Innovation and Firm Performance: The Moderating Role of Intellectual Capital among Chinese Companies

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-06-22 DOI:10.21315/aamjaf2023.19.1.6

Chunya Ren, Irene Wei Kiong Ting, Qian Long Kweh, Cheng Zhang

引用次数: 0

Abstract

This study examines the impact of innovation on firm performance and how intellectual capital (IC) moderates the association between innovation and firm performance. We apply an innovation index that measures the frequency of innovative related words, which appear in firm financial reports to proxy for innovation. IC is estimated through the value-added IC (VAICTM) model. This study analyses Chinese firm-year observations of financial profitability (firm value) datasets, which total 19,152 (18,276) over the years from 2007 to 2019. Results indicate that the innovation index is positively related to financial profitability and firm market value. Moreover, the moderating outcomes suggest that IC boosts the positive relationship between innovation index and firm performance. Overall, this study highlights the importance of having innovation and IC together for gaining firm competitive advantages and progressing profitably. That is, firms should be innovative and must manage their IC well.

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创新与企业绩效：智力资本在中国企业中的调节作用

本研究考察了创新对企业绩效的影响，以及智力资本如何调节创新与企业绩效之间的关系。我们应用了一个创新指数来衡量公司财务报告中出现的创新相关词汇的频率，以代表创新。IC是通过增值IC（VAICTM）模型来估计的。本研究分析了中国企业年度财务盈利能力（企业价值）数据集的观测结果，这些数据集在2007年至2019年期间共有19152个（18276个）。结果表明，创新指数与财务盈利能力和企业市值呈正相关。此外，调节结果表明，IC促进了创新指数与企业绩效之间的正向关系。总的来说，这项研究强调了创新和集成电路对获得企业竞争优势和盈利的重要性。也就是说，企业应该创新，必须管理好他们的IC。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets