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International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020704

International Journal of Energy Economics and 
Policy

ISSN: 2146-4553

available at http: www.econjournals.com

International Journal of Energy Economics and Policy, 2020, 10(6), 704-712.

The Role of Intellectual Human Capital, Human Resource 
Practices and Intention to Use of Energy Resources on the 
Company Performance

Didin Fatihudin1*, Murpin Josua Sembiring2, Muhammad Anang Firmansyah1, Iis Holisin3

1Department of Economics and Business, Muhammadiyah University, Surabaya, Indonesia, 2Department of Economics and 
Business, Ma Chung University, Malang Indonesia, 3Department of Mathematics Educations, Muhammadiyah University, Surabaya, 
Indonesia. *Email: didin.fatihudin@fe.um-surabaya.ac.id

Received: 15 July 2020 Accepted: 17 September 2020 DOI: https://doi.org/10.32479/ijeep.10623

ABSTRACT

The study aimed to analyze the relationship between the performance of companies and human capital with the help of moderating role of intention 
to use of renewable energy through various modes while providing an eminent view of the literature. The approach of quantitative has been used 
by this study. While reviewing the literature, the permitted issues are covered into three categories which were neglected previously: human capital 
analysis – relationships of management performance along with the intention to use of renewable energy, measuring and defining of human and 
intellectual capital, and HRM. Intention to use renewable energy significantly and positively moderates among the relationship between intellectual 
human capital, and the company’s performance. The results of this study are pertinent to the relationship among various aspects of human resources 
and performance of companies which were lately experienced in rapid developments. These findings provided the guidelines to the policymakers that 
they should provide the focus on the formulation of the policies related to the intellectual human capital and effective use of renewable energy that 
enhance the company performance.

Keywords: Human Capital, Human Resources Management, Management Performance, Intentions to Use Renewable Energy 
JEL Classifications: Q2, J24, O15

1. INTRODUCTION

Performance evaluation of human capital based companies is an 
interesting thing that companies need to develop in the future. 
One of the important and main elements of intellectual capital 
is termed as human capital under the ownership of a company. 
During the company’s performance assessment, the use of physical 
resources is more this time. For the measurement of company’s 
performance, the element of financial perspective dominates 
with its accuracy but the actual basis of driving financial values 
is considered as human capital inducing the innovations, ideas, 
and knowledge (Handayani and Sinulingga, 2019). Additionally, 
for the company, human capital is considered as a core. The 

role of human resources in the future of companies countered as 
crucial, even though mentioning of capital for the HR widely not 
seems to be embraced by the people of business. The continuity 
of human resources counted as capital exits over time and the 
businesses dynamic environments and scientific progress (Suryani 
et al., 2017). The advantages of HR compared to other factors of 
production in a company’s competitive strategy that is inclusive 
of a special enterprise, entrepreneurship and innovation, different 
capabilities of products and services, unique quality which could 
be developed according to needs.

Using the intentions of renewable energy countered as dominant 
sources that contribute to various elements significant for 

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Fatihudin, et al.: The Role of Intellectual Human Capital, Human Resource Practices and Intention to use of Energy Resources on the Company Performance

International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020 705

companies. Whether discussing individual elements of companies 
or singly, the intentions of using renewable energy positively exit 
between all the relevant factors. The importance of renewable 
energy dominates among economic grounds and companies (Ari 
and Yikmaz, 2019; Chen et al., 2018). Link of renewable energy 
exits in performance of companies whether having positive or 
negative interpretations. Various factors contribute towards the 
company performance, while the intention of using renewable 
energy positively exits among the contributions (Bozorgparvar 
et al., 2018). Plenty of factors influences the performance of 
companies where intellectual human capital dominates an 
important one, while the using of renewable energy strongly inserts 
the effects among them. Various intentions are used to enhance 
the performance of companies whereas the existence of renewable 
energy dominates among the intentions for enhancing performance 
(Demirbag and Yilmaz, 2020). Training and development 
countered as eminent sources for company performance, while the 
use of renewable energy and its intentions puts significant impact 
between them. Peoples are recruited and placed in various sites 
for increasing the performance but the importance of renewable 
energy intentions and its usage inserts important aspects among 
them (Dogan and Ozturk, 2017). The effect of using intentions 
of renewable energy exits between the factors in companies that 
are used to enhances the level of performance.

There are five components of human capital or human resources 
which are named as organizational climate, individual capability, 
leadership, workgroup effectiveness, and individual motivation 
(Handayani and Sinulingga, 2019). The determination of a 
company’s values is dependent on the components of human 
capital and HR which has a variant role in the creation of human 
capital of companies. Therefore, given the enormous role of HR 
in the company, the company’s management should be more 
proactive in making HR as a human capital that must be given 
attention and continuous development with significant variations 
in the environment of businesses (Omran and Baharuddin, 2017). 
This study aimed to conduct eminent review both empirically and 
theoretically about the role of human capital or human resources 
in the company’s performance improvement. The overview on 
human capital in Indonesia 2008-2017 are reported in Figure 1.

Attention to human resources and HC considered as the main 
producing factors for most companies is often under-ranked 
compared to other factors of production such as capital, 
technology, and money. Many company leaders are less aware 
that the profits derived by the company come from human capital, 
this is because the company’s activities are seen more from the 
perspective of the business (Hunter et al., 2017). Companies are 
not seen as a unit by the leaders of companies which contain unique 
skills and knowledge, or unique parts of business elements that 
could distinguish products and services in the competitive markets 
from competitors.

2. LITERATURE REVIEW

There is the relevance of human capital which could be interpreted 
as human resources value of the economy that is linked to the 
commitment and energy, ideas, ability, innovation, and knowledge. 

The combination of human capital is linked with the innovation, 
skills, knowledge and the person ability for performing duties in 
creating values to the goal achievements (Korauš et al., 2017). The 
contributions of human capital in sort of added value formations for 
performing works and tasks could provide revenue sustainabilities 
for organizations in future. In the intellectual capital, human capital 
is considered as lifeblood, an eminent source of improvement and 
innovation, while also considered as an eminent component which 
has difficulty in measurement (Ferreira and Franco, 2017). Studies 
enumerated human capital into three elements of combination that 
named as (1) talent and creativity, namely intelligence, person’s 
learning ability, and imagination, (2) traits and characters that 
took for work, for instance, commitment, energy, reliability, 
intelligence, and positive attitude, (3) motivations for goals 
orientation, team spirit, knowledge and information (Adelere, 
2017). The literature further described human capital that consists 
of things namely: time, effort, behaviour, and ability which are all 
employees controlled and owned. Studies further mentioned the 
relevance of company expenses that are linked to human resources 
might be seen as human capital investments (Luftman et al., 2017). 
For instance, programs of training which are aimed for adding 
values of employees must be focused on financing in the future.

Studies widely contributed the intention of using renewable energy 
an important source that significantly contributes towards various 
factors. However, the significance of renewable energy positively 
dominates among the factors that exit for company performance. 
The eminent usage of renewable energy positively enumerated 
in wide literature recalling the effects on factors influencing the 
company’s performance (Hai et al., 2017). Different capabilities 
are used in wide literature for the increase of performance in 
companies but the prevalence of renewable energy intentions 
positively exits between them. The literature discussed the 
intentions of using renewable energy widely with various factors 
where the dominance of renewable energy has lasted the impacts 
with significant enumerating measures (Higueras-Castillo et al., 
2019). The positive relationship between intellectual human capital 
and company performance dominates in vast literature but the 
importance of renewable energy could not be overlooked. The role 
of renewable energy intentions relates to the intellectual human 
capital which is linked with the performance of companies (Husin 
and Alrazi, 2017). Although, many factors contribute eminence 
in companies the prevalence of intellectual capital is significant 
where the intentions of using renewable energy put significant 
impact. Intentions of using renewable energy contribute various 
measures on intellectual capital, while the existence of company 
performance among them is also important.

For the improvement of the performance of companies as possible 
optimal, there is a requirement of professional and efficient 
human resource management. To face different challenging 
situations in the environment of businesses both externally 
and internally, the conducting of a definite process of human 
resource management is required by the managers of HR which 
could establish human capital (Behera and Mohapatra, 2017). 
While reviewing studies, the six dominant factors in HRM have 
a significant impact on the performance of the business and 
could also improve the competitivity of companies. Employees 



Fatihudin, et al.: The Role of Intellectual Human Capital, Human Resource Practices and Intention to use of Energy Resources on the Company Performance

International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020706

placement and recruitment is an eminent process with significant 
importance for the companies. For the insertion of people which 
could be imminent for the achievement of objectives, the first step 
belongs to the conducts of proper placements and recruitments in 
fields (Iamsomboon et al., 2020). Recruitments through human 
resources are considered as a process of potential withdrawals and 
identification of employees out of the company over the time for 
activities of operations. Programs of recruitments are established 
for evaluating the right person having talent and considerably 
countered as capable of vacant designations fulfilment at different 
stages in the organizations (Manjula and Balachandra, 2017). The 
success of the company in the future depends very much on the 
selection made on the recruitment of HR that will be accepted. 
It’s not easy to choose the right HR in the right place. Therefore it 
is necessary to carry out a testing and screening process in stages 
both directly and indirectly. The HR selection process requires 
the right tools and methods to estimate the quality of prospective 
employees (Harlow, 2017). Therefore, the test to be carried out 
has been tested for validity and reliability.

The process of training employees exits in literature with a 
variety of impacts on companies, whether it costs or enhance the 
performance but the intentions of using renewable energy could 
prevail with dominance among them. Renewable energy could 
have a positive influence on the development and training in the 
various areas which are required for the company’s performance 
(Kahia et al., 2017). The prevalence of renewable energy positively 
dominates among the factors of training and development of 
employees which are used for company performance but could also 
inert positive contribution to renewable energy intentions. Among 
the development and training of employees in organizations 
the existence of energy dominates in far literature with various 
examples (Komendantova and Yazdanpanah, 2017). The role of 
intentions of using renewable energy prevail upon the employees’ 
rehabilitation which robustly influences the performance of 
companies. Several procedures are adopted in literature for the 
employee’s induction where renewable energy significantly 
exits on the measures (Oduor, 2017). For the renewable energy 
enumerations, the role of placement and recruitment are widely 
elaborated in studies but the eminence of renewable energy puts 
significant impacts upon the performance of companies and 
recruitments and placements.

For anticipating the rapid environmental changes, development 
and training is a significant element for the companies. The 
literature stated: “Training and development are terms of 
reference to planned efforts designed to facilitate the acquisition 
of relevant skills, knowledge, and attitudes by organizational 
members.” Various studies mentioned development and training 
through arguments of relevance with plans of businesses which 
are performed to the achievement of mastery employees attitude, 
skills, organization members, and knowledge (Ikram and Hanim, 
2020). The dominant focus is upon the development which 
helps for improving the abilities of decision making and human 
relations broadening for the managements whether middle level or 
upper level while for the lower-level employees, training intends 
(implementation). Organizations that achieve higher performance 
and can attain high levels usually have HR reliability with the 

robust motivation of work and robust commitments for achieving 
the missions and goals of companies (Hamdan et al., 2017). 
Performance of the companies could be improved optimally if 
the performance management of HR strives in all dimensions in 
organizational structures of companies. The literature described the 
inclusion of expected goals of companies: to attain the significant 
information that relates to the decisions of compensation and 
promotion, and the performance evaluation of employees at both 
levels whether managerial or subordinate (Obeidat et al., 2017). 
Therefore, managers effectiveness is required for the employees’ 
valuation, management, assessment, and developments as well as 
continuity in performance evaluation, coaching and feedback and 
poor performance consequences management.

Various measures are used through the steps of placement and 
recruitment but the existence of intentions of using renewable energy 
could influence the measures through a variety of channels as stated 
in the literature. The use of energy resource has been positively 
influenced the growth of the economy around the globe (Nawaz et al., 
2019). The majority of elements are designed in company procedures 
to attain performance forecasted but the existence of renewable 
energy intentions among the elements dominates in studies (Rezaei 
and Ghofranfarid, 2018). Various courses of renewable energy 
are used to establish links with countries and companies but the 
ultimate cooperation elements significantly enumerate the possible 
eminence of renewable energy. Studies used a variety of elements in 
the company’s where different strategic measures help to enhances 
performance whereas the intentions of using renewable energy insert 
various elements that put effects among the strategies (Shakeel and 
Rahman, 2018). With the relevance of different factors, intentions of 
renewable energy usage positively described among the literature. 
Intellectual capital is considered as a positive key contributor among 
the economy whereas the intentions of using renewable energy also 
dominate in the ground of economy for plenty of reasons (Uyar and 
Beşikci, 2017).

3. RESEARCH METHOD 

The motive of the ongoing study is to examine the impact 
of intellectual capital and HR practices on the company’s 
performance along with the moderating role of intention to use 
of renewable energy. The data has been gathered by using the 
questionnaires from the respondents. A personal visit has been 
conducted and distributed around 740 questionnaires but after 
one month only 510 questionnaires have been received that 
have 68.92% response rate. The PLS-SEM has been conducted 
for the analysis of the data that has been collected from the 
respondents. The model of the study is very complex and the 
smart-PLS provided the best estimation in this case. The variables 
that have been adopted in the ongoing study consist of the one 
predictive variable named as Company’s performance (CP) that 
has five items along with one moderator such as the intention 
to use of renewable energy (IURE) that has four items. In 
addition, the present research also took three predictors such as 
intellectual human capital (IHC) that has seven items, training 
and development (TD) that has five items and recruitment and 
placement (RP) that has four items. These variables along with 
their links are mentioned in Figure 2.



Intellectual
Human Capital

Training &
Development

Recruitment &
Placement  

Intention to Use
of Renewable

Energy  

Company’s
Performance   

Figure 2: Theoretical Framework

Figure 1: Overview on Human Capital in Indonesia 2008-2017

Source: Word Economic Forum (2017)

Figure 3: Measurement model assessment

Source: Authors

Fatihudin, et al.: The Role of Intellectual Human Capital, Human Resource Practices and Intention to use of Energy Resources on the Company Performance

International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020 707



Fatihudin, et al.: The Role of Intellectual Human Capital, Human Resource Practices and Intention to use of Energy Resources on the Company Performance

International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020708

4. RESULTS

The findings of the ongoing research include the reliability 
along with validity analysis such as convergent along with the 
discriminant validity. In addition, the analysis also includes path 
analysis related to hypotheses testing. Firstly, the convergent 
validity has been tested by the study that highlighted the links 
among the items. The figures show that high values of AVE and 
loadings than 0.50 while high values of CR and Alpha than 0.70. 
These figures highlighted that high linkage among the items and 
valid convergent validity. These figures have been mentioned in 
Table 1. 

Secondly, the discriminant validity has been tested with the help 
of Fornell Larcker and cross-loadings that highlighted the links 
among the constructs. The figures show that the values that show 
the links with construct itself are larger than the links with other 
constructs. These figures highlighted that no high linkage among 
the constructs and valid discriminant validity. These figures have 
been mentioned in Tables 2 and 3.

Thirdly, the discriminant validity has been checked by using 
Heterotrait Monotrait (HTMT) ratio. The figures show that 
the values of ratios are not larger than 0.90. These figures 
highlighted that no high linkage among the constructs and valid 

discriminant validity. These figures have been mentioned in 
Table 4 and Figure 3.

Finally, the path analysis has been executed for the testing of 
the hypotheses of the study and the figures show that positive 
association among the intellectual human capital, and HR 
practices such as training and development, recruitment and 
placement and company’s performance. In addition, intention 
to use of renewable energy has positively moderated among 
the links of intellectual human capital, and the company’s 
performance. However, intention to use of renewable energy 
has insignificantly and negatively moderated among the links of 
HR practices such as training and development, recruitment and 
placement and company’s performance. These links are shown 
in Table 5 and Figures 4-7.

 5. DISCUSSIONS

Variant performances could be produced by companies if companies 
are managed by various people, means that managing the assets 
of the same company by various HR could generate variant added 
values. Companies that own tangible assets are considered as 
passive without HR which could generate and manage value for 
companies as concluded by the studies (McDowell et al., 2018). 
Different studies proved the relationship between the process of 
HRM and performance of the companies. In the 1980s, studies 

Table 1: Convergent validity
Constructs Items Loadings Alpha CR AVE
Company’s 
performance 

CP1
CP3
CP4
CP5

0.823
0.831
0.855
0.821

0.852 0.900 0.693

    
    
Intellectual human 
capital

IHC1
IHC2
IHC3
IHC4
IHC5
IHC6
IHC7

0.832
0.863
0.845
0.811
0.876
0.861
0.794

0.931 0.944 0.707

    
    
    
    
    
Intention to use of 
renewable energy  

IURE1
IURE2
IURE3
IURE4

0.932
0.930
0.446
0.911

0.831 0.893 0.690

    
    
Recruitment and 
placement 

RP1
RP2
RP3
RP4

0.695
0.897
0.769
0.898

0.835 0.890 0.671

    
    
Training and 
development

TD1
TD2
TD3
TD4
TD5

0.938
0.855
0.937
0.854
0.939

0.944 0.958 0.820

    
    
    

Table 4: Heterotrait Monotrait ratio
 CP IHC IURE RP TD
CP      
IHC 0.468     
IURE 0.516 0.651    
RP 0.833 0.398 0.513   
TD 0.566 0.429 0.554 0.457  

Table 2: Fornell Larcker
 CP IHC IURE RP TD
CP 0.832     
IHC 0.421 0.841    
IURE 0.446 0.499 0.831   
RP 0.721 0.365 0.438 0.819  
TD 0.510 0.404 0.503 0.414 0.905

Table 3: Cross-loadings
 CP IHC IURE RP TD
CP1 0.823 0.324 0.305 0.598 0.381
CP3 0.831 0.346 0.4 0.625 0.494
CP4 0.855 0.365 0.437 0.606 0.45
CP5 0.821 0.366 0.337 0.569 0.364
IHC1 0.33 0.832 0.405 0.308 0.298
IHC2 0.353 0.863 0.422 0.286 0.346
IHC3 0.321 0.845 0.397 0.279 0.311
IHC4 0.302 0.811 0.435 0.238 0.359
IHC5 0.389 0.876 0.435 0.323 0.364
IHC6 0.417 0.861 0.437 0.378 0.376
IHC7 0.342 0.794 0.403 0.314 0.312
IURE1 0.418 0.419 0.932 0.408 0.465
IURE2 0.421 0.375 0.93 0.443 0.473
IURE3 0.177 0.67 0.446 0.152 0.19
IURE4 0.407 0.399 0.911 0.381 0.47
RP1 0.423 0.207 0.348 0.695 0.284
RP2 0.723 0.369 0.35 0.897 0.408
RP3 0.501 0.245 0.34 0.769 0.247
RP4 0.655 0.34 0.41 0.898 0.387
TD1 0.465 0.344 0.46 0.365 0.938
TD2 0.459 0.395 0.446 0.398 0.855
TD3 0.468 0.345 0.462 0.363 0.937
TD4 0.453 0.399 0.448 0.394 0.854
TD5 0.463 0.344 0.457 0.352 0.939



Figure 4: Structural model assessment

Source: Authors 

Figure 5: IHC*IURE

Source: Authors 

Figure 6: RP*IURE

Source: Authors 

Fatihudin, et al.: The Role of Intellectual Human Capital, Human Resource Practices and Intention to use of Energy Resources on the Company Performance

International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020 709

empirically mixed the findings to the link among the performance 
of companies and human capital. Authors examined the relation 
among the performance of business and planning of HR and 
found no correlation among them (Oduor, 2017). These findings 
are supported by literature based on surveys which conclude no 
relation among corporate performance financially and practices of 
HR. while empirical studies in the 1990s now prove more positive 
and dominant link among the performance of the company and 
human capital. Variant studies conducted the relation among the 
performance of companies and capital investments dominating 

the 366 companies in the UK. Findings show the association of 
more HR with low turnover labour which can produce higher 
profits per worker but low productivity (Kweh et al., 2019). By 
the performance estimation, there is the existence of a robust link 
between financial performance and productivity of HR.

Different authors widely discussed the elements of renewable 
energy in various studies with the dominance of measures exits 
in it. The use of renewable energy existed between various factors 
that are used to interpret the relationships and influences (Wojuola 

Table 5: Path analysis
Relationships Beta S.D. t-statistics p-values L.L. U.L.
IHC  → CP 0.175 0.055 3.160 0.002 0.062 0.277
IHC*IURE → CP 0.109 0.045 2.396 0.017 0.017 0.198
RP → CP 0.512 0.046 11.202 0.000 0.416 0.594
RP*IURE → CP −0.110 0.050 2.186 0.029 −0.219 −0.023
TD → CP 0.164 0.052 3.179 0.002 0.066 0.267
TD*IURE → CP −0.062 0.046 1.343 0.180 −0.141 0.033



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International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020710

and Alant, 2017). Even though renewable energy is countered as 
an eminent source for building of collaborating relationships but 
the effective use of renewable energy put significance among the 
relationship. Authors used renewable energy at various stages for 
the interpretation of relationships and effects though various modes 
of examinations (Dogan and Ozturk, 2017). The contributions 
toward companies are performed through enormous channels, 
while the reliance on renewable energy could put all possible 
measures among the contributing elements. The link among 
the development of HR and training with the performance of a 
company is carried out by various authors. Employees skills and 
knowledge through the activities of training become dominant 
in improving the performance of the company. Authors state the 
market competition where the company successfully dealing 
is primarily determined by HC, not PC and so the company is 
encouraged to invest in various training to increase the abilities, 
skills and knowledge of employees more compared to the 
competitors (Gracioli Camfield et al., 2018). Therefore, company 
expenditures for HR training and development activities are 
eminent to increase and maintain employee knowledge and 
expertise to be able to create a sustainable competitive advantage.

A significant planned effort termed by the development and 
training in the companies to improve employees abilities, skills 
and knowledge. Furthermore, added the similar two concepts 
of development and training, namely to increase abilities, skills 
and knowledge. However, purposely judging, generally, twice 
concepts could be differentiated. For the increasing of abilities 
to perform specific jobs, the focus is on training at the moment, 
and for performing the work, knowledge enhancement is focused 
through development in the future, performed through the 
approach integrated with variant activities to change the behaviour 
of works (Arifah, 2020). If the knowledge of individual based on 
strength maintained and managed, the achievement of competitive 
advantage could be dominant. Authors stated the determination of 
the success of companies is based on the abilities of companies 
to manage the asset of knowledge. Companies could not generate 
knowledge despite using interactions and actions of employees.

Compensation and rewards to continue to be able to maintain and 
improve the owned HR qualities. The organization is required to 
provide appropriate compensation and appreciation to its employees. 

The company’s goals are to encourage company competitiveness, 
align individual/group work goals with company goals, and to 
strengthen positive behaviour towards customers. Also, employee 
involvement in the design of compensation and rewards programs, an 
explanation of the workings of the compensation and reward systems 
provided by the company, the combinational use of non-financial and 
financial rewards and compensation components that distinguish 
between basic salary, incentives and variable salary are a positive 
thing for companies to increase employee participation (Alzuod et al., 
2017). Compensation planning by a company is a strategy related to 
how a company positions the level of compensation given compared 
to its competitors. Besides compensation also illustrates how the 
company provides rewards to employees. With good compensation 
planning, it is expected that employees will be able to be maintained, 
especially for employees who have good performance.

6. CONCLUSION

Rapidly increasing literature have attempted to enumerate the 
relationship between the performance of a firm and human 
resources. This paper tries to carry out a brief review both theoretical 
and empirical link among the performance of companies and human 
capital, and the importance of HR company managers that how 
their support is linked with the significant performance. Robust 
performance is eminent for the companies to enhance the value of 
the company that can satisfy all parties, especially stockholders. 
The dominance of elected factors significantly influences the 
performance of companies whether for enhancing or disrupting 
measures, while the use of renewable energy also attained much 
importance among them. The role of intentions of using renewable 
energy positively influence the relationships that are countered in 
this study for evaluating the impacts on the company’s performance. 
Although the company’s performance could be evaluated by various 
means the elected factors significantly elaborated the impacts 
whereas the prevalence of using renewable energy intentions inserts 
moderating effects among them. Between the elected factors in this 
study used to enhance the performance of companies, the use of 
intentions of renewable energy positively inserts role between the 
factors affecting the relationship.

With all the limitations, especially the theoretical review that has 
not been completed, this paper is expected to provide input for 
companies to prepare higher quality human resources in improving 
the company’s best performance. Company leaders are required 
to realize at this time about the benefits derived by the company 
come from human capital, not the company’s activities are seen 
from a business perspective. Leaders of the companies are required 
to view companies as units which contain significant sets of skills 
and knowledge, or uniqueness.

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Figure 7: TD*IURE

Source: Authors 



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International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020 711

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