Intellectual Capital Investment, Stakeholders' Value, Firm Market Value and Financial Performance: The Case of Tunisia Stock Exchange

2013 ◽  
Vol 12 (02) ◽  
pp. 1350010 ◽  
Author(s):  
Hedia Fourati ◽  
Habib Affes
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Capital Investment ◽  
Positive Impact ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Market Valuation ◽  
Using Data

The purpose of this paper is to investigate the role of intellectual capital investment in improving the firm's market value, stakeholders' value and financial performance. Using data drawn from 21 listed companies in Tunisia Stock Exchange, we conducted two studies. On one hand, from using Charreaux (Charreaux (2006). La valeur partenariale: Vers une mesure opérationnelle. Cahier de FARGO no. 1061103, November) measure of stakeholders' value, we demonstrate that financials come to present the weakest stakeholders' value and clients monopolises in term of value acquisition due to a weak ability of negotiation of firms. On the other hand, we construct a regression model of Pulic's value added intellectual capital investment (VAIC) as the measure of the value added from intellectual capital, in market valuation and financial performance. Our results stressed the fact that there is a positive impact of intellectual capital by human capital efficiency and capital employed efficiency on improving firm's market value. Nevertheless, financial performance measured by ROA is still justified by the traditional measure relying on capital employed efficiency. Indeed for Tunisian quoted firms, human capital investment is a pilar for ameliorating firm market valuation of financial performance.

scholarly journals Peran intellectual capital terhadap market to book value dan return on assets dengan research and development sebagai pemoderasi

2020 ◽  
Vol 9 (2) ◽  
pp. 297
Author(s):  
Pandu Alvi Baskoro ◽  
Suratno Suratno ◽  
Syahril Djaddang
Keyword(s):  
Research And Development ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Physical Capital ◽  
Book Value ◽  
Structural Capital ◽  
Corporate Resources

This study aims to support the role of Research and Development on Intellectual Capital on market value (MtBV) and corporate financial performance (ROA).  Using the Pulic model - Intellectual Value Coefficient (VAIC), this study examines the relationship between value added (VAIC) of the three main corporate resources (ie Physical Capital, Human Capital and Structural Capital), the company's market value (MtBV) and corporate finance ( ROA), and also Research and Development (R&D).  The data is gathered from 43 selected banking companies listed on the Indonesia Stock Exchange in 2013-2017.  Data analysis uses multiple regression.  The results show that Intellectual Capital (VAIC) does not affect to market value (MtBV), but the compilation of Intellectual Capital (VAIC) developed by Research and Development (R&D) as full moderation can support market value.  Intellectual Capital (VAIC) affects financial performance (ROA), as well as Intellectual Capital (VAIC) supported by Research and Development (R & D) as a quasi-moderation which also strengthening the financial performance (ROA).Keyword : Intellectual Capital (IC), Market to Book Value (MtBV), Financial Performance (ROA), Research and Development (R&D).

scholarly journals The Value-Added Analysis of Intellectual Capital for Banking Financial Performance

2019 ◽  
Vol 3 (1) ◽  
pp. 17
Author(s):  
Tupi Setyowati ◽  
Jamilah Jamilah
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Company Performance ◽  
Significant Positive Effect ◽  
Structural Capital ◽  
Positive Effect ◽  
Size Variable

This study was conducted to see how intellectual capital (IC) affects company performance (ROA)by entering the size variable in its calculations. This study also analyzes how much financial performancechanges occur as an effect of the efficiency of the use of capital employees (CEE), the efficiencyof using Structural Capital (SCE), and the partial efficiency of using Human Capital (HCE).Research was conducted on conventional banking in Indonesia for the period 2013 - 2017. Theresearch data was obtained from the official website of the Indonesia Stock Exchange (IDX). Thisstudy found that VAIC had a significant positive effect on ROA, and from the three IC components itturned out that the CEE component had the greatest influence on ROA

scholarly journals The effect of intellectual capital on financial performance and market value of manufacturing companies listed in the Indonesia Stock Exchange 2010 - 2012

2015 ◽  
Vol 5 (1) ◽  
pp. 45
Author(s):  
Lusia Amaluddin Andriani ◽  
Erida Herlina
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Sampling Method ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Partial Least Square ◽  
Least Square ◽  
Manufacturing Companies ◽  
Purposive Sampling

The purpose of this study is to examine the effect of intellectual capital on financial performance and market value of the manufacturing companies. The sample consists of manufacturing companies, which are consistently registered, in the Indonesia Stock Exchange during the period of 2010-2012. Intellectual capital was calculated using value added intellectual coefficient (VAICTM). The main components of VAICTM are physical capital (VACA), human capital (VAHU) and structural capital (STVA). Financial performance is measured using Return on Asset (ROA), Return on Equity (ROE) and Earning per Shares (EPS). Market value is measured using Price Book to Value (PBV) and Price Earnings Ratio (PER). The sampling in this study is using purposive sampling method. Based on the purposive sampling method, it was obtained 71 manufacturing companies listed in the Indonesia Stock Exchange during the period of 2010-2012. The data analysis was done by using Partial Least Square (PLS). The results show that: (1) intellectual capital has an effect on the financial performance, (2) intellectual capital has no effect on the market value, (3) financial performance is able to mediate the relationship between intellectual capital and market value.

scholarly journals Intellectual capital and Tobin’s Q as measures of bank performance

Accounting ◽  
2021 ◽  
Vol 7 (7) ◽  
pp. 1695-1700
Author(s):  
Esra A. Al Nsour ◽  
Ahmad A. Al Dahiyat ◽  
Sulaiman Weshah
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Value Creation ◽  
Stock Exchange ◽  
Value Added ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Amman Stock Exchange ◽  
Capital Efficiency

This paper aims at examining the effect of the Value Added by Intellectual Capital (VAIC) in terms of its three components: capital employed efficiency, human capital efficiency, and structure capital efficiency on the financial performance of commercial banks listed on the Amman Stock Exchange for the period 2010–2018.Value Added of Intellectual Capital (VAIC) model was used to measure the intellectual capital while Tobin’s Q ratio was used as an indicator of bank financial performance. The study has used parametric techniques like multiple linear regression and correlation coefficient, and other statistical methods to investigate its hypothesis. It was found that only human capital efficiency and capital employed efficiency had impacts on the banks’ financial performance. These results emphasize the importance of using the VAIC model to evaluate the financial performance of these banks, as well as encourage banks to make further investments in intellectual capital’s components, and concentrate on human resources to build up their knowledge, skills and capabilities, because of their greatest role in value creation.

ANALISIS PENGARUH INTELLECTUAL CAPITAL TERHADAP MARKET VALUE DAN FINANCIAL PERFORMANCE PERUSAHAAN DENGAN METODA VALUE ADDED INTELLECTUAL COEFFICIENT

2007 ◽  
Author(s):  
Yudha Sarpani ◽  
Yeasy Darmayanti
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Value Creation ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Manufacturing Companies ◽  
Book Value ◽  
Capital Efficiency ◽  
The Relationship

The purpose of this research is to investigate the effect of the value creation efficiency of firms’ intellectual capital and firm's market valuation and financial performance. Using 88 manufacturing companies data drawn from Jakarta Stock Exchange (JSX) reporting period 2002 - 2004 and Pulic's Value Added Intellectual Capital Employed Efficiency (VACA), Human Capital Efficiency (VAHU), and Structural Capital Efficiency (STVA) and multiple regression model to examine the relationship between corporate value creation efficiency and firms’ market-to-book value ratio, and explore the relationship between intellectual capital and firms financial and market value. The result is support the fist hypothesis; market value hypothesis that there is significantly effect between intellectual capital and market-to-book value ratio (M/B). The second hypothesis show there are significantly effect between intellectual capital and return on equity (ROE) as financial performance.

scholarly journals Company financial performance improvement through financial literacy and intellectual capital perspective

2021 ◽  
Vol 2 (1) ◽  
pp. 7-15
Author(s):  
Moch. Kalam Mollah ◽  
Suhartini Suhartini ◽  
Gatot Basuki H M ◽  
Fatkhu Nasrudin Khamimi ◽  
Bangkit Dwi Wahyu Prabowo
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Financial Literacy ◽  
Positive Impact ◽  
Raw Materials ◽  
Balance Sheet ◽  
Value Added ◽  
Financial Statement ◽  
Structural Capital

CV. Sarindofood is one of the companies engaged in manufacturing snacks, one of which is a type of Tost and Stick products made from raw materials for industrial corn. CV. Sarindofood uses considerable capital resources, so it needs analysis, especially in the financial sector. This study aims to determine the effect of intellectual capital on corporate financial performance, financial literacy as an understanding of finance. The independent variables used in this study are human capital, structural capital, value-added capital employed, intellectual capital (VAIC). In contrast, the dependent variables include the performance of ROA, ROI, and ROE. The data in this study are the company's financial statement data CV. Sarindofood consists of a balance sheet report and cash flow for five years from 2019 to 2018. The method used in this study uses Multiple Linear Regression, VAIC, and partial t-test, and a simultaneous F-test is used as analysis tools to see each variable's effect. The results of this study indicate that Capital Employee partially has a significant impact on financial performance. Human capital partly has a significant and positive impact on financial performance. Structural capital partially has a significant and positive effect on financial performance. Whereas the value of the results simultaneously shows that the influence of Intellectual Capital on ROA has a significant effect of 60%, Intellectual Capital on RO1 has a significant effect of 69%, and Intellectual Capital on ROE has a significant effect of 55%.

scholarly journals A Study of the Impact of Value-Added Efficiency on Profitability and Market Value in the Indian Pharma Industry

2022 ◽  
Vol 11 (1) ◽  
pp. 212
Author(s):  
Shireen Rosario ◽  
Chandra Sen Mazumdar
Keyword(s):  
Pharmaceutical Industry ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Market Valuation ◽  
Pharmaceutical Companies ◽  
Knowledge Based ◽  
The Impact ◽  
Indian Pharmaceutical Industry

The aim of this paper is to highlight the growing influence of Intellectual Capital (IC) on the profitability and market valuation, especially in knowledge-based industries. The scope of this paper is restricted to the Indian Pharmaceutical Industry, which is highly dependent on IC. This study employs the measure of Value-Added Intellectual Coefficient (VAIC) to assess impact of IC on the profitability and market valuation and to assess the growth of VAIC and its components among the companies over the years selected for the study. The study uses 22 Pharmaceutical companies listed in the Bombay Stock Exchange for a period of 12 years from the financial year 2008-09 to 2019-20. By using Path Analysis, the study demonstrates that the components of VAIC have an impact on the ROCE and market value, which has only grown as compared to earlier studies & years. The study also demonstrates that high sales and profits need not necessarily result in high VAIC.   Received: 7 October 2021 / Accepted: 24 November 2021 / Published: 3 January 2022

scholarly journals PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN PERUSAHAAN SEKTOR PERTAMBANGAN DI BURSA EFEK INDONESIA

2019 ◽  
Vol 8 (9) ◽  
pp. 5702
Author(s):  
Maulana Hidayat ◽  
I Made Dana
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Return On Assets ◽  
Mining Sector ◽  
Regression Methods ◽  
Structural Capital ◽  
Capital Efficiency

The value of the company's resources can be measured using Intellectual Capital. A company can measure the value added by the company through the company's resources by using Intellectual Capital. This study aims to examine and analyze the influence of independent variables Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE) and Capital Employed Efficiency (CEE) on the dependent variable, Return on Assets (ROA). Population in this study are mining sector companies in the Indonesia Stock Exchange. The research sample used a purposive sampling method to obtain 41 mining sector companies in the Indonesia Stock Exchange for the period 2016-2017 that met the research criteria. Data that has been collected will be analyzed using multiple linear regression methods and classical assumption tests. The study found that HCE and SCE had no effect on ROA, whereas CEE had a positive effect on ROA. This shows the factors that influence the financial performance of mining sector companies capital employee of the company. The manager of the mining sector company is expected to be able to increase the use of human capital and structural capital in the company's operations to increase its influence on the company's financial performance. Keywords: financial performance; intellectual capital; return on assets

scholarly journals The Influence of R&D Intensity on Financial Performance: The Mediating Role of Human Capital in the Semiconductor Industry in Taiwan

2020 ◽  
Vol 12 (12) ◽  
pp. 5128
Author(s):  
Tsung-Chun Chen ◽  
Yenchun Jim Wu
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Capital Investment ◽  
Performance Metrics ◽  
Intangible Assets ◽  
Semiconductor Industry ◽  
Value Added ◽  
Positive Influence ◽  
High Tech ◽  
The Relationship

Knowledge transfer is a strategy used by high-tech companies to acquire new knowledge and skills. Knowledge can be internally generated or externally sourced. The access to external knowledge is a quick fix, but the risks associated with reliance on external sources are often overlooked. However, not acquiring such knowledge is even riskier. There have been a slew of litigations in the semiconductor industry in recent years. The acquisition and assurance of intangible assets is an important issue. This paper posits that internal R&D should take into consideration the knowledge intensity and capital investment in the industry. This study focuses on the relationship between intangible assets and financial performance. It sourced the 2004 to 2016 financial data of semiconductor companies in Taiwan for panel data modeling and examined case studies for empirical validation. This study found that the higher the R&D intensity (RDI) in the value-added component of human capital, the better the financial performance of the company. RDI has a positive influence on the accumulation of human capital and financial performance metrics, and such influence is deferred. Meanwhile, human capital is a mediating factor in the relationship between RDI and financial performance. RDI is integral to the semiconductor industry’s pursuit of business sustainability.

scholarly journals Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan (Studi Empiris pada Perusahaan yang Terdaftar di BEI serta Mendapatkan Penghargaan Best of The Best Companies Versi Majalah Forbes di Indonesia atas Laporan Keuangan 2015-2016)

2018 ◽  
Vol 6 (1) ◽  
pp. 1117
Author(s):  
Karina Saraswati ◽  
Erinos NR
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Sampling Technique ◽  
Significant Positive Effect ◽  
Capital Asset ◽  
Structural Capital ◽  
Positive Effect ◽  
Capital Value

The aims of this study to determine how much the influence about intellectual capital (VACA, VAHU, STVA) on financial performance (ROA). The population in this study were go public companies that listed in the Stock Exchange and get the Best Of The Best Companies award by Forbes magazine in Indonesia for the 2015-2016 financial statements. The sampling technique in this study was conducted by purposive sampling technique. Based on the determined criteria obtained 36 samples from 79 existing populations. This study used multiple regression analysis to see the effect of several independent variables to the dependent variable. The results of the study conclude that the Value Added Capital Asset has no effect on ROA, Value Added Human Capital has a significant positive effect on ROA, and the last is Structural Capital Value Added has a significant positive effect on ROA.Keywords: Value Added Capital Asset, Value Added Human Capital, Structural Capital Value Added, ROA

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