Digitalisation and Human Capital: An Econometric Study of Investment Performance
References
- Adams, M. (2024). 7 Best Safe Investments Of June 2024. Available at: https://www.forbes.com/advisor/investing/best-safe-investments/.
- Allchin, C., Dienerowitz, D., Nesselhauf, R., Burkl, M., and Boegli, A. (2024). The Capital Flywheel- European Capital Market Report. Available at: https://www.fese.eu/publications/the-capital-flywheel-european-capital-markets report/.
- Becker, G. S. (2002). Human capital. The concise encyclopedia of economics, 2, 1-12. Available at: https://www.econlib.org/library/Enc/HumanCapital.html .
- Becker, G.S. (2009). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education; University of Chicago, Press: Chicago, IL, USA; ISBN 0226041220.
- Benos, N. and Zotou, S. (2014). “Education and Economic Growth: A Meta-Regression Analysis”, World Development, Vol. 64, pp. 669-689. Available at: https://doi.org/10.1016/j.worlddev.2014.06.034.
- Bradley, S. and Green, C. (eds.) (2020). The Economics of Education - A Comprehensive Overview, Available at: https://www.elsevier.com/books/the-economics-of-education/bradley/978-0-12-815391-8.
- Brunello, G., De Paola, M.D. (2014). The costs of early school leaving in Europe. IZA J Labor Policy 3, 22. Available at: https://doi.org/10.1186/2193-9004-3-22.
- Bratianu, C. (2013). The triple helix of the organizational knowledge. Management Dynamics in the Knowledge Economy, 1(2013), 207-220.
- Brynjolfsson, E., & McAfee, A. (2014). The second machine age: Work, progress, and prosperity in a time of brilliant technologies. WW Norton & company.
- Chan, G., Gerring, R., Choi, R., and Steinbach, M. (2024). Q1 2024: Major shift in global IPO market share from the past five years. Available at: https://archive.org/details/casestudyresearc0000gerr.
- Ernst & Young (2011). The sustainability revolution. Excellence in sustainability reporting awards 2011. Available at: https://www.ey.com/ZA/en/Services/Specialty-Services/%20Climate-Change-%20and-Sustainability-Services/2011---ESR---Main-Page.
- Fifield, S.G.M., Lonie, A.A., Power, D.M., and Sinclair, C.D. (1999). Emerging markets: a disaggregated perspective on the gains from investing internationally, Review of Pacific Basin Financial Markets and Policies. Available at: https://www.worldscientific.com/doi/abs/10.1142/S0219091599000060.
- Gnatyshina, E. V., & Salamatov, A. A. (2017). Digitalisation and formation of digital culture: social and educational aspects. Bulletin of the Chelyabinsk State Pedagogical University, 8, 19-24.
- G20 Digital Economy Development and Cooperation Initiativ. Available at: http://www.g20.utoronto.ca/2016/g20-digital-economy-development-and-cooperation.pdf
- Hildebrand, P., Boivin, J., Li, W., Kaminker, C., and Paul, V. (2024). Grabbing the wheel: putting money to work. Available at: https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/outlook.
- Kahneman, D., and Tversky, R. (1979) Prospect theory: An analysis of decision under risk, Econometrica. Available at:, https://www.jstor.org/stable/1914185.
- Jaxk, L. (2021). Deepfakes, real consequences: Crafting legislation to combat threats posed by deepfakes, Boston University Law Review, pp.101-107.
- Kyrklund, J. (2023). The new investment landscape. Available at: https://www.schroders.com/en/global/individual/global-investor-study-2023/regime-shift/
- Majaski, C. (2023). Money Market vs. Capital Market: What’s the Difference? Investopedia. Available at: https://www.investopedia.com/articles/investing/052313/financial-markets-capital-vs-money-markets.asp.
- Mincer, J. (1958). Investment in human capital and personal income distribution. Journal of political economy, 66(4), 281-302.
- Murphy, G. and Flynn, E. (2021). Deepfake memories. Memory, pages 1–13.
- Nonaka, I., & Takeuchi, H. (1995). The knowledge-creating company. How Japanese companies create the dynamics of innovation. Oxford: Oxford University Press.
- OECD (2021). OECD Skills Outlook (2021): Learning for Life, OECD Publishing, Paris. Available at: https://doi.org/10.1787/0ae365b4-en.
- OECD (2022a). OECD Economic Outlook, Interim Report September 2022: Paying the Price of War, OECD Publishing, Paris. Available at: https://doi.org/10.1787/ae8c39ec-en.
- OECD (2022b). Value for Money in School Education: Smart Investments, Quality Outcomes, OECD Publishing, Paris. Available at: https://doi.org/10.1787/f6de8710-en.
- OECD Publishing, Paris. Available at: https://doi.org/10.1787/f6de8710-en. Pedraza, A., Lund, S., and Filmer, D. (2022). Capital Markets Continue to Face Challenges in Reaching their Development Potential. Available at: https://www.worldbank.org/en/news/feature/2022/04/28/capital-markets-continue-to-face-challenges-in-reaching-their-development-potential.
- Podmore, S., Nicoll, S., and Wunderlin, G. (2022). Schroders Global Investor Study 2022: ‘Expert’ investors more empowered to prioritise their values and principles. Available at: https://www.schroders.com/en-us/us/individual/media-center/schroders-global-investor-study-2022-investors-feel-increasingly-empowered-to-prioritize-personal-values-and-needs/.
- Rode, N. (2023). The opportunity in private assets. Available at: https://www.schroders.com/en/global/individual/global-investor-study-2023/private-assets/.
- Saifuddin, A. (2021). Who inadvertently shares deepfakes? Analyzing role of political interest, cognitive ability, and social network size. Telematics and Informatics, pp.49-58.
- Schultz, T. W. (1961). Investment in human capital. The American economic review, 51(1), 1-17.
- Uricaru, R. Ș., Murariu, A. I., & Onea, D.R. (2025). The role of European funds in accelerating digitalization and human capital development: Impact on poverty reduction and economic growth. In Proceedings of the International Conference on Business Excellence, Vol. 19, No. 1, pp. 1012-1025, Sciendo. Available at: https://reference-global.com/download/article/10.2478/picbe-2025-0359.pdf
- Xu, Z., Wang, S., & Ye, J. (2024). The effect of digitization on corporate fraud detection evidence from China. International Review of Financial Analysis, 96, 103788.
DOI: https://doi.org/10.2478/picbe-2026-0329 | Journal eISSN: 2558-9652
Language: English
Page range: 4456 - 4469
Published on: Jul 22, 2026
Published by: Bucharest University of Economic Studies
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Keywords:
Related subjects:
© 2026 Gabriel Cristian DUMITRU, Alexandra Ioana MURARIU, Robert Ștefan URICARU, Alexandra CONSTANTIN, published by Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.