Corporate performance and intellectual capital:
an analysis of the pulp and paper sector
DOI:
https://doi.org/10.22567/rep.v11i2.854Keywords:
intellectual capital, financial ratios, human capital, customer capital, structural capitalAbstract
Intellectual Capital (IC) can be classified as the intangible assets that are not explicitly listed in the company's Balance Sheets, but affect performance, thus revealing the relationship between employees, ideas and information. Given the above, the present study sought, in a longitudinal manner, between 2009 and 2019, to evaluate the IC of the pulp and paper sector and relate it to the financial performance of the respective companies by means of the Intellectual Value Added Coefficient (VAIC) methodology. The VAIC, through linear regression analysis, showed a significant relationship with all performance indicators. A deeper analysis was carried out and it was observed that when the value of the Intellectual Coefficient is up to ten thousand Reais, the probability of the return on equity and the probability of the total return on assets being negative is 4.821 times higher than being positive. On the other hand, the relationship of the value of the Intellectual Coefficient with the probability of return on invested capital was not significant. The findings of the study suggest that Intellectual Capital is mainly affected by human capital efficiency coefficient (HCE). On the other hand, customer capital efficiency coefficient (CCE) and structural capital efficiency coefficient (SCE) work together to create this value. Therefore, it is recommended to support the relevant strategies in order to identify key people and train them with customer focus.
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