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The Influence Of Intellectual Capital On Romanian Companies' Financial Performance

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  • Claudiu-Marian Gruian

Abstract

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

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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    File URL: http://oeconomica.uab.ro/upload/lucrari/1320112/09.pdf
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    References listed on IDEAS

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    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.
    3. Jaepil Choi & Heli Wang, 2009. "Stakeholder relations and the persistence of corporate financial performance," Strategic Management Journal, Wiley Blackwell, vol. 30(8), pages 895-907, August.
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    Cited by:

    1. Dr. Abdel-Aziz Ahmad Sharabati, 2013. "The Relationship Between Structural Capital And Pharmaceutical Organizations Performance," Far East Journal of Psychology and Business, Far East Research Centre, vol. 11(3), pages 33-49, April.
    2. Tecla Kirwa & Vincent Ngeno, 2020. "Organizational Capital and Financial Performance; What is the Mediation Effect of Firm Innovation: Evidence from Insurance Firms in Kenya," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 8(2), pages 72-78.
    3. Ivan Yudianto & Sri Mulyani & Mohamad Fahmi & Srihadi Winarningsih, 2021. "The Influence of Good University Governance and Intellectual Capital on University Performance in Indonesia," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 10, January.
    4. 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.
    5. Tecla Kirwa & Vincent Ngeno, 2020. "Organizational Capital and Financial Performance; What is the Mediation Effect of Firm Innovation: Evidence from Insurance Firms in Kenya," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 8(2), pages 90-96.
    6. Osama Abdulmunium Ali, 2018. "The Effect of Disclosure of Intellectual Capital Components on the Market Price of Shares in Jordanian Industrial Companies: An Empirical Study," International Journal of Economics and Financial Issues, Econjournals, vol. 8(5), pages 156-167.

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    Keywords

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    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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