita ers and sha itiveness. xpose has d d on HC fi value: as de eeke, 2005) ganizations be pragmat pital ch work ha s to include: RA implem ons concern versies in H /or quantif imhan, & B mpirical wo he Ross & C M data, Ska and large C for HC ractice alto which focu sions such a opment, and works on H s soft qualit ative measu areholders distinguishe inancial me epicted belo ; and this ve for improv tically defin s focused o : (i) the ana mentation in ning other t HRA; (v) bo fication of Bullen, 2004 rks were ca Co., the Me andia Group e organizat with positi gether. Mo used on HR as selection d Human Ca HRA contro tative measu urement of H of organiza ed between easures in t ow: 127 eracity may ved firm ma ned for ease on HCA (R alysis of too organizatio tools such ottlenecks an HC in th 4). These arried out es etro Bank, th p and Bhara tions, amo ive bottom- oreover, Fla RA as aidi n, tenure, p apital Retur oversies to urement of HC in organ ations, espe n financial the financi Asian y have hinde arket value. e of implem Roslender, 2 ols of HCA ons; (iii) HR as the Bala nd impedim e financial were descri specially in he USA Nav at Heavy Ele ong others. -line result amholtz, et ing manage performance rn On Inves o include th f HC, and Jo nizations as ecially thos and non-fin al reports o n Journal of F ered the imp It is imper mentation. 009), and h in organizat RA as a HC anced Score ments to HR statements ibed as Mod companies vy, Dow Ch ectrical –In Most of s. However t al. (2004 ers in orga e, utility ana tment. They hat by Ro ohanson an they impac se related nancial mea of entities Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro plementatio rative that has centered ations; (ii) em C strategic e Card (BS RA growth; a ts of organ dels in HRA s such as R hemicals, 18 ndia, and rec f these com r, most com 4) referred anizations t nalysis, dow y further ref oslender (20 nd Mabon (1 ct decisions to firm va asures of H for improv ccounting 946-052X 13, No. 2 think.org/ on of the an ACC d on six mpirical decision SC); (iv) and, (vi) nizations A in this G Barry 8 British cently in mpanies mpanies to nine to make wnsizing, ferred to 009) on 1998) in s of both alue and HC, and ved firm Accord skeptici framew enuncia were pr 2.1.3.2 Accord distingu creation in conte the pre Guthrie capital, capital been de in this argued innovat gave an was mu informa intellect IC from separate and/or H ingly, impe ism on whe works (Thee ation. A key ragmatically Intellectual ing to Ros uished and n. Furtherm emporary b dominant f e, 2012). Int and organ is focused o escribed as analysis an that HC w tion, change n entity was ultidisciplin ation system tual propert m HC? For ely. Unless HC account ediments to ether costs o eke, 2005) y question w y employed l Capital lender (200 seen as su more, it was business. Ho factor in th tellectual C izational or on HC relat Soc.C in th nd includes was the firm e, and impr s its unique nary, as ha ms, legal, a ty, which is r example, and until t ting would n HRA prac outperform ) among o was whether in empirica 09), the con uperseding seen as fin owever, IC e knowledg apital has b r structural tionships wi his enunciati s SC, also m’s utmost rovement: a character. T as been a nd intellect s accounted machines these conce not move pa 128 Figure 2.2 ctice, such a benefits (K others were r requisite t al investigat ncept of IC physical ca nancial capi was becom ge-based ec been describ capital (Ab ith a firm’s ion. Thus IC discussed h investment as the comb They added discussion tual propert d for in orga are the in erns were f ast the theo Asian as lack of c Kaur, et al. e the unde theories tha tions to pro C was origi apital as th tal whose i ming increa conomy (G bed to inclu bhayawans external sta C is broade here below because it bined intelli d that the qu in econom ty. Could in anizations se nnovation o fully investi retical phas n Journal of F concrete too 2014), and erlying ph at originate t mote the HR inated in th he traditiona mportance asingly impo Gamerschlag de HC, rela & Guthrie akeholders. er than its H . Massing was the so igence, skil uest for AC mics, strateg nterest in IC eparately fr of HC and igated in em se. Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro ols (Jensen lack of con henomenon the HRA di RA practice he 1990s, a al basis for has remain ortant and g, 2013; Mu ational, or c e, 2016). 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