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This study aims to examine the effect of firm-specific skills on formal and informal training and development (T&D) effectiveness, job satisfaction, turnover intentions, and the moderating effect of job tenure on each hypothesized path. The authors adopt a micro perspective on human capital, arguing its significance to examine the role of job attitudes in developing firm-specific skills.

A total of 1,514 South Korean workers' responses were obtained from the Human Capital Corporate Panel dataset. This study conducted structural equation modeling (SEM) to examine the structural relationships between the study variables. A subsequent multigroup SEM was conducted to determine whether the structural model differed across job tenures by comparing the results for employees with more than and less than six years of tenure.

The findings indicate that (a) firm-specific skills have a negative effect on formal T&D effectiveness and no significant effect on informal T&D effectiveness; (b) firm-specific skills have a negative effect on job satisfaction and no significant effect on turnover intentions; (c) formal T&D effectiveness has a positive effect on job satisfaction and a negative effect on turnover intentions; (d) informal T&D effectiveness has a positive effect on job satisfaction and no significant effect on turnover intentions; and (e) job tenure partially moderates the relationships among the proposed study variables.

The study's findings provide new insights into human capital theory, focusing on whether firm-specific skills can be a source of sustained competitive advantage from employees' perspectives.