Human Capital Accounting Implications on Firm Market Value: A Survey of Kenyan Private Universities

San Lio


Purpose-The study examined the findings of an empirical evaluation of Human Capital (HC) accounting implications on firm market value among Kenyan private universities.
Design/methodology/approach- a Cross-sectional survey on finance and human resource directors in Kenyan private universities.
Findings- Kenyan Chartered Private Universities were successful because they accounted for, and reported their HC as material investments. However, further research was recommended to establish whether: the 4.2% who did not enjoy a good reputation and image consecutively for the past three financial periods; the 47% who did not enjoy easy access to Kenya’s capital markets consecutively for the past three financial periods; the 25% who did not retain their quality HC consecutively for the past three financial periods; as well as the 30% who did not enjoy high ROI consecutively for the past three financial periods: did so solely because they did not account and report their HC as material investments or there were indeed other factors motivating the results.
Originality/Value-Accounting for HC is a big deal in Kenyan Knowledge-Information-Service-Sector (KISS) firms such as private universities because HC is the intervening factor for competitive advantage: Yet the discipline is unexplored in existing Kenyan empirical works.

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Accounting and Finance Research
ISSN 1927-5986 (Print)   ISSN 1927-5994 (Online) Email:

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