อิทธิพลของทุนทางปัญญาต่อผลการดำเนินงานของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์ แห่งประเทศไทย โดยมีต้นทุนของหนี้เป็นตัวแปรคั่นกลาง

pathompong kookkaew; Pitan  Sanpakdee; Tippawan  Supboon

Authors

pathompong kookkaew Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi
Pitan Sanpakdee Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi
Tippawan Supboon Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi

Keywords:

Intellectual Capital, Cost of Debt, Path Analysis

Abstract

This study aims to examine the influence of intellectual capital, namely human capital, structural capital and relational capital on the firm performance (Tobin’s Q) of companies listed on the Stock Exchange of Thailand, with the cost of debt as a mediating variable. The sample consists of 441 listed firms (excluding financial firms), covering the period 2022–2024, with a total of 1,323 firm-year observations. Data were analyzed using descriptive statistics, Pearson correlation, and path analysis.

The results indicate that human capital and structural capital have significant negative effects on the cost of debt (β = -0.106 and -0.107, p < 0.01), whereas relational capital has a significant positive effect (β = 0.077, p < 0.05). However, all three dimensions of intellectual capital and the cost of debt show no direct effect on firm performance (Tobin’s Q). Additionally, no indirect effect of intellectual capital on firm performance through the cost of debt was found. The findings indicate that although some dimensions of intellectual capital affect the cost of debt, the cost of debt could not serve as a mediating variable in explaining the relationship between intellectual capital and firm performance in the context of the Thai capital market.

References

Ahmed, F., Rahman, M. U., Rehman, H. M., Imran, M., Dunay, A., & Hossain, M. B. (2024). Corporate capital structure effects on corporate performance pursuing a strategy of innovation in manufacturing companies. Heliyon, 10(3). Article e24677. https://doi.org/10.1016/j.heliyon.2024.e24677

Ayinaddis, S. G., Tegegne, H. G., & Belay, N. A. (2024). Does intellectual capital efficiency measured by modified value-added intellectual coefficient affect the financial performance of insurance companies in Ethiopia?. PLoS ONE, 19(1), Article e0295321.

https://doi.org/10.1371/journal.pone.0295321

Brealey, R. A., Myers, S. C., & Allen, F. (2020). Principles of corporate finance (13th ed.). McGraw-Hill Education.

Cheng, Y., He, C., & Tang, C. (2025). The impact of ESG performance on corporate debt costs: A signaling perspective. Finance Research Letters, 76, Article 107020.

https://doi.org/10.1016/j.frl.2025.107020

Damodaran, A. (2023). Corporate finance lecture note packet 2 (Spring 2023) [Lecture notes]. Stern School of Business, New York University.

Dancaková, D., & Glova, J. (2024). The Impact of Value-Added Intellectual Capital on Corporate Performance: Cross-Sector Evidence. Risks, 12(10), Article 151.

https://doi.org/10.3390/risks12100151

Dsouza, S., Kathavarayan, K., Mathias, F., Bhatia, D., & AlKhawaja, A. (2025). Leveraging success: the hidden peak in debt and firm performance. Econometrics, 13(2), Article 23. https://doi.org/10.3390/econometrics13020023

Evangelista, L., Izzo, T., Russo, A., & Risaliti, G. (2025). Measuring intellectual capital in research centre: an application of the extended VAIC model. Economia Aziendale Online, 16(1), 71-95. http://dx.doi.org/10.13132/2038-5498/16.1.71-95

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.

Hayes, A. F. (2022). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach (3rd ed.). Guilford Press.

Iheduru, N. G., et al. (2025). Intellectual capital and cost of debt of listed manufacturing firms in Nigeria. Journal of Accounting and Financial Management, 11(5), 266–287. https://www.iiardjournals.org/journal.php?j=JAFM

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Jiraudomsarod, P., Petchchedchoo, P. & Kumsuprom, S. (2020). The relationship between. intellectual capital and market value of the firms. Suthiparithat Journal, 34(110), 128-144. https://so05.tci-thaijo.org/index.php/DPUSuthiparithatJournal/article/view/243732/165441 [In Thai].

Leng, L., Sun, H., Zhang, Y., & Wang, Y. (2025). Intellectual capital, environment-related absorptive capacity and environmental performance: firm-level evidence from China’s E&E sector. Journal of Environmental Management, 374, Article 124034.

https://doi.org/10.1016/j.jenvman.2025.124034

Milojević, M., Omarova, B., Trifonov, I., Tsvetkova, L., & Duisebayeva, A. (2025). The influence of innovative components of intellectual capital on commercial success. Journal of Innovation and Entrepreneurship, 14(1), Article 125.

https://doi.org/10.1186/s13731-025-00583-9

Moges, Y. A., Alemu, A. E., & Tensay, A. (2025). Intellectual capital as a mediator: exploring the impact of human resource management practices on organizational performance. Journal of Intellectual Capital. Advance online publication.

https://doi.org/10.1108/JIC-03-2025-0082

Phomsuwansiri, B., Chutimagul, W., & Promnurakkij, S. (2022). The Efficiency of Intellectual Capital on the Performance of Listed Companies in the Stock Exchange of Thailand of the SET100. Arts of Management Journal, 6(3), 1064–1079.

https://so02.tci-thaijo.org/index.php/jam/article/view/256483 [In Thai].

Phurahong, N., Nachairit, I., Nilniyom, N., & Wongkhae, K. (2023). Intellectual capital reporting and cost of debt. Journal of Accounting and Management, 15(4), 1-17.

https://so02.tci-thaijo.org/index.php/mbs/article/view/259433 [In Thai].

Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology Management, 20(5-8), 702-714. https://doi.org/10.1504/IJTM.2000.002891

Rehman, A. U., Aslam, E., & Iqbal, A. (2022). Intellectual capital efficiency and bank performance: Evidence from Islamic banks. Borsa Istanbul Review, 22(1), 113-121.

https://doi.org/10.1016/j.bir.2021.02.004

Rodríguez, V. L. (2025). Financial performance and corporate governance on firm value: Evidence from Spain. International Journal of Financial Studies, 13(3), Article 123.

https://doi.org/10.3390/ijfs13030123

Saif-Alyousfi, A. Y. H., Alsadan, A., & Alalmaee, H. (2025). Profitability and capital intensity: Moderating role of debt financing. Economies, 13(11), Article 324.

https://doi.org/10.3390/economies13110324

Salvi, A., Vitolla, F., Raimo, N., Rubino, M., & Petruzzella, F. (2020). Does intellectual capital disclosure affect the cost of equity capital? An empirical analysis in the integrated reporting context. Journal of Intellectual Capital, 21(6), 985-1007.

https://doi.org/10.1108/JIC-12-2019-0283

Shi, Y., Zheng, S., Xiao, P., Zhen, H., & Wu, T. (2024). ESG performance and cost of debt. China Journal of Accounting Research, 17(4), Article 100390. https://doi.org/10.1016/j.cjar.2024.100390

Stewart, T. A. (1997). Intellectual capital: The new wealth of organizations. Doubleday.

Sucena A, Matos F, & Nunes A. (2025). The effect of intellectual capital and strategic partnerships in construction companies. Managerial Finance, 51(12), 1831–1842.

https://doi.org/10.1108/MF-11-2024-0872

Tobin, J. (1978). Monetary policies and the economy: The transmission mechanism. Southern Economic Journal, 44(3), 421–431. https://doi.org/10.2307/1057201

Ukpong, M. O., Ukpong, E. G., & Ibok, N. (2024). Empirical analysis of the effect of intellectual capital efficiency on cost of debt. International Journal of Business and Management Review, 12(8), 33-50.

https://doi.org/10.37745/ijbmr.2013/vol12n83350

Vetchagool, W. (2023). The Effect of Intellectual Capital on Firm Profitability and Efficiency: Evidence from Thai Listed Companies in the Agriculture and Food Industry. Asia Social Issues, 16(1), Article e253049. https://doi.org/10.48048/asi.2023.253049

[In Thai].

Wahyudi, T., Arisondha, E., Nofianti, N., & Widyaningsih, I. U. (2025). Exploring the evolution and impact of intellectual capital on organizational performance: A Systematic Review. Journal Trial Balance, 3(1), 14-34. https://journal.icma-nasional.or.id/index.php/JUTRIANCE/article/view/136/112

Zhu, X., Li, X., Zhou, K., & Yu, Y. (2023). The impact of annual reports transparency and comment letters on the cost of debt: Evidence for China. Pacific-Basin Finance Journal, 77, Article 101942. https://doi.org/10.1016/j.pacfin.2023.101942.