Purpose The purpose of this study has been to investigate the influence of investments in human capital on the economic performance of India while examining the mediation of organizational culture (OC) and the mediation of digital transformation (DT), in addition to analyzing the impact of institutional conditions upon strategic returns to education as a non-material resource as part of the general theory of sustainable competitive advantage. Design/methodology/approach A mixed-methods methodology has been used in the study; specifically, a contextualized framework of intangible assets (IA), the contextualized intangible asset framework, has been used. Partial least squares structural equation modeling was employed to analyze direct and mediating relationships between constructs. The qualitative data collected via thematic analysis of expert interviews and policy documentation have also been subject to systematic thematic analysis using MAXQDA. Findings The findings indicate that OC is a strong mediator for the relationship between human capital and competitive performance, and the specific values of adaptability, collaboration and continued learning are critical components of this relationship. Furthermore, DT represents an important multiplier of human capital returns, especially in those organizations that provide support for cultural systems. Originality/value This study contributes to performance management by demonstrating that human capital produces enhanced performance only under the condition that it is mediated by adaptive OC and amplified by DT within effective institutional contexts. Additionally, this study extends the resource-based view and the dynamic capabilities theory by including external contingency factors into performance analysis from the perspective of IA.
Shah et al. (2026) studied this question.