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The Influence Of Intellectual Capital On Romanian Companies‘ Financial Performance


  • Claudiu-Marian Gruian

    (West University of Timisoara)


This article aims to theoretically and empirically argue the influence of intellectualcapital on financial performance at microeconomic level. Based on data collected from thefinancial statements of companies listed at Bucharest Stock Exchange, present study analyses thecorrelation between intellectual capital and its components, calculated by using the VAIC method,and financial performance, calculated by using Return on Equity. Several regression models arebeing used. The results support the proposed hypothesis, proving that there is a significant positivecorrelation between intellectual capital and financial performance. By extrapolating it can be saidthat the role of intellectual capital is important in achieving competitive advantages by companiesfrom emerging economies where performance is usually strongly determined by the physical capitalemployed

Suggested Citation

  • Claudiu-Marian Gruian, 2011. "The Influence Of Intellectual Capital On Romanian Companies‘ Financial Performance," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(13), pages 1-9.
  • Handle: RePEc:alu:journl:v:2:y:2011:i:13:p:9

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    References listed on IDEAS

    1. Bontis, Nick & Dragonetti, Nicola C. & Jacobsen, Kristine & Roos, Göran, 1999. "The knowledge toolbox:: A review of the tools available to measure and manage intangible resources," European Management Journal, Elsevier, vol. 17(4), pages 391-402, August.
    2. Christina Suciu, 2006. "Intellectual capital as a source of the competitive advantage," Management & Marketing, Economic Publishing House, vol. 1(4), Winter.
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    Cited by:

    1. Cristina PRECOB & Marilena MIRONIUC, 2016. "The Influence of Reporting Intangible Capital on the Performance of Romanian Companies," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(133), pages 103-103, January.

    More about this item


    intellectual capital; financial performance; value added intellectual coefficient; Bucharest StockExchange;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance


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