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In today's dynamic, changing business environment, an organization’s sustainable competitive advantages stem from its human resources. This study examined the relationships among management's emphasis on the importance of human resources, employee satisfaction of training, and innovative performance. The present study further investigated the effect of its (owner-/manager-managed) structure on the relationship between management's emphasis on the importance of human resources and employee satisfaction of training. To the end, this study analyzed three time-lagged data, consisting of 387 team leaders and 1,120 employees in a total of 161 companies from the Human Capital Corporate Panel(HCCP). The results showed that the management's emphasis on the importance of human resources is significantly related to employee satisfaction of education and training and innovation in turn, and the first relationship is stronger for the owner-managed firm than for the manager-managed.
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