Abstract
Intellectual capital is defined as the set of intangible assets that generate value for the company. Normally, the models that measure the intellectual capital make use of investments in intangible assets, as indicators of the generation of value by the company; or are based on a holistic measure, using another focus to validate. This research proposes a new method to measure intellectual capital, reconciling the use of financial measures for the management of intellectual capital and its antecedents in triangulated indices; it also determines relationship path coefficients, between constructs developed from a general conceptual model, based on the academic and professional literature. The proposed method combines component indicators with holistic indicators using a structural equation model, allowing differentiating the components of intellectual capital from the stock of intellectual capital. The method is applied to more than 1,600 European companies from 2004 to 2015 to assess its validity, presenting the monetary value of intellectual capital in these companies. The results allow a comparison of the situation of intellectual capital in companies in different countries and industries, opening an opportunity to disclosure intellectual capital.
Highlights
The only case of having more than one indicator is intellectual capital stock and, in that case, it is observed that there is no multicollinearity among the different factors, and the impact of each item on the construct is significant
The main effect on intellectual capital is produced by investments in human capital, followed by investments in relational capital
This result shows the validity of assumption AC1, suggesting the validity of the models based on inputs [3,10,46,51,65,66,67,68] as potential indicators of intellectual capital
Summary
Through the contribution of different disciplines, a significant number of measurement models have emerged [9,11,12,13,14,15,16,17] These models do not fully describe the value of intangible assets, such as intellectual capital, making it difficult to manage [18]. From the accounting field and especially in the accounting of intellectual capital there is a need to establish measurement models [19,20,21], but today we need models that add value for research in IC accounting [22] These models have been presented with different approaches, using available information.
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