The Evolution of Human Capital Accounting and Strategic Human Resource Management A Systematic Literature Review and Future Research Agenda

Abstract

Human Capital Accounting (HCA) and Strategic Human Resource Management (SHRM) have evolved as critical domains for understanding and managing organizational human assets. Despite growing recognition of human capital as a strategic resource, the integration of HCA measurement frameworks with SHRM practices remains fragmented. This systematic literature review synthesizes three decades of research to map the evolution of HCA theories and methodologies, identify key SHRM frameworks, examine their integration, and propose a comprehensive future research agenda. Following PRISMA 2020 guidelines, we conducted a systematic search across Scopus (n=400), Google Scholar (n=193), and Mendeley (n=197) databases in 2026. After removing 97 duplicates, 500 papers underwent abstract screening using seven eligibility criteria (threshold ≥4.0). Twenty papers advanced to full-text screening (threshold ≥4.5), resulting in 17 studies for final synthesis. The 17 included studies span 1998–2026, employing diverse methodologies including bibliometric analysis, conceptual frameworks, empirical studies, and systematic reviews. HCA has evolved from cost-based accounting systems to sophisticated value-based frameworks integrating monetary and non-monetary metrics. SHRM frameworks progressed from resource-based views to dynamic capabilities approaches emphasizing strategic alignment and value creation. This review reveals substantial theoretical and methodological advancement in HCA and SHRM over three decades, yet significant integration gaps remain. Future research must prioritize standardized HCA disclosure frameworks, technology-enabled analytics, causal mechanisms, multi-level theories, and cross-cultural contextual variations in HCA-SHRM implementation.