The literature examines the effect of intellectual capital (IC) on firm performance and whether firm size moderates the relationship between intellectual capital and firm performance. The study uses secondary data from annual reports of listed industrial on PEX and ASE to measure human capital efficiency (HCE), structural capital efficiency (SCE) and capital employed efficiency (CEE) as components of IC in the value-added intellectual coefficient model (VAICTM) and corporate performance indicators (ROA, ROE, ATO, and EPS). The study sample includes 44 industrial companies on PEX and ASE for the period 2016 to 2022. Multiple regression analysis was used to analyze the data.

The study finds with the moderation effect that for industrial companies listed on PEX, HCE has a positive impact on ROE, EPS and ROA. Negative impact of SCE on ROE, and positive impact of CEE on ATO. However, for industrial companies on the ASE, SCE has a negative impact on ROE, whereas CEE have positive impact. Other variables have no impact. The results show that for industrial firms listed on PEX and ASE, firm size as a moderating variable only moderates the relationship between IC and firm performance. Among the most important recommendations in the study are: Industrial companies have to disclose in their annual reports all components of IC represented in HCE, SCE, and CEE.

Key words: Value-added intellectual coefficient model (VAICTM), Intellectual Capital (IC), Human Capital Efficiency (HCE), Structural capital Efficiency (SCE), Capital Employed Efficiency, Firm Performance, ROA, ROE, ATO, EPS, Firm SIZE.

Title

Studies in Systems Decision and Control 587- Springer Nature , scopus

Publisher

Springer Nature , scopus

Publisher Country

Switzerland

Indexing

Scopus

Impact Factor

None

Publication Type

Online only

Volume

587

Year

2025

Pages

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