Intellectual capital and corporate value of casino industry in Macau

Abstract

Corporate value is attributed from financial capital and intellectual capital. Intellectual capital is knowledge and capability of employees, which benefits for raising operation performance. This study aims to examine the impact of intellectual capital on corporate value of casino industry in Macau listed in the Hong Kong Stock Exchange based on Value Added Intellectual Coefficient (VAIC) model using semiannual data of the period form January 2009 to June 2012. The finding of this study is that financial capital has a significantly positive relationship with corporate value whereas intellectual capital has positive relationship but is not significantly related to corporate value.