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The paper is the first attempt to integrate microdata on universities and firms across most European countries in order to disentangle the impact of knowledge spillovers from human capital (graduates) and intellectual capital (codified research output) on the performance of firms. Data cover all Higher Education Institutions (HEIs) registered in the official European Tertiary Education Register (ETER). Data on performance of firms are from ORBIS and refer to change in the 2011–2015 period in turnover, total assets, intangible assets, and employment. Firms are georeferred and the spillovers from all HEIs located at a given distance are summed and integrated. The findings suggest that, among knowledge spillovers, the creation of human capital via education of students has a larger impact than the circulation of research knowledge. Moreover, the two factors seem to be complements rather than substitutes. Spatial proximity is important for embodied knowledge spillovers (i.e. educated people), while for codified and disembodied spillovers (citations to publications) the spatial dimension is less relevant. The findings have important managerial and policy-making consequences. [ABSTRACT FROM AUTHOR]

The main objective of this paper is to discuss and examine the relationship between intellectual capital and financial services and to show if the financial sector is positively influenced by intellectual capital. We used the descriptive analytical approach assuming that there is a positive effect of the independent variable which is intellectual capital on the dependent variable which is financial services. The result of SPSS program (version 21) indicated that there is a weak direct correlation and a significant effect at a weak rate estimated at 9, 6% between intellectual capital and the improvement of financial service in Algerian banks. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to determine whether there is a relationship between intellectual capital and social capital and internal control weaknesses and assess the relationship between the variables of intellectual capital and social capital and internal control weaknesses. Design/methodology/approach: The statistical population consists of 1,309 firm-year observations from 2014 to 2020. The research hypothesis is tested using statistical methods, including multivariate, least-squares and fixed-effects regression. Findings: The results demonstrate a negative and significant relationship between intellectual capital, social capital and internal control weaknesses. The study also finds that increased intellectual and social capital quality improves human resource utilization, control mechanism, creativity and firm performance. The results also show that intellectual capital and social capital enhancement will reduce internal control weaknesses in the upcoming years. Originality/value: This paper is the pioneer study on the relationship between intellectual capital and social capital and internal control weaknesses in Iran, carried out separately and in exploratory factor analysis. This paper considers intellectual capital components for theoretical factor analysis, including human capital, structural capital and customer capital. Internal control weakness is assessed based on financial, non-financial and information technology (IT) weaknesses. [ABSTRACT FROM AUTHOR]

This research sought to uncover the role played by intellectual capital (IC) in the interplay between strategic alliances of small‐ and medium‐sized enterprises (SMEs) and servitisation strategies. An in‐depth investigation of a single case represented by an SME consortium in the elevator industry served as the empirical context. Multiple sets of data were examined by integrating the analysis of documents with the analysis of data gathered through semi‐structured interviews. We found that a strategic alliance among SMEs constitutes a form of relational capital and creates/improves other components of IC that support the formulation of the servitisation strategy and enable its implementation. The development of IC triggered by the formation of a strategic alliance appears to function as a driver of the servitisation strategy and to influence the innovation process. The value of this research lies in the analysis of IC in a new context—the servitisation of SMEs through strategic alliances—that focusses on interrelations among multiple forms of capital. [ABSTRACT FROM AUTHOR]

This study aimed to examine the key factors that influence entrepreneurial innovation and organizational performance, specifically focusing on the impact of environmental policy instruments, intellectual capital, and organizational learning. In the context of the resource-based view and institutional theory, the authors developed a comprehensive research model to establish hypotheses about the relationships between these factors. Utilizing a survey-based technique with random sampling, this study analyzes the complex relationships between variables by employing structural equation modeling. Data were obtained from 323 members of management teams from Vietnamese firms. The results emphasize the significant advantage of accruing intellectual capital and fostering organizational learning in response to the impact of environmental policy instruments on entrepreneurial innovation. Furthermore, integrating intellectual capital, entrepreneurial innovation, and organizational learning is shown to improve organizational performance. Entrepreneurial innovation plays a role in connecting organizational performance with intellectual capital and organizational learning. The study’s findings provide valuable insights for scholars and professionals, enhancing comprehension of complex interactions among various elements. Entrepreneurs can utilize these observations to develop inventive tactics that harness both internal and external resources to effectively promote innovation and improve business performance.

This study aims to examine and analyze the effect of green accounting, environmental performance, and intellectual capital on sustainable growth. The population used in this study consists of manufacturing companies listed on the IDX during 2020-2022 and received an environmental performance assessment from the Ministry of Environment and Forestry. The sampling technique in this study used purposive sampling with a total sample of 117 data from 39 manufacturing companies with different sub-sectors. Data analysis was done using the multiple panel data regression method through the Eviews 12 program. Environmental pollution cases occur as a result of the company's operational activities. Xingye Logam Indonesia (XLI) resulted in economic losses due to the decline of PT. XLI. Therefore, investors need instruments to know the company's performance, such as sustainable growth rate. A sustainable growth rate aims as a filter tool to sort out industries that can survive in a competitive market. This research shows that green accounting has a significant positive effect on sustainable growth. However, this study found that environmental performance and intellectual capital do not affect sustainable growth. This study's novelty is adding intellectual capital variables and expanding the observation period.

Abstract This study aims to examine the influence of intellectual capital on financial performance and market value. The research design employed is explanatory research. Purposive sampling technique was utilized to select the sample. The population of this study comprises energy sector companies listed on the Indonesia Stock Exchange, from which 9 (nine) companies registered between 2018-2022 were obtained as samples. Data analysis technique employed is SEM PLS. Based on the conducted research, Intellectual Capital Efficiency (ICE) significantly affects both financial performance and market value, while Capital Employed Efficiency does not significantly influence either financial performance or market value. Financial performance significantly affects market value. Moreover, Intellectual Capital Efficiency (ICE) significantly impacts market value through financial performance, whereas Capital Employed Efficiency does not significantly affect market value through financial performance. Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh modal intelektual terhadap kinerja keuangan dan nilai pasar. Jenis penelitian ini adalah explanatory research. Teknik pengambilan sampel yang dilakukan adalah purposive sampling. Populasi penelitian ini adalah perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia dan diperoleh 9 (sembilan) perusahaan yang terdaftar pada tahun 2018-2022 sebagai sampel. Teknik analisis data menggunakan SEM PLS. Berdasarkan penelitian yang telah dilakukan, Intellectual Capital Efficiency (ICE) berpengaruh signifikan terhadap kinerja keuangan dan nilai pasar, Capital Employed Efficiency tidak berpengaruh signifikan terhadap kinerja keuangan dan nilai pasar, kinerja keuangan berpengaruh signifikan terhadap nilai pasar, Intellectual Capital Efficiency (ICE) berpengaruh signifikan terhadap nilai pasar melalui kinerja keuangan, dan Capital Employed Efficiency tidak berpengaruh signifikan terhadap nilai pasar melalui kinerja keuangan.

Company value is the number of sales obtained through an assessment of the company's ability, which reflects public trust in the company. Company value can be influenced by CSR disclosure, intellectual capital, and capital structure. This study examines the effect of CSR disclosure, intellectual capital, and capital structure on company value in energy sector companies listed on the IDX for 2017 to 2022. The research sample was determined using a purposive sampling technique so that 9 sample companies were obtained. The data used are annual and sustainability reports during the study period. This study uses panel data regression analysis with Eviews 12 software. This study's results indicate that CSR disclosure, intellectual capital, and capital structure simultaneously influence company value. Partially, CSR disclosure and intellectual capital do not affect company value, while capital structure has a negative effect on company value.

Green economy issues can occur both in the external and internal environment of business entities in terms of intellectual capital activities, social responsibility, and competitive advantage. This study aims to examine the relationship between intellectual capital, corporate social responsibility, firm performance, and competitive advantage through the mediating role of firm performance from a green perspective. Data were collected from annual reports accessed through the official Stock Exchange websites in each respective research country. The number of samples used is 60 sample data from pharmaceutical companies in Indonesia, Malaysia, and Singapore. Data analysis is carried out using multiple linear regression, path analysis, and Sobel test. This study shows that green intellectual capital, corporate social responsibility, and firm performance have a significant effect on green competitive advantage. Green intellectual capital and green corporate social responsibility have a significant effect on firm performance. Regarding mediating relationships, the results showed green intellectual capital and corporate social responsibility can increase green competitive advantage through firm performance. This shows that a company manager should pay attention to improving intellectual capital capability and corporate social responsibility because they have been proven to improve firm performance and competitive advantage in the context of green economy issues.

The food and beverage industry is a vital contributor to Indonesia's economy, yet faces challenges in optimizing performance. This study investigates the impact of operating capacity, agency costs, and intellectual capital on firm performance within this sector. Analyzing financial data from 12 out of 26 listed companies spanning 2018 to 2022, with convenience sampling, panel data regression in EViews 12 reveals significant findings. Higher operating capacity positively influences revenue generation, marketing efficacy, and customer satisfaction. Agency costs serve as incentives for managerial alignment with shareholders' interests, enhancing governance and transparency practices. Intellectual capital fosters innovation, operational efficiency, and brand reputation, driving firm performance. The study underscores the strategic importance of these factors in managing firms within the food and beverage industry. For practitioners, insights gleaned from this research offer guidance in formulating effective strategies to enhance operational capacity, manage agency costs, and bolster intellectual capital. Moreover, investors gain valuable insights into assessing investment opportunities in this sector. Policymakers can utilize these findings to formulate policies conducive to fostering growth and sustainability within the food and beverage industry. By addressing these key determinants, firms can bolster their competitive edge and achieve sustained success in the dynamic landscape of the food and beverage sector in Indonesia.

Amaç: Günümüzde entelektüel sermaye işletmeler için stratejik bir kaynak haline gelmiştir. Entelektüel sermayesini yatırımlarla büyüten ve etkin yöneten işletmeler rekabet avantajı sağlayabilmekte ve piyasa değerlerini artırabilmektedirler. Bu nedenle, işletmelerde entelektüel sermayenin etkin yönetimi ve performansı giderek önemini artıran bir konu olarak karşımıza çıkmaktadır. Bu bağlamda çalışmada işletmelerde entelektüel sermaye performansının çok kriterli karar verme yöntemleri ile ölçülmesi ve değerlendirilmesi amaçlanmaktadır. Yöntem: Çalışma Borsa İstanbul’da kote Metal Eşya Makine Elektrikli Cihazlar ve Ulaşım Araçları sektöründe faaliyet gösteren işletmeler üzerine gerçekleştirilmiştir. Entelektüel sermaye performans kriterleri; çalışan sayısı (maliyet), Ar-Ge giderleri (maliyet), pazarlama giderleri (maliyet), kullanılan sermaye (maliyet), PD-DD farkı (fayda) ve net satışlar (fayda) şeklinde belirlenmiştir. Çalışmada kullanılan veriler, işletmelerin 2016-2020 yıllarına ait finansal tablo ve dipnotları ile yıllık faaliyet raporlarından elde edilmiştir. Verilerin analizinde, önce CRITIC yöntemi aracılığıyla kriter ağırlıkları belirlenmiş, sonra Gri İlişkisel Analiz yöntemi kullanılarak işletmelerin performans sıralamaları elde edilmiştir. Bulgular: Analiz sonuçlara göre 2016 yılı hariç, tüm yıllarda entelektüel sermaye performans sıralamasında ilk sırada FROTO işletmesinin yer aldığı görülmüştür. Genel olarak, sonuçlar çalışmanın kapsadığı dönem boyunca işletmelerin entelektüel sermaye performans sıralamalarının fazla değişkenlik göstermediğini ortaya koymuştur. Özgünlük: Bu çalışma işletmelerin entelektüel sermaye performansının çok kriterli karar verme yöntemlerinden CRITIC tabanlı Gri İlişkisel Analiz yöntemleriyle ölçülmesi bakımından özgün değer taşımaktadır. Anahtar Kelimeler: Entelektüel Sermaye, Performans, CRITIC, Gri İlişkisel Analiz JEL Kodları: E22, M40, L25, O34

At the present stage of development of global economic processes, intellectual assets play a special role as the main tool for monetizing the assets of enterprises in business and developing the economy in the country. In the context of the so-called new economy, cybernetic period, information age, every business owns intellectual assets, regardless of whether they have become separate into the economic and legal planes or not. Until recently, firms were rather sluggish in valuing these assets, often defining them as hidden business assets. Now, intellectual assets for business are quickly becoming the defining tools that allow you to distinguish your services and products from similar services and products of competitors. The challenge facing firms today is to develop an individual internal review plan for each service or product offered by the company, and integrating a new or an improved strategy for identifying intellectual assets into the overall business plan. In view of the above, in modern scientific thought, the need for a generalized definition of the concept of «intellectual asset», its classification and measurement methods, as well as the development of a taxonomy of this definition, is especially relevant. It is in this direction that conceptual, methodological, and practical difficulties arise. Thus, the aim of the article is to analyze the existing approaches to the concept of «intellectual asset» and generalize the essence of such approaches. In accordance with the set goal, a study of the theoretical foundations of the scientific category of «intellectual asset» has been carried out and based upon the findings, a generalized classification of intellectual assets has been presented. Based on the analysis of the results of both domestic and foreign studies, the importance of intellectual assets in creating competitive advantages for enterprises and their successful development is substantiated. In the process of conducting a scientific study, conceptual approaches to determining the essence of the concept of «intellectual asset» are analyzed, its classification is defined. It is found that each author gives his own understanding of the essence of this economic category. However, a review of sources does not provide an exhaustive understanding of the place of the term «intellectual asset» within the system of widely used terms: «intangible assets», «intellectual property», «nonmaterial assets». It is determined that all intellectual assets have a nonmaterial form, which is unique in nature and allows to provide economic benefits. A generalized classification of intellectual assets has been provided. It is determined that intellectual assets are an important element of the modern economy and play an important role in the competitiveness of enterprises and contribute to their successful development. Intellectual assets make it possible to increase the level of capitalization, and in the absence of sufficient financial resources and collateral, to provide the investor with additional guarantees of return on capital. That is, intellectual assets are a kind of reserves for future income. The main conclusions that can be drawn on the basis of this analysis are as follows: intellectual assets are nonmaterial assets that have value and can be identified; they are the basis of competitive advantages of enterprises and contribute to their successful development; intellectual assets can be classified according to various criteria, including the scope of use, the degree of clarity of definition and the degree of protection; for effective management of intellectual assets, it is necessary to develop a generalized definition of the concept of «intellectual asset», its classification and measurement methods, as well as to develop a taxonomy of this definition, since it is in this direction that conceptual, methodological, and practical difficulties arise. To improve the efficiency of intellectual assets management, enterprises need to: realize the importance of intellectual assets for their business; develop an intellectual asset management system that will include such elements; identification and valuation of intellectual assets; formation of a strategy for managing intellectual assets; development and implementation of measures to improve the efficiency of the use of intellectual assets; creation of a culture of intellectual asset management that will support its effective implementation.

The article highlights the issue of forming and managing customer loyalty in the service sector by using digital tools. The importance of customer loyalty as one of the most powerful components of an enterprise’s intellectual capital is emphasized. The types of loyalty are characterized according to the criteria of attitude to the brand (positive/negative) and the frequency of repeated transactions (absolute, hidden, false, zero). Loyalty indicators and how to calculate them are covered: customer retention rate, customer long-term value, Net Promoter Score, customer satisfaction surveys, customer effort evaluation, cause and effect questions, repeated purchases and referrals, engagement. It was noted that among the various types of loyalty (bonus program, fixed discount, temporary discount, multi-level discount program, product as a gift, partner loyalty program, paid loyalty program) the non-commercial program deserves the most attention, because in the long term it forms and testifies to absolute customer loyalty. The main types of loyalty management in the context of digitalization include transactional, social-network, related to the influence on engagement, emotions, consumer behavior, and intentions to recommend a service. It is emphasized that automated systems, such as software for managing business processes and online services for booking procedures, are becoming an integral part of modern beauty salons and offer a wide range of possibilities: online booking for services through a website or mobile application, reminders about visits by messages or e-mail; a calendar of appointments for services with the possibility of synchronization with personal calendars of beauty masters; automatic control of consumables balances, formation of supply orders, cash book management, income and expense accounting, profitability analysis; newsletters about promotions and special offers, maintenance of pages in social networks; storage of information about customers, their preferences, history of visits through the CRM system. The positive consequences of using automation in beauty salons include increasing efficiency and productivity, improving customer service, increasing profitability, expanding marketing and advertising opportunities, improving ratings and reviews, but among the negative ones, we single out dependence on technology, loss of personal contact, and threats to data privacy. A developed set of advertising events with seasonal specialization using online tools (conducting master classes and virtual consultations, seasonal loyalty programs, charity initiatives, promotions for special dates) is presented.

In the global economy, intellectual capital management is a strategically important resource that affects the market value of organizations. Efficient management of intellectual capital requires the use of new management methods and techniques. One of them is knowledge management, which, in particular, focuses on removing barriers to knowledge sharing. The survey was conducted among employees of the Glogow, Jawor and Trzebnica counties, and the results constitute a pilot study. The conclusions from the collected research results are surprising and imply the need to conduct research on a larger scale in the area of human capital. The collected results provide information to management staff in the field of talent management and knowledge. The results may constitute the basis for developing succession plans, succession plans and employee training. Additionally, the results can help recruiters create profiles of candidates with specific competencies. The main aim of the study was to analyse and evaluate the personnel management process in the Glogow, Jawor and Trzebnica poviats. The use of various research methods made it possible to achieve the intended research goals. The basic research tool used was a survey. Analyses of the literature, research reports, and statistical summaries were treated as a complement to the main research methods. Research and statistical data indicate that among smaller companies in Lower Silesia, there is a need for development programs related to acquiring, collecting, and sharing knowledge. The study identified a number of factors that constitute a significant barrier to the development of employees of the surveyed companies. They allowed us to verify the relationship between the factors that constitute the greatest barrier to the learning process and the impact of the company's size on it. The relationship between the barriers to intellectual development that constitute the greatest threat to the company and the factors that make it difficult for the company to recruit employees with the highest intellectual capital were also verified.

Research Question: How does intellectual capital, measured by the Value Added Intellectual Coefficient (VAIC) and its components, influence the financial performance of banks in North Macedonia? Motivation: In the evolving landscape of the banking sector, understanding the impact of intellectual capital on financial performance is crucial. This study builds upon existing research (Appuhami, 2007; Ozkan et al., 2017; Joshi et al., 2013) to explore this relationship in the specific context of North Macedonia. It addresses the research gap by using the VAIC model to quantify intellectual capital and examines its effect on Return on Assets (ROA) and Return on Equity (ROE). Idea: The research employs linear regression models to analyze the effect of intellectual capital, as measured by VAIC and its components, on the financial performance indicators ROA and ROE in Macedonian banks. Data: The study analyzes a decade of data (2012-2021) from ten Macedonian banks, using the VAIC model to measure intellectual capital. Tools: The study utilizes linear regression analyses with the Statistical Package for the Social Sciences (SPSS) to examine the relationship between intellectual capital and financial performance. Findings: The study finds a significant and positive impact of VAIC and its components on both ROA and ROE. These results underscore the importance of intellectual capital in enhancing financial performance in the banking sector. Notably, the study reveals a high average VAIC value among Macedonian banks, indicating their substantial intellectual capability. Contribution: This research adds to the literature by elucidating the relationship between intellectual capital, measured through VAIC, and financial performance in the banking sector of North Macedonia.

The article aims to investigate, using the VAIC and MVAIC models, the impact of intellectual capital on the financial performance of Omani companies listed on the Muscat Stock Exchange from 2017 to 2021. Regression analysis revealed a significant positive influence of VAIC and MVAIC only on the Asset Turnover Ratio at a 10% significance level. This suggests that an increase in VAIC or MVAIC by one unit could lead to a respective increase in earnings for Omani listed industrial companies by 0.0017 and 0.0016. However, the overall impact of VAIC and MVAIC on financial performance appears limited, necessitating measures for enhanced efficacy. Moreover, company size and leverage were found to significantly influence EBITDA and Return on Assets, suggesting the positive effect of increased activity and resource utilization. Conversely, Return on Customer Equity negatively affected only Asset Turnover Ratio, implying that investments in marketing and advertising may not significantly enhance financial performance. Human Capital Efficiency showed no significant impact on financial performance measures, highlighting the necessity for Omani industrial enterprises to focus on enhancing employee skills and experience for improved value-creation processes. These findings underscore the intricate relationship between intellectual, physical, and financial capital in shaping financial performance, necessitating targeted strategies for enhancement. Further analysis of suggested models indicated the significance of company size on EBITDA, highlighting the importance of scaling activities for performance improvement. VAIC and MVAIC structural elements showed mixed results, while Capital Employed Efficiency negatively affected Return on Equity, Structural Capital Efficiency positively impacted EBITDA and Asset Turnover Ratio.