Please use this identifier to cite or link to this item: https://scholar.utcc.ac.th/handle/6626976254/3429
Title: The relationship between intellectual capital, firms’ market value and financial performance: Empirical evidence from the ASEAN
Authors: Nimtrakoon, Sirinuch 
Keywords: Financial performance;Intellectual capital;Market value
Issue Date: 2015
Publisher: Scopus
University of the Thai Chamber of Commerce
Source: Sirinuch Nimtrakoon (2015) The relationship between intellectual capital, firms’ market value and financial performance: Empirical evidence from the ASEAN. Journal of Intellectual Capital Vol.16 No.3, 587-618.
Abstract: Purpose – The purpose of this paper is to explore and compare the extent of intellectual capital (IC) and its four components among ASEAN countries, and examine the relationship between firms’ IC, market value, and financial performance. Design/methodology/approach – The study uses the data of 213 technology firms listed on five ASEAN stock exchanges. Pulic’s Value Added Intellectual Coefficient model is modified by adding an extra component, namely, relational capital efficiency(RCE). The KruskalWallis oneway ANOVA and multiple regression analysis have been utilized to test the hypotheses. Findings– The results reveal that there is no significant difference in Modified Value Added Intellectual Coefficient (MVAIC) across five ASEAN countries; however, firms in each country tend to place a different degree of emphasis on components of MVAIC to generate corporate value. The results further indicate a positive relationship between IC and market value, confirming that firms with greater IC tend to have greater market value. Likewise, a positive relationship between IC and financial performance measures is confirmed. Specifically, IC is found to be positively associated with margin ratio and return on assets. Capitalemployed efficiency and human capital efficiency are found to be the most influential value drivers for both market value and financial performance while structural capital efficiency and relational capital efficiency possess less importance.Originality/value – This study contributes to the IC literature by expanding our knowledge of IC in the emerging economies, and providing a national comparative IC research when such research is limited.
URI: https://scholar.utcc.ac.th/handle/6626976254/3429
Rights: This work is protected by copyright. Reproduction or distribution of the work in any format is prohibited without written permission of the copyright owner.
Appears in Collections:RSO: Journal Articles

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