Measuring the impact of intellectual capital on productivity and investment decisions: An empirical study on non-financial listed companies on the Egyptian Stock Market

المؤلفون

Accounting Department, Faculty of Management Sciences October University for Modern Sciences and Arts (MSA), Egypt

المستخلص

This research aims to examine the impact of intellectual capital (IC) on productivity and investment decisions using sample consists of 117 non-financial listed Egyptian companies with total of 553 observations for the period from 2012 to 2019. The independent variable is the intellectual capital, which is measured by the value added intellectual capital model (VAIC) that consists of its three components; human capital efficiency (HCE), Structural capital efficiency (SCE) and capital employed efficiency (CEE). The value added is measured by total income minus all expenses (except labor, taxation, interest, dividends, depreciation). The intellectual capital is measured by the summation of the three components and by each component separately. The HCE is measured by value added over salaries and wages expenses. The SCE is measured by the difference between value added and salaries expenses over value added. Finally, the CEE is calculated by value added over net assets. The research has two dependent variables; the first dependent variable is the productivity which has three indicators; employee productivity (EP) measured by revenue per employee, employee productivity measured by earning per employee, and asset productivity measured by asset turnover. The second dependent variable is the investment decisions, which are measured by fixed assets over total assets. The results showed that there is a significant positive relationship between IC and the two proxies of the employee productivity, and there is a significant negative relationship between IC and investment decisions. There is insignificant relation obtained with asset productivity. More specifically for the components of the intellectual capital, HCE and SCE have a significant positive impact on employee productivity and significant negative impact for SCE on investment decision. Insignificant association is found between the intellectual capital and its components and asset productivity. In addition there is no impact for CEE on all the dependent variables. 

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