scholarly journals The Impact of Intellectual Capital on Firm Value: Empirical Evidence From Vietnam

2020 ◽  
Vol 11 (4) ◽  
pp. 74
Author(s):  
Anh Huu Nguyen ◽  
Duong Thuy Doan
Keyword(s):  
Stock Market ◽  
Intellectual Capital ◽  
Firm Value ◽  
Fixed Effects ◽  
Value Added ◽  
Least Square ◽  
Manufacturing Companies ◽  
Effective Measure ◽  
Capital Efficiency ◽  
The Impact

The paper aims to investigate the impact of intellectual capital on firm value in the context of Vietnam. The research sample includes 61 manufacturing companies listed on Vietnam stock market for the period from 2013 to 2018. Three statistical methods approaches are employed to address econometric issues and to improve the accuracy of the regression coefficients include Ordinary Least Square (OLS), Random Effects Model (REM) and Fixed Effects Model (FEM). This research uses value-added intellectual capital (VAIC) to measure the intellectual capital of a firm. Value-added intellectual capital (VAIC) is considered as an effective measure by which a company uses material, financial, and intellectual capital to increase. The VAIC includes the sum of three components: Human Capital Efficiency (HCE), Structure Capital Efficiency (SCE) and Capital Employed Efficiency (CEE, including physical and financial capital). In this paper, firm value is measured by Tobin’s Q ratio. Some control variables such as leverage, firm size, growth rate, and state capital are used in the regression model that pointed out the impact of intellectual capital on a firm value. The empirical results show a statistically significant positive impact of value-added intellectual capital (VAIC) on a firm’s profitability. This evidence provides a new insight to managers on how to improve the value of manufacturing companies listed on Vietnam stock market.

Intellectual capital efficiency and market-based financial performance: Evidence from listed conglomerate companies

2021 ◽  
Vol 2 (2) ◽  
pp. 31-42
Author(s):  
Eniola Ayisat Sulaiman ◽  
Abubakar Sadiq Kasum ◽  
Wasiu Ajani Musa
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Fixed Effects ◽  
Value Added ◽  
Secondary Data ◽  
Lagrangian Multiplier ◽  
Fixed Effects Model ◽  
Analysis Technique ◽  
Capital Efficiency ◽  
The Impact

Having observed the rate at which dissimilarity occurs between market and book value, and management ignorance concerning the impact intellectual capital disclosure has on companies’ values spurred the interest to probe the association between the efficiency of value-added intellectual coefficient (VAIC) and market-based financial performance of listed Nigerian conglomerate companies. To accomplish the purpose of this study, secondary data were employed and extracted from annual audited reports of listed conglomerate companies in Nigeria from the period of 2010–2018. The data obtained were subjected to static panel data regression analysis technique. The random-effects model was adopted because the empirical result from Breusch and Pagan Lagrangian multiplier (BP-LM) and Hausman tests chose it over the fixed-effects model to produce better results. This study revealed that the value-added efficiency of capital employed (VACA), value-added efficiency of human capital (VAHU), and value-added efficiency of structural capital (STVA) are the drivers of intellectual capital in the conglomerate sector. This study concluded that elements of intellectual capital have a strong power on market-based financial performance. This study recommends that information on intellectual capital components should be reported in ways they deem fit by developing a model of intellectual capital disclosure that complies with the International Accounting Standard Board (IASB)

scholarly journals Intellectual Capital Terhadap Nilai Pasar Dan Kinerja Keuangan Perusahaan Dengan Value Added Intellectual Capital (Studi Pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2008-2011)

2019 ◽  
Vol 7 (2) ◽  
pp. 43
Author(s):  
Sofie Sofie ◽  
Ari Prihartini ◽  
Rinda Liana
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Firm Value ◽  
Statistical Tests ◽  
Value Added ◽  
Market Value ◽  
Manufacturing Companies ◽  
Structural Capital ◽  
Capital Efficiency ◽  
And Performance

<p class="Style1"><em>This study aims to ident6 and analyze the effect of intellectual capital as one of the company's intangible assets to market value and financial performance<sup>.</sup>of the company-manufacturing companies using the Value Added Intellectual Capital (VAIC <sup>m</sup>). The analysis method used is multiple panels because the structure of the data used in this research is the data panel. The results of the hypothesis theory shows that the intellectual capital has significant effect on the market value and performance of the company. The three components of intellectual capital, as the physical capital efficiency, human capital and structural capital efficiency, have a positive effect on firm value and performance of companies that dproksi by ROA, ATO, ROE and OI / S. So do the results of statistical tests, except for the efficiency of the human capital and structural capital efficiency ROE against Of / S. The results show that intellectual capital is a factor that is very important and significant effect on the quality of the company which in turn directly affects firm value andfinancial performance of the company.</em></p>

Intellectual capital and firm performance in emerging economies: the case of India

2016 ◽  
Vol 26 (3) ◽  
pp. 410-430 ◽  
Author(s):  
Santi Gopal Maji ◽  
Mitra Goswami
Keyword(s):  
Firm Performance ◽  
Intellectual Capital ◽  
Value Added ◽  
Relative Importance ◽  
Content Type ◽  
Knowledge Based ◽  
Traditional Sector ◽  
Steel Sector ◽  
Capital Efficiency ◽  
The Impact

Purpose The purpose of this paper is to examine the impact of intellectual capital (IC) on Indian traditional sector and compare the relative importance of IC on corporate performance of Indian knowledge-based sector (engineering sector) and traditional sector (steel sector). Design/methodology/approach Secondary data on 100 listed Indian firms, comprising of 44 firms from the engineering sector and 56 from the steel sector, are collected from “Capitaline Plus” Corporate database for a period of 14 years from 1999-2000 to 2012-2013. IC and its components are computed using Pulic’s value-added intellectual coefficient model and firm performance is measured by return on asset. Fixed effect regression model is used to investigate the hypothetical relationship between IC and firm performance. Further, quantile regression is used to check the robustness of the results. Findings The results indicate that IC efficiency and physical capital efficiency are positively and significantly associated with the firm performance for both the sectors. Regarding the components of IC, the coefficient of human capital efficiency is positive and significant, but the present effort fails to disentangle any significant influence of structural capital efficiency on firm performance. However, the results indicate that the influence of IC efficiency on firm performance is significantly greater in case of knowledge-based sector than that of traditional sector. Practical implications The findings of the study are useful for the decision makers, as the results indicate that the IC plays crucial role in value creation not only for knowledge-based firms but also for the firms belonging to the traditional manufacturing sector. Originality/value In the Indian context, this is the first study to examine the relative importance of IC in a knowledge-based sector and a traditional sector using appropriate methodology.

scholarly journals The Influence of Intellectual Capital on Firm Value towards Manufacturing Performance in Indonesia

2015 ◽  
Author(s):  
Euphrasia Susy Suhendra
Keyword(s):  
Firm Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Structural Equation ◽  
Stock Exchange ◽  
Value Added ◽  
Secondary Data ◽  
Market Valuation ◽  
Annual Reports ◽  
Manufacturing Companies

The aim of this study is to analyse the influence of intellectual capital on firm value through firm performance (profitability, productivity, market valuation and growth). Intellectual capital is measured by using a Value Added Intellectual Coefficient (VAIC™). Firm value is measured by Tobin's Q. The financial performance consists of Return on assets (ROA), Asset turn over (ATO), Market to Book Value (MB) and Earnings per Share (EPS). Data from this study was obtained from financial statements and annual reports of manufacturing companies that are taken from the Indonesia Stock Exchange. The sample of this study is manufacturing companies listed on the Indonesia Stock Exchange during the year of 2011-2013 for 37 companies. The types of data used are secondary data in the form of annual reports by the manufacturing companies. Empirical analysis is conducted by using Structural Equation Modelling (SEM). The results of this study indicate that Intellectual capital has a significant effect on profitability, market valuation and growth. Intellectual capital does not significantly affect productivity and firm value. Market valuation significantly affects the firm value. Profitability, productivity and growth do not significantly affect firm value. Furthermore, Intellectual capital which is intervened by the firm performance has a positive effect on firm value.

scholarly journals Analisis Modal Intelektual Dan Kinerja Keuangan Serta Pengaruhnya Terhadap Nilai Perusahaan

2019 ◽  
Author(s):  
Riski Wahyudi ◽  
Lidya Martha
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Exchange ◽  
Value Added ◽  
Financial Statements ◽  
Manufacturing Companies ◽  
Return On Assets ◽  
Book Value ◽  
Company Value

This study aims to examine the effect of intellectual capital and financial performance on the value of companies in manufacturing companies listed on the Indonesia Stock Exchange (IDX). The research population is all manufacturing companies listed on the Indonesia Stock Exchange for the period 2013 - 2017. This sample was selected using a purposive sampling method with sample criteria. Manufacturing is listed on the IDX during the end of 2017 period, Manufacturing is listed consecutively during the period 2013 - 2017, Manufacturing that uses Rupiah, Manufacturing that has complete financial statements for the period 2013 - 2017, Manufacturing that has financial data in accordance with the variables to be tested, namely Price to Book Value, Value Added Intellectual Coefficient, Return On Assets, and Manufacturing that does not has data outliers, and obtained a sample of 11 companies. The data source is the annual financial statements of manufacturing companies taken through the official website of the Indonesia Stock Exchange ( www.idx.co.id ). Testing uses panel data regression analysis with the Eviews Program tool. Intellectual capital is measured using Value Added Intellectual Coefficient (VAIC), while financial performance is measured by Return on Assets (ROA) and company value measured by Price to Book Value (PBV). The results showed that the variable intellectual capital had a negative and not significant effect on firm value, while financial performance had a positive and significant effect on firm value.

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 The Impact of Intellectual Capital Efficiency in Business Reengineering: An Empirical Study on the Industrial Companies Listed on the ASE

2019 ◽  
Vol 14 (2) ◽  
pp. 187
Author(s):  
Omar Fareed Shaqqour
Keyword(s):  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Intellectual Ability ◽  
Industrial Firms ◽  
Engineering Approach ◽  
Industrial Companies ◽  
Study Results ◽  
Capital Efficiency ◽  
The Impact

The redesign of administrative strategic processes and polices from the root to realize the value added in the organization is called re-engineering approach, where the employees who have the knowledge, intellectual ability and skills that give them the ability to innovate and achieve the objectives of the organization, is called intellectual capital efficiency.&nbsp;&nbsp;&nbsp;&nbsp; Knowing the importance of an intellectual capital efficiency of the company and its contribution to provide the requirements of applying re-engineering in the company and its ability to motivate the company to implement this approach, Is important and vital. This study aims to identify the impact of intellectual capital efficiency in re-engineering on industrial firms listed on the Amman Stock Exchange ASE. To achieve this goal, the researcher measured the intellectual capital efficiency by Pulic model, and the business re-engineering through a questionnaire to measure three themes related to re-engineering, the business, extent of support the company&#39;s management to apply the business re-engineering approach, the availability of the requirements of re-engineering, and the extent of applying the reengineering approach. The study sample consisted from 50 industrial companies listed on the ASE, during the study period (2014- 2017), the study used SPSS and Excel to identify the descriptive characteristics of the variables of the study, and analysis the data, and it was also used regression analysis to test the hypotheses of the study. Study results concluded that intellectual capital efficiency positively impact in supporting the company&#39;s management to apply the business re-engineering approach in the industrial companies listed on ASE, and the results also showed that the intellectual capital efficiency positively impact in the providing of the business re-engineering requirements in these companies, finally, the study finds that intellectual capital efficiency positively impact in the applying the business reengineering approach in these companies. The study recommended to increase the interest for intellectual capital and business reengineering, and the study also recommended to increase awareness among workers in the accounting departments of the importance of the subject of intellectual capital efficiency and business reengineering.

scholarly journals The impact of intellectual capital on the profitability of commercial banks in Serbia

2018 ◽  
Vol 63 (216) ◽  
pp. 85-109 ◽  
Author(s):  
Sinisa Radic
Keyword(s):  
Panel Data ◽  
Intellectual Capital ◽  
Commercial Banks ◽  
Banking Sector ◽  
Value Added ◽  
The Other ◽  
Capital Efficiency ◽  
The Subject ◽  
The Republic ◽  
The Impact

The subject of the research in this paper is the impact of intellectual capital efficiency on the profitability of commercial banks in the Republic of Serbia. The efficiency of commercial banks? intellectual capital was measured by the created value added in the observed period, using the Value Added Intellectual Coefficient methodology (VAIC). Empirical analysis was carried out using econometric analysis of panel data for 27 banks that were operating in the banking sector of the Republic of Serbia in the period 2008-2016. The results of the analysis show that the significance of the impact of the efficient use of intellectual capital on the profitability of banks operating in Serbia depends on the selected profitability measure. When ROA is chosen as an indicator of profitability the bank?s level of indebtedness determines the sign of this influence, so at higher levels of indebtedness efficient use of intellectual capital negatively affects the profitability of the bank. On the other hand, in this case the size of the bank does not significantly affect the dependence of the bank?s profitability on the efficient use of its intellectual capital. If ROE is a measure of the profitability of banks the efficient use of intellectual capital has no significant impact on banks? profitability.

scholarly journals PENGARUH CORPORATE GOVERNANCE, CORPORATE SOCIAL RESPONSIBILITY DAN INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN

2018 ◽  
Author(s):  
Wendy Salim Saputra
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Intellectual Capital ◽  
Firm Value ◽  
Audit Committee ◽  
Value Added ◽  
Audit Committees ◽  
Manufacturing Companies ◽  
Corporate Social

<p><em>Maximizing the interests of shareholders through increasing company value is one of the goals the company wants to achieve. To achieve these objectives, the company must pay attention to several things including implementing good corporate governance, paying attention to social and environmental interests so as not to intersect and improve the ability of its human resources.</em></p><p><em>This study focuses on the implementation of corporate governance proxied by the proportion of independent board of commissioners and the number of audit committees, disclosure of corporate social responsibility and intellectual capital as well as examining its effect on firm value in manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2016</em></p><p><em>The statistical method in this study uses multiple regression analysis, where the independent variable is the proportion of independent commissioners, the number of audit committees, coporate social responsibility disclosure (CSRD) and intellectual capital proxied by value added intellectual capital (VAIC). Whereas the dependent variable is the value of the company proxied by Tobin's Q</em></p><p><em>The results of this study indicate that the audit committee affects the value of the company while the proportion of independent board of directors, coporate social responsibility disclosure and value added intellectual capital does not have an influence on the value of the company.</em></p><em>Keywords: Corporate Value, Proportion of Independent Commissioners, Audit Committee, Corporate Social Responsibility, Intellectual Capital</em>

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

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