A Decade of Research on Educational Investment in Human Capital: A Review and Bibliometric Perspective

Badrud Tamam(1), Aminudin Aminudin(2), Riema Afriani Kusumadewi(3), Cucun Sunaengsih(4), Fetty Poerwita Sary(5), Saprolla Rollie C. Deporos(6),

DOI: https://doi.org/10.46843/jiecr.v7i4.3047


(1) Educational Management, Universitas Wiralodra, Indonesia
(2) Islamic Education Management, PP Darussalam Kunir, Indonesia
(3) Islamic Education Management, STAI Darussalam Kunir, Indonesia
(4) Elementary School Teacher Education, Universitas Pendidikan Indonesia, Indonesia
(5) Management, Universitas Telkom, Indonesia
(6) Ateneo de Davao University, Philippines

Abstract

Driven by the growing urgency of digital disruption and the multifaceted challenges of sustainable development, this study explores the transformative landscape of human capital investment over the past decade. The study aimed to map global publication trends, geographic distribution, and thematic evolution in education investment from 2015 to 2025. It employed bibliometric and SLR methodologies based on Scopus data, using VOSviewer and Biblioshiny. The results show a significant surge in scholarly output, peaking in 2022, with China emerging as the dominant contributor to global discourse. Key findings highlight a critical thematic transition from traditional family sociology to high-impact contemporary issues, including digital innovation, the green economy, and AI-mediated labor markets. The study concludes that a radical curriculum reconstruction prioritizing digital literacy and technological adaptability is crucial for fostering national resilience. This research contributes to the field of educational management by providing a systematic framework for understanding how new technologies are redefining the economic value of human capital, offering policymakers strategic insights to foster inclusive, knowledge-based, and sustainable economic growth in the digital age.

Keywords

bibliometric analysis; educational investment; human capital; sustainable development

Full Text:

PDF

References

Aceleanu, M. I., ?erban, A. C., & Burghelea, C. (2015). “Greening” the Youth Employment - A Chance for Sustainable Development. Sustainability, 7(3), 2623–2643.

Adiletkyzy, M., Adieva, A. A., & Abikova, A. K. (2025). Financing Educational Institutions: Challenges and Prospects in Today's Environment. In Lifelong Learning in Central Asia: Relevance of the Fourth Industrial Revolution (pp. 45–53). Springer.

Arruda, H., Silva, E. R., Lessa, M., Proença Jr, D., & Bartholo, R. (2022). VOSviewer and Bibliometrix. Journal of the Medical Library Association, 110(3), 392.

Ateeq, A. (2025). Emerging Economies and Digital Transformation: Opportunities and Challenges. In Business Sustainability With Artificial Intelligence (AI): Challenges and Opportunities (Vol. 1, pp. 129–136). Springer.

Banmairuroy, W., Kritjaroen, T., & Homsombat, W. (2022). The Effect of Knowledge-Oriented Leadership and Human Resource Development on Sustainable Competitive Advantage Through Organizational Innovation's Component Factors: Evidence From Thailand's New S-Curve Industries. Asia Pacific Management Review, 27(3), 200–209.

Barrett, B., Mosweu, I., Jones, C. R., Charman, T., Baird, G., Simonoff, E., ... & Byford, S. (2015). Comparing Service Use and Costs Among Adolescents With Autism Spectrum Disorders, Special Needs and Typical Development. Autism, 19(5), 562–569.

Bu, Y., Yu, X., & Li, H. (2024). Digital Economy and Regional Innovation: Unveiling the Spatial Dynamics and Human Capital Influence in China. Digital Policy, Regulation and Governance, 26(5), 583–599.

Bykova, V., Khasanova, M., & Polonkoeva, F. (2024). The Role of Human Capital in Economic Development: An Analysis of Factors Contributing to Economic Growth. Reliability: Theory & Applications, 19(6), 1676–1682.

Cerf, M. E. (2023). The Social-Education-Economy-Health Nexus, Development and Sustainability: Perspectives From Low- and Middle-Income and African Countries. Discover Sustainability, 4(1), 37.

Chakrabarti, A. (2013). Privatising Social Opportunity: Trends and Implications for Higher Education in India. In Democracy, Development and Decentralisation in India: Continuing Debates (pp. 247–282). Taylor and Francis.

Chellappa, V., Mésároš, P., Spišáková, M., Kaleja, P., & Špak, M. (2024). Digital Technologies (DTs) for Safety Education and Training in Construction. Work, 78(3), 625–639.

Chinoracky, R., Stalmasekova, N., Madlenak, R., & Madlenakova, L. (2025). Are Nations Ready for Digital Transformation? A Macroeconomic Perspective Through the Lens of Education Quality. Economies, 13(6).

Dang, N. T. T., & Ho, T. T. N. (2025). Challenges and Solutions for Human Resource Development Activities of the FPT Group in the Age of Digital Technology. Multidisciplinary Science Journal, 7(4).

Demartini, C. G., Benussi, L., Gatteschi, V., & Renga, F. (2020). Education and Digital Transformation: The “Riconnessioni” Project. IEEE Access, 8, 186233–186256.

Dhrifi, A., Alnahdi, S., & Jaziri, R. (2021). The Causal Links Among Economic Growth, Education and Health: Evidence From Developed and Developing Countries. Journal of the Knowledge Economy, 12(3), 1477–1493.

Do, A. T. P. N., Ahmad, M., & Rochimah, H. (2025). Tinjauan Sistematis Tantangan dan Peluang Implementasi Model Pembiayaan Pendidikan Berbasis Human Capital untuk Pembangunan Sumber Daya Manusia Unggul di Indonesia. DIAJAR: Jurnal Pendidikan dan Pembelajaran, 4(3), 510–521.

Hussain, A., Ehsan, M., & Rauf, A. (2025). AI Adoption and Ethical Capitalistic Orientation: Investigating the Moderating Effect of Human-AI Synergy in China SMEs. International Journal of Ethics and Systems, 1–23.

Kenayathulla, H. B., Ling, H. F., Abdul Razak, A. Z. A., & Darusalam, G. (2019). School Level Resources and Students' Performance in Malaysian National Type Chinese Schools. Malaysian Online Journal of Educational Management, 7(1), 37–56.

Kiss, J. T. (2018). Examination of Fiscal Expenditures on Education and Research as Human Capital Investments. MATEC Web of Conferences, 184, 04018.

Kuchar?íková, A., Mi?iak, M., & Hitka, M. (2018). Evaluating the Effectiveness of Investment in Human Capital in e-Business Enterprise in the Context of Sustainability. Sustainability, 10(9).

Li, C., Sun, Y., Wu, S., & Sun, X. (2023). Investigation on the Gas Drainage Effectiveness From Coal Seams by Parallel Boreholes. Sustainability, 15(2), 942.

Li, Q., & Qamruzzaman, M. (2023). Innovation-Led Environmental Sustainability in Vietnam—Towards a Green Future. Sustainability, 15(16).

Liao, J., Kumar, S., & Furuoka, F. (2025). Bridging the Digital Divide: How Internet Access Shapes Human Capital Development and Economic Inequality. e-BANGI Journal, 22(2).

Liao, L., Du, M., Wang, B., & Yu, Y. (2019). The Impact of Educational Investment on Sustainable Economic Growth in Guangdong, China: A Cointegration and Causality Analysis. Sustainability, 11(3).

Mansi, E., Hysa, E., Panait, M., & Voica, M. C. (2020). Poverty - A Challenge for Economic Development? Evidences From Western Balkan Countries and the European Union. Sustainability, 12(18).

Mubarik, M. S., Shahbaz, M., & Abbas, Q. (2022). Human Capital, Innovation and Disruptive Digital Technology: A Multidimensional Perspective. Routledge.

Mustafa, B., & Lleshi, S. (2024). The Impact of Lifelong Learning and Investments in Employee Development on Employee Productivity and Performance. Multidisciplinary Reviews, 7(8), 2024175.

Njifen, I. (2024). Sub-Saharan Africa's Higher Education: Investment Decisions on Human Capital in the Presence of Youth Unemployment. Studies in Higher Education, 49(2), 351–367.

O'Dea, R. E., Lagisz, M., Jennions, M. D., Koricheva, J., Noble, D. W. A., Parker, T. H., Gurevitch, J., Page, M. J., Stewart, G., & Moher, D. (2021). Preferred Reporting Items for Systematic Reviews and Meta-Analyses in Ecology and Evolutionary Biology: A PRISMA Extension. Biological Reviews, 96(5), 1695–1722.

Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., ... & Moher, D. (2021). The PRISMA 2020 Statement: An Updated Guideline for Reporting Systematic Reviews. The BMJ, 372.

Psaki, S. R., Chuang, E. K., Melnikas, A. J., Wilson, D. B., & Mensch, B. S. (2019). Causal Effects of Education on Sexual and Reproductive Health in Low and Middle-Income Countries: A Systematic Review and Meta-Analysis. SSM - Population Health, 8.

Quah, J. S. T. (2018). Why Singapore Works: Five Secrets of Singapore's Success. Public Administration and Policy, 21(1), 5–21.

Sandoval-Palis, I., Naranjo, D., Vidal, J., & Gilar-Corbí, R. (2020). Early Dropout Prediction Model: A Case Study of University Leveling Course Students. Sustainability, 12(22), 1–17.

Sumual, T., Lumapow, H., & Rotty, V. (2024). The Role of Human Capital Investment in Improving the Quality of Human Resources (HR) in Education in the Digital Era. Asian Journal of Engineering, Social and Health, 3(11), 2520–2528.

Tae, L., Marfu’i, L. N. R., Masing, F. A., & Sukarjita, I. W. (2025). Scientific Literacy Instrument in Indonesia: A Systematic Literature Review Using PRISMA. IQRO: Journal of Islamic Education, 8(1), 22–35.

Thanuskodi, S. (2020). Challenges and Opportunities of Open Educational Resources Management. In Challenges and Opportunities of Open Educational Resources Management. IGI Global.

Tschang, F. T., & Almirall, E. (2021). Artificial Intelligence as Augmenting Automation: Implications for Employment. Academy of Management Perspectives, 35(4), 642–659.

Vo, T. V. (2021). Brief History of Education and Training Development in Vietnam and Recommendations for Period From 2021 to 2025. Review of International Geographical Education Online, 11(8), 1023–1032.

Wright, P. M. (2021). Rediscovering the "Human" in Strategic Human Capital. Human Resource Management Review, 31(4), 100781.

Zhao, J., Li, Q., & Hu, X. (2025). Dynamic Effects of Education Investment on Sustainable Development Based on Comparative Empirical Research Between China and the United States. Sustainability, 17(7).

Refbacks

  • There are currently no refbacks.


View My Stats