Intellectual capital and firm performance of companies listed on the Thai Stock Exchange
Keywords:
Intellectual capital, firm performanceAbstract
The objectives of this study were to study the relationship between intellectual capital and firm performance of companies listed on the Thai Stock Exchange, and study the relationship between components of intellectual capital and firm performance of companies listed on the Thai Stock Exchange. The population was 1,810 companies listed on the Thai Stock Exchange during 2017-2020; except the companies in financial sector. The sample group were 1,167 companies by purposive sampling technique. This study used the Pearson correlation coefficient and the multiple regression analysis to prove the hypotheses. The results revealed that the intellectual capital was positively correlated firm performance that measuring by the return on asset ratio (ROA) and the return on equity ratio (ROE). Moreover, the components of intellectual capital also found that the physical and structural capital positively correlated with firm performance. However, the human capital is inversely related to firm performance. This research suggests that the intellectual capital is the resources according to resource-based view theory to be confirmed as the organization investment in physical capital in efficiency internal process for a good relationship with customers. Moreover, the investment in structural capital in resources will support effectiveness firm operation as well. These intellectual capital factors could help increase firm performance in asset and equity measurement side.
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