A Visual Measurement Model on Human Capital and ICT Dimensions of a Knowledge Society (KS) Framework for Malaysia towards an Innovative Digital Economy

Abstract

This paper outlines the research conducted to test a visual measurement model of the Human Capital and ICT dimensions to develop a framework of a Knowledge-based Society for Malaysia towards an Innovative Digital Economy. Based on an initial analysis on Knowledge-based Society (KS),it was found that Human capital and ICT represent important enabling dimensions in a KS framework. The content domain to measure both these dimensions were developed based on empirical data and literature available. It was then tested using a sample of 450 respondents from both government and private sectors as well as NGOs. Four factors were extracted from the exploratory factor analysis based on 44 items proposed in the survey questionnaire. For the Human Capital dimension, 42 items were loaded into the four factors, and 2 items were deleted due to loadings less than 0.3; whilst for the ICT dimension, 39 items were loaded into the four factors and 2 items were also deleted due to loadings less than 0.3. The visual measurement model was validated using the Structural Equation Modelling (SEM).The confirmatory factor analysis results indicated that generally, Human Capital and ICT dimensions provided a reasonably good fit measurement model, thus necessary to be used as a guide in the development of a KS framework in Malaysia.

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“…Instead of using traditional methodologies, a new statistical index system must be developed to account for the digital economy's distinct characteristics. There is no single metric for the digital economy, both domestically and internationally [4]. The primary focus of the digital economy growth measurement study is qualitative description.…”