The Relationship between Intellectual Capital and Firm Performances of Listed Companies on the Stock Exchange of Thailand


  • ปิติพร ธรรมประศาสน์
  • ไพบูลย์ ผจงวงศ์


Intellectual Capital, Human Capital Coefficient, Structural Capital Coefficient, Value Added Capital Employed Coefficient, Firm Performances


The objective of this research is to examine the relationship between intellectual capital and firm performances by both accounting-based measure and market-based measure of listed companies on the Stock Exchange of Thailand during 2008-2012. The result shows that intellectual capital (VAIC) related positively and significantly with accounting-based firm performances but it does not relate with market-based firm performances. This means intellectual capital is an efficiency investment for creating the firm performances. However, the investors can not perceive the intellectual capital as a valuable investment. There are different relationships between three components of intellectual capital and firm performances. The finding indicates that Value Added Human Capital Coefficient (VAHC) related negatively and significantly with firm performances. This concludes that the more the firms spend for human capital, the less return the firms will get. Nevertheless, the researchers who are interested about this topic in the future should consider the effect of time. Human Capital may be the capital that could not make the return within the same accounting period. However, Value Added Structural Capital Coefficient (STVA) and Value Added Capital Employed Coefficient (VACA) related positively and significantly with firm performances. These results show that investment in these capitals is the way to make the higher return. Therefore, the companies listed on the stock exchange of Thailand should manage these capitals well to enhance the firm performances.






บทความวิจัย (Research Article)