Extended Value Added Intellectual Coefficient in Manufacturing Companies: Technology Based Companies

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Ex ended Value Added In ellec ual Coe icien in
Manu ac u ing Companies: Technology Based
Companies
Hamid eza Ja a idehko di
1
Na ional Uni e si y o Malaysia, UKM Bangi, Selango , Malaysia
Ruzi a Abdul Rahim
Na ional Uni e si y o Malaysia, UKM Bangi, Selango , Malaysia
Abs ac
The main pu pose o his s udy is o empi ically compa e o in ellec ual
capi al (IC) and i s e iciency among manu ac u ing companies wi h di e en
le el o echnology using a sample o 135 Malaysian lis ed manu ac u ing
companies du ing he 2006-2012 pe iod. The manu ac u ing companies a e
classi ied in o di e en sec o s based on hei p oduc s and se ices (S anda d
Indus ial Classi ica ion (SIC) code) on OSIRIS da abases. Then, hey a e
ca ego ized in o one o he ou g oups: high, medium-high, medium-low,
and low echnology. The esul s o ANOVA es indica e ha in es men in IC
and i s componen s, and e iciency o IC and i s componen s a y wi h deg ee o
echnology o he manu ac u ing companies. I also can be concluded ha
mo e in es men in IC componen s does no necessa ily lead o mo e e iciency
o IC.
Keywo ds: In ellec ual Capi al, Ex ended Value Added In ellec ual
Coe icien , Technology Based Companies
Ci e his a icle: Ja a idehko di, H., & Abdul Rahim, R. (2015). Ex ended Value Added
In ellec ual Coe icien in Manu ac u ing Companies: Technology Based Companies.
In e na ional Jou nal o Managemen , Accoun ing and Economics, 2(7), 676-706.
1
Co esponding au ho ’s email: hamid eza.ja a [email protected]
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In oduc ion
Acco ding o O ganisa ion o Economic Co-ope a ion and De elopmen (OECD)
(2006), nowadays many i ms a e in es ing in employee aining, job aining
p og ams, esea ch and de elopmen (R&D), cus ome ela ions, compu e and
adminis a i e sys ems, and so on. In some coun ies, in es men in such business
ac i i ies and i ems ha a e o en e e ed o IC is g owing and is compe ing wi h
in es men in physical and inancial capi al. In he U.S o ins ance, Apple company had
been con e ed in o he mos in aluable company in he his o y wi h a sha e ma ke alue
o abo e USD600 billion ha is di ec ly esul ed om in es men in IC and e enue om
apps and i s ne wo k (Ed insson, 2013). Simila ly, Google and Mic oso a e
included among he success ul companies which a e in es ing low in ixed asse s, bu
a signi ican amoun o capi al in IC (Ong, Yeoh, & Teh, 2011). Leadbea e 2000) epo s
ha me ely abou 7 pe cen o sha e ma ke alue o Mic oso is accoun ed o by
angible asse s, while he emaining (93%) is de i ed om in angible asse s such
as pa en s, b ands, and R&D.
Those wo ld’s op companies a e no unique cases o IC success s o ies.
Figu e.1 indica es he pe cen age o he ma ke alue o angible and in angible asse s
o S&P500 companies in di e en pe iods o ime. The e is a clea end showing
he g owing impo ance ha hese 500 la ge-capi aliza ion Ame ican companies place
on in angible asse s.
Figu e.1 Componen s o ma ke alue ( he U.S case)
Sou ce: Ocean omo (2013).
Malaysia has emba ked on becoming a knowledge-based economy (K-economy) as i s
main ehicle o ans o m in o a de eloped coun y by 2020. A K-economy is an economy
whe e he c ea ion and exploi a ion o knowledge ac as he main ac o in he p ocess o
alue c ea ion(Goh, 2005). De eloping he K-economy was he ocal poin o he 2002
Economy Mas e Plan (EMP 2002) which was aimed a c ea ing compe i i e ad an ages
0%
20%
40%
60%
80%
100%
1975 1985 1995 2005 2010
1975 1985 1995 2005 2010
in angible asse s 0.17 0.32 0.68 0.80 0.80
angible asse s 0.83 0.68 0.32 0.20 0.20
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among companies and communi ies. EMP 2002 was a plan summa izing he di e se
s a egies o speed up he ans o ma ion o Malaysia o he K-economy (Kim & Lee
2004). Wi hou deemphasizing he impo ance o adi ional physical and na u al ac o s
o p oduc ion such as aw ma e ials, labo , capi al and en ep eneu ship, he K-economy
places in ellec ual capi al (IC) as i s nucleus. Eme ged in he mids o he in o ma ion
age, he K-economy en us s IC as he key d i e o o ganiza ional pe o mance,
compe i i e ad an age and alue c ea ion (Bon is, Keow & Richa dson 2000; Mus apha
& Abdullah 2004).
Table 1 illus a es he posi ion o Malaysia ela i e o some o he coun ies in e m o
he Knowledge Economy Index (KEI) in 2000 and 2012 as epo ed by he Wo ld Bank
(2013). The KEI anking o Malaysia ela i e o he U.S is good e idence ha Malaysian
companies need o in es mo e on in angible capi al in gene al and knowledge capi al in
mo e speci ic. Focusing on he Asian egion alone, i is a he ob ious ha Malaysia is
ca ching up bu s ill lagging behind he o he de eloped coun ies such as Japan and o he
mo e de elop coun ies such as Singapo e. I is impo an o no e ha Malaysia‘s ank in
e m o i s KEI has d opped in 2012 compa ed wi h 2000.
Table.1 Coun ies anking on he Knowledge Economy Index (KEI)
Coun y/Economy
2012 Rank
KEI 2012
2000 Rank
Change om 2000
Sweden
1
9.43
1
0
Finland
2
9.33
8
6
Denma k
3
9.16
3
0
Uni ed S a es
12
8.77
4
-8
Taiwan, China
13
8.77
16
3
Uni ed Kingdom
14
8.76
12
-2
Japan
22
8.28
17
-5
Singapo e
23
8.26
20
-3
Ko ea, Rep.
29
7.97
24
-5
Malaysia
48
6.1
45
-3
Thailand
66
5.21
60
-6
Indonesia
108
3.11
105
-3
India
110
3.06
104
-6
Sou ce: h p//:si e esou ces.wo ldbank.o g
K-economy places i s ocus on IC bu Knowledge Economy Index (KEI) (Table 1)
shows ha Malaysian companies ha e no been in es ing enough on IC. I he K-economy
is needed o ans o m Malaysia in o a de eloped coun y s a us, hen he nucleus o K-
economy (i.e. IC) needs o be gi en a enewed ene gy. This s udy p oposes ha his can
be done mo e e icien ly by a ge ing on he companies ha can op imize he IC. Pas
s udies (Hay on 2005; Sáenz, A ambu u & Ri e a 2009; Tseng & James Goo 2005) show
ha high echnology is he sec o which equi es inno a ion he mos and IC is he main
inpu o uel inno a ion. The e o e, his s udy p oposes o examine he ole o IC in
manu ac u ing companies o di e en le el o echnology.
As one o he pionee s in he scope o de ining, measu ing and dealing wi h in ellec ual
capi al (IC), Ed insson (1997:368) de ines his concep as “ he possession o knowledge,
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applied expe ience, o ganiza ional echnology, cus ome ela ionships and p o essional
skills ha p o ide a company (Skandia) wi h a compe i i e edge in he ma ke ”.
Ed insson (1997) belie es ha HC is he combined knowledge, skill o he i m's
indi idual employees, cul u e and philosophy, and alues o he i ms. Ed insson (1997)
s a es ha SC is o ganiza ional capabili y wi h he pu pose o suppo ing he e iciency
o he wo k o ce and e e y hing ha a e le in he company when he s a go home like
adema ks, da abases pa en s, ha dwa e and so wa e. Skandia (1994) and Ed insson and
Malone (1997) a gue ha SC can be subdi ided in o cus ome capi al (CC) and
o ganiza ional capi al (OC). CC is associa ion expanded wi h i al cus ome s by
acquisi ions o in o ma ion and knowledge conce ning cus ome s' as es, equi ed
echnology, new goods and se ices (Ed insson, 1997). OC can be desc ibed as sys ems,
equipmen s, and ope a ional a i udes ha speed up he s eam o knowledge h oughou
he company. Ed insson and Malone (1997) classi y o ganiza ional capi al (OC) u he
in o inno a ion capi al (InC) and p ocess capi al (PC). InC indica es he i m’s
e olu iona y capabili y, inno a i e success, and po en ial accumula ion o new p oduc
and se ice (Wang, 2008).P ocess capi al (PC) ep esen s wo king p ocesses,
s anda dized me hods o schemes ha can aise and enhance wo ke s’ e iciency and
p oduc i i y. Figu e. 2 display in ellec ual capi al and i s componen s. (Ed insson &
Malone, 1997)
Figu e.2 Skandia Na iga o model: in ellec ual capi al and i s componen s
Manu ac u ing companies can be di ided in o ou g oups based on he echnology
ha hey a e using: high echnology, medium-high echnology, medium-low echnology,
and low echnology (Cza ni zki & Tho wa h, 2012; Ha zich onoglou, 1997; Kim & Lee,
2004; Mendonça, 2009). The li e a u e shows ha high echnology companies ha e mo e
in es men on R&D expendi u es as pa o he IC han low echnology companies
(Cza ni zki & Tho wa h, 2012). Highe echnology companies ely mo e hea ily on he
quali y o human capi al and he o he componen s o IC because hey ope a e in a mo e
dynamic en i onmen which o ces hem o be consis en ly on he inno a i e and c ea i e
mode o emain compe i i e. Consequen ly, i is expec ed ha high echnology companies
p esen mo e e iciency han hei low echnology coun e pa s in using he IC and i s
componen s.
In ellec ual
capi al
S uc u al
capi al
Cus ome
capi al Oganiza ional
capi al
P ocess capi al
Inno a ion
capi al
Human
capi al
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Zéghal and Maaloul (2010) compa e IC among high echnology, adi ional and
se ices companies and hei esul s indica e ha IC and i s componen a y in hese h ee
g oups. Howe e , he e is no esea ch ega ding he dis inc IC and i s e iciency among
manu ac u ing companies wi h di e en le els o echnology. Conside ing he impo an
ole o IC in de eloping he na ion, in es iga ing and compa ing IC and i s e iciency in
manu ac u ing companies can help o iden i y he d i ing ac o s ha he companies and
go e nmen mus emphasize on o ealize he de eloped na ion ision. The e o e, his
esea ch seeks o ind c edible answe (s) o his esea ch ques ions: Is he e a signi ican
di e ence in in ellec ual capi al and i s e iciency among manu ac u ing companies wi h
di e en le els o echnology in Malaysia?
Mos s udies on IC ha e only ocused on compa ing IC among di e en companies in
sec o s such as banking o inancial sec o (Pal & So iya, 2012; Śledzik, 2012; Zeghal &
Maaloul 2010). The e o e, he main pu pose o his s udy is o empi ically compa e o
in ellec ual capi al (IC) and i s e iciency among manu ac u ing companies wi h di e en
le el o echnology. This is a pa adox gi en he a gumen ha high- echnology companies
a e mo e dependen on in ellec ual capi al (Nunes, Se asquei o, Mendes, & Sequei a,
2010;Po ini, 2004; Wang & Chang, 2005) han hei low- echnology coun e pa s
because hese a e he companies ha ely mos ly on inno a ion o i s compe i i eness.
One o he obs acles in examining IC empi ically is he di icul y o quan i y his
a iable, which could also explain why his i em is no eco ded explici ly in he inancial
s a emen . The di icul y o quan i y IC is e iden by he ac ha he li e a u e has no
shown a commonly accep ed de ini ion and classi ica ion o IC (Pablos, 2004). To
empi ically es in ellec ual capi al, his s udy adop s an ex ended e sion o he Pulic’s
model (Pulic, 2000). Re e ed as Value Added In ellec ual Coe icien (VAICTM), Pulic’s
model is a composi e index ha disagg ega es in ellec ual capi al in o wo main
componen s; human capi al (HC) and s uc u al capi al (SC). The VAICTM model is
p oposed o measu e he e iciency o in ellec ual capi al in c ea ing o adding alue o
he i ms. The ex en o accep ance o his model may be e idenced by a inding by
Volko (2012) who s a es ha as o June 2012, VAICTM model o Pulic (2000) has been
used in 46 esea ches and has been ci ed by 2373 esea che s. This s udy akes a s ep
u he by adop ing an ex ended e sion o he VAICTM model which is p oposed by
Naza i and He emans (2007) (hence o h, eVAIC). This s udy p oposes eVAIC o
measu e in ellec ual capi al, which is in oduced by Naza i and He emans’s (2007)
because i disagg ega es s uc u al capi al u he in o cus ome capi al (CC) and
o ganiza ional capi al (OC). Mo e impo an ly, eVAIC u he seg ega es o ganiza ional
capi al in o p ocess capi al (PC) and inno a ion capi al (InC).
Li e a u e e iew
Nume ous s udies ha e a emp ed o examine in ellec ual capi al (IC) and in ellec ual
capi al e iciency (ICE) in di e en sec o s. Kujansi u and Lönnq is (2007) e alua e he
e iciency o IC as measu ed by using VAIC™ and he alue o IC by using calcula ed
in angible alue (CIV) me hods o 16 indus ies o 20,000 Finnish companies
h oughou he pe iod o 2001-2003. The a e age IC is oughly hal o he wo h o
angible asse s in hese Finnish companies. The highes alue o in es men on IC is
epo ed o he elec onic indus y (high echnology) and he lowes alue is seen in he

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elec ici y, gas and wa e se ices, me al, and o es and cons uc ion sec o s (low
echnology). Meanwhile, Ngwenya (2013) inds ha among Zimbabwean companies, a
lowe le el o IC is documen ed in in o ma ion, communica ion and echnology (ICT)
companies (high echnology) han o he manu ac u ing companies. The highes alue is
epo ed o Ag icul u al sec o and Ngwenya (2013) sugges s ha i could be because o
small numbe o op manage s is needed o c ea e alue in he Ag icul u e companies.
Kujansi u and Lönnq is (2007) a gue ha he compe encies and s akeholde
ela ionships a e impo an ac o s in c ea ing g ea e alue o he elec onics and
chemical indus ies, while he alue is mos ly cons uc ed on angible asse s in o es y
and cons uc ion indus ies. The esul s o he s udy (Kujansi u & Lönnq is 2007) show
ha he highes human capi al e iciency (HCE), s uc u al capi al e iciency (SCE) and
alue added in ellec ual coe icien (VAIC) a e ela ed o comme cial se ices (low
echnology) and he lowes o biochemical indus ies (high echnology).
Pal and So iya (2012) compa e VAIC in 105 pha maceu ical companies and 102 ex ile
companies in India. They a gue ha he pha maceu ical company is ypically conside ed
as ‘an inno a i e and knowledge in ensi e sec o ’ while ex ile indus y is conside ed as
‘ he labo -in ensi e’ indus y. Despi e he di e ences in he o ien a ion, hei indings
indica e ha VAIC is no much di e en in he wo sec o s. They explain ha u iliza ion
IC is e icien o bo h g oups.
Kama h (2007) analyzes he da a om 98 comme cial banks ha a e di ided in o ou
ca ego ies (s a e bank o India and i s associa es, na ional bank, o eign banks, and p i a e
sec o domes ic banks) o a i e-yea pe iod om 2000 o 2004 in India. His esul s show
ha human capi al (HC) and capi al employed (CE) ha e signi ican posi i e e ec s on
alue added (VA), ha is, inc easing in HC and CE esul in hei e iciency. In addi ion,
HCE is highes in o eign banks while capi al employed e iciency (CEE) is highes in
public sec o banks whe eas he o e all VAIC is highes in o eign banks. Kama h (2007)
a gues ha public banks employ a huge numbe o ine icien employees, which esul in
ewe added alues. He also claims ha he poo pe o mance o p i a e sec o domes ic
banks is due o high in as uc u e cos s, high social obliga ions, eno mous non-
pe o ming asse s, inapp op ia e alloca ion o esou ces and weak in es men decisions.
These indings a e simila o he esul s o Fayez, Hameed and Ridha (2011) in 8 Kuwai i
comme cials and non-comme cial banks o he pe iod o 1996–2006 whe e HCE is
g ea e han CEE.
Kweh, Chan and Ting (2013) examine he in ellec ual capi al pe o mance (ICP) o
small sample o Malaysian public-lis ed so wa e companies (25 companies in only one
sec o ) in he Main ma ke and ACE ma ke in 2010. The esul s show ha in es men in
human capi al is mo e han s uc u al and employed capi al in hei sample and HCE and
CEE in he Main ma ke companies a e mo e han ACE ma ke companies while SCE in
ACE ma ke companies is mo e han Main ma ke companies. O e all, e iciency o IC
in ACE-ma ke companies is mo e han Main-ma ke companies. Kweh e al. (2013)
belie e ha manage s o 80 pe cen o so wa e i ms a e ine icien in managing and
ans o ming in ellec ual capi al in o angible and in angible alues because o he
echnical p oblem. Re iewing he li e a u e ega ding IC and i s e iciency indica es ha
p io s udies ha e no compa ed he in es men and e iciency o IC and i s componen s
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a di e en le els o echnology o he manu ac u ing companies and esul s o he
a ious indus ies om p e ious s udies shows mixed esul s.
Hypo heses de elopmen
In line wi h esou ce-based iew (RBV), di e en companies own di e en packages
o esou ces and capabili ies, and some companies wi hin simila indus y may do speci ic
ac i i ies be e han he o he s because o hei di e en esou ces (We ne el , 1995;
Ba ney, 1991; Die ickx & Cool, 1989; We ne el , 2010). The e o e, i can be concluded
ha IC as a esou ce (and hus, i s e iciency) a ies among di e en companies in e m
o heo y. Based on RBV, his s udy p oposes ha human capi al should be o mo e
impo ance o companies o highe echnology han lowe echnology. D awing om
hese a gumen s, his s udy hypo hesizes ha :
H1: In ellec ual capi al in es men a ies wi h deg ee o echnology o he
manu ac u ing companies.
H1a: In es men in componen s o in ellec ual capi al a ies wi h deg ee o echnology
o he manu ac u ing companies.
H1b: Human capi al is he mos in es ed componen o IC among high echnology
companies.
The second hypo hesis is p oposed based on he a gumen s ha highe echnology
companies a e mo e e icien han hei low echnology coun e pa s in using he IC and
i s componen s. Highe echnology companies ely mo e hea ily on he quali y o human
capi al and he o he componen s o IC because hey ope a e in a mo e dynamic
en i onmen which o ces hem o be consis en ly on he inno a i e and c ea i e mode o
emain compe i i e. O all componen s o ICE, his s udy ocuses on he oles o HCE
which a e expec ed o be le e aged mos e icien ly by companies o highe echnology
han hose o lowe echnology.
H2: E iciency o in ellec ual capi al a ies wi h deg ee o echnology o he
manu ac u ing companies.
H2a: E iciency o componen s o in ellec ual capi al a y wi h deg ee o echnology
o he manu ac u ing companies.
H2b: Human capi al is he mos e icien ly used componen o IC among high
echnology companies.
Resea ch me hodology
This s udy selec s i s sample om manu ac u ing companies ha a e lis ed in Bu sa
Malaysia om 2006 o 2012. The sample manu ac u ing companies a e classi ied in o
di e en sec o s based on hei p oduc s and se ices (o S anda d Indus ial
Classi ica ion (SIC) code) in he OSIRIS da abases. This s udy hen ollows esea ches
o Cza ni zki and Tho wa h (2012), Mendonça (2009) and Ha zich onoglou (1997) o
seg ega e manu ac u ing companies in di e en sec o s in o ou g oups o di e ing
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echnology in ensi y, ha a e: high echnology, medium-high echnology, medium-low
echnology, and low echnology. The ca ego iza ion o he sec o s unde each o he
echnology-based g oups is as ollows:
i. High- echnology indus ies: ae ospace and de ense, pha maceu icals
and bio echnology, echnology ha dwa e and equipmen , mobile
elecommunica ions, elec ici y, elec onic and elec ical equipmen , and ixed line
elecommunica ions,
ii. Medium-high- echnology indus ies: chemicals, au omobiles and pa s, heal h
ca e equipmen , indus ial anspo a ion, and oil equipmen ,
iii. Medium-low- echnology indus ies: gene al indus ials, household
goods, indus ial me als and mining, leisu e goods, cons uc ion and ma e ials, and
i . Low- echnology indus ies: be e ages, ood p oduce s, o es y and pape ,
pe sonal goods, and obacco.
In sc eening ou he sample, companies a e excluded i hey epo nega i e alues o
ICE and ea nings o i hey ha e missing da a. The inal composi ion o his sample is 30,
33, 31, and 35 o high, medium-high, medium-low, and low echnology companies
espec i ely. The sub-samples gene a e balanced panels o 210, 231, 217, and 245 yea -
company obse a ions pe a iable o high, medium-high, medium-low and low
echnology companies, espec i ely. Da a a e sou ced om Da aS eam and companies’
annual epo s. This s udy adop s ex ended e sion o he VAICTM model which is
p oposed by Naza i and He emans (2007) o measu ing he in ellec ual capi al(IC) and
he in ellec ual capi al e iciency (ICE). Tha is, VAICTM can be dissec ed in o;
e
iiiii
TM
iCEESCEHCECEEICEVAIC  )(
=HCE+ (CCE+OCE) +CEE
=HCE+ (CCE +PCE +InCE) +CEE
Whe e HCE = VA/HC,
VA = OP + EC + D + A, OP = ope a ing p o i , EC = employee cos , D = dep ecia ion,
A = amo iza ion, HC (human capi al) = o al sala ies and wages o a company,
SCE = SC/VA,
SC (s uc u al capi al) = VA – HC,
CEE = VA/CE,
CE = book alue o he ne asse o a company.
CCE = 𝐶𝐶
𝑉𝐴
Whe e, CCE = cus ome capi al e iciency,
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CC (cus ome capi al) = ma ke ing cos ,
OCE=SCE-CCE
OCE = o ganiza ional capi al e iciency,
InCE=Inc
𝑉𝐴
Whe e, InCE = inno a ion capi al e iciency,
InC (inno a ion capi al) = esea ch and de elopmen expendi u es
PCE=OCE-InCE
Whe e, PCE = p ocess capi al e iciency,
To compa e he means o mo e han wo g oups o mo e han wo a iables, his s udy
will be using he analysis o a iance o ANOVA es s. In o de o use ANOVA
e icien ly, he e a e wo signi ican condi ions: no mali y and ha ing simila a iances
o da a (Bland & Al man, 1995). I non-no mal dis ibu ion o he da a is seen, he K uskal
Wallis es should be employed as a non-pa ame ic s a is ic es o he
hypo heses(Shi ley, 1977). To compa e he mean o one a iable wi h ano he a iable o
one sample (high echnology companies) in sub-hypo heses o he i s and second
hypo heses (H1b, H2b) his s udy will be using he one sample es s.
Resul s and discussion
Table.2 displays desc ip i e s a is ics a e he ou lie ea men wi h imp o ed ange
o skewness and ku osis han o iginal da a. Replacemen s a e made o ex eme alues
iden i ied as uni a ia e ou lie s in acco dance wi h Tabachnik and Fidell (2007). A e
eplacing uni a ia e ou lie s, companies wi h mul i a ia e ou lie s also we e omi ed
(Tabachnik and Fidell 2007). Figu es .3 and 4 show he ela i e posi ions o in ellec ual
capi al (IC) and i s componen s, and e iciency o in ellec ual capi al and i s componen s
in he manu ac u ing companies o di e en echnology le els a e plo ed in o simpli y
compa ison.
As p edic ed, in ellec ual capi al in es men a ies wi h deg ee o echnology o he
manu ac u ing companies. Acco ding o Figu es.3 and 4, in es men in IC and each o i s
elemen s is g ea e in medium-high echnology companies han high echnology
companies, while he e iciency o IC and each o i s elemen s is g ea e in high
echnology companies han medium-high echnology companies. I can be deduced ha
mo e in es men in IC and i s componen s do no necessa ily lead o mo e e iciency on
IC and i s componen s. Compa ing he componen s o ICE, i can be seen ha he HCE
componen is he dominan con ibu o o ICE, making up 84% (3.108/3.692), 82%
(2.561/ 3.123), 81% (2.410/ 2.960), and 85% (2.399 / 2.813) o o al ICE o high,
medium-high, medium-low and low echnology companies espec i ely.
Aminiandehko di, Ahmad, and Hamzeh (2014) epo 80% o ICE comes om HCE o
110 companies lis ed on he ACE Ma ke o Bu sa Malaysia om 2009 o 2012. Thus, in
In e na ional Jou nal o Managemen , Accoun ing and Economics
Vol. 2, No. 7, July, 2015
ISSN 2383-2126 (Online)
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691
Moda aba Sec o O Pakis an . Aus alian Jou nal o Business and Managemen
Resea ch, 1(5), 8–16.
Sáenz, J., A ambu u, N., & Ri e a, O. (2009). Knowledge sha ing and inno a ion
pe o mance: a compa ison be ween high- ech and low- ech companies. Jou nal o
In ellec ual Capi al, 10(1), 22–36.
Shi ley, E. (1977). A non-pa ame ic equi alen o Williams’ es o con as ing
inc easing dose le els o a ea men . Biome ics, 33(2), 386–389.
Skandia. (1994). Visualizing In ellec ual Capi al in Skandia, in ellec ual capi al
supplemen .
Śledzik, K. (2012). The In ellec ual Capi al Pe o mance O Polish Banks : An
Applica ion O VAIC TM. Uni e si y o Gdansk Facul y o Managemen Depa men o
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35(2), 187–201.
Volko , A. (2012). Value Added In ellec ual Co-e icien ( VAIC TM ): A Selec i e
Thema ic-Bibliog aphy. Jou nal o New Business Ideas & T ends, 10(1), 14–24.
Wang, J.-C. (2008). In es iga ing ma ke alue and in ellec ual capi al o S&P 500.
Jou nal o In ellec ual Capi al, 9(4), 546–563.
Wang, W.-Y., & Chang, C. (2005). In ellec ual capi al and pe o mance in causal
models: E idence om he in o ma ion echnology indus y in Taiwan. Jou nal o
In ellec ual Capi al, 6(2), 222–236.
We ne el , B. (1995). The Resou ce-Based View o he Fi m: Ten Yea s A e .
S a egic Managemen Jou nal, 16(3), 171–174.
We ne el , B. (2010). The Use o Resou ces in Resou ce Acquisi ion. Jou nal o
Managemen , 37(5), 1369–1373.
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11(1), 39–60.

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692
Table.2 Desc ip i e s a is ics
Le el o echnology
HC
SC
IC
CC
OC
PC
InC
High
Mean
21492981
26100681
47593662
9587424
16513257
14353352
2312543
Min
199000
523000
1331000
90000
58000
24000
20000
Max
92183000
108679000
173280000
53172000
95223000
65573000
12349000
S. De ia ion
26482
26577
50057
13689
17537
16347
3198
Skewness
1.473
1.121
1.205
2.044
1.521
1.473
1.901
Ku osis
0.856
0.138
0.252
3.453
2.255
1.368
2.777
Medium-high
Mean
36049550
53407957
89457506
13581424
39826532
35379251
4443654
Min
215000
265000
713000
35000
149000
12000
17000
Max
155828000
233457000
382416000
65615000
209782000
195945000
22201000
S. De ia ion
39983
62836
101155
17257
51249
48287
5954
Skewness
1.715
1.588
1.669
1.743
1.813
1.87
1.552
Ku osis
2.369
1.64
2.055
2.387
2.668
2.767
1.346
Medium-low
Mean
17157083
27505258
44662341
2648129
24582880
23962779
612267
Min
115000
230000
345000
25000
28000
6000
0
Max
78301000
153844000
216869000
13046000
129588000
128474000
2388000
S. De ia ion
18995
36548
54445
3740
33505
33332
577
Skewness
1.735
1.92
1.816
1.746
1.897
1.893
0.601
Ku osis
2.608
3.107
2.741
1.806
2.857
2.837
-0.75
Low
Mean
24136441
35904135
60040576
6753053
29151082
28714514
439016
Min
1143000
166000
3367000
100000
25000
25000
0
Max
98560000
163534000
236395000
25708000
148027000
148027000
3038000
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S. De ia ion
25176
42003
65921
6969
38168
37890
969
Skewness
1.843
1.684
1.729
1.395
1.749
1.758
2.108
Ku osis
2.462
1.711
1.851
1.193
1.922
1.933
2.776
Le el o echnology
HCE
SCE
ICE
CCE
OCE
PCE
InCE
High
Mean
3.108
0.583
3.692
0.181
0.402
0.328
0.079
Min
1.402
0.287
1.689
0.008
0.019
0.007
0.001
Max
8.119
0.877
8.996
0.462
0.851
0.778
0.4
S. De ia ion
1.816
0.179
1.981
0.11
0.215
0.195
0.098
Skewness
1.206
0.109
1.115
0.35
0.19
0.243
1.787
Ku osis
0.251
-1.234
0.052
-0.671
-0.92
-0.912
2.472
Medium-high
Mean
2.561
0.562
3.123
0.157
0.405
0.345
0.068
Min
1.1
0.091
1.191
0.003
0.013
0.002
0.001
Max
4.634
0.784
5.418
0.465
0.759
0.735
0.293
S. De ia ion
0.826
0.158
0.975
0.116
0.195
0.2
0.073
Skewness
0.304
-0.983
0.108
0.773
-0.337
-0.136
1.379
Ku osis
-0.582
0.332
-0.632
-0.213
-0.943
-1.037
1.073
Medium-low
Mean
2.41
0.549
2.96
0.081
0.467
0.424
0.044
Min
1.117
0.104
1.221
0.001
0.007
0.007
0
Max
4.08
0.757
4.835
0.302
0.754
0.753
0.292
S. De ia ion
0.7048
0.147
0.834
0.073
0.171
0.194
0.064
Skewness
0.311
-0.988
0.074
1.281
-0.68
-0.547
1.965
Ku osis
-0.41
0.397
-0.461
1.051
-0.187
-0.655
3.554
low
Mean
2.399
0.541
2.813
0.155
0.386
0.378
0.009
Min
1.009
0.009
1.019
0.001
0.001
0.001
0
Max
3.821
0.738
4.408
0.552
0.719
0.698
0.088
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No e: HC is human capi al = sum o o al sala ies and wages. SC is s uc u al capi al = VA-HC. VA is alue added = ope a ing p o i
+ employee cos + dep ecia ion + amo iza ion. IC is in ellec ual capi al= HC + SC. CC is cus ome capi al = sum o o al ma ke ing
cos . OC is o ganiza ional capi al= SC - CC. PC is p ocess capi al = OC - InC. InC is inno a ion capi al = sum o o al esea ch and
de elopmen expendi u e (R&D). HCE is human capi al e iciency = VA
HC. SCE is s uc u al capi al e iciency = SC
VA. ICE is in ellec ual
capi al e iciency = HCE +SCE. CCE is cus ome capi al e iciency = CC
VA . OCE is o ganiza ional capi al e iciency = SCE - CCE. PCE
is p ocess capi al e iciency = OCE - InCE. InCE is inno a ion capi al e iciency = R&𝐷
VA . MBVA is a io o ma ke alue o book alue
o asse s = ma ke alue asse s
book alue o asse s . Ma ke alue asse = book alue o deb + ma ke alue equi y. Ma ke alue equi y = numbe sha e
ou s anding* sha e closing p ice. Book alue o asse s = book alue o deb + book alue o equi y. MBVE is a io o ma ke alue o
book alue o equi y = ma ke alue equi y
book alue o equi y . GPPEMVA is a io o g oss plan , p ope y and equipmen o ma ke alue asse s
= g oss plan ,p ope y and equipmen
ma ke alue asse s . G oss plan , p ope y and equipmen =cos o plan , p ope y and equipmen - accumula ed
dep ecia ion o plan , p ope y and equipmen . DMVA is a io o dep ecia ion o p ope y, plan and equipmen o ma ke alue asse s
= dep ecia ion o p ope y,plan and equipmen
ma ke alue asse s . ROA is e u n on asse s = ea nings be o e in e es and ax
book alue o asse s . LEV is inancial le e age
= book alue o o al deb
book alue o asse s . FF is inancial lexibili y = cash and cash equi alen s
book alue o he ne asse . DP is di idend payou a io = di idend paid
ne income . R&DS is
a io o R&D expendi u es o ne sales and calcula es = R&𝐷 𝑒𝑥𝑝𝑒𝑛𝑑𝑖𝑡𝑢𝑟𝑒𝑠
o al ne sales .To al ne sales = alue o goods sold - discoun s and e u ns.
SIZ is company size = 𝑙𝑜𝑔10 o o al asse s.
S. De ia ion
0.6563
0.1627
0.848
0.125
0.191
0.186
0.02
Skewness
-0.311
-1.438
-0.3
1.035
-0.345
-0.376
2.449
Ku osis
-0.657
1.448
-0.945
0.621
-0.908
-0.887
4.872
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695
Table.3 Resul s o Le ene’s es
Tes o Homogenei y o Va iances
Va iable
Le ene S a is ic
d 1
d 2
P- alue
Va iable
Le ene S a is ic
d 1
d 2
P- alue
HC
25.266
3
899
0.000
HCE
110.933
3
899
0.000
SC
31.934
3
899
0.000
SCE
6.650
3
899
0.000
IC
27.763
3
899
0.000
ICE
90.039
3
899
0.000
CC
74.023
3
899
0.000
CCE
19.757
3
899
0.000
InC
185.479
3
899
0.000
InCE
71.472
3
899
0.000
PC
32.284
3
899
0.000
PCE
.704
3
899
0.550
OC
34.009
3
899
0.000
OCE
5.991
3
899
0.000
No e: HC is human capi al = sum o o al sala ies and wages. SC is s uc u al capi al = VA-HC. VA is alue added = ope a ing p o i + employee cos +
dep ecia ion + amo iza ion. IC is in ellec ual capi al= HC + SC. CC is cus ome capi al = sum o o al ma ke ing cos . InC is inno a ion capi al = sum o
o al esea ch and de elopmen expendi u e (R&D). PC is p ocess capi al = OC - InC. OC is o ganiza ional capi al= SC - CC. HCE is human capi al
e iciency=VA
HC. HC is human capi al = sum o o al sala ies and wages. VA is alue added = ope a ing p o i + employee cos + dep ecia ion + amo iza ion.
SCE is s uc u al capi al e iciency = SC
VA. SC is s uc u al capi al = VA-HC. ICE is in ellec ual capi al e iciency = HCE +SCE. CCE is cus ome capi al
e iciency = CC
VA . CC is cus ome capi al = sum o o al ma ke ing cos . InCE is inno a ion capi al e iciency = R&𝐷
VA . PCE is p ocess capi al e iciency =
OCE - InCE. OCE is o ganiza ional capi al e iciency = SCE - CCE.
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696
Table.4 ANOVA esul s
a iable
Sum o Squa es
d
Mean Squa e
F
P- alue
a iable
Sum o
Squa es
d
Mean
Squa e
F
P- alue
HC
Be ween
G oups
44306344707
3
14768781569
17.778
0.000
HCE
Be ween
G oups
72.263
3
24.088
20.454
0.000
Wi hin
G oups
746848079102
899
830754259
Wi hin
G oups
1058.69
899
1.178
To al
791154423809
902
To al
1130.953
902
SC
Be ween
G oups
106235597886
3
35411865962
17.938
0.000
SCE
Be ween
G oups
0.223
3
0.074
2.847
0.037
Wi hin
G oups
1774757172447
899
1974145909
Wi hin
G oups
23.504
899
0.026
To al
1880992770334
902
To al
23.727
902
IC
Be ween
G oups
282960365743
3
94320121914
18.523
0.000
ICE
Be ween
G oups
97.231
3
32.41
21.356
0.000
Wi hin
G oups
4577707034741
899
5091998926
Wi hin
G oups
1364.369
899
1.518
To al
4860667400484
902
To al
1461.6
902
CC
Be ween
G oups
14294850207
3
4764950069
34.96
0.000
CCE
Be ween
G oups
1.219
3
0.406
34.58
0.000
Wi hin
G oups
122532767124
899
136298962
Wi hin
G oups
10.565
899
0.012
To al
136827617332
902
To al
11.784
902
OC
Be ween
G oups
62854580382
3
20951526794
14.874
0.000
OCE
Be ween
G oups
0.857
3
0.286
7.651
0.000
Wi hin
G oups
1266310971179
899
1408577276
Wi hin
G oups
33.549
899
0.037

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697
a iable
Sum o Squa es
d
Mean Squa e
F
P- alue
a iable
Sum o
Squa es
d
Mean
Squa e
F
P- alue
To al
1329165551561
902
To al
34.406
902
InE
Be ween
G oups
2411634962
3
803878321
68.222
0.000
InCE
Be ween
G oups
0.673
3
0.224
47.827
0.000
Wi hin
G oups
10593175991
899
11783288
Wi hin
G oups
4.216
899
0.005
To al
13004810953
902
To al
4.889
902
PC
Be ween
G oups
51508888894
3
17169629631
13.054
0.000
PCE
Be ween
G oups
1.146
3
0.382
10.187
0.000
Wi hin
G oups
1182405671522
899
1315245463
Wi hin
G oups
33.708
899
0.037
To al
1233914560416
902
To al
34.854
902
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698
Table .5 Resul s o one-sample es
Va iable
Hypo hesized
mean o
p- alue
Mean
Di e ence
Va iable
Hypo hesized
mean o
p- alue
Mean
Di e ence
HC
SC
-2.521
0.006
-4607.7
HCE
SCE
20.151
0.000
2.525
HC
CC
6.515
0.000
11905.6
HCE
CCE
23.359
0.000
2.927
HC
OC
2.725
0.003
4979.7
HCE
OCE
21.596
0.000
2.706
HC
PC
3.907
0.000
7139.6
HCE
PCE
22.186
0.000
2.780
HC
InC
10.496
0.000
19180.4
HCE
InCE
24.173
0.000
3.029
InC
SC
-
107.800
0.000
-23788.1
InCE
SCE
-74.325
0.000
-.504
InC
CC
-32.967
0.000
-7274.9
InCE
CCE
-15.056
0.000
-.102
InC
OC
-64.353
0.000
-14200.7
InCE
OCE
-47.639
0.000
-.323
InC
PC
-54.565
0.000
-12040.8
InCE
PCE
-36.729
0.000
-.249
InC
HC
-86.919
0.000
-19180.4
InCE
HCE
-
446.648
0.000
-3.029
No e: HC is human capi al = sum o o al sala ies and wages. InC is inno a ion capi al = sum o o al esea ch and de elopmen expendi u e
(R&D). HCE is human capi al e iciency =VA
HC. HC is human capi al = sum o o al sala ies and wages.
VA is alue added = ope a ing p o i + employee cos + dep ecia ion + amo iza ion. InCE is inno a ion capi al e iciency = R&𝐷
VA . P- alue o one-
ailed epo ed. The c i ical wi h 209 deg ees o eedom, α=0.05 and one- ailed is 1.65. The sample is high echnology manu ac u ing companies.
In e na ional Jou nal o Managemen , Accoun ing and Economics
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699
Appendix A: Non-pa ame ic es
Null hypo hesis
Chi-Squa e
d
P- alue
Decision
The dis ibu ion o HC is he same ac oss ca ego ies o g oups
50.439
3
0.000
Rejec he null hypo hesis
The dis ibu ion o SC is he same ac oss ca ego ies o g oups
36.251
3
0.000
Rejec he null hypo hesis
The dis ibu ion o IC is he same ac oss ca ego ies o g oups
44.984
3
0.000
Rejec he null hypo hesis
The dis ibu ion o CC is he same ac oss ca ego ies o g oups
119.198
3
0.000
Rejec he null hypo hesis
The dis ibu ion o OC is he same ac oss ca ego ies o g oups
20.975
3
0.000
Rejec he null hypo hesis
The dis ibu ion o InC is he same ac oss ca ego ies o g oups
301.347
3
0.000
Rejec he null hypo hesis
The dis ibu ion o HCE is he same ac oss ca ego ies o g oups
4.690
3
0.046
Rejec he null hypo hesis
The dis ibu ion o SCE is he same ac oss ca ego ies o g oups
3.737
3
0.031
Rejec he null hypo hesis
The dis ibu ion o ICE is he same ac oss ca ego ies o g oups
11.979
3
0.007
Rejec he null hypo hesis
The dis ibu ion o CCE is he same ac oss ca ego ies o g oups
107.415
3
0.000
Rejec he null hypo hesis
The dis ibu ion o OCE is he same ac oss ca ego ies o g oups
23.118
3
0.000
Rejec he null hypo hesis
The dis ibu ion o InCE is he same ac oss ca ego ies o g oups
318.227
3
0.000
Rejec he null hypo hesis
The dis ibu ion o PCE is he same ac oss ca ego ies o g oups
31.365
3
0.000
Rejec he null hypo hesis
HC is human capi al and calcula es h ough sum o o al sala ies and wages. SC is s uc u al capi al and calcula es h ough [VA-HC]. IC is in ellec ual
capi al and compu es by sum o HC and SC.CC is cus ome capi al and calcula es h ough sum o o al ma ke ing cos . OC is o ganiza ional capi al and
calcula es h ough [SC-CC]. InC is inno a ion capi al and calcula es h ough sum o o al esea ch and de elopmen expendi u e (R&D). PC is p ocess
capi al and compu es by [OC-InC]. HCE is human capi al e iciency and calcula es h ough alue added (VA) o e human capi al (HC). HC is human
capi al and calcula es h ough sum o o al sala ies and wages. VA is [ope a ing p o i + employee cos + dep ecia ion +amo iza ion]. SCE is s uc u al
capi al e iciency and calcula es h ough SC /VA. SC is s uc u al capi al and calcula es h ough [VA-HC]. ICE is in ellec ual capi al e iciency and
compu es by sum o HCE and SCE. CCE is cus ome capi al e iciency and compu es by CC /VA. CC is cus ome capi al and calcula es h ough sum o
o al ma ke ing cos . OCE is o ganiza ional capi al e iciency and calcula es h ough [SCE-CCE]. InCE is inno a ion capi al e iciency and compu es by
R&D/VA. PCE is p ocess capi al e iciency and compu es by [OCE-InCE].
In e na ional Jou nal o Managemen , Accoun ing and Economics
Vol. 2, No. 7, July, 2015
ISSN 2383-2126 (Online)
© IJMAE, All Righ s Rese ed www.ijmae.com
700
Appendix B. Resul s o mul iple compa isons
Dependen
Va iable
Mean
Di e ence (I-
J)
P-
alue
95% Con idence
In e al
Dependen
Va iable
Mean
Di e ence (I-
J)
P-
alue
95% Con idence
In e al
Lowe
Bound
Uppe
Bound
Lowe
Bound
Uppe
Bound
HC
1
2
-14556.569*
.000
-23025.81
-6087.33
OC
1
2
-23313.275*
.000
-32804.32
-13822.23
3
4335.898
.280
-1579.52
10251.32
3
-8069.623*
.011
-14889.30
-1249.94
4
-2643.460
.859
-9077.90
3790.98
4
-12637.824*
.000
-19840.48
-5435.17
2
1
14556.569*
.000
6087.33
23025.81
2
1
23313.275*
.000
13822.23
32804.32
3
18892.467*
.000
11138.20
26646.73
3
15243.652*
.001
4488.94
25998.37
4
11913.109*
.001
3758.35
20067.87
4
10675.451
.062
-324.38
21675.28
3
1
-4335.898
.280
-10251.32
1579.52
3
1
8069.623*
.011
1249.94
14889.30
2
-18892.467*
.000
-26646.73
-11138.20
2
-15243.652*
.001
-25998.37
-4488.94
4
-6979.358*
.005
-12427.24
-1531.48
4
-4568.201
.676
-13379.57
4243.16
4
1
2643.460
.859
-3790.98
9077.90
4
1
12637.824*
.000
5435.17
19840.48
2
-11913.109*
.001
-20067.87
-3758.35
2
-10675.451
.062
-21675.28
324.38
3
6979.358*
.005
1531.48
12427.24
3
4568.201
.676
-4243.16
13379.57
SC
1
2
-27307.276*
.000
-39282.05
-15332.50
InC
1
2
-2131.111*
.000
-3320.70
-941.52
3
-1404.577
.998
-9563.04
6753.88
3
1700.276*
.000
1105.31
2295.24
4
-9803.454*
.016
-18395.79
-1211.12
4
1873.527*
.000
1265.53
2481.52
2
1
27307.276*
.000
15332.50
39282.05
2
1
2131.111*
.000
941.52
3320.70
3
25902.699*
.000
13149.24
38656.16
3
3831.386*
.000
2786.66
4876.11
4
17503.822*
.003
4470.97
30536.67
4
4004.637*
.000
2952.44
5056.84
3
1
1404.577
.998
-6753.88
9563.04
3
1
-1700.276*
.000
-2295.24
-1105.31