摘要：Intellectual Capital (IC), the knowledge based equity of corporations, receives a significant growing acceptance as a worthy topic of serious academic investigation and practical implication.The purpose of the present study is to examine the impact of intellectual capital on firms’ market value and financial performance.The efficiency of the value added by corporate intellectual ability (Value Added Intellectual Coefficient) is incorporated to measure the intellectual capital construct.The empirical data were drawn from a panel consisting of 96 Greek companies listed in the Athens Stock Exchange (ASE), from four different economic sectors, observed over the three year period of 2006 to 2008.Various regression models were examined in order to test the hypotheses included in the proposed Conceptual Framework.Results failed to support most of the hypotheses, only concluding that there is a statistically significant relationship between human capital efficiency and financial performance.Despite the fact that intellectual capital is increasingly recognized as an important strategic asset for sustainable corporate competitive advantages, the results of the present study give raise to various arguments, criticism and further research on the subject.
关键词：intellectual capital; market value; book value; financial performance
