Abstract
The objective of this research is to review, analyse, and provide empirical evidence about the impact of the intellectual capital (IC) characteristics on the firm performance on listed 26 companies in Tunisian Stock Exchange for the years 2010–2019. 260 companies were taken as a sample of this research using the purposive sampling method. The efficiency of intellectual capital was measured using the value added intellectual coefficient (VAIC) method developed by Pulic (2000). The research method used was multiple linear regression analysis. Our empirical analysis substantiates the fundamental role of IC components in improving the financial and stock market performance of listed Tunisian companies. The results obtained on the human capital efficiency variable contribute to improving the market of Tunisian listed companies and confirm the role attributed to human capital in the knowledge economy and even the basic hypothesis of the VAIC method. Investors do not place any importance on the following variables: structural capital, human capital and the efficiency of structural capital during market valuation. Future research is suggested to use cross-country companies as the sample.
Highlights
The technological acceleration during recent years has revealed the role played by human intelligence in the organization
To identify the impact of intellectual capital (IC) and its effectiveness on financial performance, two models are used, in which the variables to be explained are two measures of financial profitability: Return on assets (ROA) and Return on equity (ROE), the denominator of the ROA is the amount of liability and equity while that of the ROE includes only equity
Our paper has shown and corroborated that the IC components affect the process of improving the firm performance of listed Tunisian companies showing that human capital (HC) can be considered as a reservoir of knowledge that can provide sustainable future benefits
Summary
The technological acceleration during recent years has revealed the role played by human intelligence in the organization. This intelligence requires support, specific maintenance and encouragement that facilitate its exploitation and capitalization. In the context of increasingly open globalization on development, intellectual capital (IC) has become a tool of value creation. It is becoming more and more important as its role has been strengthened. A company’s value lies in the recognition of IC through its organizational potential and the way in which it manages its capital (Hundal & Eskola, 2020)
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