- Author
- Michalczuk Grażyna (Uniwersytet w Białymstoku), Konarzewska Urszula (Uniwersytet w Białymstoku), Rutkowska Izabela (Uniwersytet w Białymstoku)
- Title
- Efektywność kapitału intelektualnego a wyniki spółek społecznie odpowiedzialnych indeksu WIG-Energia
Intellectual Capital Efficiency and the Performance of Socially Responsible Companies Included in the Wig-Energy Index - Source
- Optimum : Economic Studies, 2021, nr 3(105), s. 15-32, tab., bibliogr. s. 28-32
- Keyword
- Kapitał intelektualny, Społeczna odpowiedzialność biznesu, Warszawski Indeks Giełdowy (WIG)
Intellectual capital, Corporate Social Responsibility (CSR), Warsaw Stock Exchange Index - Note
- JEL Classification: O34, G30, L25
summ., streszcz. - Abstract
- Cel - Celem badań podjętych w artykule jest identyfikacja wpływu efektywności kapitału intelektualnego i jego komponentów na wyniki spółek społecznie odpowiedzialnych indeksu WIG-Energia. Metoda badań - W artykule zastosowano różnorodne metody badawcze, takie jak metoda desk research, oparta na analizie danych zawartych w raportach rocznych spółek społecznie odpowiedzialnych indeksu WIG-Energia, metoda VAIC™, którą wykorzystano do pomiaru kapitału intelektualnego, a także analiza korelacji Pearsona oraz analiza regresji liniowej, które stanowiły podstawę badania wpływu efektywności kapitału intelektualnego na wybrane miary opisujące wyniki analizowanych podmiotów. Wnioski - Przeprowadzone badania wykazały wpływ efektywności kapitału intelektualnego na rentowność kapitału własnego (ROE), a także bieżącą wycenę przez rynek wartości księgowej mierzoną wskaźnikiem P/BV (cena rynkowa/wartość księgowa). Nie wykazały natomiast znaczącego wpływu na rentowność aktywów (ROA). Pozwoliły zauważyć ponadto zróżnicowany wpływ komponentów kapitału intelektualnego na poszczególne miary opisujące wyniki spółek społecznie odpowiedzialnych indeksu WIG-Energia. Na rentowność kapitału własnego (ROE) znaczący wpływ ma efektywność kapitału strukturalnego i ludzkiego. Z kolei na bieżącą wycenę przez rynek wartości księgowej (P/BV) znaczący wpływ ma efektywność kapitału ludzkiego. Oryginalność / wartość / implikacje / rekomendacje - Artykuł wypełnia lukę badawczą w obszarze kapitału intelektualnego w kontekście jego wpływu na wyniki przedsiębiorstw sektora energetycznego. Aspekt ten nadal jest niedostatecznie reprezentowany w badaniach, a to właśnie dla podmiotów tego typu, które opierają swoją działalność na specjalistycznej wiedzy oraz nowoczesnych technologiach, kapitał intelektualny staje się kluczowym czynnikiem sukcesu. Opracowanie stanowi punkt wyjścia do dalszych badań, dlatego też koncentracja uwagi skupiona została wyłącznie na spółkach indeksu WIG-Energia, które znalazły się jednocześnie w indeksie WIG-ESG, zrzeszającym podmioty spełniające najwyższe standardy w obszarze społecznej odpowiedzialności biznesu. (abstrakt oryginalny)
Purpose - The aim of the research is to identify the impact of efficiency of intellectual capital and its components on the performance of socially responsible companies included in the WIG-Energy index. Research method - Various methods of research were used in this paper, such as the method of desk research consisting of an analysis of data contained in the annual reports of socially responsible companies included in the WIG-Energy index, the VAIC™ method which has been used to measure the intellectual capital, as well as Pearson correlation coefficients and the linear regression analysis, which were the basis for the study of the impact of intellectual capital efficiency on selected measures describing the performance of analysed companies. Results - The conducted studies showed the impact of intellectual capital efficiency on the return on equity (ROE) and the current market valuation of the book value measured by the P/BV ratio (price/book value). However, they did not show a significant impact on return on assets (ROA). In addition, the studies have pointed at the diversified impact of intellectual capital components on the measures describing the performance of socially responsible companies included in the WIG-Energy index. The return on equity (ROE) is significantly influenced by the efficiency of structural and human capital. In turn, the current market valuation of the book value (P/BV) is significantly influenced by the efficiency of human capital. Originality /value / implications /recommendations - The article intends to fill the gap in the field of intellectual capital in the context of its impact on the performance of energy sector companies. This aspect is still underrepresented in research. However, this is currently a significant issue because, for such types of companies that base their activities on specialist knowledge and modern technologies, the intellectual capital becomes a key factor for success. This paper provides a starting point for further research. Therefore, the focus is solely on companies from the WIG-Energy index simultaneously belonging to the WIG-ESG index, which covers companies that meet the highest standards in the field of corporate social responsibility. (original abstract) - Accessibility
- The Library of Warsaw School of Economics
The Library of University of Economics in Katowice - Full text
- Show
- Bibliography
- Ahmed S.S., Guozhu J., Mubarik S., Khan M., Khan E., 2019, Intellectual capital and business performance: the role of dimensions of absorptive capacity, "Journal of Intellectual Capital", vol. 21(1), pp. 23-39, DOI 10.1108/JIC-11-2018-0199.
- Al-Musali M.A.K., Ismail K.N.I.K., 2014, Intellectual capital and its effect on financial performance of banks: evidence from Saudi Arabia, "Procedia-Social and Behavioral Sciences", vol. 164, pp. 201-207, DOI: 10.1016/j.sbspro.2014.11.068.
- Andriessen D., 2004, Making sense of intellectual capital: designing a method for the valuation of intangibles, Elsevier Butterworth Heinemann, Oxford.
- Anifowose M., Rashid M.H.A., Annuar H.A., Ibrahim H., 2018, Intellectual capital efficiency and corporate book value: evidence from Nigerian economy, "Journal of Intellectual Capital", vol. 19(3), pp. 644-668, DOI: 10.1108/JIC-09-2016-0091.
- Asif J., Ting I.K.W., Kweh Q.L., 2020, Intellectual capital investment and firm performance of the Malaysian energy sector: a new perspective from a nonlinearity test. Energy, "Energy Research Letters", vol. 1(3), pp. 1-4, DOI: 10.46557/001c.13622.
- Bayraktaroglu A.E., Calisir F., Baskak M., 2019, Intellectual capital and firm performance: an extended VAIC model, "Journal of Intellectual Capital", vol. 20(3), pp. 406-425, DOI: 10.1108/JIC-12-2017-0184.
- Bharanthi Kamath G., 2015, Impact of intellectual capital on financial performance and market valuation of firms in India, "International Letters of Social and Humanistic Sciences", vol. 48, pp. 107-122, DOI: 10.18052/www.scipress.com/ILSHS.48.107.
- Chatterjee S., Hadi A.S., 2012, Regression analysis by example, Wiley, New Jersey.
- Chen M.C., Cheng S.J., Hwang Y., 2005, An empirical investigation of the relationship between intellectual capital and firms' market value and financial performance, "Journal of Intellectual Capital", vol. 6(2), pp. 159-176, DOI: 10.1108/14691930510592771.
- Chizari M., Mehrjardi R.Z., Sadrabadi M.M., Mehrjardi F.K., 2016, The impact of intellectual capitals of pharmaceutical companies listed in Tehran stock exchange on their market performance, "Procedia Economics and Finance", vol. 36, pp. 291-300, DOI: 10.1016/S2212-5671(16)30040-5.
- Chowdhury L.A.M, Rana T., Azim M.I., 2019, Intellectual capital efficiency and organisational performance. In the context of the pharmaceutical industry in Bangladesh, "Journal of Intellectual Capital", vol. 20(6), pp. 784-806, DOI: 10.1108/JIC-10-2018-0171.
- Chu S.K.W., Chan K.H., Wu W.Y., 2011, Charting intellectual capital performance of the gateway to China, "Journal of Intellectual Capital", vol. 12(2), pp. 249-276, DOI: 10.1108/14691931111123412.
- Dženopoljac V., Janoševic S., Bontis N., 2016, Intellectual capital and financial perfor-mance in the Serbian ICT industry, "Journal of Intellectual Capital", vol. 17(2), pp. 373-396, DOI: 10.1108/JIC-07-2015-0068.
- Dženopoljac V., Yaacoub C., Elkanj N., Bontis N., 2017, Impact of intellectual capital on corporate performance: evidence from the Arab region, "Journal of Intellectual Capital", vol. 18(4), pp. 884-903, DOI: 10.1108/JIC-01-2017-0014.
- Edvinsson L., 1997, Developing intellectual capital at Skandia, "Long Range Planning", vol. 30(3), pp. 366-373, DOI: 10.1016/S0024-6301(97)90248-X.
- Edvinsson L., Malone M.S., 1997, Intellectual capital. Realizing your company's true value by finding its hidden brainpower, Harper Business, New York.
- Edvinsson L., Sullivan P., 1996, Developing a model for managing intellectual capital, "European Management Journal", vol. 14(4), pp. 356-364, DOI: 10.1016/0263-2373(96)00022-9.
- Ekonometria, 2004, Gruszczyński M., Podgórska M. (red.), Oficyna Wydawnicza SGH, Warszawa.
- Ferramosca S., Ghio A., 2018, Leveraging intellectual capital in developing countries: evidence from Kenya, "Journal of Intellectual Capital", vol. 19(3), pp. 562-580, DOI: 10.1108/JIC-11-2016-0109.
- Fijałkowska J., 2013, VAIC™ jako metoda pomiaru dokonań przedsiębiorstw, "Zarządzanie i Finanse", nr 1(2), s. 63-77.
- Firer S., Williams М., 2003, Intellectual capital and traditional measures of corporate perfor-mance, "Journal of Intellectual Capital", vol. 4(3), pp. 348-360, DOI: 10.1108/ 14691930310487806.
- F-Jardo'n C.M., Martos M.S., 2009, Intellectual capital and performance in wood industries of Argentina, "Journal of Intellectual Capital", vol. 10(4), pp. 600-616, DOI: 10.1108 /14691930910996670.
- Ghosh S., Mondal A., 2009, Indian software and pharmaceutical sector IC and financial performance, "Journal of Intellectual Capital", vol. 10(3), pp. 369-388, DOI: 10.1108/14691930910977798.
- Ginesti G., Caldarelli A., Zampella A., 2018, Exploring the impact of intellectual capital on company reputation and performance, "Journal of Intellectual Capital", vol. 19(5), pp. 915-934, DOI: 10.1108/JIC-01-2018-0012.
- Guilford J.P., 1965, Fundamental statistics in psychology and education, McGraw-Hill, New York.
- Gujarati D.N., 1995, Basic econometrics, McGraw-Hill, New York.
- Hsu Y.H., Fang W., 2009, Intellectual capital and new product development performance: The mediating role of organizational learning capability, "Technological Forecasting & Social Change", vol. 76(5), pp. 664-677, DOI: 10.1016/j.techfore.2008.03.012.
- Jabłoński A., Jabłoński M., 2008, Wartość interesariuszy jako kluczowy czynnik wartości organizacji odpowiedzialnych społecznie, "Problemy Jakości", nr 5, s. 33-36.
- Judge G.G., Hill C., Griffiths W.E., R.C. Hill, Lütkepohl H., Lee T.C., 1988, Intro-duction to the theory and practice of econometrics, John Wiley&Sons, New York.
- Kaplan R.S., Norton D.P., 1996, Translating strategy into action: the balanced scorecard, Harvard Business School Press, Boston.
- Klein D.A., Prusak L., 1994, Characterising intellectual capital. Centre for business innovation, Ernst & Young, Cambridge, MA.
- Kos B., 2011, Przesłanki społecznej odpowiedzialności przedsiębiorstw "Studia Ekonomiczne", nr 97, s. 75-87.
- Kweh Q.L., Ting I.W.K., Hanh L.T.M., Zhang C., 2019, Intellectual capital, governmental presence, and firm performance of publicly listed companies in Malaysia, "International Journal of Learning and Intellectual Capital", vol. 16(2), pp. 193-211, DOI: 10.1504/IJLIC.2019.098932.
- Lev B., 2001, Intangibles. Management, measurement, and reporting, Brookings Institution Press, Washington, DC.
- Maditinos D., Chatzoudes D., Tsairidis C., Theriou G., 2011, The impact of intellectual capital on firms' market value and financial performance, "Journal of Intellectual Capital", vol. 12(1), pp. 132-151, DOI: 10.1108/14691931111097944.
- Marr B., Schiuma G., 2001, Measuring and managing intellectual capital and knowledge assets in new economy organisations, [in:] Handbook of performance measurement, Bourne M. (red.), Gee, London.
- Mehralian G., Rajabzadeh A., Sadeh M.R., Rasekh H.R., 2012, Intellectual capital and corporate performance in Iranian pharmaceutical industry, "Journal of Intellectual Capi-tal", vol. 13(1), pp. 138-158, DOI: 10.1108/14691931211196259.
- Mention A.L., Bontis N., 2013, Intellectual capital and performance within the banking sector of Luxembourg and Belgium, "Journal of Intellectual Capital", vol. 14(2), pp. 286-309, DOI: 10.1108/14691931311323896.
- Michalczuk G., Konarzewska U., 2018, GRI Reporting Framework as a tool of social accounting, "Proceedings of the 33rd International Scientific Conference on Eco-nomic and Social Development - Managerial Issues in Modern Business", pp. 230-240.
- Michalczuk G., Widelska U., 2012, The effectiveness of intellectual capital companies oriented at value creation (an example of Warsaw Stock Exchange companies in Poland - WIG 20, "Journal of Scientific Publications: Economy & Business", vol. 6(2), pp. 43-55.
- Moeller K., 2009, Intangible and financial performance: causes and effects, "Journal of Intellectual Capital", vol. 10(2), pp. 224-245, DOI: 10.1108/14691930910952632.
- Pulic A., 1998, Measuring the performance of intellectual potential in knowledge economy, 2nd World Congress of Measuring and Managing Intellectual Capital, Mc Master University, Hamilton.
- Pulic A., 2000, VAIC™ - an accounting tool for IC management, "International Journal of Technology Management", vol. 20(5-8), pp. 702-714, DOI: 10.1504/IJTM. 2000.002891.
- Pulic A., 2004, Intellectual capital-does it create or destroy value?, "Measuring Business Excellence", vol. 8(1), pp. 62-68, DOI: 10.1108/13683040410524757.
- Pulic A., 2005, Value creation efficiency at national and regional levels: case study - Croatia and the European Union, [in:] Intellectual capital for communities. Nations, regions and cities, Bounfour A., Edvinsson L. (eds.), Routledge, New York.
- Riahi-Belkaoui A., 2003, Intellectual capital and firm performance of USA multinational firms, "Journal of Intellectual Capital", vol. 4(2), pp. 215-226, DOI: 10.1108/ 14691930310472839.
- Roos G., Roos J., 1997, Measuring your company's intellectual performance, "Long Range Planning", vol. 3(30), pp. 413-426, DOI: 10.1016/S0024-6301(97)90260-0.
- Smuda-Kocoń M., 2019, Model VAIC - krytyczna analiza koncepcji, "Studia Ekonomiczne", nr 380, s. 104-113.
- Subramaniam M., Youndt M.A., 2005, The influence of intellectual capital on the types of innovative capabilities, "Academy of Management Journal", vol. 48(3), pp. 450-463, DOI: 10.5465/AMJ.2005.17407911.
- Sveiby K.E., 1997, The new organizational wealth: managing & measuring knowledge based assets, Barrett-Koehler, San Francisco.
- Sveiby K.E., 2010, Methods of measuring intangible assets, http://www.sveiby.com/ files/pdf/intangiblemethods.pdf [data dostępu: 25.02.2021].
- Tan H.P., Plowman D., Hancock P., 2007, Intellectual capital and financial returns of companies, "Journal of Intellectual Capital", vol. 8(1), pp. 76-95, DOI: 10.1108/1469 1930710715079.
- Teece D.J., 1986, Profiting from technological innovation: implications for integration, collaboration, licensing and public policy, "Research Policy", vol. 15(6), pp. 285-305, DOI: 10.1016/0048-7333(86)90027-2.
- Tseng C.Y., Goo Y.J., 2005, Intellectual capital and corporate value in an emerging economy: empirical study of Taiwanese manufacturers, "R&D Management", vol. 35(2), pp. 187-201, DOI: 10.1111/j.1467-9310.2005.00382.x.
- Xu J., Li J., 2019, The impact of intellectual capital on SMEs' performance in China, "Journal of Intellectual Capital", vol. 20(4), pp. 488-509, DOI: 10.1108/JIC-04-2018-0074.
- Xu X.L., Liu C.K., 2019, How to keep renewable energy enterprises to reach economic sustainable performance: from the views of intellectual capital and life cycle, "Energy, Sustainability and Society", vol. 9(1), pp. 1-10, DOI: 10.1186/s13705-019-0187-2.
- Zéghal D., Maaloul A., 2010, Analyzing value added as an indicator of intellectual capital and its consequences on company performance, "Journal of Intellectual Capital", vol. 11(1), pp. 39-60, DOI: 10.1108/14691931011013325.
- Cited by
- ISSN
- 1506-7637
- Language
- pol
- URI / DOI
- https://doi.org/10.15290/oes.2021.03.105.02