Does Intellectual Capital Explicate The Relationship Between Strategic Human Resources Management And Innovation Performance? A Conceptual Framework (Published)
With increase challenges that face of the organizations, enhancing innovation has become the major strategic objective to survive and grow, accomplishing this objective is by successful in managing firm’s intellectual capital, where it is the first driving force for innovation. Hence the organizations pursue to employs strategic HRM approach to the development of the knowledge resources and successful orientation to employees toward reaching the required objective. This approach aims to achieve vertical and horizontal alignment between HRM and organization strategy and designs HRM practices to consistent with the goals of organizations. For that, the current paper adopted a critical analytical approach to developing a conceptual framework about the role of strategic HRM in developing intellectual capital and enhancing innovation based on assumptions of resources-based view (RBV) of the firm.
Keywords: Innovation, Intellectual Capital, and resource-based view, strategic HR orientation, strategic alignment of HRM
Effect of Intellectual Capital on Corporate Valuation of Quoted Pharmaceutical Firms in Nigeria (Published)
This study examined the effect Intellectual Capital(IC) can affect corporate valuation of firms quoted in Nigeria. The study adopted the Panel Research Design as used Time Series and Cross-Sectional Data. Data covered a ten- year period (2004-2013). Simple Random Sampling was employed in selecting firms for this study. Data were sourced from the firms’ annual financial statements using content analysis approach. Market valuation data were sourced from the Nigerian Stock Exchange. Intellectual Capital(Independent Variable) was measured using Human Capital Efficiency (HCE), Structural Capital Eficiency(SCE) and Capital Employed Efficiency (CEE). Market to Book Value Ratio(M/BV) and Earnings per Share(EPS). The study adopted the Value Added Intellectual Coefficient (VAIC) Model as developed by Pulic(1998) to examine the effect of Intellectual Capital on firms’ values. Multiple Regression Correlation Analysis was used on the data at 5% level of significance. E-View Statistical Tool version 8.0 was used in the analysis. The results reveal that Human Capital Efficiency has a positive and significant effect on Market/Book Value. SCE has a negative and insignificant effect on M/BV; CEE has negative and significant effect on M/BV; positive and insignificant effect on EPS. In view of our findings, the study recommends that companies should invest substantial part of their earnings on human capital via knowledge development as such investments are capable of stimulating the value creation potentials of their staff and can get investors place higher premium on them.
Keywords: Corporate Valuation, Intellectual Capital, Nigeria, Pharmaceutical Firms
The Relationship between the Financial Performance and Intellectual Capital in the Food and Beverage Enterprises (Published)
Increase in the gap between companies’ market value and their book value has resulted in numerous investigations into identifying the factors eliminated from the financial statements of companies. Intellectual capital value affects the value of companies but is not reflected in financial statements. This research investigated the relationship between financial performance of the companies in food and beverage industry listed in Tehran Stock Exchange and the components of intellectual capital. Accounting profit (loss) was used as a performance indicator. Pulic’s value added intellectual coefficient was used to measure the performance of intellectual capital. Kolmogrov-Smirnov and Mann-Whitney U tests were used to analyze the information about 127 firms-years of 23 active companies in the industry. The results indicated that the communication and human capital efficiency coefficients were higher in profitable companies compared to unprofitable companies. However, structural capital efficiency coefficient was higher in unprofitable companies.
Keywords: Financial Performance, Intellectual Capital, Value Added Coefficient