Abstract: The goal of this paper is to verify the existence of a relationship between the efficiency of intellectual capital and the financial performance of Italian manufacturing firms. The analysis extends over the period 2002-2011 and can be divided into three steps. In the first step, the possible relationship between the value of intellectual capital, using the VAICTM (Pulic, 2000, 2004) as a measure of efficiency, and business performance measured by classical indicators present in literature (ROI, ROE and ROS) was investigated, and then the relationship between the VAICTM and Market to book value (M/BV) was measured, given that the results produced by the literature appear discordant. In the second step, the sample was reordered by taking into account the VAIC ranking and a second linear regression was performed in order to verify whether the relationship was statistically more robust than the previous one. Lastly, the sample was divided into two high and low VAIC portfolios, respectively; then the calculation of the average yields was performed and a test was carried out on the difference between the means of the two portfolios. From the results obtained there would appear to be a positive and statistically significant difference between the two portfolios: the high VAIC portfolio outperforms the low VAIC portfolio.
Value Added Intellectual Coefficient (VAICTM) and Financial Performance: Empirical Evidence from the Italian Manufacturing Sector
ROSSI, Fabrizio;
2014-01-01
Abstract
Abstract: The goal of this paper is to verify the existence of a relationship between the efficiency of intellectual capital and the financial performance of Italian manufacturing firms. The analysis extends over the period 2002-2011 and can be divided into three steps. In the first step, the possible relationship between the value of intellectual capital, using the VAICTM (Pulic, 2000, 2004) as a measure of efficiency, and business performance measured by classical indicators present in literature (ROI, ROE and ROS) was investigated, and then the relationship between the VAICTM and Market to book value (M/BV) was measured, given that the results produced by the literature appear discordant. In the second step, the sample was reordered by taking into account the VAIC ranking and a second linear regression was performed in order to verify whether the relationship was statistically more robust than the previous one. Lastly, the sample was divided into two high and low VAIC portfolios, respectively; then the calculation of the average yields was performed and a test was carried out on the difference between the means of the two portfolios. From the results obtained there would appear to be a positive and statistically significant difference between the two portfolios: the high VAIC portfolio outperforms the low VAIC portfolio.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
