Investigating sustainable development in transportation enterprises: Novel insights from new institutional economics and human capital theory. Evidence from HCM, Vietnam.

This study examines the statistical associations between institutional factors, human capital, and sustainable transportation development in urban transport hubs within developing economies. Guided by North's institutional theory and human capital theory, it investigates how institutions and human capital are statistically associated with the social, economic, and environmental dimensions of sustainable transportation development, emphasizing statistically significant direct effects. Data were obtained from 354 transportation enterprises in Ho Chi Minh City, Vietnam, via stratified probability sampling and analysed using partial least squares structural equation modelling. Results indicate that institutional factors exhibit both positive and negative statistical associations across the three dimensions, while the social and environmental dimensions are reciprocally associated with institutional factors in positive and negative ways, respectively. Likewise, human capital exhibits positive, statistically significant bidirectional relationships with the social and environmental dimensions, highlighting mutual reinforcement. By documenting these two-way relationships, the study advances theory and provides applied insights. In particular, it highlights the value of aligning regulations with enterprise needs and investing in human capital to guide policies that promote institutional effectiveness and sustainable urban mobility.