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Soriya, Sushila
- Impact of Intellectual Capital on Performance of Indian Corporate Sector
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Authors
Affiliations
1 Haryana School of Business, Guru Jambheshwar University of Science & Technology, Hisar.
1 Haryana School of Business, Guru Jambheshwar University of Science & Technology, Hisar.
Source
Journal of Commerce and Accounting Research, Vol 1, No 2 (2012), Pagination: 46-55Abstract
The study attempts to examine the relationship between corporate intellectual capital and it components with return on equity and market valuation of the Indian companies. Intellectual capital is calculated through Value Added Intellectual Co-efficient (VAICTM) developed by Public. Companies from two major indices of NSE namely S&P CNX Nifty and CNX Nifty Junior are taken as sample for the study with a time period of ten years i.e. 2000-01 to 2009-10. The study concludes that intellectual capital is negatively associated with the market valuation but not with return on equity.Among the components of intellectual capital, only human capital is found to be associated with the market to book value of the companies. Physical capital efficiency observed as the dominating element for return on equity. Results of the study may be useful to Indian corporate sector to realize and measure the importance of corporate intellectual capital. There is a need to put more efforts from managers to actually report the information on intellectual capital so that investors can actually use it in taking decision regarding actual worth of the company.
Keywords
Corporate Intellectual Capital, S&p Cnx Nifty, Cnx Nifty Junior, Market Valuation, Return on Equity.
References
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Authors
Affiliations
1 Department of Commerce, Central University of Rajasthan, Rajasthan, IN
1 Department of Commerce, Central University of Rajasthan, Rajasthan, IN