“…Two key demographic characteristics, education and experience, underlie the concept of human capital (Becker, 1975). A key component of human capital is the possession of knowledge that is specific and not easily appropriable, and which yields competitive advantage (Barney, 1991;Pennings, Lee, and Witteloostuijn, 1998;Wright, Smart, and McMahan, 1995). Numerous studies have established that human capital is a key factor in explaining organizational performance (Bruderl, Preisendorfer, and Ziegler, 1992;Gimeno, Folta, Cooper, and Woo, 1997;Pennings et al, 1998).…”