Abstract
This paper re-examines 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.
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