The Effect of Intellectual Capital on Firm Profitability and Efficiency: Evidence from Thai Listed Companies in the Agriculture and Food Industry

𝗧𝗵𝗲 “𝗔𝗦𝗜” 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 𝘄𝗮𝘀 𝗰𝗶𝘁𝗲𝗱 𝗶𝗻 “𝗦𝗰𝗼𝗽𝘂𝘀 𝟮𝟬𝟮𝟯”
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𝗔𝗕𝗦𝗧𝗥𝗔𝗖𝗧:
This article examines the effect of Intellectual Capital (IC) on the performances of selected Thai listed companies in the Agro and Food industry from 2017 to 2019. The sample consisted of 45 companies with 135 observations spanning three years. The Modified Value-Added Intellectual Coefficient (MVAIC) model was used to measuring IC, including capital employed, human capital, structural capital, and relational capital. Performance was measured using two distinct parameters: profitability and efficiency. The regression results revealed that MVAIC and its components (excluding relational capital) had a significantly positive impact on firm profitability. However, only capital employed affected firm efficiency. This study confirms that IC efficiency significantly enhances profitability. Therefore, firm managers or policymakers can use the MVAIC model to monitor and assess their assets and create business strategies to achieve a competitive advantage. Furthermore, this model might be used by investors and shareholders to make better investment decisions and evaluate a firm’s market wealth.
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𝗜𝗗: 2253049

𝗧𝗜𝗧𝗟𝗘: The Effect of Intellectual Capital on Firm Profitability and Efficiency: Evidence from Thai Listed Companies in the Agriculture and Food Industry
𝗔𝗨𝗧𝗛𝗢𝗥𝗦: Witchulada Vetchagool
𝗜𝗦𝗦𝗨𝗘: Vol. 16 No. 1 (2023): January – February
𝗦𝗢𝗨𝗥𝗖𝗘: https://so06.tci-thaijo.org/index.php/asi/article/view/253049
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