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An Empirical Investigation of the Relationship between Intellectual Capital and Firms’ Market Value and Financial PerformanceMing-Chin ChenNational Chengchi University (NCCU) - Department of Accounting Shu-Ju Chengaffiliation not provided to SSRN Yuhchang HwangArizona 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.
Number of Pages in PDF File: 18 Accepted Paper SeriesDate posted: February 16, 2010 ; Last revised: April 20, 2010Suggested Citation |
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