{"title":"基于企业生命周期的智力资本效率与企业财务绩效","authors":"Jian Xu, M. Haris, Feng Liu","doi":"10.1108/jic-12-2020-0383","DOIUrl":null,"url":null,"abstract":"PurposeThe purpose of this paper is to investigate the impact of intellectual capital (IC) and its components (human, structural, relational and innovation capitals) on financial performance (FP) at different life cycle stages.Design/methodology/approachThe study uses the data from Chinese manufacturing listed companies during 2014–2018. The modified value added intellectual coefficient (MVAIC) model is employed as the measurement of IC efficiency. Finally, multiple regression analysis is used to test the research hypotheses.FindingsThis study shows that the impact of IC on FP is different across life cycle stages. Specifically, at the birth stage, human capital (HC), structural capital (SC) and innovation capital (INC) have a positive impact on FP. At the growth and mature stages, all IC components contribute to FP improvement. HC and SC play an important role at the revival stage, while only HC positively affects FP at the decline stage.Practical implicationsThe findings may help corporate managers to make optimal strategies to improve FP by effective utilization of IC resources in the complex and competitive business environment. Meanwhile, companies can invest in the core elements of IC at different stages of development, so as to maximize the contribution of IC to company value.Originality/valueThis is among the few studies to explore the impact of IC on FP of manufacturing listed companies in the Chinese context from the perspective of life cycle. It also makes novel contributions in measuring IC by the MVAIC model with the inclusion of relational capital and INC that are largely neglected in previous research.","PeriodicalId":48191,"journal":{"name":"Journal of Intellectual Capital","volume":" ","pages":""},"PeriodicalIF":6.2000,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Intellectual capital efficiency and firms' financial performance based on business life cycle\",\"authors\":\"Jian Xu, M. Haris, Feng Liu\",\"doi\":\"10.1108/jic-12-2020-0383\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"PurposeThe purpose of this paper is to investigate the impact of intellectual capital (IC) and its components (human, structural, relational and innovation capitals) on financial performance (FP) at different life cycle stages.Design/methodology/approachThe study uses the data from Chinese manufacturing listed companies during 2014–2018. The modified value added intellectual coefficient (MVAIC) model is employed as the measurement of IC efficiency. Finally, multiple regression analysis is used to test the research hypotheses.FindingsThis study shows that the impact of IC on FP is different across life cycle stages. Specifically, at the birth stage, human capital (HC), structural capital (SC) and innovation capital (INC) have a positive impact on FP. At the growth and mature stages, all IC components contribute to FP improvement. HC and SC play an important role at the revival stage, while only HC positively affects FP at the decline stage.Practical implicationsThe findings may help corporate managers to make optimal strategies to improve FP by effective utilization of IC resources in the complex and competitive business environment. Meanwhile, companies can invest in the core elements of IC at different stages of development, so as to maximize the contribution of IC to company value.Originality/valueThis is among the few studies to explore the impact of IC on FP of manufacturing listed companies in the Chinese context from the perspective of life cycle. It also makes novel contributions in measuring IC by the MVAIC model with the inclusion of relational capital and INC that are largely neglected in previous research.\",\"PeriodicalId\":48191,\"journal\":{\"name\":\"Journal of Intellectual Capital\",\"volume\":\" \",\"pages\":\"\"},\"PeriodicalIF\":6.2000,\"publicationDate\":\"2022-03-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Intellectual Capital\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1108/jic-12-2020-0383\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Intellectual Capital","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1108/jic-12-2020-0383","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Intellectual capital efficiency and firms' financial performance based on business life cycle
PurposeThe purpose of this paper is to investigate the impact of intellectual capital (IC) and its components (human, structural, relational and innovation capitals) on financial performance (FP) at different life cycle stages.Design/methodology/approachThe study uses the data from Chinese manufacturing listed companies during 2014–2018. The modified value added intellectual coefficient (MVAIC) model is employed as the measurement of IC efficiency. Finally, multiple regression analysis is used to test the research hypotheses.FindingsThis study shows that the impact of IC on FP is different across life cycle stages. Specifically, at the birth stage, human capital (HC), structural capital (SC) and innovation capital (INC) have a positive impact on FP. At the growth and mature stages, all IC components contribute to FP improvement. HC and SC play an important role at the revival stage, while only HC positively affects FP at the decline stage.Practical implicationsThe findings may help corporate managers to make optimal strategies to improve FP by effective utilization of IC resources in the complex and competitive business environment. Meanwhile, companies can invest in the core elements of IC at different stages of development, so as to maximize the contribution of IC to company value.Originality/valueThis is among the few studies to explore the impact of IC on FP of manufacturing listed companies in the Chinese context from the perspective of life cycle. It also makes novel contributions in measuring IC by the MVAIC model with the inclusion of relational capital and INC that are largely neglected in previous research.
期刊介绍:
The Journal of Intellectual Capital is a peer-reviewed international publication dedicated to the exchange of the latest research and best practice information on all aspects of creating, identifying, managing and measuring intellectual capital in organisations. The journal publishes original research and case studies by academic, business and public sector contributors on intellectual capital strategies, approaches, frameworks, tools, techniques and technologies in order to increase the understanding of intellectual capital within the context of the modern knowledge economy. The focus of this journal is on the identification of innovative intellectual capital strategies and the application of theoretical concepts to real-world situations.