摘要：The recent economic crisis has caused a significant discontinuity in the world of business. Companies and researchers are constantly trying to understand the key drivers that caused significant impact on companies' performance and how to challenge them in the future. One still insufficiently covered research issue is the role that intellectual capital and its different components have played in the performance of small and medium-sized enterprises, and how this role has changed after the crisis. Intellectual capital has become a key value creation driver in the new economy. Its positive influence on firm performance has been proved by numerous empirical studies worldwide. Several of them also investigated how the economic crisis affected this paradigm. However, the body of knowledge supported by sound empirical findings in this field is still rather scarce. Therefore, the purpose of our study is to examine the relationship between intellectual capital (IC) and its different components, and firm performance before the recent economic crisis and in the period of recovery, among SMEs in different industries in Slovakia. To measure the level of IC and its respective components we applied the Value added intellectual coefficient (VAIC.) indicator developed by Pulic. This measure, however being criticized by some authors, is the most frequent metric used to evaluate IC and its components using financial data. We selected ROA as our performance measure. Our analysis also accounted for firm size and financial leverage while investigating the effect of IC on SME performance. We based our analysis on panel data comprising of 2008 and 2011 financial statements of 1947 Slovak SMEs operating in 10 industries (sections according to SK NACE rev. 2 classifications). These data were obtained from business information portal Universal Register Plus operated by CRIF - Slovak Credit Bureau. To compare the influence of IC on firm performance we constructed pre-crisis (2008) and post-crisis (2011) regression models and analyzed the observed differences from two different perspectives. Our findings suggest a rather consistent pattern across almost all investigated industry sections showing that the role of intellectual capital performance in predicting firm's financial performance has increased in the past-crisis.period compared to the pre-crisis situation. For the industries where the relationship between IC and firm performance had been strengthened from both employed perspectives we have studied the differences in the effect of particular IC components. Our results suggest that while different IC components generally play a significant and from the time-perspective a consistent role in predicting firm financial performance, there are considerable differences across the industries. However, these different modes of interplay between IC components seem to lead to a similar pattern when the firm′s financial performance is combined with its overall intellectual performa nce.
