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Thus, we predicted that operational performance measures are more likely to capture the effects of human capital on performance: Hypothesis 4: The relationship between human capital and performance is stronger when performance is measured with operational performance measures than when it is measured with global performance measures. Because the study is the unit of analysis, if a study used multiple measures of one or more human capital measures or one or more performance measures and reported correlations separately, the correlations were averaged to yield a single estimate for the study (Hunter & Schmidt, 2004. With respect to the particular role of human capital on performance, however, Newbert reported that of the 33 tests of the human capital–performance relationship he identified in the literature, just 11 (33%) supported the notion that human capital is positively and significantly related to firm performance. Hypothesis 4 predicted that the positive relationship between human capital and performance would be stronger for studies relying on operational performance measures than for studies relying on global performance measures. Because operational performance measures capture the performance of specific value chain activities within the firm, but not the firm globally, the performance implications of human capital should impact them more directly. Thus, we made the following prediction: Hypothesis 3: The relationship between human capital and performance is stronger when measures capture specific human capital rather than when measures capture general human capital. Table 1 Studies Used in the Meta-Analysis Studya Sample size Human capital construct labelsb,c Performance construct labelsd Overall effectse Bae & Lawler (2000) 138 Management HRM values (S,D) Firm performance (G. Contingencies Surrounding the Human Capital– Performance Relationship As suggested by Newbert (2007), at least preliminarily, the effect of human capital on firm-level performance seems to vary considerably. Taken together, the potentially positive effects of specific human capital combined with the potentially negative effects of general human capital suggest that the former will have beneficial performance implications. e Effect is the study-level effect, and the codes depict whether the study contained human capital-performance effects that