Intellectual capital and business performances in Italian firms: an empirical investigation
by Rinaldo Pietrantonio; Gianpaolo Iazzolino
International Journal of Knowledge Management Studies (IJKMS), Vol. 5, No. 3/4, 2014

Abstract: In this article, we show that efficiency gains related to the intellectual capital (IC) can raise the performances of the firm more than efficiency gains related to physical/financial capital (CE.) Furthermore, we show that this can be the case not only for knowledge-intensive firms but also for capital-intensive firms. Adopting a variant of Pulic's (2000) value added intellectual coefficient (VAIC) we analysed a sample of 787 Italian firms operating in service-related industries and manufacturing-related industries over the period 2000-2010. We found that IC-related efficiency gains of 1% can raise the returns on assets (ROA) up to 0.7% and the cash-flows to operational revenues (CF) up to 21.1%. Finally, we estimated that CE-related efficiency gains produce negligible effects. These results are consistent across industries and fade away within two years.

Online publication date: Sat, 14-Feb-2015

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