Do intellectual capitals matter to firm value enhancement? Evidences from Taiwan

doi:10.1108/JIC-10-2019-0235

淡江大學機構典藏 > 商管學院 > 管理科學學系暨研究所 > 期刊論文 > Item 987654321/123152

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/123152

Title:	Do intellectual capitals matter to firm value enhancement? Evidences from Taiwan
Authors:	Ni, Yensen;Cheng, Yirung;Huang, Paoyu
Keywords:	Intellectual capital;Financial performance;Corporate governance;Firm value
Date:	2021-05-21
Issue Date:	2023-04-28 17:06:33 (UTC+8)
Publisher:	Emerald Publishing Limited
Abstract:	Purpose The purpose of this study is to find evidence of the impact of intellectual capital on firm value, and, in turn, enhance the existing literature which lacks consensus on it. By employing some distinctive proxies for human capital, innovation capital, customer capital and process capital, this study might provide valuable information for firms to make strategic decisions. Design/methodology/approach This study uses Tobin's Q to represent firm value and various variables to be the proxies for intellectual capitals. By utilizing firm-year observations, this study applies panel data models first, and then Petersen regression models for further investigation to enhance the robustness of the empirical results. Findings Firm value is affected positively by the average net profit per employee as well as goodwill and intangible assets. This is because firms having employees with abundant knowledge will possess advantage for innovation, and the excellent reputation, a part of goodwill for oriental firms, would encourage people to consume and invest more. Research limitations/implications The constraint of data resource is the main limitation. With the limited scales and as an emerging market of Taiwan Stock Exchange, it is not confirmed whether the results are appropriate for the developed markets. Nevertheless, firms should make efforts on developing intellectual capital and corporate governance for operating businesses with competitiveness and safety. Originality/value Since capable employees enhance the innovation, innovation improves customer's satisfaction and good customer relationship increases the sales; this study illustrates that for expanding businesses, firms should make more efforts on developing intellectual capital.
Relation:	Journal of Intellectual Capital 22 (4), p.725-743
DOI:	10.1108/JIC-10-2019-0235
Appears in Collections:	[管理科學學系暨研究所] 期刊論文

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