scholarly journals Efektywność kapitału intelektualnego a wyniki spółek społecznie odpowiedzialnych indeksu WIG-Energia

2021 ◽  
pp. 15-32
Author(s):  
Grażyna Michalczuk ◽  
◽  
Urszula Konarzewska ◽  
Izabela Rutkowska ◽  
◽  
...  
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Market Valuation ◽  
Energy Index ◽  
Socially Responsible ◽  
Return On Equity ◽  
Book Value ◽  
Starting Point ◽  
Capital Efficiency ◽  
The Impact

Purpose – The aim of the research is to identify the impact of efficiency of intellectual capital and its components on the performance of socially responsible companies included in the WIG-Energy index. Research method – Various methods of research were used in this paper, such as the method of desk research consisting of an analysis of data contained in the annual reports of socially responsible companies included in the WIG-Energy index, the VAIC™ method which has been used to measure the intellectual capital, as well as Pearson correlation coefficients and the linear regression analysis, which were the basis for the study of the impact of intellectual capital efficiency on selected measures describing the performance of analysed companies. Results – The conducted studies showed the impact of intellectual capital efficiency on the return on equity (ROE) and the current market valuation of the book value measured by the P/BV ratio (price/book value). However, they did not show a significant impact on return on assets (ROA). In addition, the studies have pointed at the diversified impact of intellectual capital components on the measures describing the performance of socially responsible companies included in the WIG-Energy index. The return on equity (ROE) is significantly influenced by the efficiency of structural and human capital. In turn, the current market valuation of the book value (P/BV) is significantly influenced by the efficiency of human capital. Originality /value / implications /recommendations – The article intends to fill the gap in the field of intellectual capital in the context of its impact on the performance of energy sector companies. This aspect is still underrepresented in research. However, this is currently a significant issue because, for such types of companies that base their activities on specialist knowledge and modern technologies, the intellectual capital becomes a key factor for success. This paper provides a starting point for further research. Therefore, the focus is solely on companies from the WIG-Energy index simultaneously belonging to the WIG-ESG index, which covers companies that meet the highest standards in the field of corporate social responsibility.

scholarly journals PENGARUH HUMAN CAPITAL, STRUCTURE CAPITAL, DAN PHYSICAL CAPITAL TERHADAP KINERJA PERUSAHAAN PERBANKAN DI INDONESIA

2019 ◽  
Vol 8 (1) ◽  
Author(s):  
Agustinus Jeneo
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Negative Impact ◽  
Stock Exchange ◽  
Value Added ◽  
Physical Capital ◽  
Return On Equity ◽  
Result Show ◽  
Capital Efficiency ◽  
The Impact

The objective of this study are to analyze the impact of intellectual capital (HumanCapital, Structure Capital and Physical Capital) on company’s financial performance Return on Assets (ROA) dan Return On Equity (ROE). This research used banking company data that listed in Indonesia Stock Exchange (IDX) 2011-2012. The model that used to measure intellectual capital was Pulic model agregatly-using Value Added Intellectual Coefficient (VAIC™) or separately-using Human Capital Efficiency (HCE), Structure Capital Efficiency (SCE), and Physical Capital/ Capital Employed Efficiency (CEE). The result show: (1) Human Capital Efficiency (HCE) not significant  impact on ROA, (2) Human Capital Efficiency (HCE) not significant impact on ROE, (3) Structure Capital Efficiency (SCE) not significant impact on ROA, (4) Structure Capital Efficiency (SCE) negative impact on ROE (5) Physical Capital/Capital Employed Efficiency (CEE) has a positive significant impact on ROA, (6) Physical Capital/Capital Employed Efficiency (CEE) has a positive significant impact on ROE

Exploring the impact of intellectual capital on company reputation and performance

2018 ◽  
Vol 19 (5) ◽  
pp. 915-934 ◽  
Author(s):  
Gianluca Ginesti ◽  
Adele Caldarelli ◽  
Annamaria Zampella
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Corporate Reputation ◽  
Intangible Asset ◽  
Competition Authority ◽  
Data Set ◽  
Content Type ◽  
Capital Efficiency ◽  
And Performance ◽  
The Impact

Purpose The purpose of this paper is to analyse the impact of intellectual capital (IC) on the reputation and performance of Italian companies. Design/methodology/approach The paper exploits a unique data set of 452 non-listed companies that obtained a reputational assessment from the Italian Competition Authority (ICA). To test the hypotheses, this study implemented several regression analyses. Findings Results support the argument that human capital efficiency is a key driver of corporate reputation. Findings also reveal that companies, which obtained reputational rating under ICA scrutiny, show a positive relationship between IC elements and various measures of financial performance. Research limitations/implications The study focuses on a single country; it is not free from the imprecisions of Pulic’s VAIC model. Practical implications This paper recommends companies that are interested to achieve a robust reputation should consider the human capital as a strategic intangible asset. Second, the results suggest that companies with an ICA reputational rating are able to leverage their intangibles to potentiate performance and competitiveness. Originality/value This is the first empirical investigation on the contribution of IC in generating value for corporate reputation. Additionally, the study contributes to the literature on the link between IC and performance by examining a sample of firms not yet explored in prior research.

scholarly journals PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN DAN NILAI PASAR PERUSAHAAN YANG LISTED DI JAKARTA ISLAMIC INDEX

2019 ◽  
Vol 16 (4) ◽  
pp. 529-535
Author(s):  
Halim Usman ◽  
Sri Wahyuni Mustafa
Keyword(s):  
Human Capital ◽  
Regression Analysis ◽  
Data Analysis ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Market Value ◽  
Return On Equity ◽  
Purposive Sampling ◽  
Structural Capital ◽  
Capital Efficiency

This study aims to examine the effect of intellectual capital on financial performance and market value of the company. The intellectual capital variable uses three proxies, namely employed capital efficiency, human capital efficiency and structural capital efficiency, while the company's financial performance variable uses return on equity proxy and market to book ratio to proxy the company's market value. The object of this research is companies included in the Jakarta Islamic Index 2011-2017 period. Sampling is done by purposive sampling. The data analysis used is regression analysis to examine the effect of intellectual capital on financial performance and market value of the company. The results showed that intellectual capital had no effect on financial performance so that it affected the company's market value.   Penelitian ini bertujuan untuk menguji pengaruh intellectual capital terhadap kinerja keuangan dan nilai pasar perusahaan. Variabel intellectual capital menggunakan tiga proksi, yakni capital employed efficiency, human capital efficiency dan structural capital efficiency sedangkan untuk  variabel kinerja keuangan perusahaan menggunakan proksi return on equity dan market to book ratio untuk proksi nilai pasar perusahaan. Objek dari penelitian ini adalah perusahaan yang masuk dalam Jakarta Islamic Index periode 2011-2017. Pengambilan sampel dilakukan dengan purposive sampling. Adapun analisis data yang digunakan adalah analsis regresi untuk menguji pengaruh intellectual capital terhadap kinerja keuangan dan nilai pasar perusahaan. Hasil penelitian menunjukkan bahwa intellectual capital tidak berpengaruh terhadap kinerja keuangan sehingga namun berpengaruh terhadap nilai pasar perusahaan

The Relationship between Intellectual Capital and Banks' Productivity in Pakistan

2021 ◽  
pp. 158-169
Author(s):  
Muhammad Asim Afridi ◽  
Imran Khan ◽  
Muddassar Khan
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Productivity Growth ◽  
Banking Sector ◽  
Value Added ◽  
Malmquist Productivity Index ◽  
Productivity Index ◽  
Structural Capital ◽  
Capital Efficiency ◽  
The Impact

The performance of banks has been widely researched using accounting ratios, Tobin�s Q and market returns and less emphasis has been given to productivity measures. The productivity growth of banks is captured through Malmquist Productivity Index (MPI). The study then investigates the impact of intellectual capital on the productivity of banks in Pakistan. Value-added The intellectual Coefficient (VAIC) approach is employed to examine the intellectual capital of banks. Data is obtained from annual reports of 20 banks listed on the Pakistan Stock Exchange for 10 years (2007-2016). The panel corrected standard error approach is used for estimating the panel regression model. The findings provide evidence that the VAIC, human capital efficiency (HCE) and structural capital efficiency (SCE) has a positive impact on productivity growth (MPI). On the other hand, capital employed efficiency (CEE) has no significant impact on productivity growth. The VAIC approach may be useful for the banks and policymakers in a knowledge economy to integrate the intellectual capital in the decision-making process. Our results also suggest that banks in Pakistan shall increase spending on intellectual capital particularly on human capital and structural capital to elevate the intellectual capital of banks and subsequently get benefits in terms of increased productivity Keywords: Intellectual capital; Value added intellectual coefficient (VAIC); Malmquist productivity Index; Pakistan banking sector

Intellectual Capital and Profitability: Evidence from Indian Pharmaceutical Sector

2020 ◽  
Vol 24 (2) ◽  
pp. 204-216 ◽  
Author(s):  
Kanishka Gupta ◽  
Sweta Goel ◽  
Prakash Bhatia
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Physical Capital ◽  
Pharmaceutical Companies ◽  
Time Period ◽  
Panel Data Regression ◽  
Capital Efficiency ◽  
The Impact

Intellectual capital (IC) has gained recognition in enhancing the firms’ value and gain competitive advantage in the developed world. Thus, it is imperative for all stakeholders to have an understanding of its impact on firms’ profitability. The present study aims to analyse the impact of intellectual capital on firms’ profitability of Indian pharmaceutical companies listed in National Stock Exchange (NSE-500) for the time period of 10 years (i.e. 2009–2018). The paper has used modified version of Pulic’s Value Added Intellectual Coefficient, i.e., M-VAIC as a proxy to measure intellectual capital and firms’ profitability as represented by ROA, ROE and EBITDA. In line to analyse the effectiveness, a balanced panel data regression technique has been used. The results of the paper indicate a significant relationship between intellectual capital and firms’ profitability. Also, it is found that human capital, relational capital and physical capital have a significant role in increasing the profitability of the firm. The analysis would help the administration and management of pharmaceutical companies in the composition and organization of intellectual capital, stakeholders in the decisions related to investment and financial specialist for enhancing intellectual capital efficiency and value creation for the firm. Human capital is found to be having a positively significant impact on firms’ profitability; their inclusion and management are suggested for the companies.

The impact of intellectual capital on SMEs’ performance in China

2019 ◽  
Vol 20 (4) ◽  
pp. 488-509 ◽  
Author(s):  
Jian Xu ◽  
Jingsuo Li
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Manufacturing Sector ◽  
Operating Efficiency ◽  
High Tech ◽  
Relational Capital ◽  
Content Type ◽  
Structural Capital ◽  
Capital Efficiency ◽  
The Impact

Purpose The purpose of this paper is to explore and compare the extent of intellectual capital (IC) and its four components in high-tech and non-high-tech small and medium-sized enterprises (SMEs) operating in China’s manufacturing sector, and to examine the relationship between IC and the performance of high-tech and non-high-tech SMEs. Design/methodology/approach The study uses the data of 116 high-tech SMEs and 380 non-high-tech SMEs listed on the Shenzhen stock exchanges during 2012–2016. The modified value added intellectual coefficient (MVAIC) model is used incorporating four components, namely, capital employed, human capital, structural capital and relational capital. Finally, multiple regression analysis is utilized to test the proposed research hypotheses. Findings The findings of this paper reveal that there is significant difference in MVAIC between high-tech and non-high-tech SMEs. The results further indicate a positive relationship between IC and financial performance of high-tech and non-high-tech SMEs. Specifically, IC is positively associated with firms’ earnings, profitability and operating efficiency. Additionally, capital employed efficiency, human capital efficiency and structural capital efficiency are found to be the most influential value drivers for the performance of two types of SMEs while relational capital efficiency possesses less importance. Practical implications This paper will provide a valuable framework for executives, managers and policy makers in managing IC within the Chinese context. Originality/value To the best knowledge of the authors, this is the first empirical study that has been conducted on high-tech and non-high-tech SMEs in the manufacturing sector in China.

The effectiveness of intellectual capital disclosure in market assessments of corporate value creation

2019 ◽  
pp. 5-35
Author(s):  
Anna Maria Biscotti ◽  
Eugenio D’Amico ◽  
Sabato Vinci
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Value Creation ◽  
Balance Sheet ◽  
Market Valuation ◽  
Fiscal Year ◽  
High Tech ◽  
Book Value ◽  
Eu Directive ◽  
Valuation Process

According to literature on the value relevance of intellectual capital (IC), a gap between the market and book value of a company larger than one indicates the contribution of IC resources (mostly off-balance sheet) to the value creation potential of a firm as perceived by investors. In Italy, with the introduction of Legislative Decree no. 32/2007 (by which the EU Directive No. 2003/51/CE was partially implemented into Italian law), companies are encouraged (for the first time in Italy) to disclose in the management commentary for the fiscal year-end of 2008 and for subsequent years non-financial information about employee matters. The purpose of this study is to investigate whether a more virtuous corporate disclosure behaviour on nonfinancial IC information relating to the human capital significantly contributes to better explain (more than other IC components) the market-to-book value gap. In addition, this paper aims to investigate the effectiveness of IC disclosure in improving the accuracy of market valuation process. The results demonstrate that both human capital performance and the related (human capital) non-financial disclosure tend to significantly explain the market-to-book value gap, playing a unique role in the market valuation process of high-tech companies. Moreover, a greater disclosure on IC appears to be determinant in improving the accuracy of market assessment of high-tech companies characterised by higher IC performance.

scholarly journals Intellectual Capital in light of Creativity and Competitiveness: Overview of Organizations’ Intangible Assets.

2019 ◽  
pp. 1135-1143
Author(s):  
Ahmad Yousef Areiqat
Keyword(s):  
Human Capital ◽  
Intellectual Property ◽  
Intellectual Capital ◽  
Intangible Assets ◽  
Market Value ◽  
Book Value ◽  
Structural Capital ◽  
Property Assessment ◽  
To Come ◽  
The Impact

This research paper addresses several issues related to intellectual capital including a historical overview, the interest in elusive and intangible assets, and the impact of latest technological progress associated with the information technology developments. Ralph Stayer, CEO of Johnsonville Foods Company was the first to use the term “intellectual property” to refer to the organization’s intangible assets. This paper also identifies the concept of intellectual property being a set of all knowledge capacities of the organizations that help them achieve their goals. The intellectual property includes ideas, inventions, technology, general knowledge, computer soft wares and programs, designs, data skills, processes, creativity and applications in all organizations. The intellectual capital is knowledge that can be converted into profits. The components of this concept were identified as follows: Structural capital, human capital, social capital and the psychological capital. The paper also discusses various definitions provided by several researchers relating to intellectual capital, amongst them: Edvinsson & Malone, K. E. Svieby, Y. Malhorta, T. Stewart, Despres & Channvel, and Mckenzie & Winkelen. Moreover, the researcher tackled different measures used in intellectual property assessment and classified them in the following clusters: (1) descriptive measures/scales that describe some traits and characteristics and are based on exploring views related to identify the impact of the intellectual capital on organizations’ business (2) scales and models correlated to the intellectual capital and the intellectual property, which measure the intellectual capital components (3) market value scales and models which focus on the book value of knowledge assets and their market value (4) scales and models of knowledge revenues which are based on calculating returns on assets (ROA). The paper concluded stating that specific issues relating to companies and the nature of the market made it impossible to come up with certain results that can be generalized when making comparison among modern administrative trends or attitudes which defined the intellectual capital as intangible assets. Thus, the researcher urged researchers and parties interested in building up and upgrading companies’ capacities to exert intensive efforts to boost investment in human capital for its key and influential role in accomplishing excellence and enhance the position of these companies.

scholarly journals The Impact of Intellectual Capital Efficiency on Corporate Sustainable Growth-Evidence from Smart Agriculture in China

Agriculture ◽  
2020 ◽  
Vol 10 (6) ◽  
pp. 199 ◽  
Author(s):  
Xin Long Xu ◽  
Hsing Hung Chen ◽  
Rong Rong Zhang
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Value Added ◽  
Sustainable Growth ◽  
High Tech ◽  
Significant Positive Effect ◽  
Management Tools ◽  
Capital Efficiency ◽  
The Impact ◽  
Positive Effect

In this paper, we expand the value-added intellectual coefficient (VAIC) model by constructing a comprehensive financial capital (FC) component. Human capital efficiency is subdivided into executive (EHCE) and nonexecutive human capital efficiency (NHCE). We have sampled listed agriculture companies (LAC) in China’s Shanghai and Shenzhen A-share markets from 2009 to 2018 and categorized them as high-tech (HTAC) and non-high-tech agriculture companies (NHTAC). We find that capital employed efficiency (CEE) and EHCE have a significant positive effect on corporate sustainable growth (CSG) of HTAC but no significant effect on CSG of NHTAC, while FC has a significant positive effect on both. These results suggest that companies, especially HTAC, should invest in human capital, and their executives and policymakers should develop effective knowledge management tools and begin accumulating the necessary intellectual capital to allow adaptation to their changing environment. In the spirit of the intellectual agriculture concept, we present some new ways to study the performance of agricultural companies using intellectual capital and offer suggestions that can help to modernize the industry.

Intellectual capital efficiency and organisational performance

2019 ◽  
Vol 20 (6) ◽  
pp. 784-806 ◽  
Author(s):  
Leena Afroz Mostofa Chowdhury ◽  
Tarek Rana ◽  
Mohammad Istiaq Azim
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Emerging Economy ◽  
Return On Assets ◽  
Content Type ◽  
Return On Equity ◽  
Structural Capital ◽  
Asset Turnover ◽  
Capital Efficiency ◽  
The Relationship

Purpose The purpose of this paper is to, the first of its kind, investigate the relationship between the intellectual capital efficiency and organisational performance of the pharmaceutical sector in Bangladesh, an emerging economy that enjoys Trade-Related Aspects of Intellectual Property Rights (TRIPS) relaxation. Design/methodology/approach The study used hand-picked data from annual reports for five years. The relationship between efficient use of intellectual capital and corporate performance was examined through the practical use of human capital, structural capital and capital employed. Multiple regressions were used to assess their impact on financial performance – specifically, return on assets, return on equity, asset turnover and market-to-book value. Findings Value-added intellectual coefficient components (i.e. human capital, structural capital and capital employed) significantly explained asset turnover and return on assets but failed to predict the return on equity outcome. Additionally, asset turnover was negatively influenced by structural capital and positively influenced by capital employed. The return on assets was mostly affected by variation in human capital. Intellectual capital did not predict market-to-book value or investment decisions. Practical implications This paper provides useful resources for evaluating the financial performance and value creation of companies in emerging economies that enjoy TRIPS exemptions; this research could also be extended using cross-industry comparisons. The findings have theoretical and practical implications, particularly for the pharmaceutical industry in emerging economy contexts, and for managers globally. Originality/value This study is among only a few that have reported on the relationship between intellectual capital efficiency and value creation in emerging economy contexts.

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