+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

An analysis of human capital efficiency of economic entities based on an integrated approach

Vol. 21, Iss. 5, MAY 2022

Received: 10 May 2022

Received in revised form: 16 May 2022

Accepted: 21 May 2022

Available online: 30 May 2022


JEL Classification: C38, J24, Q01

Pages: 870–890


Sergei A. SEMKIN Voronezh State University (VSU), Voronezh, Russian Federation

ORCID id: not available

Subject. Financial and economic indicators based on the data in accounting (financial) statements reflect the state of an economic entity at a certain date. The main drawback of accounting (financial) statements is that their indicators are of internal corporate origin. Neither investors nor other interested users were happy with them due to excessive complexity of perception.
Objectives. The study aims to develop a methodology for analyzing the human capital of economic entities based on an integrative indicator that determines the level of efficiency, sufficiency of this type of resource for economic entity development.
Methods. I employ methods of systems, comparative, structural, and logical analysis. The offered methodology rests on resource-oriented and integrative approaches.
Results. I present my own methodology, which enables to determine the size of economic entity’s capital when integrated reporting is generated. The methodology is based on the understanding and representation that each economic entity is a set of capital (resources). Through established deterministic relationships with the financial performance of economic entity, the participation of each capital in the formation of corresponding financial indicator and its efficiency are evaluated.
Conclusions. Most methods of human capital analysis provide a narrow assessment, without touching on relationship between indicators that affect the state of this type of capital, its potential change. This results in incorrect and incomplete reflection of capital in the integrated reporting through the indicators that do not estimate capital value and efficiency of use.

Keywords: integrated reporting, target, economic analysis, human capital, stakeholder


  1. Kazakova N.A., Bobkova M.P., Prilepskaya A.A., Lok Tkhi Doan. [Non-financial public reporting in the field of sustainable development as a source of information and an object of audit services in the digital economy]. Auditor, 2019, vol. 5, no. 12, pp. 22–28. URL: Link? (In Russ.)
  2. Eccles R.G., Saltzman D. Achieving Sustainability Through Integrated Reporting. Stanford Social Innovation Review, 2011, vol. 9, no. 3. pp. 56–61. URL: Link-...
  3. Eccles R.G., Krzus M. One Report: Integrated Reporting for a Sustainable Strategy. New York, John Wiley & Sons, 2010, 256 p.
  4. Samosudov M.V. [The theory of corporate interaction as a tool for analysis in the corporate governance process]. Upravlencheskie nauki = Management Sciences, 2012, no. 2, pp. 24–30. URL: Link (In Russ.)
  5. Yuchtman E., Seashore S.E. A System Resource Approach to Organizational Effectiveness. American Sociological Review, 1967, vol. 32, no. 6, pp. 891–903. URL: Link
  6. Kogdenko V.G., Mel'nik M.V. [Integrated reporting: Formation and analysis issues]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2014, no. 10, pp. 2–15. URL: Link (In Russ.)
  7. Malinovskaya N.V. [Problems of developing a methodology to analyze integrated reporting]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2021, vol. 20, iss. 4, pp. 645–662. (In Russ.) URL: Link
  8. Afonichkin A.I., Zhurova L.I. [Systematization of Approaches to the Estimation of the Efficiency of the Development Strategy of the Economic Systems of the Micro-Level]. Vestnik Samarskogo munitsipal'nogo instituta upravleniya = Bulletin of Samara Municipal Institute of Management, 2019, no. 1, pp. 20–31. URL: Link_ Zhurova_20-31.pdf?ysclid=l2xp213w3w (In Russ.)
  9. Efimova M.G., Khudyakova T.A. [Improvement of management system of an industrial enterprise, aimed at sustainable development, based on the principles of market cost modeling]. Vestnik Yuzhno-Ural'skogo gosudarstvennogo universiteta. Seriya: Ekonomika i menedzhment = Bulletin of the South Ural State University. Series: Economics and Management, 2017, vol. 12, no. 2, pp. 137–144. URL: Link (In Russ.)
  10. Lyubushin N.P., Babicheva N.E., Ivasyuk R.Ya., Kozlova E.E. [Use resource approach in assessing the financial sustainability of the organizations]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2011, no. 9, pp. 2–9. URL: Link (In Russ.)
  11. Bochko V.S. [Integrative economics – the economics of coordinated and socially oriented development]. Ekonomicheskie i sotsial'nye peremeny: fakty, tendentsii, prognoz = Economic and Social Changes: Facts, Trends, Forecast, 2012, no. 5, pp. 48–59. URL: Link (In Russ.)
  12. Fitz-enz Jac. Rentabel'nost' investitsii v personal: izmerenie ekonomicheskoi tsennosti personala [The ROI of Human Capital]. Moscow, Vershina Publ., 2006, 320 p.
  13. Gabdullin N.M., Kirshin I.A., Lukin V.A. [Implementation of metric approach in human capital management of the company]. Finansy i upravlenie, 2020, no. 3. (In Russ.) URL: Link
  14. Tuguskina G.N. [A comparative analysis of methodologies and indicators for assessing human capital enterprises]. Sovremennye tekhnologii upravleniya, 2015, vol. 54, no. 6. (In Russ.) URL: Link
  15. Skoblyakova I.V., Efremova S.M. [Formation of Indicators for Assessing the Effectiveness of the Use of Human Capital in the Food Industry]. Tekhnika i tekhnologiya pishchevykh proizvodstv = Food Processing: Techniques and Technology, 2021, vol. 51, no. 3, pp. 529–537. URL: Link (In Russ.)
  16. Lyubushin N.P., Babicheva N.E., Kondrashova N.V. et al. Ekonomicheskii analiz ustoichivogo razvitiya sub"ektov khozyaistvovaniya na osnove resursoorientirovannogo podkhoda [Economic analysis of sustainable development of business entities based on a resource-oriented approach]. Moscow, KnoRus Publ., 2017, 74 p.

View all articles of issue


ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 22, Iss. 5
May 2023