The Efficiency of Intellectual Capital on the Performance of Listed Companies in the Stock Exchange of Thailand of the SET100

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Bunjongrut Phomsuwansiri
Wanida Chutimagul
Surin Promnurakkij


Intellectual capital is an investment in resources critical to creating corporate value. This article aimed to study the efficiency of intellectual capital on the performance of companies listed on the Stock Exchange of Thailand, SET100. This research was quantitative research combined with documentary research from various published sources by collecting financial information for a period of 5 years from 2017 - 2021 for 100 companies. The VAIC method was to calculate the value-added of intellectual capital by summing the efficiency of the 3 relevant components of capital: Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE). To find the relationship to performance as measured by the Return on Asset (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). The statistics used to analyze the data are maximum, minimum, mean, standard deviation, Pearson correlation coefficient, and testing the hypothesis by using multiple regression analysis.

The results showed that the added value of intellectual capital, which is the sum of the performance of the three relevant intellectual capital components, has no relation to the performance of the entity. There is only the efficiency component of capital employed, that is related to the performance of the business as measured by Return on Asset and Return on Equity at a.01 level of significance. This indicates that the use of the entity's tangible assets is still necessary to create value and performance for the entity.

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How to Cite
Phomsuwansiri, B., Chutimagul, W., & Promnurakkij, S. (2022). The Efficiency of Intellectual Capital on the Performance of Listed Companies in the Stock Exchange of Thailand of the SET100 . Journal of Arts Management, 6(3), 1064–1079. Retrieved from
Research Articles


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