Growth of return or assets |
ΔROAt+1
|
Explained |
Variation of the ratio between net income and total assets at t + 1 |
Janošević et al. (2013)Janošević, S., Dženopoljac, V., & Bontis, N. (2013). Intellectual capital and financial performance in Serbia. Knowledge and Process Management, 20(1), 1–11. https://doi.org/10.1002/kpm.1404 https://doi.org/10.1002/kpm.1404...
, Nadeem et al. (2018)Nadeem, M., Gan, C., & Nguyen, C. (2018). The importance of intellectual capital for firm performance: Evidence from Australia. Australian Accounting Review, 28(3), 334–344. https://doi.org/10.1111/auar.12184 https://doi.org/10.1111/auar.12184...
e Cao et al. (2011)Cao, Y., Myers, L. A., & Sougiannis, T. (2011). Does earnings acceleration convey information? Review of Accounting Studies, 16(4), 812–842. https://doi.org/10.1007/s11142-011-9150-y https://doi.org/10.1007/s11142-011-9150-...
|
Not applicable |
Growth of return on equity |
ΔROEt+1
|
Explained |
Variation of the ratio between net income and equity at t + 1 |
Janošević et al. (2013)Janošević, S., Dženopoljac, V., & Bontis, N. (2013). Intellectual capital and financial performance in Serbia. Knowledge and Process Management, 20(1), 1–11. https://doi.org/10.1002/kpm.1404 https://doi.org/10.1002/kpm.1404...
, Nadeem et al. (2018)Nadeem, M., Gan, C., & Nguyen, C. (2018). The importance of intellectual capital for firm performance: Evidence from Australia. Australian Accounting Review, 28(3), 334–344. https://doi.org/10.1111/auar.12184 https://doi.org/10.1111/auar.12184...
, and Cao et al. (2011)Cao, Y., Myers, L. A., & Sougiannis, T. (2011). Does earnings acceleration convey information? Review of Accounting Studies, 16(4), 812–842. https://doi.org/10.1007/s11142-011-9150-y https://doi.org/10.1007/s11142-011-9150-...
|
Not applicable |
Growth of intellectua capita |
VAIC
|
Explanatory |
Sum of HC, IC, and SC |
Pulic (1998Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential. https://doi.org/10.6007/ijarbss/v8-i9/4607 https://doi.org/10.6007/ijarbss/v8-i9/46...
, 2000Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714. https://doi.org/10.1504/ijtm.2000.002891 https://doi.org/10.1504/ijtm.2000.002891...
, 2004Pulic, A. (2004). Intellectual capital: does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757 https://doi.org/10.1108/1368304041052475...
) |
+ |
Investment in human capita |
HC
|
Explanatory |
Ratio between gross value added and spending on personnel |
Pulic (1998Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential. https://doi.org/10.6007/ijarbss/v8-i9/4607 https://doi.org/10.6007/ijarbss/v8-i9/46...
, 2000Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714. https://doi.org/10.1504/ijtm.2000.002891 https://doi.org/10.1504/ijtm.2000.002891...
, 2004Pulic, A. (2004). Intellectual capital: does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757 https://doi.org/10.1108/1368304041052475...
) |
+ |
Investment in investec capita |
IC
|
Explanatory |
Ratio between added value and equity |
Pulic (1998Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential. https://doi.org/10.6007/ijarbss/v8-i9/4607 https://doi.org/10.6007/ijarbss/v8-i9/46...
, 2000Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714. https://doi.org/10.1504/ijtm.2000.002891 https://doi.org/10.1504/ijtm.2000.002891...
, 2004Pulic, A. (2004). Intellectual capital: does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757 https://doi.org/10.1108/1368304041052475...
) |
+ |
Investment in structura capita |
SC
|
Explanatory |
Ratio between added value minus spending on personnel and added value |
Pulic (1998Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential. https://doi.org/10.6007/ijarbss/v8-i9/4607 https://doi.org/10.6007/ijarbss/v8-i9/46...
, 2000Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714. https://doi.org/10.1504/ijtm.2000.002891 https://doi.org/10.1504/ijtm.2000.002891...
, 2004Pulic, A. (2004). Intellectual capital: does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757 https://doi.org/10.1108/1368304041052475...
) |
+ |
Firm size |
Size |
Control |
Natural logarithm of total assets |
Firer e Williams (2003)Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806 https://doi.org/10.1108/1469193031048780...
, Riahi-Belkaou (2003)Riahi-Belkaoui, A. (2003). Intellectual capital and firm performance of US multinational firms: A study of the resource-based and stakeholder views. Journal of Intellectual Capital, 4(2), 215–226. https://doi.org/10.1108/14691930310472839 https://doi.org/10.1108/1469193031047283...
, and Hsu e Sabherwal (2012)Hsu, I. C., & Sabherwal, R. (2012). Relationship between intellectual capital and knowledge management: An empirical investigation. Decision Sciences, 43(3), 489–524. https://doi.org/10.1111/j.1540-5915.2012.00357.x https://doi.org/10.1111/j.1540-5915.2012...
|
+ |
Leverage of the firm |
Leverage |
Control |
Ratio between debt and total assets |
Firer e Williams (2003)Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806 https://doi.org/10.1108/1469193031048780...
|
+/− |
Shareholding concentration of the firm |
Shareholding concentration |
Control |
Percentage of common shares detained by the majority shareholder |
Heugens et al. (2009)Heugens, P. P., Van Essen, M., & Van Oosterhout, J. H. (2009). Meta-analyzing ownership concentration and firm performance in Asia: Towards a more fine-grained understanding. Asia Pacific Journal of Management, 26(3), 481–512. http://dx.doi.org/10.1007/s10490-008-9109-0 http://dx.doi.org/10.1007/s10490-008-910...
, and Wang e Shailer (2015)Wang, K., & Shailer, G. (2015). Ownership concentration and firm performance in emerging markets: A meta-analysis. Journal of Economic Surveys, 29(2), 199–229. https://doi.org/10.1111/joes.12048 https://doi.org/10.1111/joes.12048...
|
− |
Market-to-book value of the firm
|
Market-book
|
Control |
Ratio between market value and book value of equity |
Firer e Williams (2003)Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806 https://doi.org/10.1108/1469193031048780...
|
+ |
Firm age |
Log_Age |
Control |
Age of the firm |
Yazdanfar (2013)Yazdanfar, D. (2013). Profitability determinants among micro firms: Evidence from Swedish data. International Journal of Managerial Finance, 9(2), 151–160. https://doi.org/10.1108/17439131311307565 https://doi.org/10.1108/1743913131130756...
|
+ |