IDEAS home Printed from https://ideas.repec.org/a/sae/toueco/v31y2025i6p1252-1278.html
   My bibliography  Save this article

An empirical study of relationships between intellectual capital and financial performance of the tourism-related industries in the tourism-dependent country

Author

Listed:
  • Boontarika Paphawasit
  • Vorathamon Cherapanukorn
  • Photchanaphisut Pattanasak
  • Ratapol Wudhikarn

Abstract

This study examines the relationship between intellectual capital (IC) and the financial performance of tourism-related firms in Thailand, using panel data from 32 listed companies (192 firm-year observations) from 2016 to 2021. Panel regression methods, including pooled ordinary least squares (OLS), fixed effects, random effects and the dynamic panel estimator (system generalized method of moments, or system GMM) are applied to test the robustness of results. The findings reveal that overall IC has a significant positive impact on firm profitability, especially return on assets (ROA) and return on equity (ROE). Among IC components, human capital efficiency (HCE) and capital employed efficiency (CEE) are key drivers of firm performance, while structural capital efficiency (SCE) shows limited influence in the dynamic model. These results offer practical insights for managers aiming to strengthen performance through effective IC utilization, and highlight the need for targeted policy support in tourism-intensive economies.

Suggested Citation

  • Boontarika Paphawasit & Vorathamon Cherapanukorn & Photchanaphisut Pattanasak & Ratapol Wudhikarn, 2025. "An empirical study of relationships between intellectual capital and financial performance of the tourism-related industries in the tourism-dependent country," Tourism Economics, , vol. 31(6), pages 1252-1278, September.
    • Handle: RePEc:sae:toueco:v:31:y:2025:i:6:p:1252-1278
    DOI: 10.1177/13548166251339953
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/13548166251339953
    Download Restriction: no
    File URL: https://libkey.io/10.1177/13548166251339953?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:toueco:v:31:y:2025:i:6:p:1252-1278. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.