2020 - Franco Angeli
Article
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Management control systems in the knowledge economy : assessing the role of intellectual capital in value creation
17-34 p.
- The purpose of this paper is to show that intellectual capital (IC) efficiency as measured by the value added intellectual coefficient (VAIC) and its individual components may function as key performance indicators for use in management control and external reporting to capital market participants. We incorporate the VAIC within the Ohlson model (OM), a widely used model for equity valuation, which relates a firm's market value to the book value of equity and net earnings, and allows to include any other information that may affect the market assessment of firm value. We then estimate the modified OM on a panel sample of firms continuously listed on the Italian Stock exchange from 2011 to 2017 using a fixed effect (FE) specification. Empirical results indicate that IC efficiency contributes along with the traditional accounting metrics included in the OM to explain the stock market performance of sample firms.
- This paper suggests that the VAIC and the individual measures of IC efficiency may usefully complement traditional accounting measures of performance. [Publisher's text].
Is part of
Management Control : 3, 2020-
Information
ISSN: 2239-4397
KEYWORDS
- Management control, intellectual capital efficiency, value relevance, Ohlson equity valuation model
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In this issue
- Dalla crisi allo sviluppo sostenibile : il ruolo dei sistemi di misurazione e controllo
- Management control systems in the knowledge economy : assessing the role of intellectual capital in value creation
- Pressione competitiva e previsione dell'insolvenza
- La misurazione di costi e performance nei modelli di business orientati ai servizi : una ricerca esplorativa
- Crisi e cambiamento delle istituzioni di contabilità pubblica : il caso delle amministrazioni centrali dello Stato
- Il bilancio degli atenei : schemi di analisi
- La rilevanza pratica dei sistemi di misurazione delle performance negli Enti Locali : analisi di un caso