Our main variable of interest is human capital. Human capital is critical in modern economic activities. It is involved in a
various components of business issues such as management, innovation, efficiency as well as cost associated with it. The originality
of this research is how the human capital is being measured. Until now, papers that focused on the human capital only used
some specific variables as proxy to represent human capital, mostly school enrollment. The construction of human capital indices
in this paper is a novel approach that has not, as far as we are aware, been utilized before. More importantly, the depth of the
measurement, with six different indices, captures the essence of measuring the influence of human capital.