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THE EFFECTS OF INTELLECTUAL CAPITAL ON FIRM PERFORMANCE OF INDUSTRIAL SECTOR IN JORDAN
Corresponding Author(s) : Nurasyikin Jamaludin
Humanities & Social Sciences Reviews,
Vol. 8 No. 2 (2020): March
Abstract
Purpose of the study: This paper aims to examine whether intellectual capital (IC), measured through the value-added intellectual coefficient (VAICTM) affects the firm performance of the industrial sector in the Amman Stock Exchange (ASE).
Methodology: The sample comprised 50 industrial companies listed in ASE over the period 2008-2017. The methodology included estimating the impact of IC, measured through VAICTM and its components on the market to book ratio (M/B) and earning per share (EPS). Research hypotheses were tested through the display of descriptive statistics, multicollinearity, normality tests, correlation matrix, and multiple regression models.
Main Findings: The results indicate a positive relationship between VAICTM with the M/B ratio and EPS. As for the M/B ratio, the result is a positive significant relationship for the CEE but not for the SCE, and HCE. However, the results are counterproductive for EPS and found HCE, and SCE has a significant impact on the EPS but CEE not significant.
Applications: The results suggest that industrial companies in Jordan must hold practical and knowledge experiences because it is vital for their competitive advantage, and must reduce unemployment rates by employing new employees with expertise and skills. The present study integrates previous methodologies in order to investigate the relationships between IC and firm performance of industrial companies listed on the ASE.
Novelty/Originality of this study: This study extends previous studies on intellectual capital and firm performance in Jordan by incorporating more samples and the latest period of study. In addition, it also shed some new findings on the effect of intellectual capital on the M/B ratio and EPS.
Keywords
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- Ahmad, M., & Ahmed, N. (2016). Testing the relationship between intellectual capital and a firm’s performance: an empirical investigation regarding the financial industries of Pakistan. International Journal of Learning and Intellectual Capital, 13(2/3), 250. https://doi.org/10.1504/IJLIC.2016.075691 DOI: https://doi.org/10.1504/IJLIC.2016.075691
- Al-shubiri, F. N. (2011). Testing the Relationship between the Efficiency of Value Added Intellectual Coefficient and Corporate Performance at Commercial Banks in Amman Stock Exchange (ASE). Zagreb International Review of Economics & Business, 14(1), 1–22.
- Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from the Russian context. Journal of Intellectual Capital, 17(2), 397–412. https://doi.org/10.1108/JIC-07-2015-0062 DOI: https://doi.org/10.1108/JIC-07-2015-0062
- Asadollahi, S. Y., & Niazian, M. (2013). The relationship between intellectual capital and earnings predictability in the companies listed in the Tehran stock exchange. European Online Journal of Natural and Social Sciences, 2(3), 243–250.
- Belkaoui, A. R. (2003). Intellectual Capital and Firm Performance of U.S. Multinational Firms: A study of the Resource-Based and Stakeholder Views. Journal of Intellectual Capital, 4(2), 1–26. h https://doi.org/10.1108/14691930310472839 DOI: https://doi.org/10.1108/14691930310472839
- Chang, W. S., & Hsieh, J. J. (2011). Intellectual Capital and Value Creation-Is Innovation Capital a Missing Link? International Journal of Business and Management, 6(2), 2–12. https://doi.org/10.5539/ijbm.v6n2p3 DOI: https://doi.org/10.5539/ijbm.v6n2p3
- Chatzoudes, D., Maditinos, D., Theriou, G., & Tsairidis, C. (2011). The impact of intellectual capital on firms’ market value and financial performance. Journal of Intellectual Capital, 12(1), 132–151. https://doi.org/10.1108/14691931111097944 DOI: https://doi.org/10.1108/14691931111097944
- Chu, S. K. W., Chan, K. H., Yu, K. Y., Ng, H. T., & Wong, W. K. (2011). An Empirical Study of the Impact of Intellectual Capital on Business Performance. Journal of Information & Knowledge Management, 10(01), 11–21. https://doi.org/10.1142/S0219649211002791 DOI: https://doi.org/10.1142/S0219649211002791
- Dalila, Latif, H., Jaafar, N., Aziz, I., & Afthanorhan, A. (2020). The mediating effect of personal values on the relationships between attitudes, subjective norms, perceived behavioral control and intention to use. Management Science Letters, 10(1), 153-162. https://doi.org/10.5267/j.msl.2019.8.007 DOI: https://doi.org/10.5267/j.msl.2019.8.007
- Edvinsson, L. (1997). Developing intellectual capital at Skandia. Long Range Planning, 30(3), 366–373. https://doi.org/10.1016/S0024-6301(97)90248-X DOI: https://doi.org/10.1016/S0024-6301(97)90248-X
- Firer, S, & Stainbank, L. (2003). Testing the relationship between intellectual capital and a company’s performance : Evidence from the South Africa University of Natal Durban. Meditari Accountancy Research, 11(April 2003), 25–44. https://doi.org/10.1108/10222529200300003 DOI: https://doi.org/10.1108/10222529200300003
- Firer, Steven, Williams, S. M., & Firer, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806 DOI: https://doi.org/10.1108/14691930310487806
- Ghosh, S. K., & Maji, S. G. (2015). Empirical Validity of Value Added Intellectual Coefficient Model in Indian Knowledge-based Sector. Global Business Review, 16(6), 947–962. https://doi.org/10.1177/0972150915597597 DOI: https://doi.org/10.1177/0972150915597597
- Gibson, C. H. (2011). Financial Reporting & Analysis Using Financial Accounting Information.
- Girma, B. (2017). Intellectual Capital Efficiency and Its Impact on Financial Performances of Ethiopian Commercial Banks. Research Journal of Finance and Accounting, 8(8), 17–31.
- Haan, A. A.-A., AL-Sakin, S. A.-K., & AL-sufy, F. J. H. (2016). The Effect of Value Added Intellectual Coefficient on Firms’ performance: Evidence from the Jordanian Industrial Sector. Research Journal of Finance and Accounting, 7(14), 163–174.
- Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis (Seventh Ed).
- Hill, R., Murphy, G., & Trailer, J. (1996). Measuring performance in entrepreneurship research. Journal of Business Research, 36(1), 15–23. https://doi.org/10.1016/0148-2963(95)00159-X DOI: https://doi.org/10.1016/0148-2963(95)00159-X
- Kamath, G. B. (2015). Impact of Intellectual Capital on Financial Performance and Market Valuation of Firms in India. International Letters of Social and Humanistic Sciences, 48(1997), 107–122. https://doi.org/10.18052/www.scipress.com/ILSHS.48.107 DOI: https://doi.org/10.18052/www.scipress.com/ILSHS.48.107
- Lee, C. C., & Lin, C. K. (2018). The major determinants of influencing the operating performance from the perspective of intellectual capital: Evidence on the CPA industry. Asia Pacific Management Review. https://doi.org/10.1016/j.apmrv.2018.01.006 DOI: https://doi.org/10.1016/j.apmrv.2018.01.006
- MartÃ, J. M. V. (2003). In Search of an Intellectual Capital General Theory. Electronic Journal of Knowledge Management, 1(2), 213–226. Retrieved from http://www.ejkm.com/search/?name=keywords&value= strategic management
- Momani, K. M. K., & Nour, A. N. I. (2019). The influence of intellectual capital on the return of equity among banks listed on the Amman Stock Exchange. International Journal of Electronic Banking, 1(3), 220. https://doi.org/10.1504/IJEBANK.2019.099613 DOI: https://doi.org/10.1504/IJEBANK.2019.099613
- Murale, V., Jayaraj, R., & Ashrafali. (2010). Impact of Intellectual Capital on Firm Performance : A Resource-Based View Using VAIC Approach. International Journal of Business Management, Economics and Information Technology, 2(2), 283–292. https://doi.org/10.1109/PECI.2015.7064933 DOI: https://doi.org/10.1109/PECI.2015.7064933
- 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 DOI: https://doi.org/10.1111/auar.12184
- Nazari, J. A., & Herremans, I. M. (2007). Extended VAIC model: Measuring intellectual capital components. Journal of Intellectual Capital, 8(4), 595–609. https://doi.org/10.1108/14691930710830774 DOI: https://doi.org/10.1108/14691930710830774
- Nuryaman, (2015). The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as an Intervening Variable. Procedia - Social and Behavioral Sciences, 211(September), 292–298. https://doi.org/10.1016/j.sbspro.2015.11.037
- Nwakuya, M. T., & Ijomah, M. A. (2017). Fixed Effect versus Random Effects Modelling in a Panel Data Analysis; A Consideration of Economic and Political Indicators in Six African Countries. International Journal of Statistics and Applications, 7(6), 275–279. https://doi.org/10.1016/j.sbspro.2015.11.037 DOI: https://doi.org/10.1016/j.sbspro.2015.11.037
- Petrash, G. (1996). Dow’s journey to a knowledge value management culture. European Management Journal, 14(4), 365–373. https://doi.org/10.1016/0263-2373(96)00023-0 DOI: https://doi.org/10.1016/0263-2373(96)00023-0
- Pew Tan, H., Plowman, D., & Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital, 8(1), 76–95. https://doi.org/10.1108/14691930710715079 DOI: https://doi.org/10.1108/14691930710715079
- Pouraghajan, A., Ramezani, A., & Mohammadzadeh, S. (2013). Impact of Intellectual Capital on Market Value and Firms’ Financial Performance : Evidence from Tehran Stock Exchange. World of Sciences Journal, 1(12), 197–208.
- Pulic, A. (1998). Measuring the performance of intellectual potential in the knowledge economy. In the 2nd" World Congress on the Management of Intellectual Capital" (pp. 1–20).
- Pulic, A. (2000). VAIC TM – an accounting tool for IC management Ante Pulic. Int. J. Technology Management, 20, 702–714. https://doi.org/10.1504/IJTM.2000.002891 DOI: https://doi.org/10.1504/IJTM.2000.002891
- Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757 DOI: https://doi.org/10.1108/13683040410524757
- Pulic, A. (2008). The Principles of Intellectual Capital Efficiency - A Brief Description. Croatian Intellectual Capital Center, Zagreb, (February), 2–25. https://doi.org/10.1504/IJEIM.2004.005479 DOI: https://doi.org/10.1504/IJEIM.2004.005479
- Ramanauskaitė, A., & Rudžionienė, K. (2013). Intellectual Capital Valuation: Methods and Their Classification. Issn Ekonomika, 92(2), 1392–1258. https://doi.org/10.15388/Ekon.2013.0.1413 DOI: https://doi.org/10.15388/Ekon.2013.0.1413
- Sedeaq Nassar. (2018). The Impact of Intellectual Capital on Firm Performance of the Turkish Real Estate Companies Before and After the Crisis. European Scientific Journal, 14(1), 29–45. https://doi.org/10.19044/esj.2018.v14n1p29 DOI: https://doi.org/10.19044/esj.2018.v14n1p29
- Sherif, M., & Elsayed, M. (2016). The Impact of Intellectual Capital on Corporate Performance: Evidence from the Egyptian Insurance Market. International Journal of Innovation Management, 20(03), 1650034. https://doi.org/10.1142/S1363919616500341 DOI: https://doi.org/10.1142/S1363919616500341
- Smriti, N., & Das, N. (2017). Impact of Intellectual Capital on Business Performance: Evidence from the Indian Pharmaceutical Sector. Polish Journal of Management Studies, 15(1), 232–243. https://doi.org/10.17512/pjms.2017.15.1.22 DOI: https://doi.org/10.17512/pjms.2017.15.1.22
- Smriti, N., & Das, N. (2018). The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI. Journal of Intellectual Capital, 19(5), 935–964. https://doi.org/10.1108/JIC-11-2017-0156 DOI: https://doi.org/10.1108/JIC-11-2017-0156
- Stewart, T., & Ruckdeschel, C. (1998). Intellectual capital: The new wealth of organizations. Performance Improvement, 37(7), 56–59. https://doi.org/10.1002/pfi.4140370713 DOI: https://doi.org/10.1002/pfi.4140370713
- Suhendra, E. S. (2016). The Influence of Intellectual Capital on Firm Value towards Manufacturing Performance in Indonesia. International Conference on Eurasian Economies, 10(4), 438–445. DOI: https://doi.org/10.36880/C06.01192
- Sullivan, P. H. (2000). Valuing intangible companies- an intellectual capital approach. Journal of Intellectual Capital, 1(4), 328–340. https://doi.org/10.1108/14691930010359234 DOI: https://doi.org/10.1108/14691930010359234
- Tabachnick, B. G., & Fidell, L. S. (2013). Using Multivariate Statistics. (Craig Campanella, Ed.) (Six editions). United States of America: Pearson Education, Inc.
- Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6(2), 103–123. https://doi.org/10.5296/ajfa.v6i2.5246 DOI: https://doi.org/10.5296/ajfa.v6i2.5246
- Yilmaz, I., & Acar, G. (2018). The Effects of Intellectual Capital on Financial Performance and Market Value: Evidence from Turkey. Eurasian Journal of Business and Economics, 11(21), 117–133. https://doi.org/10.17015/ejbe.2018.021.07 DOI: https://doi.org/10.17015/ejbe.2018.021.07
References
Ahmad, M., & Ahmed, N. (2016). Testing the relationship between intellectual capital and a firm’s performance: an empirical investigation regarding the financial industries of Pakistan. International Journal of Learning and Intellectual Capital, 13(2/3), 250. https://doi.org/10.1504/IJLIC.2016.075691 DOI: https://doi.org/10.1504/IJLIC.2016.075691
Al-shubiri, F. N. (2011). Testing the Relationship between the Efficiency of Value Added Intellectual Coefficient and Corporate Performance at Commercial Banks in Amman Stock Exchange (ASE). Zagreb International Review of Economics & Business, 14(1), 1–22.
Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from the Russian context. Journal of Intellectual Capital, 17(2), 397–412. https://doi.org/10.1108/JIC-07-2015-0062 DOI: https://doi.org/10.1108/JIC-07-2015-0062
Asadollahi, S. Y., & Niazian, M. (2013). The relationship between intellectual capital and earnings predictability in the companies listed in the Tehran stock exchange. European Online Journal of Natural and Social Sciences, 2(3), 243–250.
Belkaoui, A. R. (2003). Intellectual Capital and Firm Performance of U.S. Multinational Firms: A study of the Resource-Based and Stakeholder Views. Journal of Intellectual Capital, 4(2), 1–26. h https://doi.org/10.1108/14691930310472839 DOI: https://doi.org/10.1108/14691930310472839
Chang, W. S., & Hsieh, J. J. (2011). Intellectual Capital and Value Creation-Is Innovation Capital a Missing Link? International Journal of Business and Management, 6(2), 2–12. https://doi.org/10.5539/ijbm.v6n2p3 DOI: https://doi.org/10.5539/ijbm.v6n2p3
Chatzoudes, D., Maditinos, D., Theriou, G., & Tsairidis, C. (2011). The impact of intellectual capital on firms’ market value and financial performance. Journal of Intellectual Capital, 12(1), 132–151. https://doi.org/10.1108/14691931111097944 DOI: https://doi.org/10.1108/14691931111097944
Chu, S. K. W., Chan, K. H., Yu, K. Y., Ng, H. T., & Wong, W. K. (2011). An Empirical Study of the Impact of Intellectual Capital on Business Performance. Journal of Information & Knowledge Management, 10(01), 11–21. https://doi.org/10.1142/S0219649211002791 DOI: https://doi.org/10.1142/S0219649211002791
Dalila, Latif, H., Jaafar, N., Aziz, I., & Afthanorhan, A. (2020). The mediating effect of personal values on the relationships between attitudes, subjective norms, perceived behavioral control and intention to use. Management Science Letters, 10(1), 153-162. https://doi.org/10.5267/j.msl.2019.8.007 DOI: https://doi.org/10.5267/j.msl.2019.8.007
Edvinsson, L. (1997). Developing intellectual capital at Skandia. Long Range Planning, 30(3), 366–373. https://doi.org/10.1016/S0024-6301(97)90248-X DOI: https://doi.org/10.1016/S0024-6301(97)90248-X
Firer, S, & Stainbank, L. (2003). Testing the relationship between intellectual capital and a company’s performance : Evidence from the South Africa University of Natal Durban. Meditari Accountancy Research, 11(April 2003), 25–44. https://doi.org/10.1108/10222529200300003 DOI: https://doi.org/10.1108/10222529200300003
Firer, Steven, Williams, S. M., & Firer, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806 DOI: https://doi.org/10.1108/14691930310487806
Ghosh, S. K., & Maji, S. G. (2015). Empirical Validity of Value Added Intellectual Coefficient Model in Indian Knowledge-based Sector. Global Business Review, 16(6), 947–962. https://doi.org/10.1177/0972150915597597 DOI: https://doi.org/10.1177/0972150915597597
Gibson, C. H. (2011). Financial Reporting & Analysis Using Financial Accounting Information.
Girma, B. (2017). Intellectual Capital Efficiency and Its Impact on Financial Performances of Ethiopian Commercial Banks. Research Journal of Finance and Accounting, 8(8), 17–31.
Haan, A. A.-A., AL-Sakin, S. A.-K., & AL-sufy, F. J. H. (2016). The Effect of Value Added Intellectual Coefficient on Firms’ performance: Evidence from the Jordanian Industrial Sector. Research Journal of Finance and Accounting, 7(14), 163–174.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis (Seventh Ed).
Hill, R., Murphy, G., & Trailer, J. (1996). Measuring performance in entrepreneurship research. Journal of Business Research, 36(1), 15–23. https://doi.org/10.1016/0148-2963(95)00159-X DOI: https://doi.org/10.1016/0148-2963(95)00159-X
Kamath, G. B. (2015). Impact of Intellectual Capital on Financial Performance and Market Valuation of Firms in India. International Letters of Social and Humanistic Sciences, 48(1997), 107–122. https://doi.org/10.18052/www.scipress.com/ILSHS.48.107 DOI: https://doi.org/10.18052/www.scipress.com/ILSHS.48.107
Lee, C. C., & Lin, C. K. (2018). The major determinants of influencing the operating performance from the perspective of intellectual capital: Evidence on the CPA industry. Asia Pacific Management Review. https://doi.org/10.1016/j.apmrv.2018.01.006 DOI: https://doi.org/10.1016/j.apmrv.2018.01.006
MartÃ, J. M. V. (2003). In Search of an Intellectual Capital General Theory. Electronic Journal of Knowledge Management, 1(2), 213–226. Retrieved from http://www.ejkm.com/search/?name=keywords&value= strategic management
Momani, K. M. K., & Nour, A. N. I. (2019). The influence of intellectual capital on the return of equity among banks listed on the Amman Stock Exchange. International Journal of Electronic Banking, 1(3), 220. https://doi.org/10.1504/IJEBANK.2019.099613 DOI: https://doi.org/10.1504/IJEBANK.2019.099613
Murale, V., Jayaraj, R., & Ashrafali. (2010). Impact of Intellectual Capital on Firm Performance : A Resource-Based View Using VAIC Approach. International Journal of Business Management, Economics and Information Technology, 2(2), 283–292. https://doi.org/10.1109/PECI.2015.7064933 DOI: https://doi.org/10.1109/PECI.2015.7064933
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 DOI: https://doi.org/10.1111/auar.12184
Nazari, J. A., & Herremans, I. M. (2007). Extended VAIC model: Measuring intellectual capital components. Journal of Intellectual Capital, 8(4), 595–609. https://doi.org/10.1108/14691930710830774 DOI: https://doi.org/10.1108/14691930710830774
Nuryaman, (2015). The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as an Intervening Variable. Procedia - Social and Behavioral Sciences, 211(September), 292–298. https://doi.org/10.1016/j.sbspro.2015.11.037
Nwakuya, M. T., & Ijomah, M. A. (2017). Fixed Effect versus Random Effects Modelling in a Panel Data Analysis; A Consideration of Economic and Political Indicators in Six African Countries. International Journal of Statistics and Applications, 7(6), 275–279. https://doi.org/10.1016/j.sbspro.2015.11.037 DOI: https://doi.org/10.1016/j.sbspro.2015.11.037
Petrash, G. (1996). Dow’s journey to a knowledge value management culture. European Management Journal, 14(4), 365–373. https://doi.org/10.1016/0263-2373(96)00023-0 DOI: https://doi.org/10.1016/0263-2373(96)00023-0
Pew Tan, H., Plowman, D., & Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital, 8(1), 76–95. https://doi.org/10.1108/14691930710715079 DOI: https://doi.org/10.1108/14691930710715079
Pouraghajan, A., Ramezani, A., & Mohammadzadeh, S. (2013). Impact of Intellectual Capital on Market Value and Firms’ Financial Performance : Evidence from Tehran Stock Exchange. World of Sciences Journal, 1(12), 197–208.
Pulic, A. (1998). Measuring the performance of intellectual potential in the knowledge economy. In the 2nd" World Congress on the Management of Intellectual Capital" (pp. 1–20).
Pulic, A. (2000). VAIC TM – an accounting tool for IC management Ante Pulic. Int. J. Technology Management, 20, 702–714. https://doi.org/10.1504/IJTM.2000.002891 DOI: https://doi.org/10.1504/IJTM.2000.002891
Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757 DOI: https://doi.org/10.1108/13683040410524757
Pulic, A. (2008). The Principles of Intellectual Capital Efficiency - A Brief Description. Croatian Intellectual Capital Center, Zagreb, (February), 2–25. https://doi.org/10.1504/IJEIM.2004.005479 DOI: https://doi.org/10.1504/IJEIM.2004.005479
Ramanauskaitė, A., & Rudžionienė, K. (2013). Intellectual Capital Valuation: Methods and Their Classification. Issn Ekonomika, 92(2), 1392–1258. https://doi.org/10.15388/Ekon.2013.0.1413 DOI: https://doi.org/10.15388/Ekon.2013.0.1413
Sedeaq Nassar. (2018). The Impact of Intellectual Capital on Firm Performance of the Turkish Real Estate Companies Before and After the Crisis. European Scientific Journal, 14(1), 29–45. https://doi.org/10.19044/esj.2018.v14n1p29 DOI: https://doi.org/10.19044/esj.2018.v14n1p29
Sherif, M., & Elsayed, M. (2016). The Impact of Intellectual Capital on Corporate Performance: Evidence from the Egyptian Insurance Market. International Journal of Innovation Management, 20(03), 1650034. https://doi.org/10.1142/S1363919616500341 DOI: https://doi.org/10.1142/S1363919616500341
Smriti, N., & Das, N. (2017). Impact of Intellectual Capital on Business Performance: Evidence from the Indian Pharmaceutical Sector. Polish Journal of Management Studies, 15(1), 232–243. https://doi.org/10.17512/pjms.2017.15.1.22 DOI: https://doi.org/10.17512/pjms.2017.15.1.22
Smriti, N., & Das, N. (2018). The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI. Journal of Intellectual Capital, 19(5), 935–964. https://doi.org/10.1108/JIC-11-2017-0156 DOI: https://doi.org/10.1108/JIC-11-2017-0156
Stewart, T., & Ruckdeschel, C. (1998). Intellectual capital: The new wealth of organizations. Performance Improvement, 37(7), 56–59. https://doi.org/10.1002/pfi.4140370713 DOI: https://doi.org/10.1002/pfi.4140370713
Suhendra, E. S. (2016). The Influence of Intellectual Capital on Firm Value towards Manufacturing Performance in Indonesia. International Conference on Eurasian Economies, 10(4), 438–445. DOI: https://doi.org/10.36880/C06.01192
Sullivan, P. H. (2000). Valuing intangible companies- an intellectual capital approach. Journal of Intellectual Capital, 1(4), 328–340. https://doi.org/10.1108/14691930010359234 DOI: https://doi.org/10.1108/14691930010359234
Tabachnick, B. G., & Fidell, L. S. (2013). Using Multivariate Statistics. (Craig Campanella, Ed.) (Six editions). United States of America: Pearson Education, Inc.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6(2), 103–123. https://doi.org/10.5296/ajfa.v6i2.5246 DOI: https://doi.org/10.5296/ajfa.v6i2.5246
Yilmaz, I., & Acar, G. (2018). The Effects of Intellectual Capital on Financial Performance and Market Value: Evidence from Turkey. Eurasian Journal of Business and Economics, 11(21), 117–133. https://doi.org/10.17015/ejbe.2018.021.07 DOI: https://doi.org/10.17015/ejbe.2018.021.07