To construct the sample analyzed in this study, rigorous inclusion and exclusion criteria were established to ensure the validity and representativeness of the data ([15]). First, only companies that were officially registered and active in the National Information System and employed a minimum workforce of five employees were included, thereby ensuring a basic organizational structure suitable for analysis.

A second key inclusion criterion was the company’s willingness and ability to complete the structured questionnaire in its entirety, a prerequisite for ensuring the statistical consistency and reliability of the analysis ([14]).

Regarding the exclusion criteria, companies with incomplete information or inconsistent responses in key variables were excluded. Organizations lacking a formal organizational structure were also omitted, as this limitation prevented an adequate assessment of their strategic human capital management practices. In addition, records containing duplicate or clearly biased responses were removed through cross-validation procedures applied during the initial stage of data processing ([13]). As a result of this data-cleaning process, 16 records were discarded, yielding a final sample of 937 companies with complete, internally consistent, and statistically robust data.

The methodological design of this study incorporated two main categories of variables: independent and dependent variables. The independent variables were defined as follows: investment in employee training, measured as the proportion of organisational resources allocated to human capital development; female representation in executive positions, used as an indicator of gender inclusion in organisational decision-making; firm size, classified in accordance with the Ecuadorian standard classification into micro, small, medium-sized, and large enterprises; and organisational age, measured by the number of years since the company’s establishment ([12]).

Regarding the dependent variables, three dimensions were defined to assess organizational performance. The first was the percentage of goal achievement, associated with operational and strategic performance indicators; the second was the assessment of goal attainment, referring to the organization’s internal perception of objective accomplishment; and the third was the overall perception of organizational performance, representing a synthesis of achieved outcomes and perceived institutional effectiveness ([1]).

Descriptive statistical techniques were used to characterise the sample and summarise the main study variables. Measures of central tendency and dispersion, including means, medians, frequencies, and standard deviations, were calculated as appropriate. To examine the relationships between the independent and dependent variables, Spearman’s rank-order correlation was employed as a non-parametric measure of association suitable for ordinal data. The statistical analysis was further supported by graphical techniques, including scatterplots and boxplots, which facilitated a more comprehensive interpretation of the relationships and patterns observed in the data.

Data processing and analysis were conducted using Microsoft Excel and Python-based analytical tools, particularly the pandas, matplotlib, and seaborn libraries. During this stage, systematic data cleaning and validation procedures were performed, including outlier detection, category standardisation, and the conversion of percentage values into consistent numerical formats. Throughout the research process, institutional ethical principles were strictly observed to ensure the integrity, confidentiality, and anonymity of the information provided by the participating companies.

The analysis of human capital strategies and their influence on organizational performance is primarily grounded in Human Capital Theory, which argues that education, experience, training, and competencies constitute investments that enhance workers’ productivity and economic value ([45]). From this perspective, organizations that promote capability development and effectively leverage human talent strengthen their competitiveness and improve organizational outcomes. Numerous studies have demonstrated that investment in training, professional development, and talent management contribute significantly to business growth and long-term sustainability, particularly within the context of micro, small, and medium-sized enterprises (MSMEs).

Complementarily, [43] provide a conceptual basis for understanding the barriers women encounter in accessing employment opportunities, professional development, and leadership positions. These theoretical perspectives argue that, although women often possess qualifications and competencies comparable to or even exceeding those of men, persistent cultural, structural, and organizational barriers continue to limit their participation in decision-making roles. The literature further indicates that such inequalities may hinder the effective utilization of available human capital, thereby constraining organizational innovation and overall performance.

In addition, Organizational Diversity Theory posits that the inclusion of individuals with diverse characteristics, experiences, and perspectives enhances creativity, innovation, and the quality of organizational decision-making ([43]). Likewise, Institutional Theory suggests that organizations adopt gender equity and inclusion practices in response to normative, social, and regulatory pressures arising from their external environment ([42]). Collectively, these theoretical perspectives indicate that promoting diversity and equal opportunities is not only a matter of organizational justice but also a strategic mechanism for strengthening organizational performance and enhancing the competitiveness of Ecuadorian MSMEs.

Female participation in micro, small, and medium-sized enterprises (MSMEs) should be examined from a multidimensional perspective, as it is shaped not only by individual employment decisions but also by structural, organizational, and institutional factors that influence women’s access to, retention within, and professional development in organizations. In Ecuador, labor market evidence reveals persistent gender disparities. In 2024, the rate of adequate employment reached 41.4% for men compared with only 28.4% for women, highlighting a substantial inequality in the quality of women’s labor market integration ([38]). Likewise, the Global Gender Gap Report identifies gender inequality as a continuing challenge for labor markets across Latin America and worldwide ([29]).

According to Human Capital Theory, education, professional experience, training, and workforce competencies constitute strategic resources that significantly influence organizational performance ([32]). However, when women have limited access to training opportunities, promotion, or performance evaluation processes, the available human capital within organizations becomes underutilized. Consequently, low female participation may constrain the diversity of competencies, innovation capacity, and adaptive capabilities of MSMEs, ultimately undermining their long-term competitiveness and sustainability ([37]).

Labor Market Discrimination Theory explains that differences between men and women are not necessarily attributable to productivity or qualifications but rather to biases in recruitment, compensation, promotion, and the allocation of responsibilities ([35]). In Ecuador, recent labor market studies indicate that female labor force participation continues to be constrained by employment gaps, labor informality, and wage inequality, all of which directly affect workforce stability and organizational efficiency ([34]). Furthermore, the International Monetary Fund reported that female labor force participation in Ecuador remains significantly lower than that of men, reflecting persistent inequalities in access to formal employment ([33]).

From the perspective of Glass Ceiling Theory, the mere presence of women within organizations does not guarantee equal opportunities when invisible barriers continue to restrict access to executive positions, strategic decision-making roles, and leadership responsibilities ([36]). This perspective is particularly relevant for MSMEs, where women may be incorporated into operational positions while remaining substantially underrepresented in strategic management roles. In Latin America and the Caribbean, the Inter-American Development Bank reported significant business-related gender disparities, indicating that women occupied only 15% of managerial positions and owned merely 14% of registered ([31]).

Organizational Diversity Theory argues that gender-diverse teams enhance decision-making quality, broaden organizational perspectives, strengthen problem-solving capabilities, and foster innovation. Recent empirical studies on gender diversity and corporate performance have found that most research reports a positive relationship between female participation and financial performance, although the strength of this relationship depends on institutional conditions, industry characteristics, and the hierarchical level at which women participate ([30]). Accordingly, increasing female representation across different organizational levels may constitute a significant source of competitive advantage for MSMEs ([27]).

Institutional Theory also provides a relevant analytical framework, as gender equality practices are shaped by regulatory frameworks, public policies, organizational culture, and broader societal pressures. In emerging economies such as Ecuador, formal legal equality may coexist with persistent disparities in recruitment, compensation, and leadership opportunities. The World Bank has noted that although Ecuador has made considerable progress in strengthening its legal framework, substantial gaps remain between formally recognized rights and the effective implementation of mechanisms designed to guarantee equal opportunities ([27]). These institutional conditions directly influence strategic human capital management practices and women’s opportunities for professional advancement.

Considering the findings obtained from the analysis of 937 Ecuadorian MSMEs operating in the manufacturing, commercial, and service sectors, female participation should be regarded as a critical dimension of strategic human capital management. Limited female participation or representation may reflect deficiencies in talent recruitment, training, promotion, and retention policies ([26]). Conversely, greater female inclusion may enhance organizational performance by expanding the organization’s competency base, strengthening internal equity, and improving the long-term sustainability of its human capital ([25]).

Additional studies conducted in Ecuador have examined the relationship between gender, institutional context, and innovation among women entrepreneurs, demonstrating that both institutional conditions and entrepreneurs’ individual characteristics significantly influence innovative performance ([24]). Likewise, research on female labor force participation in Ecuador indicates that labor informality and structural constraints continue to hinder women’s economic integration ([23]). Consequently, the findings of the present study should be interpreted from a critical perspective: female participation should not be viewed merely as a demographic characteristic but rather as a strategic indicator of organizational inclusion, effective talent utilization, and organizational performance ([22]).

Using “Strategic management of human capital” as the search query in the title, abstract, and keywords of scientific articles published between 2000 and 2025, a total of 1560 articles were retrieved from the Scopus database. The indexed keywords associated with these publications were subsequently extracted to construct the dataset used for the bibliometric analysis performed with VOSviewer.

VOSviewer is a specialized software application for the analysis and visualization of bibliometric networks and is widely used to investigate the intellectual and thematic structure of scientific research fields. Developed by the Centre for Science and Technology Studies (CWTS) at Leiden University, the software generates scientific maps from major bibliographic databases, including Scopus, Web of Science, Dimensions, and PubMed. It analyzes relationships among different bibliographic entities such as authors, institutions, countries, journals, cited references, and keywords through co-authorship, co-citation, bibliographic coupling, and keyword co-occurrence analyses. One of its principal strengths lies in the generation of network and density visualizations, in which the spatial proximity between elements reflects the strength of their relationships. In density maps, warm colors (yellow) indicate areas with a high concentration of occurrences and stronger relationships, whereas cooler colors (green and blue) represent lower frequencies and weaker connectivity. These visualizations facilitate the identification of well-established research themes, emerging trends, and underexplored areas within a scientific domain. Owing to its intuitive interface and robust normalization and clustering algorithms, VOSviewer has become one of the most widely adopted tools for bibliometric and scientometric analyses across diverse scientific disciplines.

Figure 1 illustrates that research on strategic human capital management has evolved into a distinctly multidisciplinary field in which three major scientific domains converge:

Human talent and human resource management;Economics and strategic management;Sustainability, innovation, and organizational health.

In this type of density map, yellow represents the highest concentration of keyword occurrences and the strongest relationships among terms, whereas green and blue indicate progressively lower levels of density and connectivity. Consequently, the yellow regions identify the principal conceptual cores that structure the international scientific literature on strategic human capital management.

Figure 1. Density map of terminus, by indexing keywords.

The Dominant Core: Human Resource Management. The highest concentration of terms in the density map is centered on human resource management, accompanied by concepts such as knowledge management, information management, intellectual capital, and employment. This configuration indicates that strategic human capital management continues to be grounded in people management as the central axis of scientific research. However, the close association with concepts related to intangible assets reflects a significant conceptual evolution. Literature no longer views human resources merely as an operational factor but rather as a strategic asset whose ability to generate, manage, and transfer knowledge constitutes a sustainable source of competitive advantage. Consequently, human talent management has become increasingly integrated with the knowledge economy and with approaches that emphasize organizational learning and value creation through intellectual capital.

The Second Core: Decision Making. The term decision making represents the second most prominent area of density within the map and is closely associated with investments, economics, management, risk management, and commerce. This thematic structure indicates that scientific literature recognizes human capital as a critical determinant of strategic decision-making within organizations. Beyond the administrative management of personnel, current research highlights the role of employees’ knowledge, competencies, and experience in strengthening planning processes, efficient resource allocation, and risk management. Consequently, human capital is no longer analyzed solely from a functional perspective but is increasingly regarded as an essential component of organizational strategic intelligence.

Connection with Sustainability. Another major finding is the high density of terms such as sustainable development, sustainability, climate change, natural capital, and biodiversity. The prominence of these concepts reflects an important shift in research orientation over recent years; whereby strategic human capital management has become increasingly linked to the principles of sustainable development. This trend indicates that organizations are integrating human capabilities with corporate social responsibility, environmental governance, and sustainable value creation strategies, in alignment with the Sustainable Development Goals (SDGs) and Environmental, Social, and Governance (ESG) principles. Consequently, human capital is increasingly regarded as an indispensable resource for addressing contemporary economic, social, and environmental challenges.

The Importance of Knowledge Management. The prominence of the term knowledge management, closely connected with intellectual capital, innovation, information management, and project management, confirms that knowledge management constitutes one of the fundamental pillars of human capital research. The scientific literature consistently argues that sustainable competitive advantage depends not merely on employees’ educational background or professional experience but on an organization’s ability to capture, share, store, and apply knowledge within its operational and strategic processes. This pattern reinforces the dominant influence of Intellectual Capital Theory and the Resource-Based View (RBV), both of which consider knowledge to be one of the most valuable, difficult-to-imitate strategic resources and, therefore, a sustainable source of organizational differentiation.

Economics and Investments. The central region of the map exhibits a substantial concentration of terms associated with economics, investments, investment, and financial management, indicating that human capital is also examined from economic and financial perspectives. This thematic relationship demonstrates that a significant portion of the literature focuses on issues such as the return on investment in employee training, labor productivity, organizational efficiency, and the economic value generated through the development of human capabilities. From this perspective, human capital is no longer regarded as an operational expense but rather as a strategic investment whose effective management directly enhances financial performance and organizational competitiveness.

Leadership and Organizational Management. On the right-hand side of the map, a significant cluster of terms including organization and management, leadership, procedures, management, and benchmarking represent the organizational dimension of strategic human capital management. This thematic cluster encompasses research related to leadership, organizational structure, corporate governance, continuous improvement, and process management. The proximity of these concepts suggests that the effective utilization of human talent depends not only on employees’ individual capabilities but also on the quality of organizational systems designed to coordinate, support, and maximize those capabilities. Within this context, leadership emerges as a fundamental mechanism through which individual knowledge is transformed into organizational performance.

From a bibliometric perspective, the density map demonstrates that research on strategic human capital management has evolved beyond a traditional human resource management approach toward a systemic perspective that integrates knowledge management, organizational economics, sustainability, and innovation. The highest-density terms (Human Resource Management, Knowledge Management, and Decision Making) constitute the conceptual core of the field, indicating that the creation of sustainable competitive advantage depends on organizations’ ability to transform individual knowledge into strategic decisions that generate both economic and sustainable value. Furthermore, the presence of concepts related to sustainable development and the healthcare sector reflects the expansion of the field toward broader global challenges, whereas the relatively limited occurrence of digital technologies suggests an emerging research frontier. Overall, the thematic structure reveals a mature, interdisciplinary research domain focused on value creation through the integration of human capital, organizational strategy, innovation, and sustainability.

A descriptive-correlational analysis was conducted using a valid sample of 937 Ecuadorian MSMEs from the production, trade, and service sectors. Rigorous data processing routines were applied using Excel and Python (pandas, matplotlib, and seaborn libraries), including outlier removal, percentage normalization, and category homogenization. The results are structured around four key variables: investment in training, female participation in management positions, company size, and organizational age.

3.2.1. Investment in Training and Goal Achievement

The variable “investment in training” showed an average of 38.2%, with a standard deviation of 28.9%, a median of 40%, a minimum of 0%, and a maximum of 100%. This wide range reveals the heterogeneity in organizational strategies: some companies allocate no resources to training, while others exceed 70%. See Figure 2.

Figure 2. Distribution of investment in training (%).

The figure reveals a clear concentration of companies allocating between 20% and 50% of their resources to staff training, suggesting the prevalence of moderate investment approaches within the MSME sector. This trend could be interpreted as a manifestation of reactive rather than strategic training practices, as many organizations seem to limit their investment to the bare minimum, without integrating it as a structural component of their management model.

At the same time, considerable dispersion is observed, with isolated cases of both zero investment and allocations exceeding 80%, reflecting significant heterogeneity in organizational capacities and priorities. This variability may be related to differences in access to financing, level of formalization, corporate culture, and awareness of the advantages associated with human talent development.

In this sense, the results demonstrate the need to design and implement differentiated public policies that promote not only the professionalization of human resources in the MSME segment, but also the adoption of regulatory and fiscal frameworks that incentivize continuous training as a strategic pillar of business development. Fostering an organizational culture based on learning and innovation is key to improving the competitiveness and sustainability of this sector within the Ecuadorian economic context.

Spearman correlation: A positive and significant correlation was identified between investment in training and goal achievement (ρ = 0.512; p < 0.001), validating the study’s main hypothesis: companies that invest in human talent tend to achieve better performance.

3.2.2. Female Participation in Management Positions

The average number of women in management positions was 1.94 per company, with a low standard deviation (0.23), suggesting a homogeneous but structurally limited representation of female leadership within the MSME business sector. This low variability indicates that the presence of women in decision-making roles is not only reduced but also persistently confined to a minimal margin, with no significant cases of parity or robust female leadership observed.

This pattern can be interpreted as a reflection of organizational dynamics rooted in traditional models of corporate governance, were women access management positions marginally or symbolically, without achieving substantive or structural participation. The homogeneity of this low representation reinforces the idea that these are not statistical exceptions, but rather a systemic condition affecting all the companies analyzed, regardless of sector or size.

From a critical perspective, these data reveal a stagnation in progress toward gender equality in the business world, which poses significant challenges for both the formulation of public policies and the design of internal inclusion strategies. Despite international evidence positively linking gender diversity to innovation, decision quality, and organizational performance ([21]), the results obtained suggest that Ecuadorian MSMEs have not yet fully capitalized on this potential. This finding can be interpreted in light of the ([20]), which argue that structural and cultural barriers persist, limiting women’s access to and participation in strategic and leadership positions, thus reducing opportunities to fully leverage their skills and competencies. Consequently, the presence of women within organizations does not guarantee improved organizational performance if it is not accompanied by effective conditions for inclusion and professional development.

From the perspective of Organizational Diversity Theory, the generation of benefits derived from diversity depends on the existence of inclusive environments that allow for the integration of different knowledge, experiences, and perspectives in decision-making processes ([19]). Likewise, [18] posit that organizations often adopt equality and diversity practices in response to normative, social, or regulatory pressures; however, these practices do not always translate into substantive changes in organizational culture. Therefore, the results could reflect that many Ecuadorian MSMEs are in a transitional stage, where the incorporation of women into the workforce is not yet fully accompanied by mechanisms that promote their effective participation in decision-making spaces, thus limiting the positive impact that gender diversity can have on organizational performance. See Figure 3.

The data reveals that over 80% of companies have only one or two women in strategic positions, while less than 1% have more than four female leadership roles. This highly concentrated and asymmetrical distribution highlights a persistent structural gap in women’s access to decision-making positions within the Ecuadorian business ecosystem.

Far from being a random statistical fluctuation, this limited representation reflects the existence of institutional, cultural, and organizational barriers that restrict women’s participation in business leadership. These barriers include a

Figure 3. Frequency of companies according to women in management positions.

lack of internal equality policies, gender bias in selection and promotion processes, and the limited institutionalization of inclusive practices within the MSME sector.

This phenomenon not only represents an omission in terms of social equity but also a loss of intellectual capital and cognitive diversity. Several international studies support the notion that women’s participation in management positions is a strategic factor for innovation, sustainability, and organizational performance. From an organizational diversity perspective, the inclusion of women in leadership teams broadens the diversity of knowledge, experiences, and approaches to problem-solving, strengthening companies’ creativity and innovative capacity. Research ([17]) demonstrates that female representation in senior management improves corporate governance mechanisms and is positively associated with business performance. Similarly, the OECD maintains that gender diversity in management contributes to increased productivity and more effective decision-making, while recent studies show that companies with more diverse leadership achieve better results in sustainability and ESG (environmental, social, and governance) performance. [16] concludes that human capital diversity fosters innovation processes by combining complementary perspectives within the organization. Consequently, literature widely recognizes gender diversity as a strategic resource that strengthens competitiveness, innovation, and business sustainability. However, the results obtained in Ecuadorian MSMEs suggest that these benefits have not yet been fully realized due to persistent structural and cultural barriers that limit women’s participation in leadership positions. These results underscore the need to move towards more inclusive organizational models, as well as to strengthen regulatory frameworks and incentives that promote gender equality as a cross-cutting theme in business development.

Spearman correlation: The coefficient was ρ = −0.403; p < 0.001, indicating a moderate negative relationship between women’s participation and goal achievement. This finding should not be interpreted as causality, but rather as a warning of unfavorable contexts where diversity has not yet translated into inclusive structures or visible competitive advantages. See Table 1 and Figure 4.

Table 1.Descriptive statistics of the main variables (n = 937).

Figure 4. Distribution of companies according to their size.

The sample analysis reveals that microenterprises constitute most of the analyzed business fabric, followed by small businesses, while medium-sized businesses represent a clear minority. This structure reflects the characteristic composition of the Ecuadorian productive ecosystem, where small-scale units with limited resources and less formalized organizational structures predominate.

Spearman’s rank correlation coefficient between company size and goal achievement was ρ = 0.226 with a p-value < 0.001, indicating a weak but statistically significant positive relationship. Interpretively, this result suggests that a larger organizational size may be associated with better performance levels, although it does not act as a sufficient or exclusive determinant.

The weak strength of the coefficient reinforces the idea that, while larger companies may have more favorable structural conditions such as access to financing, a clearer functional division, greater formalization of processes, or more specialized technical teams, these factors do not, in themselves, guarantee greater organizational effectiveness. In fact, micro and small businesses can achieve comparable levels of performance if they develop internal strategic capabilities such as effective leadership, a results-oriented organizational culture, and robust human capital management policies.

Consequently, size should be understood as a potential enabler of performance, but not as a determining factor. This finding supports approaches that prioritize knowledge management, organizational innovation, and the professionalization of human resources as key drivers for improving productivity, regardless of the company’s operational scale.

3.2.3. Age of the Organization

Although a direct correlation analysis between company age and performance levels was not conducted, the descriptive examination of the sample reveals a consistent pattern: organizations with more than a decade of existence tend to exhibit higher levels of institutional formalization, more stable training programs, and more robust strategic planning structures.

This finding suggests that longevity contributes to consolidating key internal processes that strengthen adaptive capacity and organizational sustainability. The experience accumulated over time fosters not only institutional learning but also the implementation of systematic practices in human talent management, decision-making, and the efficient allocation of resources.

In this sense, age can be understood as an organizational asset that, while intangible, positively influences the maturity of management systems. Longer-established companies have typically weathered various economic cycles, which compels them to refine internal mechanisms for resilience, performance evaluation, and strategic alignment. These factors, taken together, enhance their ability to withstand volatile environments and compete more effectively.

While a causal relationship cannot be established without a formal correlation, the observed patterns justify a future line of research focused on the longitudinal analysis of seniority as a moderating variable between human capital strategies and levels of organizational performance.