o’gli, Musaev Ozodjon Shavkat (2026) Improving the Methodology for Assessing the Economic Efficiency of Investments in the Human Capital of Small Enterprises. Central Asian Journal of Innovations on Tourism Management and Finance, 7 (4). ISSN 2660-454X

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Abstract

The article examines the problem of assessing the economic efficiency of investments in the human capital of small enterprises. The aim of the study is to improve the methodology for assessing the efficiency of investments in human capital by integrating indicators of return on investment (ROI), enterprise competitiveness, sectoral and territorial factors, cash flow management, and the performance of the development strategy. The methodological basis of the study comprises systemic and comparative analysis, methods for assessing investment efficiency, the ROI approach, economic-mathematical modeling, and elements of multifactor analysis. The article substantiates that the traditional calculation of human capital ROI, based solely on comparing profit growth with personnel costs, does not fully account for the delayed effect of investments, differences between sectors and regions, or the influence of human capital on productivity, customer loyalty, and enterprise sustainability. An extended assessment model is proposed, comprising financial, production, market, and strategic components. Based on the research materials, it is shown that the proposed approach makes it possible to move from assessing individual personnel expenditures to assessing their contribution to the formation of the economic value of a small enterprise. The article examines the problem of assessing the economic efficiency of investments in the human capital of small enterprises. The aim of the study is to improve the methodology for assessing the efficiency of investments in human capital by integrating indicators of return on investment (ROI), enterprise competitiveness, sectoral and territorial factors, cash flow management, and the performance of the development strategy. The methodological basis of the study comprises systemic and comparative analysis, methods for assessing investment efficiency, the ROI approach, economic-mathematical modeling, and elements of multifactor analysis. The article substantiates that the traditional calculation of human capital ROI, based solely on comparing profit growth with personnel costs, does not fully account for the delayed effect of investments, differences between sectors and regions, or the influence of human capital on productivity, customer loyalty, and enterprise sustainability. An extended assessment model is proposed, comprising financial, production, market, and strategic components. Based on the research materials, it is shown that the proposed approach makes it possible to move from assessing individual personnel expenditures to assessing their contribution to the formation of the economic value of a small enterprise.

Item Type:	Article
Uncontrolled Keywords:	Human capital, small business, investment in human capital, ROI, economic efficiency, labor productivity, competitiveness, cash flows, investment return, development strategy
Subjects:	H Social Sciences
Depositing User:	admin eprints
Date Deposited:	22 Oct 2026 01:19
Last Modified:	22 Oct 2026 01:19
URI:	http://eprints.umsida.ac.id/id/eprint/17223

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