This empirical research aims to explore the interrelationship of three intangibleasset elements, learning and growth, internal business process and external structure,and business performance using the Balanced Scorecard. The interrelationshipsbetween intangible assets and business performance were investigated in companiesof various business sizes, business sectors and age of business establishments. Atotal of 3,084 questionnaires were distributed to the top management of membercompanies of the Thai Chamber of Commerce. Respondent questionnaires werescreened for completeness and reliability. Qualified responses totaled 304 and thedata were analyzed using the Structural Equation Modeling technique. Each of thethree elements of intangible assets, learning and growth, internal process and externalstructure were found to belong to different groupings from each. The types of nonbusiness,i.e. non-service and service sectors did not yield significantly differentresults. However, the interrelationship results of the business size and the age ofbusiness establishment are significantly different. Moreover, the commonly assumedinterrelationships were confirmed, i.e. the element of learning and growth has aninfluence on the internal business process, the element of internal process has aneffect on external structure and the element of external structure in turn has an effecton business performance.These findings will enable top management in each size of business, business sectorand age of its company to understand the interrelationships and importance ofelements of intangible assets (learning and growth, internal business process andexternal structure) and business performance. Now that the interrelationships arepositively identified, long-term strategies for intangible asset management may beformulated and recommended to management. Budget allocation and managementcan now be more properly focused and controlled to increase sustainable competitiveadvantage.