earticle

영어

VAIC(Value Added Intellectual Coefficient) is the model devised by Pulic (2000a, b) to measure firm’s intellectual capital. This indicator does not directly measure the intellectual capital of the firm, but it measures the added value created by the intellectual capital, and consists of CEE(Capital Employed Efficiency), HCE(Human Capital Efficiency), and SCE(Structural Capital Efficiency). We examine the impact of intellectual capital on corporate value and financial performance through panel data for 177 manufacturing firms among KOSPI 200 from 2011 to 2018. Panel data show that CEE, HCE, and SCE which are comprising VAIC are 5%, 83%, and 12%, respectively. Findings are as follows: First, VAIC has a positive impact on corporate value and financial performance statistically. Second, CEE and HCE have the positive impact like VAIC, however, SCE is not significant statistically. Third, RD intensity and AD intensity which is proxied by the intangible resource of the firm have different effects on corporate value and financial performance. Both variables have a positive impact on corporate value, but RD intensity has a negative relationship with financial performance, whereas AD intensity has no statistical significance. The academic contribution of our study provides practical evidence of the effect of intellectual capital on corporate value and financial performance using VAIC in the Korean context and the practical implication is that the managers who wish to create value and to achieve sustainable competitive advantage should invest human resources continuously.