en pl
en pl

Central European Management Journal

Zobacz wydanie
Rok 12/2020 
Tom 28 
Numer 4

Gender and Age as Determinants of Expected Rate of Return on Human Capital

Bartosz Kurek
Cracow University of Economics

Ireneusz Górowski
Cracow University of Economics

12/2020 28 (4) Central European Management Journal

DOI 10.7206/cemj.2658-0845.33


Purpose: The aim of the article is to examine the selected determinants of the expected rate of return on human capital.
Methodology: We conducted an anonymous survey of expected salaries among the Accounting and Controlling students at the Cracow University of Economics, which provided a unique setting for the analysis. On the basis of collected data for the cost of living and the cost of professional education for every participant, we used the human capital model developed by Dobija to compute the perceived level of the human capital of each individual. Then, we compared the expected salaries with the perceived levels of human capital and computed expected rates of return on human capital. The following research methods are used: literature review, statistical tests, econometric modeling.
Findings: On the sample of 754 respondents, we found that male students expect a higher rate of return on their human capital than female students, while older students expect a lower rate of return on human capital than younger students.
Research limitations: Only one field of study was used to measure the determinants of the expected rate of return on human capital.
Originality: We contribute to the salary expectations and human capital literature by identifying a significant gender salary expectations gap that holds even after considering individually assessed costs of living and professional education. Our findings are consistent with the well-known observation that women tend to expect lower salaries than men.


  1. AFECA (2016). Gender Diversity in the European accountancy profession. An AFECA Study with the Support of FEE. Paris: Association des Femmes diplômées d’Expertise Comptable Administrateurs, https://www.accountancyeurope.eu/wp-content/uploads/Afeca_Gender-Diversity-in-the-European-Accountancy-Profession.pdf (18.10.2020). [Google Scholar]
  2. Wojewódzki Urząd Pracy w Krakowie (2018). Barometr zawodów 2019. Kraków: Wojewódzki Urząd Pracy, https://barometrzawodow.pl/userfiles/Barometr/2019/raport_ogolnopolski_pl.pdf (05.11.2019). [Google Scholar]
  3. Becker, G.S. (1993). Human Capital. A Theoretical and Empirical Analysis, with Special Reference to Education. 3rd Edition (first edition 1964). Chicago and London: The University of Chicago Press. [Google Scholar]
  4. Chevalier, A. (2007). Education, Occupation and Career Expectations: Determinants of the Gender Pay Gap for UK Graduates. Oxford Bulletin of Economics and Statistics, 69(6), 819–842. https://doi.org/10.1111/j.1468-0084.2007.00483.x. [Google Scholar]
  5. Cieślak, I. and Dobija, M. (2007). Teoretyczne podstawy rachunkowości kapitału ludzkiego. Zeszyty Naukowe Akademii Ekonomicznej w Krakowie, 735, 5–24. [Google Scholar]
  6. Cohen, J.R., Dalton, D.W., Holder‑Webb, L.L. and McMillan, J.J. (2020). An Analysis of Glass Ceiling Perceptions in the Accounting Profession. Journal of Business Ethics, 164, 17–38. https://doi.org/10.1007/s10551-018-4054-4. [Google Scholar]
  7. Czarniawska, B. (2008). Accounting and gender across times and places: An excursion into fiction. Accounting, Organizations and Society, 33(1), 33–47. https://doi.org/10.1016/j.aos.2006.09.006. [Google Scholar]
  8. Damodaran, A. (2020). http://people.stern.nyu.edu/adamodar/New_Home_Page/datacurrent.html (27.08.2020). [Google Scholar]
  9. Dębkowska, K., Kłosiewicz-Górecka, U., Szymańska, A., Ważniewski, P. and Zybertowicz, K. (2019). Akademickość polskich miast, Polski Instytut Ekonomiczny, http://pie.net.pl/wp-content/uploads/2019/06/PIE-Raport_Akademicko%C5%9B%C4%87.pdf (10.01.2020). [Google Scholar]
  10. Deloitte Development (2019). Global Shared Services Survey Report (Executive Summary), 11th biennial edition. Deloitte, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/process-and-operations/2019-global-shared-services-survey-results.pdf (20.12.2020). [Google Scholar]
  11. Din, N.U., Cheng, X. and Nazneen, S. (2018). Women’s skills and career advancement: a review of gender (in)equality in an accounting workplace. Economic Research -Ekonomska Istraživanja, 3(1), 1512–1525. https://doi.org/10.1080/1331677X.2018.1496845. [Google Scholar]
  12. Dobija, D. (2005). Metoda pomiaru kapitału kreatywności. Zeszyty Teoretyczne Rachunkowości, 26(82), 77–85. [Google Scholar]
  13. Dobija, M. (1998). How to Place Human Resources into the Balance Sheet? Journal of Human Resource Costing & Accounting, 3(1), 83–92. https://doi.org/10.1108/eb029044. [Google Scholar]
  14. Dobija, M. (2000). Human Resource Costing and Accounting as a Determinant of Minimum Wage Theory. Zeszyty Naukowe Akademii Ekonomicznej w Krakowie, 553, 39–61. [Google Scholar]
  15. Dobija, M. (2004). Zgodność płacy z wartością pracy jako zasada równowagi ekonomicznej. Nierówności Społeczne a Wzrost Gospodarczy, 4, 27–43. [Google Scholar]
  16. Dobija, M. (2007). Abstract nature of capital and money. In: L.M. Cornwall (ed.), New Developments in Banking and Finance (pp. 89–114). New York, NY: Nova Science Publishers. [Google Scholar]
  17. Dobija, M. (2010). Gospodarka jako gra o sumie niezerowej. Natura kapitału i zysku. In: M. Dobija (ed.), Teoria pomiaru kapitału i zysku (pp. 21–49). Kraków: Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie. [Google Scholar]
  18. Dobija, M. (2014). Kategoria kapitału i fundamentalne zasady kształtujące rzeczywistość ekonomiczną. In: M. Dobija (ed.), Teoria rachunkowości. Podstawa nauk ekonomicznych (pp. 15–45). Kraków: Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie. [Google Scholar]
  19. Dobija, M. (2016). Układ pojęć konstytuujących teorię rachunkowości w kontekście nauk ekonomicznych. Zeszyty Teoretyczne Rachunkowości, 89(145), 9–28, https://doi.org/10.5604/16414381.1218241. [Google Scholar]
  20. Dobija, M. and Dobija, D. (2003). O naturze kapitału. Zeszyty Teoretyczne Rachunkowości, 17(73), 5–27. [Google Scholar]
  21. Dobija, M. and Dobija, D. (2005). Kapitał jako podstawowa kategoria ekonomii i rachunkowości. In: M. Dobija (ed.), Teoria rachunkowości w zarysie (pp. 11–42). Kraków: Wydawnictwo Akademii Ekonomicznej w Krakowie. [Google Scholar]
  22. Eisner R. (1980). Capital gains and income: real changes in the value of capital in the United States, 1946–1977. In: D. Usher (ed.) The Measurement of Capital. Studies in Income and Wealth (pp. 175 – 346). Chicago: University of Chicago Press. [Google Scholar]
  23. Heckert, T.M., Droste, H.E., Adams, P.J., Griffin, C.M., Roberts, L.L., Mueller, M.A., and Wallis, H.A. (2002). Gender differences in anticipated salary: Role of salary estimates for others, job characteristics, career paths, and job inputs. Sex roles, 47(3–4), 139–151. https://doi.org/10.1023/A:1021095005694. [Google Scholar]
  24. Hołda, A. and Renkas, J. (2015). Fair wage and the size of pension contributions in the theory of human capital measurement. Актуальні проблеми економіки, 12, 302–311. [Google Scholar]
  25. IAS #2 Inventories, Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council. Official Journal of the European Union, L320, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32008R1126&from=EN (20.12.2019). [Google Scholar]
  26. IPISS, Wysokość minimum socjalnego, https://www.ipiss.com.pl/?zaklady=minimum-socjalne, (11.01.2020). [Google Scholar]
  27. Jeny, A. and Santacreu-Vasut, E. (2017). New avenues of research to explain the rarity of females at the top of the accountancy profession. Palgrave Communications, 3, 17011. https://doi.org/10.1057/palcomms.201. [Google Scholar]
  28. Jerrim, J. (2011). Do UK higher education students overestimate their starting salary? Fiscal Studies, 32(4), 483–509. https://doi.org/j.1475-5890.2011.00148.x. [Google Scholar]
  29. Jędrzejczyk, M. (2011). Zastosowanie kursu walutowego do porównywania wynagrodzeń pracowników naukowych w Polsce i USA. Zeszyty Naukowe Uniwersytetu Szczecińskiego, 552, 177–188. [Google Scholar]
  30. Kabalski, P. and Szwajcar, J. (2015). Feminizacja studiów w zakresie rachunkowości w Polsce – przyczyny i skutki. Zeszyty Teoretyczne Rachunkowości, 81(137), 85–106, https://doi.org/10.5604/16414381.1155233. [Google Scholar]
  31. Kendrick, J.W. (1976). The Formation and Stock of Total Capital. New York: Columbia University Press. [Google Scholar]
  32. Kirkham, L.M. and Loft, A. (1993). Gender and the construction of the professional accountant. Accounting, Organizations and Society, 18(6), 507–558. https://doi.org/10.1016/0361-3682(93)90002-N. [Google Scholar]
  33. Komori, N. (2008). Towards the feminization of accounting practice. Lessons from the experiences of Japanese women in the accounting profession. Accounting, Auditing & Accountability Journal, 21(4), 507–538, https://doi.org/10.1108/09513570810872905. [Google Scholar]
  34. Kornberger, M., Carter, C. and Ross-Smith, A. (2010). Changing gender domination in a Big Four accounting firm: Flexibility, performance and client service in practice. Accounting, Organizations and Society, 35(8), 775–791. https://doi.org/10.1016/j.aos.2010.09.005. [Google Scholar]
  35. Kozioł, W. (2010). Kształtowanie wynagrodzeń podstawowych nauczycieli akademickich na podstawie pomiaru kapitału ludzkiego i intelektualnego. Nierówności społeczne a wzrost gospodarczy, 16, 280–290. [Google Scholar]
  36. Kozioł, W. (2011). Ekonomiczne aspekty procesu edukacji. Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie, 18(1), 185–194. https://doi.org/10.25944/znmwse.201 1.01.187196. [Google Scholar]
  37. Kozioł, W. and Mikos, A. (2019). The measurement of human capital as an alternative method of job evaluation for purposes of remuneration. Central European Journal of Operations Research, https://doi.org/10.1007/s10100-019-00629-w. [Google Scholar]
  38. Kurek, B. (2011). Hipoteza deterministycznej premii za ryzyko. Monografie: Prace doktorskie Nr 10. Kraków: Uniwersytet Ekonomiczny w Krakowie. [Google Scholar]
  39. Lupu, I. (2012). Approved routes and alternative paths: The construction of women's careers in large accounting firms. Evidence from the French Big Four. Critical Perspectives on Accounting, 23(4–5), 351–369. https://doi.org/10.1016/j.cpa.2012.01.003. [Google Scholar]
  40. Kurek, B. and Górowski, I. (2020a). Determinants of salary expectations – A survey of Accounting and Controlling students, paper submitted to the conference: IV Ogólnopolska Konferencja Naukowa z cyklu Edukacja dla przedsiębiorczości na temat Internacjonalizacja szkolnictwa wyższego oraz edukacji dla przedsiębiorczości. [Google Scholar]
  41. Kurek, B. and Górowski, I. (2020b). Expected Return on Human Capital – Pilot Survey among Accounting and Controlling Students. In: A. Jaki and B. Ziębicki (eds.), Knowledge – Economy – Society. External and Internal Determinants of Modern Business Management (pp. 73–82). Toruń: TNOIK Dom Organizatora. [Google Scholar]
  42. Major, B. and Konar, E. (1984). An Investigation of Sex Differences in Pay Expectations and Their Possible Causes. The Academy of Management Journal, 27(4), 777–792. https://doi.org/10.2307/255878. [Google Scholar]
  43. Manning, A. and Swaffield, J. (2008). The gender gap in early‐career wage growth. The Economic Journal, 118(530), 983–1024. https://doi.org/10.1111/j.1468-0297.2008.02158.x. [Google Scholar]
  44. Masztalerz, M. (2018). Czy rachunkowość w Polsce jest kobietą. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 503, 326–335. https://doi.org 10.15611/pn.2018.503.28. [Google Scholar]
  45. Mincer, J. (1974). Schooling, Experience and Earnings. New York: National Bureau of Economic Research. [Google Scholar]
  46. Moffitt, K.C., Rozario, A.M. and Vasarhelyi, M.A. (2018). Robotic Process Automation for Auditing. Journal of Emerging Technologies in Accounting, 15(1), 1–10. https://doi.org/10.2308/jeta-10589. [Google Scholar]
  47. Pierce‐Brown, R. (1998). An application of human capital theory to salary differentials in the accounting profession. Women in Management Review, 13(5), 192–200, https://doi.org:10.1108/09649429810221959. [Google Scholar]
  48. Piosik, A., Strojek-Filus, M., Sulik-Górecka, A. and Szewieczek, A. (2019). Gender and Age as Determinants of Job Satisfaction in the Accounting Profession: Evidence from Poland. Sustainability, 11(11). https://doi.org/3090. 10.3390/su11113090. [Google Scholar]
  49. Polachek, S.W. (2004). How the Human Capital Model Explains Why the Gender Wage Gap Narrowed, IZA Discussion Papers, No. 1102, Institute for the Study of Labor (IZA), Bonn, obtained from: http://hdl.handle.net/10419/20337 (28.08.20). [Google Scholar]
  50. Renkas, J. (2012a). An Analysis and Assessment of the Minimum Wage in the Economy of Ukraine on the Basis of the Human Capital Theory. In: A. Malina, R. Oczkowska and T. Rojek (eds.), Knowledge-Economy-Society. Dilemmas of the contemporary management (pp. 81–86). Cracow: Cracow University of Economics. [Google Scholar]
  51. Renkas, J. (2012b). Empiryczny test modelu kapitału ludzkiego i minimalnych wynagrodzeń. Nierówności Społeczne a Wzrost Gospodarczy, 24, 180–191. [Google Scholar]
  52. Renkas, J. (2013). Wage Expectations in Light of Human Capital Measurement Theory. Argumenta Oeconomica Cracoviensia, 9, 29–42. http://dx.doi.org/10.15678/AOC.2013.0902. [Google Scholar]
  53. Renkas, J. (2014). Teoria pomiaru kapitału ludzkiego jako podstawa analizy wynagrodzeń w gospodarce Ukrainy, Rozprawa doktorska, Uniwersytet Ekonomiczny w Krakowie, Kraków. [Google Scholar]
  54. Renkas, J. (2017). Kapitał kreatywności – pomiar i wynagradzanie. Nierówności Społeczne a Wzrost Gospodarczy, 50, 413–426. [Google Scholar]
  55. Renkas, J. (2018). Pomiar i sprawozdawczość kapitału ludzkiego w gospodarce Ukrainy, Wydawnictwo BREZA, Użgorod. [Google Scholar]
  56. Schultz, T.W. (1961). Investment in Human Capital. American Economic Review, 51(1), 1–17. [Google Scholar]
  57. Schweitzer, L., Lyons, S., Kuron, L.K.J and Ng, E.S.W. (2014). The gender gap in pre-career salary expectations: a test of five explanations. Career Development International, 19(4), 404–425. http://dx.doi.org/10.1108/cdi-12-2013-0161. [Google Scholar]
  58. Stańdo-Górowska, H. (2014). Oczekiwania płacowe studentów a model kapitału ludzkiego. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie, 928(4), 51–59, http://dx.doi.org/10.15678/ZNUEK.2014.0928.0404. [Google Scholar]
  59. Wojewódzki Urząd Pracy w Krakowie (2018). Barometr zawodów 2019. Kraków: Wojewódzki Urząd Pracy. Obtained from: https://barometrzawodow.pl/userfiles/Barometr/2019/raport_ogolnopolski_pl.pdf (05.11.2019). [Google Scholar]

Kompletne metadane

Cytowanie zasobu

APA style

Kurek, Bartosz & Górowski, Ireneusz (2020). Gender and Age as Determinants of Expected Rate of Return on Human Capital. (2020). Gender and Age as Determinants of Expected Rate of Return on Human Capital. Central European Management Journal, 28(4), 30-50. https://doi.org/10.7206/cemj.2658-0845.33 (Original work published 12/2020n.e.)

MLA style

Kurek, Bartosz and Górowski, Ireneusz. „Gender And Age As Determinants Of Expected Rate Of Return On Human Capital”. 12/2020n.e. Central European Management Journal, t. 28, nr 4, 2020, ss. 30-50.

Chicago style

Kurek, Bartosz and Górowski, Ireneusz. „Gender And Age As Determinants Of Expected Rate Of Return On Human Capital”. Central European Management Journal, Central European Management Journal, 28, nr 4 (2020): 30-50. doi:10.7206/cemj.2658-0845.33.