دانلود رایگان مقاله انگلیسی سرمایه فکری و عملکرد شرکت؛ ایجاد تفاوت بین عملکرد بر پایه حسابداری و بازار - امرالد 2017

Abstract

Purpose – This study sheds light on the relation between intellectual capital and firm performance. The study argues that traditional performance measurement based on accounting is still able to explore the relation between intellectual capital and performance. Design/methodology/approach – The study was conducted at 198 firms from two Gulf Cooperation Council countries: Kingdom of Saudi Arabia and Kingdom of Bahrain for the period 2014–2016. To measure intellectual capital, the value added intellectual coefficient model was adopted along with two measures of performance: accounting-based performance which is return on assets and market-based performance which is Tobin’s Q, in addition to the Random-Effects Regression. Findings – Study findings came up with evidences that support the relationship between intellectual capital and accounting-based performance, but negates any relation between intellectual capital and market-based performance. The findings also revealed different results, between Saudi Arabia’s and those of Bahrain. Originality/value – The study contributes to the debate on the validity of relating intellectual capital to the traditional accounting-based performance.

6. Conclusion

No one can deny that intellectual capital has today become one of the most important assets of the firm and that the investment increase in intellectual capital leads to a rise in firm value (Berzkalne and Zelgalve, 2013). Results in past studies differed on the relation between intellectual capital and performance regarding the measurement used in calculating that performance. Many studies argued that traditional accounting measures of performance were unable to catch the relation between intellectual capital and performance. This kind of argument created a gap good for this research study to work with through providing additional evidence from the Gulf states investigating this relation. The study adopted random-effect regression model to examine the impact of three components of intellectual capital through two measures of performance ROA as an accounting measure and Tobin’s Q as a market-based measurement. The sample of study comprised 171 firms from KSA and 27 from Bahrain.

Results showed that there was a difference in some constituents of intellectual capital between KSA and Bahrain. As a result, the difference between the two countries was clear with regard to the impact of intellectual capital on firm performance. In general, the results showed that the accounting-based traditional measure ROA could catch the relation between intellectual capital and performance. Contrary to that of the market-based measurement Tobin’s Q. Though these results, differed from those of past studies, yet they provide an evidence on the relation between intellectual capital and performance in emerging markets. This evidence adds up to past studies, but still it is controlled by economic conditions in which such countries live. Therefore, conducting more of such studies to confirm the results is important before generalizing them. Adding more new variables to the relation, such as the role of corporate governance, remains a reasonable factor to comprehend the general picture of the role of intellectual capital in firm performance in emerging markets.