Original Scientific Article
Human Capital and Organizational Climate in Travel Agencies
Vojko Kaluža
University of Primorska, Faculty of Management, Slovenia vojkoml@yahoo. com Štefan Bojnec
University of Primorska, Faculty of Management, Slovenia stefan. bojnec@fm-kp.si
Human capital and organizational climate play a crucial role in performance in travel agencies. Therefore, this research has given great importance to the constructs for variables of the human capital and the organizational climate, focusing on the sub-samples of owners/managers/leaders, and other employees. In-depth survey interviews were conducted in January 2015. The study was intended to determine the relationship between human capital and organizational climate in travel agencies in Slovenia. According to the Standard Classification of Activities 2008 (skd, 2008) at the Statistical Office of the Republic of Slovenia, the principal activities of travel agencies are travel agency, tour operator, and other reservation service and related activities. The quantitative study is based on an analysis of questionnaires of 103 travel agencies and their offices: 336 respondents are categorized as owners/managers/leaders and other employees, which participated in the study. We concluded that a relationship exists between the human capital construct variables and the organizational climate construct. Amongst the variables of the human capital, the variable application of knowledge from personal experience is the most influential. It is in a relationship with all organizational climate variables except career development. In contrast, the most influenced variable amongst the organizational climate variables is leadership, which is in a relationship with six out of nine variables of human capital.
Keywords: human capital, organizational climate, travel agencies
Introduction
The aim of our study is to examine the thus far unexplored field of human capital and organizational climate in travel agencies; no study of this kind has been previously carried out. We want to establish, through empirical research, the links, and the importance of individual variables of human capital and organizational climate for employees in travel agencies. Travel agencies play a major role in the international travel and tourism markets, where competition is fierce, so human capital and organizational climate have become
major drivers of the performance of travel agencies. More specifically, the aim of our study is to examine the impact of individual variables of human capital and the organizational climate on the successful performance of travel agencies and thus determine which factors need to be given even greater significance for performance.
The main thesis says: There is a positive relationship between human capital and organizational climate in travel agencies.
Correlation and regression analyses were used to
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determine a relationship between the human capital construct and the organizational climate construct. The verification model consisted of latent variables of both constructs that were selected on the basis of factor analysis.
Methods of Data Analysis and Testing the Main Hypothesis
The collected survey data were processed and analysed with spss and amos, using the following statistical methods: descriptive analysis, factor analysis, principal component analysis, multiple regression analysis, and structural equation methods.
The data were first partially evaluated. The main hypothesis was then tested with the methods above and followed by an overall analysis using the structural equation method.
Descriptive analysis was used to describe the basic characteristics of the sample data and the variables. Factor analysis was used to reduce variables in order to identify a small number of factors that explain the variance in the observed variables. Factor analysis is used to test how well-measured variables represent a smaller number of constructs (Hair, Black, Babin, & Anderson, 2009, p. 670). Similar to factor analysis, the goal of principal components analysis is to explain the variance of the observed variables with a lower number of principal components. The principal components from a larger number of variables were then used as additional explanatory variables in multiple regression analysis, which was conducted to analyze cause-and-effect relationships between the dependent and independent variables.
We then used amos for linear structural equation modeling. This method combines the analysis of causal relations between the tested hypotheses with the measurement of indirectly measurable latent variables. Our study required the examination of dependence relationships using structural equation modeling (sem). This method is used to analyse multiple relationships simultaneously. sem has two main characteristics: the estimation of multiple and interrelated dependence relationships and the ability to represent latent variables. sem is usually a two-step approach. The first step relates measured variables to latent vari-
ables, while the second step relates latent variables to one another (Byrne, 2001).
Human Capital
Human capital is the soul of a company (Roos, Roos, Edvinsson, & Dragonetti, 2000). Investment in the quality of the workforce (education, training, and further training) to a large degree determines the future of the workforce (Bevc, 1991). From the standpoint of intellectual capital, not every employee is of equal value for the company, so employees have to be rewarded, directed, and led in different ways (Nemec Rudež, 2006). Tomšič (2015) stresses that a company's management or leadership has to be embedded in the process of innovation.
Noe, Clarke, and Klein (2014) have found that human capital is a key for companies to gain competitive advantage. Learning through formal training and development programmes, informal learning, and knowledge sharing affects the development of human capital. Stewart (1991) was the first to introduce the concept of intellectual capital. Company growth has become increasingly contingent on knowledge, i.e. patents, processes, knowledge management, technologies, customer and supplier information, and previous experience.
Ivanuša-Bezjak (1996) points out that time and competition are critical dimensions that have to be pursued by companies and employees, as the modern market constantly requires new knowledge. The capability of a company is not only reflected in knowledge. It consists of utilized knowledge in combination with know-how. It is in this sense that the abilities or capabilities of a company have a direct impact on company performance, while this direct impact on company performance is not found for knowledge, both tacit and explicit, without special operationalization (Schotter & Bontis, 2009).
Expert knowledge and intellectual skills are essential to company performance (Carnegie, 2012). Knowledge and experience are also necessary as well as knowing how to cooperate with people (Findeisen, 2004). Hudson (1993) emphasizes the need for understanding the essence of knowledge. Becker (1964) notes the importance of on-the-job training.
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Investment in human capital can give competitive advantages in the market, and many companies have begun to recognize the worth of individuals whose knowledge, skills, and competences can bring added value to the company (Kaluža, 2013b). Stonehouse and Pemberton (1999) define cognition as the ability of an individual to learn and adapt to the environment, which, in the end, results in timely decisions.
Company performance can be measured in association with intellectual capital (Sveiby, 2001). The economic benefits of investment in education can also be seen in reducing the production costs of products by increasing productivity, i.e. by exceeding production norms, decreasing the number of rejected products, increasing quality, and reducing the number of work accidents, as well as by higher returns on education in the form of increased employee productivity (Čer-netič, 2006, p. 20). It is vital for companies that owners, managers, and leaders be involved in mentoring, which is a long-term process that includes counselling and improves the career development of individuals (Dimovski et al., 2013).
A study on knowledge sharing and innovation performance in the field of services (Meng-Lei et al., 2008) found that knowledge sharing and organizational culture have a significant influence on service innovation performance. Company performance and efficiency are more contingent, which are linked to successful human capital management (Lawler & Mohrman, 2003). The capability of a company is not only reflected in knowledge; it consists of utilized knowledge in combination with know-how. It is in this sense that the abilities or capabilities of a company have a direct impact on company performance, while this does not hold for knowledge, both tacit and explicit, without specific operationalization (Schotter & Bontis, 2009).
Organizational Climate
According to Mihalič (2007), the organizational climate has to do with the interconnection between procedures, processes, policies, the internal environment, and staffing. When a company finds itself in trouble, a change of climate is necessary. Changes in climate are also induced by the environment in which
the company operates and wants to survive (Cernetic, 2007, p. 306). It usually takes only one factor to encourage motivation (Wesinger, 2001). Motivation is, therefore, a state of increased excitement and engagement in which everyday activities are performed much more easily and in a more efficient manner. Volition is the absolute commitment of an individual to reaching a goal (Bruch, 2006). Employees expect the following from their workplace (Carnegie, 2013): affirmation and appreciation for their work, work that is encouraging and fulfilling, an open career path, opportunities for development, leaders who have respect for a balanced lifestyle, and adequate payment and compensation.
Studying motivation, beliefs, and goals, Eccles and Wigfield (2002) attach great importance to theories focused on expectancies for success, theories focused on task value, theories that incorporate expectancies and values, and theories that incorporate motivation and cognition.
Neal, West, and Patterson (2005) examined whether the effectiveness of human resource management depends on organizational climate and competitive strategy. They show that the positive relationship between human resource management and subsequent productivity is greater for companies that have a positive organizational climate and employ differentiation strategies.
Lumpkin and Dess (1996) recommend that factors such as overall satisfaction and nonfinancial goals of the owners can be taken into greater consideration when evaluating performance, particularly among privately owned companies.
Tourism and Travel Agencies
The tourism market is exposed to greater competition between tourist destinations. International competition between tourist destinations is growing with the emergence of new destinations and changing tastes and preferences among tourists, who are becoming increasingly better informed and have higher expectations. Increasing competition is also present on traditional tourist destinations (Nemec Rudez & Bojnec, 2007, p. 34). As many travel agencies are engaged not only in outgoing but also in ingoing tourism, which
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leads to an increase in domestic consumption, travel agencies play a major role in the process of tourism development (Kaluža, 2013a) The tourist market offers an increasing number of different travel arrangements; arrangements in faraway places, far from the tourist's home. At the same time, tourists' desires are growing and becoming increasingly diverse. The problem of market transparency is, in large part, being dealt with by specialized representatives (Planina, 1996, p. 175), i.e. travel agencies, which are increasingly transforming themselves into large travel organizers and tour operators who play a significant role in the tourist market.
Krašna (2006) defines the provision of tourist services (i.e. the sale and reservation of flat fees, hotel services, tickets, and fares) to be the core function of any tourist agency. Travel agencies also accept and transmit tourist service payments for the manufacturers they represent.
Internal communication is essential to Slovenian travel agencies (Bojnec & Kribel, 2006). Similar as in other developed countries, they use the Internet as a tool for information, communication, and marketing. Internal communication also comes in the form of internal newsletters, bulletins, in-house satisfaction surveys, e-mail, and video conferences.
Hypothesis Testing
The main thesis consisted of six hypotheses that examined the relationship between the human capital construct with the individual dependent variables of the organizational climate construct. Hypothesis testing consisted of two steps. The first step was to use correlation analysis to quantify the association between the human capital construct variables and the individual variables of the organizational climate construct. The second step was to apply regression models. They were then analysed using a multiple regression model. We evaluated the influence of individual variables (dimensions) of human capital on individual latent variables (dimensions) of the organizational climate.
hi A positive correlation exists between human capital and internal relations as a part of the organizational climate in travel agencies.
In testing hi, we used the independent variables of the human capital construct and the dependent variable 'internal relations' as a part of the organizational climate. Table 1 lists the latent variables of the two constructs of human capital and organizational climate. The first were used as independent variables of the hypotheses and were compared with individual dependent variables of the organizational climate construct.
The correlations between the human capital variables and the 'internal relations' variable as part of 'organizational climate' are positive statistically significant in each case, except for the 'hc_i' variable (p < 0.028). The Pearson correlation coefficient values range between 0.18 and 0.51.
By examining the regression coefficients and the results of t-tests, from Table 2 it can be seen that only one statistically significant regression coefficient remains at a 5% significance level: the 'hc_9' variable (X1, b = 0.229, p = 0.001). Table 2 presents the regression model coefficients of the variables of human capital and internal relations as a part of the organizational climate and a summary of the regression model. The 'knowledge application' variable had a statistically significant effect on the 'internal relations as part of the organizational climate' variable, so we cannot partially reject H1.
H2 A positive correlation exists between human capital and leadership as apart of the organizational climate in travel agencies.
In testing H2, we used the independent variables of the human capital construct and the dependent variable 'leadership as a part of the organizational climate' (Table 1).
The correlations between human capital variables and the variable 'leadership as a part of the organizational climate' are positive, as well as statistically significant except for the 'hc_2' variable (p < 0.036), with coefficient values ranging between 0.18 and 0.57.
Examining the regression coefficients and the results of t-tests, from Table 3 we can see that at a 5% significance level the following regression coefficients are statistically significant: hc_2 (X1, b = -0.164, p = 0.012), hc_3 (X2, b = 0.191, p = 0.005), hc_4 (X3, b = 0.377, p = 0.000), hc_5 (X4, b = -0.227, p = 0.016);
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Table 1 Independent Variables of the Human Capital Construct and the Dependent Variables of the Organizational Climate Construct
Human capital (hchc) construct variables	Organizational climate (ococ) construct variables
used as independent variables	used as dependent variables
hc_i (non-stimulated knowledge transfer)	oc_i (internal relations)
hc_2 (marketing training)	oc_2 (leadership)
hc_3 (communications training)	oc_3 (organizational loyalty)
hc_4 (application of knowledge from personal experience) oc_4 (career development)
hc_5 (time and type of training)	oc_5 (employee satisfaction and rewards)
hc_6 (team knowledge transfer)	oc_6 (professional training and education).
hc_7 (knowledge storage)
hc_8 (knowledge acquisition)
hc_9 (knowledge application).
Table 2 Regression Model of the Internal Relations as a Part of the Organizational Climate in Association with Human Capital Variables
Variables		Coefficients	
	b	t	P
Constant	2.633	8.123	0.000
hc_l	-0.053	-1.251	0.2l4
hc_2	0.034	0.759	0.450
hc_3	-0.0l5	-0.322	0.749
hc_4	0.l37	1.916	0.058
hc_5	0.092	1.409	0.l62
hc_6	0.07l	1.043	0.299
hc_7	-0.072	-1.393	0.l67
hc_8	0.027	0.612	0.542
hc_9	0.229	3-547	0.00l
Model summary	R2 = 0.37l,	adjusted R2 =	o.3ll, F-test =
6.163 (p = 0.000).
Notes Dependent variable is the internal relations as a part of the organizational climate. Independent variables are human capital variables. b - standardized regression coefficients, t - t-test, p - statistical significance.
Table 3 Regression Model of the Leadership as a Part of the Organizational Climate in Association with the Human Capital Variables
Variables		Coefficients	
	b	t	P
Constant	l.353	2.94l	0.004
hc_l	0.068	l.l22	0.265
hc_2	-0.l64	-2.56l	0.0l2
hc_3	o.l9l	2.870	0.005
hc_4	0.377	3.706	0.000
hc_5	-0.227	-2.453	0.0l6
hc_6	0.204	2.ll3	0.037
hc_7	0.008	0.l05	0.9l7
hc_8	-0.050	-0.803	0.424
hc_9	o.3l3	3.4l8	0.00l
Model summary R2 = 0.494, adjusted R2 = 0.446, F-test = 10.208 (p = 0.000).
Notes Dependent variable is the leadership as a part of the organizational climate. Independent variables are human capital variables. b - standardized regression coefficients, t -t-test, p - statistical significance.
hc_6 (X5, b = 0.204, p = 0.37) in hc_9 (X6, b = 0.313, p = 0.001). Table 3 presents the regression model of the leadership as a part of the organizational climate and the human capital variables.
Regression analysis showed that six out of nine human capital variables had a statistically significant effect on leadership as a part of the organizational climate. However, since two of the six statistically sig-
nificant coefficients were negative, we have to reject the hypothesis as a whole. We found that the human capital variables 'communications training,' 'application of knowledge from personal experience,' 'knowledge transfer,' and 'knowledge application' have a statistically significant effect on the dependent variable 'leadership as a part of the organizational climate.' In contrast, the 'marketing training' and 'time and type
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Table 4 Regression Model of the Organizational Loyalty as a Part of the Organizational Climate in Association with the Human Capital Variables
Variables		Coefficients	
	b	t	P
Constant	2.347	5.l75	0.000
hc_l	-0.05l	-0.852	0.396
hc_2	0.046	0.732	0.466
hc_3	0.070	l.07l	0.287
hc_4	0.369	3.670	0.000
hc_5	-0.067	-0.735	0.464
hc_6	o.oll	0.ll3	o.9lo
hc_7	0.09l	l.262	0.2l0
hc_8	-0.097	-l.597	o.ll4
hc_9	0.l24	l.370	o.l74
Model summary R2 = 0.297, adjusted R2 = 0.230, F-test = 4.414 (p = 0.000).
Notes Dependent variable is the organizational loyalty as a part of the organizational climate. Independent variables are human capital variables. b - standardized regression coefficients, t - t-test, p - statistical significance.
of training' variables have a statistically negative effect on 'leadership as a part of the organizational climate' as the dependent variable. H2 cannot be partially rejected.
H3 A positive correlation exists between human capital and organizational loyalty as a part of the organizational climate in travel agencies.
The correlation analysis shows that the correlation coefficients between the human capital variables and the 'organizational loyalty as a part of the organizational climate' variable are positive, as well as statistically significant, with the exception of the 'hc_i' and 'hc_8' variables (p < 0.013). The coefficient values range between 0.21 and 0.46.
By looking at the regression coefficients and the results of t-tests, from Table 4 we can see that only one statistically significant regression coefficient remains at a 5% significance level: the 'hc_4' variable (X1, b = 0.369,p = 0.000). Table 4 shows the regression model of the organizational loyalty as a part of the organizational climate and the human capital variables.
Table 5 Regression Model of the Career Development as a Part of the Organizational Climate in Association with the Human Capital Variables
Variables		Coefficients	
	b	t	P
(Constant)	l.483	2.328	0.022
hc_l	0.0l8	0.2l7	0.829
hc_2	0.l54	l.733	0.086
hc_3	0.0l3	o.l46	0.884
hc_4	0.l48	l.047	0.298
hc_5	0.0l0	0.077	0.939
hc_6	0.035	0.262	0.794
hc_7	0.l03	l.0l0	o.3l5
hc_8	-o.l57	-l.839	0.069
hc_9	0.326	2.57l	0.0l2
Model summary R2 = 0.302, adjusted R2 = 0.235, F-test = 4.522 (p = 0.000).
Notes Dependent variable is the career development as a part of the organizational climate. Independent variables are human capital variables. b - standardized regression coefficients, t - t-test, p - statistical significance.
We found that out of all independent variables, only the 'using personal knowledge' variable had a statistically significant effect on the 'organizational loyalty as a part of the organizational climate' variable. The H3 hypothesis as a whole can be rejected.
H4 A positive correlation exists between human capital and career development as a part of the organizational climate in travel agencies.
The correlation coefficients between human capital variables and the variable 'career development as a part of the organizational climate' are positive and statistically significant, except for the 'hc_8' variable (p < 0.004), with coefficient values ranging between 0.260 and 0.474.
By looking at the regression coefficients and the results of t-tests, from Table 5 it can be seen that at 5% significance level only one statistically significant regression coefficient remains: the 'hc_9' variable (X1, b = 0.326, p = 0.012).
We found that only the 'knowledge application' variable had a statistically significant effect on the 'ca-
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Table 6 Regression Model of the Employee Satisfaction and Rewards as a Part of the Organizational Climate in Association with the Human Capital Variables
Variables		Coefficients	
	b	t	P
Constant	0.944	l.796	0.076
hc_l	-o.ol8	-0.257	0.797
hc_2	0.0l6	0.220	0.826
hc_3	0.2l2	2.790	0.006
hc_4	0.245	2.l04	0.038
hc_5	-0.003	-0.027	0.979
hc_6	o.l55	l.402	o.l64
hc_7	o.l69	2.007	0.048
hc_8	-0.033	-0.470	0.640
hc_9	0.0l8	o.l76	o.86l
Model summary R2 = 0.383, adjusted R2 = 0.324, F-test = 6.494 (p = 0.000).
Notes Dependent variable is the employee satisfaction and rewards as a part of the organizational climate. Independent variables are human capital variables. b - standardized regression coefficients, t - t-test, p - statistical significance.
reer development as a part of the organizational climate' variable. The H4 hypothesis as a whole can be rejected.
H5 A positive correlation exists between human capital and employee satisfaction and rewards as apart of the organizational climate in travel agencies.
The correlation coefficients between the human capital variables and the 'employee satisfaction and rewards' variable are positive and statistically significant (p < 0.015). The coefficient values range between 0.213 and 0.482. Examining the regression coefficients and the results of t-tests, from Table 6 we can see that the following variables are statistically significant at a 5% significance level: hc_3 (X1, b = 0.212, p = 0.006), hc_4 (X2, b = 0.245, p = 0.038) and hc_7 (X3, b = 0.169,p = 0.048).
We found that only three human capital variables ('marketing training,' 'application of knowledge from personal experience,' and 'knowledge storage') had a
Table 7 Regression Model of the Professional Training and Education as a Part of the Organizational Climate in Association with the Human Capital Variables
Variables		Coefficients	
	b	t	P
Constant	0.848	l.735	0.086
hc_l	0.026	0.409	0.684
hc_2	-0.057	-0.837	0.405
hc_3	o.l75	2.485	0.0l5
hc_4	0.424	3.923	0.000
hc_5	0.28l	2.85l	0.005
hc_6	-0.l09	-l.o6l	0.292
hc_7	-0.05l	-0.653	0.5l5
hc_8	0.004	0.063	0.950
hc_9	o.l34	l.375	0.l72
Model summary R2 = 0.465, adjusted R2 = 0.415, F-test = 9.107 (p = 0.000).
Notes Dependent variable is the professional training and education as a part of the organizational climate. Independent variables are human capital variables. b - standardized regression coefficients, t - t-test, p - statistical significance.
statistically significant effect on the variable 'employee satisfaction and rewards as a part of the organizational climate.'The H5 hypothesis as a whole can be rejected.
h6 A positive correlation exists between human capital and professional training and education as apart of the organizational climate in travel agencies.
The correlation coefficients between the human capital variables and the 'professional training and education as a part of the organizational climate' variable are positive and statistically significant (p < 0.007). The coefficient values range between 0.241 and 0.492.
Examining the regression coefficients and the results of t-tests, from Table 7 we can see that the following variables are statistically significant at a 5% significance level: hc_3 B (X1, b = 0.175, p = 0.015), hc_4 (X2, b = 0.424, p = 0.000) and hc_5 (X3, b = 0.281, p = 0.005).
We found that only the following human capital variables had a statistically significant effect on the de-
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-es) ©
Figure 1 Structural Model of Human Capital and Organizational Climate
Notes cfi =0.648, nfi =0.634, RFI =0.182, rmsea =0.209, pclose = 0.000. hc_i - non-stimulative knowledge transfer, hc_2 - marketing training, hc_3 - communications training, hc_4 - application of knowledge from personal experience, hc_5 - time and type of training, hc_6 - team knowledge transfer, hc_7 - knowledge storage, hc_8 - knowledge acquisition, hc_9 - knowledge application, oc_i - internal relations, oc_2 - leadership, oc_3 - organizational loyalty, oc_4 - career development, oc_5 - customer satisfaction and rewards, oc_6 - professional training and education, ei... e6 = factors of error.
pendent variable 'professional training and education as a part of the organizational climate:' 'communications training,' 'application of knowledge from personal experience,' and 'time and type of training.' The h6 hypothesis as a whole can be rejected.
The testing of the hypotheses, from hi to h 6, has shown that the main thesis (there is a positive relationship between human capital and organizational climate in travel agencies) can be partially supported, as all the tested hypotheses cannot be partially rejected and thus have been partially supported.
Structural Model of Human Capital and Organizational Climate
The model of two constructs, which are the subject of analysis in the chapter above, is shown in the structural model in Figure 1. As stated at the beginning of that chapter (Table 1), the model consists of nine observed
human capital variables (non-stimulative knowledge transfer, marketing training, communications training, application of knowledge from personal experience, time and type of training, team knowledge transfer, knowledge storage, knowledge acquisition, and knowledge application) and six observed variables of organizational climate (internal relations, leadership, organizational loyalty, career development, employee satisfaction and rewards, and professional training and education). The structural model thus comprises fifteen observed variables.
The relationship between the human capital variables and the organizational climate variables is one-tailed and in the direction of organizational climate. By examining the structural model of human capital and organizational climate, we can observe that it is an acceptable fit for the data, as the chi-square value is 257.672, and it is statistically significant (p < 0.001).
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rmsea was 0.209, which means that the model fit is good, because lower rmsea values indicate better fit. The other indices (cfi = 0.648, nfi = 0.634, rfi = 0.182) are relatively low. We can, therefore, conclude that the model fit is acceptable (Figure 1).
Table 8 shows the standardized regression coefficients and their statistical significance for the structural model of human capital and organizational climate. The results tell the same story that the multiple regression analysis results presented in the tables of hypothesis testing do (Table 2 through Table 7).
The standardized regression coefficients of the observed variables are rather low, ranging from -0.003 to 0.425, and they are statistically significant for 17 out of 54 relationships (Table 8). All of this means that we can state with certainty that these effects do not exist only in the sample of travel agencies, for almost one third of all relationships (31.5%).
Conclusion and Implications
The aim of our study was to confirm the positive correlation between human capital and organizational climate in travel agencies. We were encouraged in our research by the fact that no similar study on the subject had been done in Slovenia or abroad.
We used a written questionnaire to conduct an online survey of owners, managers, leaders, and other employees of travel agencies. With the help of factor analysis, the constructs of human capital and organisational climate, comprising nine and six latent variables, respectively, were developed.
The hypothesis: 'There is a positive relationship between human capital and organizational climate in travel agencies' was tested using the regression analysis. The result of testing showed that the hypothesis could be at least partially supported. To present the whole picture of the relationships among several variables a verification model was developed using a linear structural equation modelling approach.
The main contribution of the research is the conceptual model of the constructs of human capital and organisational climate, which has been confirmed empirically. In this context, it is important that there be a positive relationship between the human capital and organizational climate variables of travel agencies,
Table 8 Standardized Regression Coefficients and Their Statistical Significance for the Structural Model of Human Capital and Organizational Climate
(1)	(2)	(3)	(4)	(5)
oc_i	•	hc_i	-o.i45	0.i32
oc_i		hc_2	0.073	0.346
oc_i	•	hc_3	-0.033	0.704
oc_i	•	hc_4	o.i84	0.0i7
oc_i	•	hc_5	o.i6o	0.068
oc_i	•	hc_6	o.ii2	0.237
oc_i	•	hc_7	-o.i64	0.088
oc_i	•	hc_8	o.o56	0.467
oc_2	•	hc_2	-o.22o	0.00i
oc_2	•	hc_3	o.267	***
oc_2	•	hc_i	o.ii7	0.i77
oc_2	•	hc_4	o.32o	***
oc_2	•	hc_5	-o.25o	0.002
oc_2	•	hc_6	o.2o3	0.0i7
oc_2	•	hc_7	o.oii	0.898
oc_2	•	hc_8	-o.o66	0.339
oc_2	•	hc_9	o.369	***
oc_3	•	hc_i	-o.io9	0.305
oc_3	•	hc_2	o.o77	0.364
oc_3	•	hc_3	o.i23	0.206
oc_3	•	hc_4	o.39o	***
oc_3	•	hc_5	-o.o92	0.342
oc_3	•	hc_6	o.oi3	0.898
oc_3	•	hc_7	o.i65	0.i22
oc_3	•	hc_8	-o.i62	0.058
oc_3	•	hc_9	o.i82	0.082
oc_4	•	hc_i	o.o28	0.794
oc_4	•	hc_2	o.i85	0.032
oc_4	•	hc_3	o.oi7	0.863
oc_4	•	hc_4	o.ii2	0.i92
oc_4	•	hc_5	o.oio	0.92i
oc_4	•	hc_6	0.03i	0.766
oc_4	•	hc_7	o.i33	0.2i6
oc_4	•	hc_8	-0.i88	0.029
oc_4	•	hc_9	0.344	0.00i
Continued on the next page
50 | Académica Turística, Year 9, No. 1, June 2016
Vojko Kaluža and Štefan Bojnec
Human Capital and Organizational Climate
Table 8 Continued from the previous page
(1)	(2)	(3)	(4)	(5)
oc_l	•	hc_9	0.425	***
oc_5	•	hc_l	-0.033	0.757
oc_5	•	hc_2	0.023	0.785
oc_5	•	hc_3	0.320	***
oc_5	•	hc_4	0.224	0.009
oc_5	•	hc_5	-0.003	0.973
oc_5	•	hc_6	o.l66	o.ll3
oc_5	•	hc_7	0.262	0.0l4
oc_5	•	hc_8	-0.048	0.577
oc_5	•	hc_9	0.023	0.823
oc_6	•	hc_l	0.047	0.623
oc_6	•	hc_2	-0.079	0.299
oc_6	•	hc_3	0.253	0.003
oc_6	•	hc_4	o.37l	***
oc_6	•	hc_5	o.3l8	***
oc_6	•	hc_6	-0.ll2	0.230
oc_6	•	hc_7	-0.076	0.423
oc_6	•	hc_8	0.006	0.940
oc_6	•	hc_9	0.l62	0.08l
Notes Column headings are as follows: (1) organizational climate variables, (2) path direction, (3) human capital variables, (4) standardized regression coefficient, (5) statistical significance (p). ***p < 0.001, fixed - significance level is not computed, as one of the measured variable loadings in the measurement part of the structural model is always fixed to 1.
in fact partially supported by the tested hypotheses.
From the data, we could conclude that the most influential variables of human capital are the application of knowledge from personal experience, which are statistically significant and influence five out of six dependent variables of the organisational climate construct. The two variables with statistical significance influences each other, communications training for leadership, employee satisfaction and rewards and professional training and education, and knowledge application for internal relations, leadership and career development. In contrast, the variable leadership of organisational climate is influenced by six out
of nine variables of the construct, with the influence from marketing training, communications training, application of knowledge from personal experience, time, and type of training, team knowledge transfer, and knowledge application.
Regarding the human capital construct and its influence on organisational climate, the findings show that the following human capital variables are the most important and have to be taken into consideration by owners, managers, leaders, and other employees: communications training, application of knowledge from personal experience, time and type of training, and knowledge application. We recommend that the owners, managers, leaders, and other employees of travel agencies acquire, in addition to formal education, different skills through non-formal education. In this context, they can pay attention to workshops, seminars, and training on various subjects offered, sometimes for free, by consulting firms, employment agencies, and other institutions, which can help individuals to gain human capital. Travel agencies also need to -and this is the task of owners, managers, and leaders - take care that their employees renew their knowledge and develop the skills needed to perform their work, as well as the type of work that is expected to be required for future development.
Regarding the organizational climate construct impacted by human capital, the findings show that the most influenced variables in the organizational climate construct are leadership, employee satisfaction, and rewards, professional training, and education. As claimed in the literature, these variables could have a positive impact on the performance of travel agencies. It needs to be realized that owners, managers, leaders, and other employees can contribute to the performance of travel agencies with their knowledge, skills, competences and their desire for a favourable organizational climate.
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Human Capital and Organizational Climate
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50 | Académica Turística, Year 9, No. 1, June 2016