Intellectual capital and corporate value in an emerging economy: empirical study of Taiwanese manufacturers
This study employs an intellectual capital perspective, resource-based view and a financial perspective, and investigates how to apply the concept of intellectual capital to value creation. After reviewing the relevant literature, this study identifies human capital, organizational capital, innovation capital and relationship capital as four constructs of intellectual capital. Corporate value is measured using three selection methods: (1) Market/Book value, (2) Tobin'Q and (3) Value Added Intellectual Coefficient (VAIC™). Through a questionnaire survey and secondary data collection, this study applies the Structure Equation Model to analyze the relationships among four constructs of intellectual capital, as well as the relationship between intellectual capital and corporate value.
From the empirical findings, for Taiwanese manufacturers, a positive relationship exists between intellectual capital and corporate value. This study visualizes and mobilizes intellectual capital to articulate eight value creation paths.
Document Type: Research Article
Affiliations: 1: Department of International Business, Providence University, 200, Chung-chi Rd., Shalu Taichung 43301., Taiwan ; [email protected], Email: [email protected] 2: Department of Business Administration, National Taipei University, 69, Sec. 2, Chien-kwo N. Rd., Taipei 104, Taiwan , Email: [email protected]
Publication date: 01 March 2005