摘要：The purpose of this paper is to examine the performance of intellectual capital (IC) of insurance sector of Pakistan for year 2009. The aim of this paper is also to explore various determinants of IC and its impact on financial performance of insurance sector of Pakistan. The performance of IC is measured by Valued Added Intellectual Coefficient (VAIC™) model which is employed by Ante Policy in its different studies. VAIC™ is a well-known methodology which is used by many researchers in lot of countries. To measure the IC performance of insurance sector and its effect of various constituents on financial performance across sectional data was obtained from 21 (KSE) listed life and non insurance companies. The audited financial data was obtained from Insurance Association of Pakistan (IAP) year book 2009-2010. The VAIC™ methodology was tested both life and non-life insurance companies to measure the IC performance. The empirical results revealed that human capital efficiency (HCE) plays a significant role in IC performance of both life and non life insurance sector of Pakistan. The firm having more efficient people means having better performance of IC. Where as a significant and positive relationship was measured between value added (VA) creation at (P<0.05) with financial performance [return on equity (ROE) and earnings per share (EPS)], VAIC™ at (P<0.05) with ROE, HCE at (P<0.1) with ROE, SEC at (P<0.05) with return on investment (ROI) of insurance sector of Pakistan.
关键词：Intellectual capital (IC); value added (VA); value added intellectual coefficient (VAIC™); human capital efficiency (HEC); structural capital efficiency (SCE); capital employed efficiency (CEE); return on equity (ROE); return on investment (ROI); earnings per share (EPS); insurance; Pakistan
