Does Intellectual Capital Affect Business Performance？.pdfVIP

JournalofModern AccountingandAuditing，October2015，Vo1．11，No．10，515·531 doi：10．17265／1548．6583／2015．10．003 … … N 瘩 DoesIntellectualCapitalAffectBusinessPerformance? M icheleDiM arcantonio，EnricoLaghi，MarcoMattei UniversityofRome L‘‘aSapienza’，Rome，Italy Theaim ofthispaperistoassesstheimpactofintellectualcapital(IC)onfirms’financialperformancewith referencetoasampleofcompaniesoperatingintheEuropeanUnion(EU)areaduringtheperiodfrom 2006to 2013．The analysesrae furtherdifferentiated by country ofdomicile，industry sector，and historicalperiod (pre．crisisnadcrisis)．WeinvestigatewhetherthevalueofthecomponentsofICisarelevnatfactorthatinfluences firms’performnace．proposingandtestingamodifiedversionofthevalueaddedintellectualcapital(VAIC…) modelwhichalsoconsiderscountry—specificdifferencesintemr sofdefaultrisk．Theempiricalresultsevidencethe relevnaceoftheinformationOBIC disclosedbycompanies．Differencesarisedependingonthereferencecountry， industry．andhistoricalperiodexamined．Themainlimitationsoftheresearcharetheunbalancedstructureofthe samplema ongcountriesandindustriesnadthespecificiytoftheexaminedsmaple(1istedfirmsapplyingIAS／IFRS system)．Themainimplicationofhtestudyisthat，sincewedemonstratethevaluerelevnaceofIC，ourfindings couldbeofinterestforstandardsettersofrdefiningasatndard(qualiattiveandqunatitative)levelofinfomrationon humanresourcestobedisclosedbycompaniesintheirfinancialstatements．Ourcontributiontotheliteratureisthe proposalofsomerelevantmodificationsto theoriginalVAIC ” modelandproviding new evidenceonthe influencethatIChadinrecentyerasonbusinessperformnaceinhteEU． Keywords：accounting stnadards，businessperfomr ance，country-specific factors，finna cialaccounting，hum