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This study aims to analyse the effects of corporate governance on the intellectual capital of companies. The sample is composed of 64 companies listed on the Bucharest Stock Exchange in the time span 2016-2021. The data were collected from companies' annual reports and from Thomson Reuters database. In this way, we investigated the relationship bet...
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... Para tal, saber o Capital Expenditure (CAPEX) ou gastos de capital, que representa o investimento em ativos fixos para manter a operação de uma empresa (Can et al., 2023;Achim et al., 2023), assim como o Operational Expenditure (OPEX), que são despesas operacionais não diretamente ligados à produção ou venda de produtos, incluindo gastos fixos, como aluguéis, salários e outros, que a empresa deve arcar independentemente de sua atividade de vendas (Yetilmezsoy et al., 2022), é essencial para embasar as decisões de investimentos. ...
Nos últimos anos, principalmente durante a pandemia de COVID-19, percebeu-se um aumento no número de novos empreendedores no Brasil, muito em virtude da necessidade de substituir uma fonte de renda fixa ausente devido ao cenário econômico. Logo, com a competição e concorrência acirrada entre as empresas, a abertura de franquia de uma marca consolidada e difundida no mercado se mostra bastante atraente para quem busca um investimento em negócios. Todavia, a análise de viabilidade de qualquer negócio é imprescindível, a fim de contrapor sua rentabilidade com seus custos, elucidando os riscos para os investidores. Assim, este trabalho abordou um estudo de viabilidade econômico-financeira de uma franquia odontológica em Angra dos Reis-RJ. A partir do contato com a empresa franqueadora, foram levantadas as principais informações sobre a operação da clínica, bem como seus custos, faturamentos, impostos e demais gastos, de modo a projetar o fluxo de caixa da operação considerando um horizonte temporal de 05 anos. Os resultados mostraram a viabilidade do investimento, com um retorno acima de 3 vezes o capital aportado inicialmente.
... One crucial aspect of EVA is accounting for the opportunity cost of capital and estimation of real value that shareholders receive after all other investors who provide capital to the company have been paid (Sharma & Kumar, 2010). EVA also has strong power to explain the wealth-creating capabilities of firm investments especially investment in intangible assets (Achim et al., 2023). Working on a sample of Indian firms (Chatterjee & Nag, 2023) indicates that EVA is regarded as a contemporary method of calculating a company's economic profit and has been very wellliked by businesses as an enhanced method of evaluating their financial performance. ...
This study examines the effects of Capital Expenditure (CAPEX) and Research & Development Expenditure (R&D), on firm value, as determined by Economic Value Added (EVA). The study covers 982 Indian-listed firms from the manufacturing and service industries. The results have been estimated using fixed effects, and random effects models for the accuracy of the estimations. The findings of this study reveal varied results in the short and long run for both manufacturing and service firms. The manufacturing companies have a negligible short-term impact of CAPEX on firm value (investment year), but a strong and positive link develops over an extended period (Years 1 to 3 post-investment). On the other hand, R&D in manufacturing companies has no significant short- or long-term effect. There is no significant impact of CAPEX in service firms in the short run, R&D initially has a negative impact on EVA, but with time, CAPEX and R&D favorably impact EVA. The results of this study have implications for both managers and investors. Creating long-term value for stakeholders is every manager's job. Since the idea of the distinction between the cost of capital and the return on capital invested (ROIC) first emerged, the concept of value creation has endured. We show how excess revenue over cost of capital results in value creation in investment spending choices by using the EVA metrics and how It may be necessary for investors to consider the greater strategic advantages that come from R&D and CAPEX, especially for those who have a long-term perspective.
... The research findings indicate the presence of a statistically significant and positive correlation between intellectual capital and corporate governance. The enhancement of wealth generation is a result of the intellectual capital and effective corporate governance practices that businesses implement, according to research (Achim et al., 2023).. The researcher hypothesises, on the basis of prior research, that robust governance negatively impacts the effectiveness of intellectual capital, thereby diminishing the organization's value. ...
This study's main goal was to investigate the relationship between corporate governance and financial performance. Particular attention was paid to the principles, concepts, and corporate governance's importance. This approach was deemed suitable and consistent with the prevention and treatment of the recent financial crises that occurred in East Asia, Russia, and the United States. These crises resulted in the insolvency of numerous prominent international institutions and companies, including the present one. The aforementioned crises can be attributed to the errors committed by the Board of Directors, a perceived deficiency in transparency and disclosure, and the disregard of corporate officials for their accountability and the obligation to ensure and safeguard the rights of others. These reasons were addressed in the governance charters issued by countries and companies to fill the previous gaps, as this brings benefits and interest to companies, stakeholders, and the economy in general. Therefore, it can be asserted that the implementation of these logical principles furnishes a solid foundation for attaining equity, fostering a sense of accountability among organisation members, and ultimately enhancing financial performance through the formulation of effective decisions that benefit all parties involved. The current study also investigated the relationships between the organisation's financial performance and its intellectual capital. Intellectual capital was the subject of the inquiry, encompassing its constituent parts (Customer Capital (CC), Human Capital (HC), and Structural Capital (SC)), in addition to its importance, assessment approaches, and impact on the organisation's financial performance. Previous research has not found any significant correlation between intellectual capital effectiveness and an organisation's financial performance. Other contradictory results about the impact of components of intellectual capital on financial performance have been reported in previous studies. The relationship between governance and intellectual capital has a greater effect on a company's financial performance and value than a sum of the contributions of each component considered separately. Inconsistencies in the findings of accounting studies that concentrate exclusively on intellectual capital or governance provide support for this assertion. The value of a corporation is increased by its improved performance, which is achieved through the combination of its intellectual capital and strong governance systems.
... In general, empirical evidence about the association between CG and IC is inconsistent. For instance, Achim et al. (2023) examine the effect of CG on IC in firms listed on the Bucharest Stock Exchange between 2016 and 2021. The study found a positive significant association between CG and IC, which helps firms to create wealth. ...
This paper aims to examine the association between corporate governance (CG) and intellectual capital (IC) efficiency in the context of Palestine. The study sample consist 43 firms, which listed in Palestine Stock Exchange (PEX) over the period 2013 to 2022, totalling 430 observations. Utilising the value-added intellectual coefficient to measure IC encompassing human, structural, and employed capital and robust regression analysis through STATA software. Findings indicate a significant association between IC and both board gender diversity and board education, while board size and CEO duality appear associated. These insights offer practical guidance for regulatory bodies, management, and shareholders, especially serves the Capital Market Authority in supporting the implementation of the five-year financial technology strategy, as this study provides empirical evidence to support this initiative at the appropriate time. This novel research enhances understanding of CGs impact on IC in emerging markets, a relatively unexplored area in existing literature. In particular, to the authors knowledge, this study is the first in Palestine that explore the association between IC and CG.
Keywords: corporate governance; intellectual capital efficiency; Palestine Stock Exchange; PEX; Palestine.
... To this end, we use ESG data collected from Refinitiv over a longer period of time of 11 years, between 2011 and 2021. This represents a significant contribution to the research in the field, as the overwhelming part of previous studies extend their analysis over a 5-6 years timeframe (see, for example, Achim et al., 2023;Bernardi and Stark, 2018;Velte, 2017 and many more). The time frame selected for undertaking the analysis is limited by the available ESG scores, but optimized to include the number of observations needed to fit the research design. ...
This research investigates the evolving nexus between sustainability practices and firm market value, with a specific focus on the rapidly growing Fintech sector. As concerns about environmental, social, and governance (ESG) issues continue to gain prominence, understanding the implications of sustainability efforts on firm performance becomes crucial. This study proposes an empirical exploration of how sustainability initiatives, embedded in ESG scores, undertaken by Fintech firms influence their market valuations. Moreover, the investigation contrasts the findings for the Fintech firms against those for their counterpart Technology firms for the period between 2011 and 2021. The results show that Technology firms are better valued than their Fintech counterparts, which might reflect a perception of higher risk for the later. By employing panel econometric techniques in the system-GMM setting, the paper finds that capital market investors include ESG factors in their valuation of Fintech and Techinology companies, but the environmental and governance-related initiatives at corporate level are most important in this process. The study seeks to contribute to both the theoretical understanding of the sustainability-market value relationship and the practical insights relevant to Fintech firms and their stakeholders.
For some organizations, the rapid pace of economic growth, the digital revolution, and the globalization of business meant creating or acquiring intangible assets. These assets have grown in significance for determining a company's global value and for promoting economic prosperity, while also serving as a catalyst for the creation of added value. In this way, drawing on specialized literature, the article's aim is to pinpoint and compile the primary problems that occur when an economic entity's market value surpasses its accounting value, Additionally, we want to draw attention to the primary connections that exist between intangible assets, market value, and entity performance. In this respect, only those studies that focused on the valuation of intangible assets in relation to various concepts (competitive advantage, firm value, firm performance, innovative processes, corporate governance, etc.) have been selected, all these studies being undertaken at the level of listed or unlisted entities at national level. This study shows that important internally generated intangible assets (goodwill, intellectual capital, brand etc.) are not well understood, identified, managed, or consistently reported within an entity in Romanian annual financial reports.
Purposes: Managerial accounting systems affect the management of knowledge in business, but they are determined by corporate governance. Therefore, they likely mediate the link between corporate governance and knowledge management, which has been before ignored. The current work attempts to investigate the mediation of managerial accounting systems in transmitting the influence of corporate governance on management of knowledge in business.
Methods: The research data was collected from enterprises selected on Vietnam’s major stock exchanges. The collected data was checked for reliability with the techniques of reliability analysis and exploratory factor analysis. The linkages among managerial accounting systems, corporate governance and the management of knowledge in business were tested by linear regression analyses. Lastly, mediating analyses were applied to investigate the mediation of managerial accounting systems in transmitting the effect of corporate governance on management of knowledge in business.
Results: The empirical findings reveal that, the adoption of managerial accounting systems in business is a predecessor of knowledge management in business, but it is in turn decided by corporate governance. The mediation of managerial accounting systems between the influence of corporate governance on the management of knowledge in business is also statistically supported.
Implications: The empirical findings suggest that executive directors would decide on suitable systems of managerial accounting in business and the appropriate adopting level of knowledge management in business in accordance with the existing corporate governance, which could result in the best organizational performance.
Purpose –The purpose of the study is to research whether the level of compliance with corporate governance principles affects intellectual capital investments.Design/methodology/approach –In this study, the connection between the degree of conformity with corporate governance principles and intellectual capital investments for 21 companies in the BIST Corporate Governance Index (Borsa Istanbul XKURY) was tested, utilizing the Generalized Moments Method (GMM), one of the panel data analysis methods. Constituting the dependent variable of the study intellectual capital investments were calculated with the VAICTM(Value Added Intellectual Coefficient) method developed by Ante Pulic.Findings –At the stage of determining the degree of conformity with corporate governance principles, which is the independent variable, it was observed there was no unity in the variables used, and the grades of conformity with corporate governance principles were accepted as an objective measurement unit and used as a measurement variable. As a result of the findings, it was concluded that the degree of conformity with corporate governance principles positively affects intellectual capital investments.Discussion –In conclusion, it can be said that corporate governance practices are truly related to intellectual capital, boost the efficiency of intellectual capital, and that corporate governance practices are a hidden force that improve the capability of businesses to captivate more intellectual capital
