Journal ArticleDOI
Intellectual capital and performance of listed companies: empirical evidence from Italy
Domenico Celenza,Fabrizio Rossi +1 more
TLDR
In this paper, the authors investigated the relationship between corporate performance and Value Added Intellectual Coefficient (VAICTM) on the one hand, and relationship between variations in market value and the variations in VAIC on the other hand.Abstract:
Purpose – The aim of this paper is to investigate the relationship between corporate performance and Value Added Intellectual Coefficient (VAICTM) on the one hand, and the relationship between the variations in market value and the variations in VAIC on the other hand. Design/methodology/approach – Starting from the VAIC model, 23 Italian listed companies were examined with the aim of investigating the relationship between VAIC and the performance of the firms in the sample. The analysis was divided into two stages. In the first stage, eight models of linear regression were estimated to verify the presence of a positive and statistically significant relationship between M/BV and VAIC and between accounting performance indicators (ROE, ROI, ROS) and the VAIC. In the second stage, six other models were tested, considering as an independent variable the variations in VAIC and the variations in profitability indicators. Findings – The outcomes of the application stress the importance of VAIC in the explanatio...read more
Citations
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ESG impact on performance of US S&P 500-listed firms
Bahaaeddin Alareeni,Allam Hamdan +1 more
TL;DR: In this paper, the authors investigate whether there are relationships among corporate disclosure of environmental, social and governance (ESG) and firms' operational (ROA), financial (ROE) and market performance (Tobin's Q), and if these relationships are positives or negatives or even neutral.
Journal ArticleDOI
Exploring the impact of intellectual capital on company reputation and performance
TL;DR: In this article, the impact of intellectual capital on the reputation and performance of Italian companies was analyzed using a data set of 452 non-listed companies that obtained a reputational assessment from the Italian Competition Authority (ICA).
Journal ArticleDOI
Intellectual capital and firm performance: Differentiating between accounting-based and market-based performance
TL;DR: In this paper, a study was conducted at 198 firms from two Gulf Cooperation Council countries: Kingdom of Saudi Arabia and Kingdom of Bahrain for the period 2014-2016, where the value added intellectual coefficient model was adopted along with two measures of performance: accounting-based performance which is return on assets and market based performance which are Tobin's Q, in addition to the Random-Effects Regression.
Journal ArticleDOI
Measuring intellectual capital performance of Indian banks: A public and private sector comparison
TL;DR: In this article, the authors measured the intellectual capital performance of Indian banks and established a relationship between intellectual capital and return on assets (ROA) by comparing the performance of public sector and private sector banks.
Journal ArticleDOI
Audit committee characteristics: an empirical investigation of the contribution to intellectual capital efficiency
TL;DR: In this paper, the authors examined the effect of audit committee characteristics on intellectual capital efficiency and found that there is a significant positive relationship between audit committee and intellectual capital components (HCE, SCE, RCE and CEE).
References
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Journal ArticleDOI
Efficient capital markets: a review of theory and empirical work*
TL;DR: Efficient Capital Markets: A Review of Theory and Empirical Work Author(s): Eugene Fama Source: The Journal of Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-Eighth Annual Meeting of the American Finance Association New York, N.Y. December, 28-30, 1969 (May, 1970), pp. 383-417 as mentioned in this paper
Journal ArticleDOI
The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
Sanford J. Grossman,Oliver Hart +1 more
TL;DR: In this paper, a theory of costly contracts is presented, which emphasizes the contractual rights can by of two types: specific rights and residual rights, and when it is costly to list all specific rights over assets, it may be optimal to let one party purchase all residual rights.
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An empirical evaluation of accounting income numbers
Ray Ball,Philip Brown +1 more
TL;DR: In this article, it is argued that income numbers cannot be defined substantively, that they lack "meaning" and are therefore of doubtful utility, and the argument stems in part from the patchwork development of account-based theories.
Journal ArticleDOI
Property Rights and the Nature of the Firm
Oliver Hart,John Moore +1 more
TL;DR: In this article, the authors provide a framework for addressing the question of when transactions should be carried out within a firm and when through the market, by identifying a firm with the assets that its owners control.
Journal ArticleDOI
Earnings, Book Values, and Dividends in Equity Valuation*
TL;DR: In this article, a model of a firm's market value as it relates to contemporaneous and future earnings, book values, and dividends is developed and analyzed, and two owners' equity accounting constructs provide the underpinnings of the model: the clean surplus relation applies and dividends reduce current book value but do not affect current earnings.
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