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http://ssrn.com/abstract=1553893
 
 

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An Empirical Investigation of the Relationship between Intellectual Capital and Firms’ Market Value and Financial Performance


Ming-Chin Chen


National Chengchi University (NCCU) - Department of Accounting

Shu-Ju Cheng


affiliation not provided to SSRN

Yuhchang Hwang


Arizona State University (ASU) - School of Accountancy

February 16, 2005

Journal of Management, Vol. 17, No. 1, pp. 99-120, 1991
Ivey Business Journal (formerly Business Quarterly), pp. 40-47, Summer 1996

Abstract:     
The objective of this paper is to investigate the relationship between the value creation efficiency and firms’ market valuation as well as financial performance, using data drawn from Taiwanese listed companies. Our results support the proposition that intellectual capital has a positive impact on corporate market value and financial performance, and may be a leading indicator for future financial performance. In addition, we also found investors may place different value on the three components of value creation efficiency (physical capital, human capital and structural capital). Finally, our results suggest that R&D expenditure may capture information on structural capital and has a positive effect on firm value and profitability.

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Date posted: February 16, 2010 ; Last revised: April 20, 2010

Suggested Citation

Chen, Ming-Chin and Cheng, Shu-Ju and Hwang, Yuhchang, An Empirical Investigation of the Relationship between Intellectual Capital and Firms’ Market Value and Financial Performance (February 16, 2005). Journal of Management, Vol. 17, No. 1, pp. 99-120, 1991 . Available at SSRN: http://ssrn.com/abstract=1553893

Contact Information

Ming-Chin Chen (Contact Author)
National Chengchi University (NCCU) - Department of Accounting ( email )
No. 64, Sec 2
Chih-Nan Road
Wenshan, Taipei
Taiwan
Shu-Ju Cheng
affiliation not provided to SSRN ( email )
Yuhchang Hwang
Arizona State University (ASU) - School of Accountancy ( email )
Tempe, AZ 85287
United States
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