Intellectual Capital and Firm Performance

This study assessed the influence of intellectual capital in determination of financial performance of listed insurance firms in Nigeria. Data were collected from nineteen insurance firms for a period of nine (9) years (2015-2023) out of twenty-three insurance that were listed on the Nigerian Exchange Group (NGX) for the period. Return on Assets (ROA) was used as proxy for FP while capital employed efficiency; human capital efficiency and structural capital efficiency were considered as proxy for intellectual capital. Multiple regressions were used in testing the hypotheses formulated. The findings of this study indicate that HCE and SCE influenced FP among listed insurance firms in Nigeria. This implies that investments in human resources and organizational structures can lead to enhanced financial outcomes. However, the insignificant impact of CEE and FP highlights the complexity of how different mechanisms of IC contribute to overall firm performance. These insights underscore the significance of focusing on HCE and SCE to enhance financial results in the insurance sector. Hence, the study recommends that insurance companies should maintain to invest in employee development, training, and retention strategies to foster a skilled and motivated workforce; insurance firms in Nigeria should prioritize investments in organizational processes, systems, and technology to enhance operational effectiveness and profitability. More so, investing in human capital can lead to better service delivery and increased customer satisfaction, ultimately improving financial performance.

Corporate Social Responsibility (CSR) as one of the contemporary issues that is gathering momentum in both developed and emerging countries around the world. Consequent on this, this study examined the effect of firm attributes and corporate social responsibility practices of listed manufacturing firms in Nigeria from 2014-2023. The study adopted ex-post facto research design, using stratified and purposive sampling techniques, 24 firms were selected out of 60 listed manufacturing firms on the Nigeria Exchange Group as at 31 st December 2022. Analysis for the data collected was carried out using the panel data regression technique. Findings from the study revealed that profitability; firms' size and firms' growth were found to best statistically significant in explaining and positively related to corporate social responsibility practices. Thus, the study concluded that profitability, firm size and firms' growth has a significant effect on corporate social responsibility practices of listed manufacturing firms' in Nigeria. The study recommends that manufacturing firms' should increase their profitability and total asset to enable them improve on corporate social responsibility practices for the benefit of host communities.

Teknolojinin gelişmesi ve dünyanın küreselleşmesi ile günümüzde firmalarda maddi varlıklara verilen değerin yanında bilgiyi temsil eden ve firmaya sürdürülebilirlik ve rekabet avantajı sunan maddi olmayan varlık entelektüel sermaye de dikkatleri üstüne çekmiştir. Firmaların sürdürülebilir olması için kârlılığın maksimize edilmesi ve temettü politikasının da işlevsel olması önemlidir. Bu çalışmada, katma değerli entelektüel katsayı (VAIC) ile hesaplanan entelektüel sermayenin, entelektüel sermaye unsurlarının, firma performans ölçütü olarak aktif kârlılık oranı (ROA), firma büyüklüğü, hisse senedi mevcut fiyatı ve kaldıraç oranının firmaların temettü politikası üzerine etkisi olup olmadığı iki farklı Panel veri modellemesi ile araştırılması amaçlanmıştır. Model hem temettü dağıtımı hem de likidite açısından öne çıkan hisse senetlerini kapsayan BIST 25 Temettü endeksinde yer alan ve imalat sektöründe faaliyet gösteren 11 firmanın 2019-2021 dönemine ait verileri kullanılarak oluşturulm...

The article explored the effects of economic policy uncertainty (EPU) on firm stability in Nigeria. The article makes three contributions to the literature. First, the article examined the impact of global EPU on firm stability. Second, it examined the effects of domestic EPU on firm stability, given the vulnerable nature of the Nigerian economy to both global and domestic shocks. Finally, the study examined the effects of oil prices on the EPU-firm stability nexus, given the Nigerian economy's vulnerability to oil price fluctuations. Using annual data from 2004 to 2023 and employing the Driscoll and Kraay fixed effects method, the study found that global EPU had no significant effect on firm stability. Furthermore, the findings revealed that domestic EPU hurt firm stability. Additionally, when oil prices induce domestic energy price volatility, they negatively impact firm stability. The sensitivity analysis, conducted using the quantile regression method, supported the main findings. Thus, given the importance of the results, the study recommends ways for firms to become resilient to domestic economic uncertainty by adopting robust risk management techniques and implementing policies that ensure a resilient business environment.

For firms lacking prior international experience one of the mechanisms to acquire market knowledge is to form inter-firm relationships with foreign partners. These relationships, as network resources (Gulati, 1999) are a potential source of entrepreneurial profits. Also, these provide access to external competitive capabilities through exposure to knowledge, information and entrepreneurial opportunities in the foreign markets (McEviley & Zaheer, 1999). One of the theoretical approaches to inter-firm relationships, the social network considers that firms' actions and outcomes are influenced by the ongoing pattern of relationships maintained with other firms (Granovetter, 1985). Other approach like knowledge-based view, on the other hand, considers knowledge as intangible tacit asset (Kogut & Zander, 1993) and deals with what governance mechanisms are suitable for accessing and internalizing the tacit knowledge. Both the social network and knowledge-based views primarily assume that due to inherent differences in the entrepreneurial ability, a firm's potential to discover and exploit competitive capabilities through external networks may vary. It is thus important to understand how a International Business Review 21 (2012) 891-905

Italy will be reported and specifically. The Italian analysis focuses on the entrepreneurial capital (EC) and it analyses how large Italian companies develop and enhance this intangible element. The main research question is: What is the current level of EC in Italian organizations and how does it affect value creation? To this end, the research addressed the different definitions of EC that literature offers. As a secondary step, this paper analysed the variables suggested by previous literature and proposed an original definition for the research project. The definition is that EC is a stock of competences and the personnels' attributes related to proactive, risky, and aggressive decision-making and behaviour. This research provides researchers and managers with unique insights into the evolutionary nature of the relationships between distinct IC variables and draws a picture on the state of art of corporate EC in the selected sample. This research highlights and improves companies' abilities to manage their EC. Furthermore, this research will set the agenda for improving the EC practices of Italian companies and will allow future comparison with firms from other countries that are participating in the same project identifying different pathways to success.

Teknolojinin gelişmesi ve dünyanın küreselleşmesi ile günümüzde firmalarda maddi varlıklara verilen değerin yanında bilgiyi temsil eden ve firmaya sürdürülebilirlik ve rekabet avantajı sunan maddi olmayan varlık entelektüel sermaye de dikkatleri üstüne çekmiştir. Firmaların sürdürülebilir olması için kârlılığın maksimize edilmesi ve temettü politikasının da işlevsel olması önemlidir. Bu çalışmada, katma değerli entelektüel katsayı (VAIC) ile hesaplanan entelektüel sermayenin, entelektüel sermaye unsurlarının, firma performans ölçütü olarak aktif kârlılık oranı (ROA), firma büyüklüğü, hisse senedi mevcut fiyatı ve kaldıraç oranının firmaların temettü politikası üzerine etkisi olup olmadığı iki farklı Panel veri modellemesi ile araştırılması amaçlanmıştır. Model hem temettü dağıtımı hem de likidite açısından öne çıkan hisse senetlerini kapsayan BIST 25 Temettü endeksinde yer alan ve imalat sektöründe faaliyet gösteren 11 firmanın 2019-2021 dönemine ait verileri kullanılarak oluşturulmuştur. Verinin modele uyduğu en uygun model seçimi bilgi kriterleri vasıtasıyla, modellerin analizi ise Panel veri modellemesi ile yapılmıştır. Model 1'de entelektüel sermayenin temettü dağıtım oranına etkisi olmadığı, Model 2' de müşteri sermayesinin temettü dağıtım oranına etkisi olduğu sonucuna ulaşılırken her iki modelde firma performansı, firma büyüklüğü, hisse senedi mevcut fiyatı, kaldıraç oranı değişkenleri için benzer bulgular elde edilmiştir. Verinin modele uyumu en iyi Model 2'de sağlanmıştır.

This study examines asset and liability risk assessment on share price of deposit money banks in Nigeria. The population of the study is sixteen (16) listed deposit money banks in Nigeria stock exchange as at 2018 and fourteen (14) deposit money banks was the sample size of the study for the period of five years (2012-2016). Secondary data were gathered from annual report and and accounts of the sample listed deposit money banks. The study utilizes descriptive research design to examine the relationship between the variables of the study. Multiple regression analyses were carried out in the study. The finding of the study revealed a positive relationship between earnings per share and asset risk management. Similarly, the regression results further showed that there is a negative and significant relationship between customers deposit and earnings per share indicating that a unit increase in the customers deposit will lead to a decrease i earnings per share. Therefore the study recommends that deposit money banks in Nigeria should mobilise deposits from customers and increase loan with portfolio management of asset and liabilities for risk diversification in order to generate higher profitability. Also, deposit money banks should increase loans to customers to boost their net income since loan to customers attract interest.

Every management face challenges daily, but there are some challenges which are customary to every management. One from such common problems confronted by the management while managing employees (teachers) include-Job satisfaction & Employee Loyalty. The invaluable resource that any institute possesses is its work force; indeed, an employee's longer work experience at the same corporate enhances his worth. The primary qualities a teacher possesses include being introspective, being cooperative, being directive and being expressive. A syllabus which is effective and a curriculum that is well planned is only fruitful with availability of teachers who are meticulous in their duties. Knowledge alone cannot be the basis for gauging the ability of a teacher. There are other factors too like whether the teacher is comfortable in handling the profession that impacts the effectiveness of the system. With many research works having taken place in this zone with multiple organizations, what we lack is a distinct research on satisfaction at job which needs to be taken up. Hence, we conducted a research where we took a sample size containing 50 teachers and performed the survey on the premise of systematic sampling. The method followed in the process of acquiring and assembly of data was structured questionnaire method.

In the dynamic landscape of the digital economy, effective utilization of human capital is emerging as a crucial factor in bridging the gap between theory and practice. The study investigates the relationship between the digital economy, human capital efficiency, and financial performance of 58 listed non-financial service firms in Nigeria for a period of eleven years from 2012 to 2022. The study extracts data from annual reports and accounts of the listed non-financial service firms in Nigeria. The study adopts a correlational research design and positivist research philosophy. The human capital efficiency is an independent variable. The Return on Assets (ROA) and Market Value of Equity (MVE) are used to measure the financial performance of the firms. The human capital expenditures of selected firms have been analyzed and their impact on financial performance was measured using the multiple regression technique. The findings of the analysis reveal that the relationships between human capital and financial performance indicators, namely ROA and MVE, are positive and significant. The study results suggest that human capital efficiency influences the financial performance of Nigerian-listed non-financial service firms. The study recommends that the board of directors of the sampled firms should invest in human capital, and also prioritize the development of their employees through training and development programs, which can lead to improved financial performance in the digital economy which may bridge the gap between theory and practice. Moreover, the organization should also develop a robust succession plan for key personnel to ensure their knowledge and expertise are not lost when they leave the organization. The succession plan should identify potential successors and provide them with the necessary training and resources to ensure a smooth transition.

In a knowledge-based economy, intellectual capital is a main source for organizations to gain competitive advantage. This study is a preliminary study that focuses on banking sector to examine the intellectual capital performance through using VAIC and intellectual capital efficiency (ICE) method. The principal aim of this study is to rank Pakistani public and private banks based on intellectual capital performance. Value Added Intellectual Coefficient (VAIC) developed by Pulic (1998) was operationalized to achieve the desired aim. The available data was obtained from the annual reports of commercial banks during the period of 2005-2009. The results indicate that majority of the banks showed satisfactory intellectual performance. This study is based on limited scope. Therefore, it does not cover all banks in Pakistan. The findings of this study may be a good reference for future study and useful input for banking sector to strengthen their intellectual capital for optimum output.

The measurement and reporting of the impact of intellectual capital on firm value has remained an elusive empirical and
practitioner question. The advent of Integrated Reporting (IR) was initially considered as presenting an opportunity for firms to
measure and report on the contribution of non-financial capitals towards firm value creation. However, the IR framework fell short
of providing a holistic solution as it lacked a measurement tool that could be used by IR report preparers, analysts and other users
of corporate reports. Intellectual capital is one of the five non-financial capitals identified in the IR framework. This study,
focusing on intellectual capital, offers a measurement solution using regression modelling. Adopting the intellectual capital theory
lens, this study decomposed intellectual capital into the Value-Added Intellectual Coefficient (VAIC) that was used in the
regression model. Using VAIC as an independent variable and company value as the dependent variable, the results of the study
indicated that Intellectual capital has a statistically significant relationship to firm value. The dominant proxy for firm value was
the market share price while EVA, TobinQ and share price at book value were used to check the robustness of the former. The
dummy variable for the model was COVID-19.

Key Words: firm value, intellectual capital, integrated reporting, non-financial capitals

The purpose of this study is to empirically examine the role of intellectual capital in creating investment opportunity set (IOS) in an advanced technology setting using a sample of 138 Malaysian listed manufacturing companies during the 2006-2011 period. Value Added Intellectual Coefficient (VAIC™) is adopted as the measure of intellectual capital efficiency while factor analysis is used to construct an index of investment opportunity set (IOS) from three price-based growth variables. The preliminary analysis finds VAIC™ and its individual components are significantly higher in advanced than in low technology companies. The fixed effect panel regressions provide statistical evidence that the influences of VAIC and its components on IOS are stronger in advanced than in low technology companies. The positive effect of intellectual capital on IOS implies that companies can benefit immensely from spending on their human capital because this investment adds value to their companies.

PurposeAn intractable effect of revenue and expense recognition based on tax regulation and accounting rules is unresolved and may be manageable only by reducing the value of deferred taxes. Therefore, in this study, the authors examined the relationship between the International Accounting Standard 12 (IAS 12) and deferred income taxes associated with tax and accounting rules.Design/methodology/approachThe authors used a large sample of balanced data from 144 firms across 1992–2019. To mitigate the problem of superfluous results, the authors used the same number of firms and years for pre- and post-IAS 12 periods. The authors employed robust econometric estimations to establish the impact of IAS 12 on deferred tax.FindingsThe regression results show that deferred tax assets decreased significantly, whereas deferred tax liabilities increased significantly, in the post-IAS 12 period. These contrasting results imply that IAS 12 implementation has increased conservatism and prudence in...

Uvećanje vrednosti za ključne stejkholedere, tj. akcionare, predstavlja jedan od najvažnijih ciljeva savremenog korporativnog preduzeća. Novi koncept zasnovan na vrednosti, nazvan ekonomska dodata vrednost-EVA, predstavlja izvedenu internu meru stvaranja vrednosti koja pomaže menadžerima da u svoj proces odlučivanja inkorporiraju dva bazična principa finansija: maksimiranje bogatstva akcionara i da vrednost preduzeća zavisi od očekivanja investitora da li će budući profit prevazilaziti trošak kapitala. EVA je direktno povezana sa eksternom performansom preduzeća na tržištu kapitala, tj. dodatom tržišnom vrednosti-MVA. MVA predstavlja ocenu tržišta kapitala u određenom vremenskom trenutku, ona odražava i uspeh sa kojim je preduzeće investiralo kapital u prošlosti i očekivanja o uspešnosti investiranja kapitala u budućnost, što sve zajedno utiče na vrednost preduzeća, a time i na vrednost za akcionare.

Tujuan dari penelitian ini adalah untuk mengetahui pengaruh CAR, NPL, BOPO dan LDR baik secara simultan maupun parsial terhadap kebijakan dividen Pertumbukan Laba/Profit Growth pada perusahaan Perbankan di BEI periode tahun 2017-2019. Purposive sampling digunakan dalam teknik pengambilan sampel dengan perolehan sebanyak 54 perusahaan sebagai sampel penelitian. Penelitian ini menggunakan regresi linier berganda sebagai teknik analisis datanya. Secara simultan, seluruh variabel bebas CAR, NPL, BOPO dan LDR berpengaruh terhadap pertumbuhan laba. Uji secara parsial menunjukkan bahwa variabel CAR dan LDR berpengaruh signifikan terhadap pertumbuhan laba, sedangkan NPL dan BOPO tidah berpengaruh terhadap pertumbuhan laba.

The aim of the study was to find out how strong the impact of intellectual capital, profitability and dividends is on the market capitalization of companies listed on the Indonesia Stock Exchange (IDX) and included in the LQ45 index from 2014 to 2018. The authors employ the multiple linear regression method. They measure the value of intellectual capital by the value added intellectual coefficient (VAIC ™), and the profitability-by return on assets (ROA) and return on equity (ROE). To calculate a dividend per share (DPS), they divide the annual dividend by the number of outstanding shares. The results of this study show that intellectual capital and return on assets (ROA) do not significantly affect the company's market capitalization, while return on equity (ROE) and dividends do. The authors conclude that by the level of efficiency and effectiveness of the company in capital management, one may see whether investors receive higher profits. Therefore, investors are more interested in companies that have a high level of dividend distribution.

Penelitian ini bertujuan untuk mengetahui pengaruh intellectual capital terhadap profitabilitas perusahaan sektor makanan dan minuman di Indonesia. Intelectual Capital terdiri dari variabel: Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), dan Structural Capital (STVA) sedang profitabilitas diproksikan dalam Net Profit Margin (NPM). Jenis data yang digunakan dalam penelitian ini berupa data sekunder berupa laporan tahunan perusahaan industri makanan dan minuman yang terdaftar di BEI pada tahun 2012-2016. Jumlah sampel sebanyak 8 perusahaan sektor makanan dan minuman. Teknik analisis data yang digunakan adalah analisis regresi. Hasil penelitian menunjukan intellectual capital (VACA, VAHU, STVA) berpengaruh terhadap profitabilitas (NPM) perusahaan sektor makanan dan minuman di Indonesia secara simultan. Sedangkan secara parsial proksi dari intellectual capital, hanya variabel VACA yang berpengaruh secara parsial terhadap NPM (proksi profitabilitas). Dengan demikian penelitian ini mendukung bahwa untuk meningkatkan kinerja keuangan perusahaan salah satunya peningkatan kontribusi manajemen melalui peningkatan produktivitas knowledge work and workers.

Tujuan penelitian ini untuk mengukur kinerja pengelolaan modal intelektual di Badan Usaha Milik Negara dengan menggunakan model Pulic dikenal dengan Value Added Intellectual Capital. Data yang digunakan adalah laporan keuangan BUMN tahun 2020. Hasil kajian menunjukkan 10 BUMN dengan kategori top performance dan 11 BUMN dengan kategori bad performance. Implikasi penilaian ini mendorong BUMN untuk terus membenah dalam memanfaatkan modal intelektual untuk menciptakan nilai agar mampu bertahan dan memiliki daya saing di Era Pengetahuan saat ini.The purpose of this study is to measure the performance of intellectual capital management in State-Owned Enterprises using the Pulic’s model known as Value Added Intellectual Capital. The data used is the financial statements of SOEs for 2020. The results of the study show 10 SOE’s in the top performance category and 11 SOE’s in the bad performance category. The implications of this assessment encourage SOE’s to continue to improve in utilizing ...

This paper aims to investigate the association between intellectual capital, research and development, and firm financial performance in an emerging market context, which is ASEAN. The effect of Intellectual Capital and Research and Development Intensity towards firm financial performance is examined while testing the moderating role of research and development on the relationship between intellectual capital and firm financial performance. Panel data regression model analysis is used for a sample of non-financial companies in ASEAN countries, namely Indonesia, Malaysia, Philippines, and Singapore during 2015-2017. The final sample used in this study consists of a total of 383 observations. The results showed that intellectual capital has a positive effect on firm financial performance. This result indicates that intellectual capital can generate higher financial performance for the firms. A similar result also found in the relationship between research and development intensity and firm financial performance. Meanwhile, research and development are proved to be able to moderate the positive relationship between intellectual capital and firm financial performance. This result means that if the companies could facilitate their intellectual capital by giving more intensity of research and development, intellectual capital will be generated even more performance for the firms. This result implies that firms should utilize and maintain intellectual capital together with research and development.

This study aims to determine how far the influence of intellectual capital on the financial performance of the Regional Development Bank of West Sumatra as the object of research. These financial performance measurement indicators use ROE, while intellectual capital is measured using VACA, VAHU, and STVA. Research data are time series. The period of financial statements taken is from 2015-2018. The financial statement data is taken monthly. Data is processed using SPSS data processing tools. Data analysis used multiple linear regression analysis. Based on the results of the study, VACA and VAHU had an effect on ROE, but STVA did not affect ROE. Simultaneously, intellectual variables have a positive influence on financial performance. With a very high level of determinant of 97.6%, intellectual capital affects the level of financial performance if based on ROE.Penelitian ini bertujuan untuk mengetahui seberapa jauh pengaruh modal intelektual terhadap kinerja keuangan pada Bank Pemban...

Although there are many papers that examine the impact of intellectual capital on the performance of financial institutions, there are almost no papers that deal with developing markets. According to the author's knowledge, no one in Serbia has studied the effects of IC on financial institutions operating in the financial sector. This sector is extremely important for the Serbian economy since it is the leading sector in which the effects of modern information technologies are the most exploited and in which competitiveness is pursued by attracting new clients, by offering innovative solutions and services. Hence, the aim of this paper is to identify and analyze the IC's impact on financial performance in order to answer whether the impact of IC on the financial performance of financial institutions operating in developing markets has the same importance as the impact on financial institutions operating on developed markets, characterized by a high degree of innovation and I...

This paper reexamines the relationships between intellectual capital, financial performance and market value. The exogenous variables examined include human capital efficiency, structural capital efficiency (SCE) and capital employment efficiency-all used as proxies for intellectual capital (IC). Return on assets (ROA) and market value (MV) are the endogenous variables. The following are the main findings. First, intellectual capital (IC) as represented by human capital and capital efficiency significantly affects financial performance that represented by ROA over the long term, whereas IC as represented by structural capital cannot adapt to changes in the business environments. Second, SCE has failed to moderate the relationship between IC with ROA. Third, IC as represented by human capital, structural capital and capital efficiency significantly affects MV. Finally, SCE is being able to moderate the relationships between IC and MV.

Penelitian ini mereplikasi penelitian yang dilakukan oleh Cheng et al., (2010). Adapun perbedaan dengan penelitian terdahulu adalah data penelitian ini didapat dari perusahaan perhotelan yang telah go-public dan listed di Bursa Efek Indonesia (BEI) padatahun 2014 sampai tahun 2018. Selain itu, penelitian ini hanya melihat hubungan pengaruh antara human capital, structural capital, dan customer capital terhadap Kinerja Perusahaan. Penelitian ini dilakukan pada perusahaan perhotelan yang terdaftar di Bursa Efek Indonesia. Data yang digunakan adalah laporan keuangan dan tahunan perusahaan dari tahun 2014-2018. Penelitian ini menggunakan data panel atau longtitudinal data, yakni kumpulan data yang terdiri dari sejumlah individu (cross-section) yang diamati dalam beberapa periode waktu tertentu (time-series). Teknik analisis data yang digunakan adalah analisis statistik menggunnakan perangkat lunak statistik SPSS 20. Berdasarkan hasil analisis penelitian untuk uji T, bahwa variabel VACA terhadap ROA menunjukkan bahwa VACA tidak berpengaruh terhadap kinerja perusahaan (ROA). Hasil analisis variabel VAHU terhadap ROA menunjukkan bahwa VAHU tidak berpengaruh terhadap kinerja perusahaan (ROA). Hasil analisis variabel STVA terhadap ROA menunjukkan bahwa STVA tidak berpengaruh terhadap kinerja perusahaan (ROA). Untuk hasil analisis Uji F menunjukkan bahwa terdapat pengaruh yang signifikan antara VACA (X1), VAHU (X2), dan STVA (X3) secara bersama-sama (simultan) terhadap ROA (Y).

Penelitian ini bertujuan untuk mengetahui pengaruh intellectual capital terhadap profitabilitas perusahaan sektor makanan dan minuman di Indonesia. Intelectual Capital terdiri dari variabel: Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), dan Structural Capital (STVA) sedang profitabilitas diproksikan dalam Net Profit Margin (NPM). Jenis data yang digunakan dalam penelitian ini berupa data sekunder berupa laporan tahunan perusahaan industri makanan dan minuman yang terdaftar di BEI pada tahun 2012-2016. Jumlah sampel sebanyak 8 perusahaan sektor makanan dan minuman. Teknik analisis data yang digunakan adalah analisis regresi. Hasil penelitian menunjukan intellectual capital (VACA, VAHU, STVA) berpengaruh terhadap profitabilitas (NPM) perusahaan sektor makanan dan minuman di Indonesia secara simultan. Sedangkan secara parsial proksi dari intellectual capital, hanya variabel VACA yang berpengaruh secara parsial terhadap NPM (proksi profitabilitas). Dengan demikian penelitian ini mendukung bahwa untuk meningkatkan kinerja keuangan perusahaan salah satunya peningkatan kontribusi manajemen melalui peningkatan produktivitas knowledge work and workers.

With the data from blue-chip companies listed in Hong Kong, this research finds that the three components of intellectual capital, including Capital Employed Efficiency, Human Capital Efficiency, and Structural Capital Efficiency, have strong impact on profitability. However, their impacts are not equally-weighted and are not consistent in different sectors. The impact of Capital Employed efficiency is universal. However, Human Capital Efficiency appears to be more important for companies in finance sector. Structural Capital Efficiency demonstrates a very pronounced impact on companies in property sector. The results suggest that Pulic may have over simplified impacts of intellectual capital. Also, previous studies may have ignored sector variation in the impacts of intellectual capital. Future research is suggested to widen the research scope. The recommended future research areas are to study the ways to improve the management of intellectual capital; to study other factors that mostly affect the intellectual capital; and to study how the knowledge-based organizations benefited from the development of intellectual capital.

The purpose of this research is to analyze the relationship between intellectual capital and financial performance of eleven Islamic banks in Indonesia over the period 2013-2016, using the valueadded intellectual capital model, utilizing panel data with seemingly unrelated regression analysis. The results of this research indicate that structural capital efficiency had a significant influence on return on assets, and asset growth. Thus, for Islamic banks in Indonesia, all non-human assets, including the standard operating procedures, storage of all data, structural procedures, governance and policies for decision-making had significant effects on return on assets, and asset growth. Islamic banks in Indonesia can achieve competitive advantages in terms of return on assets, and asset growth, because they have positive value added reflected in intellectual capital value consisting of human capital efficiency, structural capital efficiency and capital employee efficiency.

With the data from blue-chip companies listed in Hong Kong, this research finds that the three components of intellectual capital, including Capital Employed Efficiency, Human Capital Efficiency, and Structural Capital Efficiency, have strong impact on profitability. However, their impacts are not equally-weighted and are not consistent in different sectors. The impact of Capital Employed efficiency is universal. However, Human Capital Efficiency appears to be more important for companies in finance sector. Structural Capital Efficiency demonstrates a very pronounced impact on companies in property sector. The results suggest that Pulic may have over simplified impacts of intellectual capital. Also, previous studies may have ignored sector variation in the impacts of intellectual capital. Future research is suggested to widen the research scope. The recommended future research areas are to study the ways to improve the management of intellectual capital; to study other factors that mostly affect the intellectual capital; and to study how the knowledge-based organizations benefited from the development of intellectual capital.

The current study, based on the listed companies of Bangladesh, aims to frame the affinity between intellectual capital (IC) efficiency and different dimensions of business performance-financial, market, and economic. This study measured IC efficiency by adopting 'value-added intellectual coefficient' (VAIC) approach which estimates companies' value addition capability considering physical capital, human capital, and structural capital. Using the lens of the resource-based view (RBV), the underlying study observes a positive connection of VAIC with companies' financial and economic performance, whereas it is non-significant with market valuation. The study also reveals that among VAIC components, efficiency of physical capital is the most influential element for predicting business performance. Finally, the present research recommends that concentrating on intellectual resources as a substitute for tangible resources can uplift companies' overall performance.

Penelitian ini bertujuan untuk mengetahui pengaruh intellectual capital terhadap profitabilitas perusahaan sektor makanan dan minuman di Indonesia. Intelectual Capital terdiri dari variabel: Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), dan Structural Capital (STVA) sedang profitabilitas diproksikan dalam Net Profit Margin (NPM). Jenis data yang digunakan dalam penelitian ini berupa data sekunder berupa laporan tahunan perusahaan industri makanan dan minuman yang terdaftar di BEI pada tahun 2012-2016. Jumlah sampel sebanyak 8 perusahaan sektor makanan dan minuman. Teknik analisis data yang digunakan adalah analisis regresi. Hasil penelitian menunjukan intellectual capital (VACA, VAHU, STVA) berpengaruh terhadap profitabilitas (NPM) perusahaan sektor makanan dan minuman di Indonesia secara simultan. Sedangkan secara parsial proksi dari intellectual capital, hanya variabel VACA yang berpengaruh secara parsial terhadap NPM (proksi profitabilitas). Dengan demikian penelitian ini mendukung bahwa untuk meningkatkan kinerja keuangan perusahaan salah satunya peningkatan kontribusi manajemen melalui peningkatan produktivitas knowledge work and workers.

Globalization and rapid technological development have created the lot of changes in the different sects of human life, including business sector. One of it is that traditional accounting and reporting practices couldn't explain the exact status of the business because of increasing importance of intangible assets rather than tangible. As an evidence for this, researchers have identified the growing disparity between book value and market value of the company. Hence, this paper is an effort to identify the determinant of Intellectual capital disclosure which is firm-specific in Indian context. As far IC concerned, it possesses a vital role because of as said before increasing disparity between market value and book value of companies. Literature are saying IC can explain or at least can reduce this disparity. This study has chosen leading pharmaceutical companies included in Pharma sector. For this study, annual reports of a sample of 10 companies from NSE Pharma Index are analyzed over a three-year period from 2015-2017. Content analysis has been applied to calculate Intellectual Capital Disclosure score and Regression models are used to examine the relationship between IC disclosure and the selected variables. Results reveal that IC disclosure in Indian pharmaceutical sector is increasing year by year. While considering multiple regression analysis, the age of the company and number of independent directors are showing a significant positive relationship with Intellectual Capital disclosure. In other hand, variables such as value added intellectual coefficient (VAIC) and leverage, size of the firm and profitability are showing an insignificant relationship with IC disclosure.

The concept of intellectual capital (IC) intends to identify and to define firms intangible strategic assets, to classify them and measure their contribution to the firm's process of value creation. Measurement of the IC enables the firm to obtain the information about the contribution of all strategic assets in the process of value creation, which significantly enhance the firm's decision-making process because the decisions can be based on the comprehensive and relevant information. The IC measurement is a complex process for its static and dynamic dimension of its elements. This paper aims to shed some light into this complex field, by synthesising and explaining all relevant aspects of research concerning measurement of the IC. The methodology used is a systematic literature review aiming to identify, appraise, select and synthesise high-quality research evidence and arguments relevant to the IC measurement, which includes theoretical and empirical contributions to this topic. The paper analyses research relevant to five main areas: firm motives for IC measurement; advantages of IC measurement; specificity and complexity of IC measurement; issues concerning IC indicators; most common approaches to the IC measurement and its methodologies. Since this paper in systematical and logical manner present all relevant aspects of research regarding the topic of IC measurement it generates, from very fragmented sources, an theoretical and empirical framework for this field of research. In that way, the paper contributes to the existing literature on these topics, it provides insight into the current state in the field of IC measurement and facilitates future research in this area.

Tujuan dari penelitian ini adalah untuk mengetahui pengaruh CAR, NPL, BOPO dan LDR baik secara simultan maupun parsial terhadap kebijakan dividen Pertumbukan Laba/Profit Growth pada perusahaan Perbankan di BEI periode tahun 2017-2019. Purposive sampling digunakan dalam teknik pengambilan sampel dengan perolehan sebanyak 54 perusahaan sebagai sampel penelitian. Penelitian ini menggunakan regresi linier berganda sebagai teknik analisis datanya. Secara simultan, seluruh variabel bebas CAR, NPL, BOPO dan LDR berpengaruh terhadap pertumbuhan laba. Uji secara parsial menunjukkan bahwa variabel CAR dan LDR berpengaruh signifikan terhadap pertumbuhan laba, sedangkan NPL dan BOPO tidah berpengaruh terhadap pertumbuhan laba.

Intellectual capital is of great value to profit-oriented organizations today. In the modern environment, the issue of strategic advantage is inseparable from the consideration of the issue of intellectual capital, bearing in mind that intellectual capital is a generator of economic value. In order for banks, as modern profit-oriented organizations, to achieve target performance, they need to know what their competitive advantage is, and to identify the necessary capacities and resources for sustainable business. The role of intellectual capital is crucial when it comes to the performances of modern banks, given the dynamic competitive environment in which they operate today. However, regardless of that, the literature that focuses precisely on the settings of these financial organizations is insufficiently represented and fragmented. This research, based on the application of the content analysis method, provides a structured review of the literature on the specifics of managing in...

The purpose of this study is to examine the association between intellectual capital efficiency and firms' financial performance and market value. The study employs the value-added intellectual coefficient (VAIC) model to measure intellectual capital efficiency. This model consists of three elements: human capital efficiency, structural capital efficiency, and capital employed efficiency. The study uses the return on assets (ROA) ratio to measure firms' financial performance and the market-to-book value (MBV) ratio as a measure of market value. Data for a sample of 113 manufacturing and service companies listed on the Amman Stock Exchange for 2014 to 2018 were analyzed using multiple regression analysis. The results indicate that VAIC has a significant positive relationship with a firm's financial performance, while it is unrelated to a firm's market value. Human and structural capital also have a positive influence on financial performance, but they have no relationship with market valuation. Capital employed is positively related to both financial performance and market value. The findings of this study would enable companies to better understand the role of intellectual capital in adding value for all stakeholders of the company. They may also bring standard setters' attention to the need for recognizing or disclosing intellectual capital either quantitatively or qualitatively within the accounting financial reports, which may have the potential to increase the credibility of financial reporting. Contribution/ Originality: This study contributes to the existing literature by providing evidence on the association between intellectual capital efficiency and a firm's performance and market value from the Jordanian service and manufacturing companies. The study will help investors, firms' managers, policymakers, and researchers understand the importance of intellectual capital in a firm's performance and value creation. 1. INTRODUCTION The resource-based theory suggests that companies can achieve high profits and gain competitive advantages through the efficient use of their resources (Caribano, Garcia-Ayuso, & Sanchez, 2000). In applying this theory, company resources are both tangible and intangible. As stated by Barney (1991), resources consist of assets, capabilities, knowledge, attributes, and organizational processes available within companies and allow them to develop and implement efficient and effective business strategies. In today's knowledge-based economies, the wealth creation capacity has largely moved from physical to intangible resources. In an organizational context, intangible resources are referred to as intellectual capital (IC), which can be defined as having professional skills, applied experience, knowledge, organizational technology, and customer relationships that give a company competitive advantages (Edvinson & Malone, 1997). In this context, IC

PurposeThis study investigated the impact of corporate ownership structure on agency costs in the insurance industry.Design/methodology/approachThe study sample included 23 insurance companies listed on the Amman Stock Exchange (ASE) from 2010 to 2019. Panel regression was used to account for the firm- and time-specific unobservable variables and system-GMM estimation was used to address endogeneity concerns.FindingsThe results show that managerial ownership positively (negatively) affects selling, general and administrative (SG&A) expenses (assets turnover), implying that unmonitored managers engage in activities that serve their own interests rather than those of shareholders. The largest shareholder's ownership has no impact on agency costs, implying that the ownership of the largest shareholder is irrelevant. However, as the wedge between the percentage of capital owned by the largest shareholders and managers increases, SG&A expenses (efficiency ratio) decrease (increases),...

The impact of intellectual capital (IC) on the general performance of the organisation has become a very important issue now than ever, this is due to the level of globalisation of whose outcomes are privatization and deregulation of markets, aggressive competition and the ever-rising expectations of customers. As a result of this, there is need for organisations to be at their best in order to be relevant in the environment. This paper focuses on developing economies and on Nigeria specifically. Using a sample of thirty-two audited financial statements of quoted companies in Nigeria, the paper examines the impact of IC components on business performance measured with Return on Equity (ROE) and Return on Assets (ROA). The results show that intellectual capital has a positive and significant relationship with the performance of business organizations in Nigeria. These results reinforce the accumulating body of empirical support for the positive impact of Intellectual capital on business performance. Based on the findings, the study recommends that corporate entities in Nigeria should invest in Human, Structural and Customer Capital in order to increase their performance.

This work examined the effect of Intellectual capital accounting on earnings generation of listed deposit money banks in Nigeria. The study adopted the ex-post facto research design and panel regression statistical technique, involving the use of time series and cross-sectional data. Data covered the period of eight-years (2011-2018); considering the total population of fourteen (14) listed commercial banks in Nigeria, random sampling was employed in selecting firms for this study involving eleven (11) listed deposit banks. Data were sourced secondarily from the firms' published annual financial statements. Value Added Intellectual Coefficient (VAIC) theory as developed by Pulic (1998) was adopted for this study. It was discovered from the findings that Intellectual Capital Accounting all have a positive and significant effect on gross earnings. Therefore, Intellectual Capital Accounting have a positive and significant effect on earnings generation of listed deposit money banks ...

The purposes of the research were to analyze the impact of intellectual capital on banking financial performance. Intellectual capital in this study was measured with the method of Value-Added Intellectual Capital (VAIC). The banking financial performance was measured with the indicator of profitability ratio and capital ratio. The hand of profitability ratio is Return on Asset (ROA) and Net Interest Margin (NIM), While the indicator used to measure the capital ratio is Capital Adequacy Ratio. The sample used in this study is 125 observed data of 25 banks listed on the Indonesia Stock Exchange for 2016-2020, which met the criteria determined. Data were analyzed using WarpPLS 7.0 software. This study shows that overall intellectual capital, which VAIC measures, has a positive and significant impact on ROA. Still, it does not substantially impact NIM and does not affect CAR. However, one of the components of intellectual capital, HCE and SCE, partially has the most significant impact ...

The importance of institutional factors and entrepreneurial orientation is widely recognized in the study of entrepreneurship development, leading to the development of different measurement scales. Using the sample of 45 informal enterprises, we examined the factor structure, reliability, convergent and discriminant validity of the selected constructs adapted to measure these constructs in the context of informal enterprises in Nigeria. We examined 45 items that measure institutional factors (political, cognitive, cultural, and corruption) and entrepreneurship orientation (innovativeness, proactiveness, and risk-taking). An assessment of Cronbach's alpha and composite reliability shows that the items measuring risk-taking, proactiveness, uncertainty avoidance, and masculinity are internally consistent. However, some of the items measuring other constructs have lower loading, highlighting their lack of internal consistency. The results also evidence convergent and discriminant validity of the measures used. We conclude that most of the items are reliable measurements of the corresponding constructs, and the constructs adapted to measure these constructs correlate positively with the alternative measure of the constructs. Thus, the measures evaluated in this study can be used to assess these constructs across informal enterprises. The paper contributes to validating the measurement scales and indices of institutional theory and theory of entrepreneurial orientation in the context of informal enterprises.

Intellectual capital is most vital enabler of enterprises. Managing intellectual capital effectively can greatly enhance the competitive advantages of any enterprises. This study focused on how the enterprises utilize intellectual capital, in order to strengthen the competitiveness of enterprises. This research established a novel assessment model to measure the performance of intellectual capital management. The research target is the Indian Public Sector Enterprises (PSE). The research collected data from the Annual Report of PSEs listed in Bombay Stock Exchange for the period 2001-02 to 2010-11. A total of 50 companies randomly selected amongst Indian Public Sector Enterprises and were chosen as empirical samples. The results demonstrated that, this novel assessment method really identify the relative advantages and benchmarking for Indian Public Sector Enterprises. The best company is chosen both in operational performance and productivity improvement. This model is a performance assessment model to judge Intellectual Capital along with Financial Capital.

This study aims to analyze the effect of liquidity (LDR) and solvency (CAR) on profitability BOPO. This analysis uses the independent variables of liquidity, solvency. The independent variable is focused on LDR, CAR while the dependent variable is profitability, namely BOPO. The data used is secondary data originating from the annual financial statements of independent banks listed on the Indonesian stock exchange for the period 2010 to 2020. The data testing method uses the classical assumption test, multiple linear regression, coefficient of determination (R2), by testing the hypothesis test. t and f test. The results of the study using multiple linear regression with t-test showed that LDR had a t-count value of 2.520 with a significant level of 0.03 more than 0.05 or 5%. The CAR has a t-count of 5.170 with a significant level of 0.016 which is greater than 0.05 or 5%. Based on the results of the f (simultaneous) test, it shows that the calculated f value is 9.929 with a signific...

In the knowledge-based economy, knowledge is regarded as a strategic resource that helps entities to become market leaders. This strategy has been successfully used for years by companies operating in various sectors of the economy. The exception, however, is agriculture, which has been seen for years as a sector with low knowledge intensity and is one that is skeptical about the possibility of using knowledge. This is important especially in that the use of it is, for many managers, still unconscious, and, therefore, this factor remains unused in practice. This paper describes the Intellectual Sources of Value Added (ISVA), an alternative method for analyzing the productivity of tangible and intangible inputs affecting the value-adding process in agricultural holdings. The reasons for developing the concept of that indicator were the imperfections found in the Value-Added Intellectual Coefficient (VAIC™), a widely adopted method authored by A. Pulić. However, the index of efficiency of intellectual capital (VAIC), recognized as suitable for research purposes, demonstrates certain methodological imperfections, including the simultaneous use of resource-and flow-based values. In addition to certain relevant reservations, the above has other consequences, including the declining trend followed by the efficiency of working capital calculated using this formula. In a situation where working capital is observed to grow, this would mean that funds are irrationally invested in assets with a decreasing capacity to add value. This results in drawing a false picture of economic realities of agricultural holdings which, by nature, demonstrate a high share of physical asset consumption in total production costs. As another consequence, the calculated value of the indicator becomes unacceptable in the long run. The use of the ISVA indicator allowed the author to obtain homogeneous results in terms of methodology and confirming the regularities observed in practice. In addition, the research confirmed not only the fact that agricultural enterprises have intellectual capital resources, but also the high efficiency of their use, exceeding the efficiency of use of traditional ones. It also indicates the desirability of continuing research using measures that will enable the monitoring of intellectual capital and their use in agricultural enterprises.

In the knowledge-based economy, knowledge is regarded as a strategic resource that helps entities to become market leaders. This strategy has been successfully used for years by companies operating in various sectors of the economy. The exception, however, is agriculture, which has been seen for years as a sector with low knowledge intensity and is one that is skeptical about the possibility of using knowledge. This is important especially in that the use of it is, for many managers, still unconscious, and, therefore, this factor remains unused in practice. This paper describes the Intellectual Sources of Value Added (ISVA), an alternative method for analyzing the productivity of tangible and intangible inputs affecting the value-adding process in agricultural holdings. The reasons for developing the concept of that indicator were the imperfections found in the Value-Added Intellectual Coefficient (VAIC™), a widely adopted method authored by A. Pulić. However, the index of efficienc...

This study aims to analyze the influence of intellectual capital components consisting of value added capital employed, value added human capital, and value added structural capital to financial performance and value of the firm, as well as financial performance to value of the public firm registered in Indonesia Stock Exchange. This study is concerned with companies registered in Indonesia Stock Exchange, by 158 samples of 464 firms which are registered in 2012.Data is analyzed by using Path Analysis Model by means of program AMOS version 18.The findings show that each of intellectual capital components consisting of value added capital employed and value added structural capital give positive and significant effect on capital performance and value of the firm. Although value added human capital gives positive effect, it does not significantly affect financial performance and value of the firm; then, financial performance affect positively and significantly value of the firm registered in Indonesia Stock Exchange. It can give signal to investors to invest in the firm in purpose to gain return. High and low rates of return which will be received by investors reflects value of the firm.

This study aims to determine the factors that influence the performance of banking companies. The object of research is a banking company that listed on the Indonesia Stock Exchange (IDX) in 2013-2017. The number of banking companies listed on the Indonesia Stock Exchange (IDX) which were sampled in this study were 10 banking companies listed on the Indonesia Stock Exchange (IDX) based on the purposive sampling method. This type of research is quantitative descriptive by using secondary data from www.idx.co.id and ICMD (Indonesian Capital Market Directory). The research variables consisted of the Dependent Variable Return on Assets (ROA) while the Independent Variables were Net Interest Margin (NIM), Loan to Deposit Ratio (LDR) and Debt to Equity Ratio (DER). The results of this study The first variable, namely Net Interest Margin (NIM) has a significant influence on the Return on Assets (ROA) variable while the Loan to Deposit Ratio(LDR) variable and the Debt to Equity Ratio (DER) do not have a significant effect on Return variable on Assets (ROA).

The aim of this study is to analyze the impact of working capital management and intellectual capital on the performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) before and during the COVID-19 pandemic. This study utilizes panel data consisting of financial information from 21 sample companies in the food and beverage sector obtained from the official website of the Indonesia Stock Exchange from 2017 to 2022. The analysis method employed is panel data regression analysis using the statistical software Stata 17. The measurement of firm performance includes profitability ratios proxied by return on assets (ROA) and return on equity (ROE), while firm value is proxied by Tobin's Q. The measurement for the working capital management (WCM) variables consists of days of inventory outstanding (DIO), days of sales outstanding (DSO), and days of payable outstanding (DPO). On the other hand, the measurement for the intellectual capital (IC) variables consists of human capital efficiency (HCE), structural capital efficiency (SCE), and capital employed efficiency (CEE). Keywords-firm performance, firm value, human capital efficiency (HCE), intellectual capital (IC), return on assets (ROA), return on equity (ROE), working capital management (WCM).