Abstract
The Impact of Intellectual Capital on Firm Performance: A Modified and Extended VAIC Model
Highlights
In the knowledge economy, intellectual capital (IC) is considered a more important contributor to firms rather than tangible assets in firm competitiveness improvement and value generation (Ahangar, 2011; Hsu & Chang, 2011; St-Pierre & Audet, 2011; Jelínková & Jiřincová, 2015)
The positive mean values of firm performance suggest that the manufacturing sector in South Korean has positive performance on average
Among IC efficiency values, HCEm has the highest mean value, which indicates human resources are crucial to manufacturing firms in the creation of value
Summary
Intellectual capital (IC) is considered a more important contributor to firms rather than tangible assets in firm competitiveness improvement and value generation (Ahangar, 2011; Hsu & Chang, 2011; St-Pierre & Audet, 2011; Jelínková & Jiřincová, 2015). Japan and South Korea have become engaged in a trade restriction battle which will seriously hinder the sustainable development of Korea’s manufacturing sector, especially electronic manufacturing firms. For this and many other reasons, Korean manufacturing firms should seek new ways to obtain a sustainable competitive advantage and improve firm competitiveness by using IC efficiently. The manufacturing sector has attracted the attention of many scholars in the IC literature (Phusavat et al, 2011; St-Pierre & Audet, 2011; Andreeva & Garanina, 2016; Crema & Verbano, 2016; Delgado-Verde et al, 2016; Molodchik & Jardon, 2017; Cisneros & Hernandez-Perlines, 2018; Xu & Wang, 2018; Bayraktaroglu et al, 2019; Xu & Li, 2019)
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