The Impact of Intellectual Capital on firm value

• Main Authors: Hsiu-Feng Huang, 黃秀鳳
• Other Authors: none
• Format: Others
• Language: en_US
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/74112150890292524721

博士 === 國立臺灣科技大學 === 財務金融研究所 === 101 === As the tendency of financial internationalization and liberalization, to improve the company’s value has become an important subject, as such, this thesis aims to evaluate the core value of organizations by conducting empirical test from three different industries. In order to see the whole picture of firm value, this thesis was starting from focusing on core competence that effective on performance and end to look into firm’s core value to explore a macro view of intellectual capital. To complete the whole concept of firm value, this thesis encounters a deeply study in exploring the relationship between core competences and organization performance by conducting a case study on a shopping center. This case study is based on personal interviews and secondary data to test the relationship of core competences, in both management and non-management levels. Factor analysis and hierarchical regression model were used to explore the relationship between performance and competence among employees of the shopping center. This thesis next took both financial and non-financial factors to identify the core value by examining financial service industry. Finally, this thesis introduced Ohlson Model to examine the value driving factor by testing semi-conductor industry. The findings for the firm value study suggest that, to a company in the financial service industry that focuses its core value on intangible assets, non-financial factors that are related to the company market value are even more important than financial performance. The result from the core competence study pointed that the variables of core competences are positively correlated with organizational performance. The unobservable human capital is more important than the observable resource. Furthermore, among human capital, experience is the most significant. Viewed from the perspectives of job position, management and non-management core competence of employees has different effects on organizational performances. This study suggest that, in assessing the value of an enterprise, taking into account not only tangible assets, but also need to face up to the financial statement intangible items that unobservable intellectual capital, bath financial and non- financial elements of intellectual capital are likely to be driving firms’ value. The findings also guide the recruitment and performance evaluation of a logistic industry.