Investment in Human Capital and Subjective Well‐Being in African Economies

Effect and Transmission Channels

Bibliographic Data

ID12705157
AuthorsArsene Mouongue Kelly (0000-0003-2509-4659, Center for Studies and Research in Economics and Management (CERME) University of Dschang Dschang Cameroon, corresponding author), Samy Musubao Kyoghero (0009-0005-5132-7171, Center for Studies and Research in Economics and Management (CERME) University of Dschang Dschang Cameroon, corresponding author), Samrat Ray (0000-0001-5919-3634, School of Management Alard University Pune India, corresponding author)
Year2026
Volume26
Issue1
Publication date2026-02-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of Public Affairs (JOURNAL)
Journal identifiersISSN: 1472-3891 • E-ISSN: 1479-1854
PublisherWiley (PUBLISHER • GB)
DOI10.1002/pa.70115
OpenAlexW7129229784
LanguageEN
Citations received1
References cited73

Human capital investment and subjective well‐being are central elements of sustainable development, aligning closely with the aspirations of SDG 3 (Good Health and Well‐Being), SDG 4 (Quality Education), and SDG 8 (Decent Work and Economic Growth). Yet, in many African economies, persistent gaps in education, health outcomes, and life satisfaction raise questions about whether improvements in human capital effectively translate into enhanced well‐being. Despite growing interest in well‐being research, empirical evidence on this linkage in the African context remains limited, especially regarding the mechanisms through which human capital influences subjective well‐being. In an attempt to fill this gap and provide actionable solutions, the present study examines the effect of human capital investment on subjective well‐being across 36 African countries over the period 2012–2021. Using the two‐step system GMM estimator addressing endogeneity and dynamic relationships, the findings reveal that human capital investment exerts a positive and significant effect on subjective well‐being. The study further identifies control of corruption and foreign direct investment as key transmission channels that strengthen this relationship. Overall, the analysis provides evidence‐based policy recommendations to guide African governments and regional institutions toward strategies that enhance human development and improve well‐being across the continent

Context (archaeology · Endogeneity · Foreign direct investment · Generalized method of moments · Human capital · Investment (military · Linkage (software · Work (physics · Economic Growth and Development · Psychological Well-being and Life Satisfaction · Sociopolitical Dynamics in Nepal

Tools

Open DOIOpen Access