In a recent study on investigation of 64 Islamic Financial Institution (IFIs hereafter) for the period 2007-2011 operating in 18 countries by employing the widely used VAIC
methodology.9 Their findings indicate statistically significant positive association amid VAIC
and ROA respectively.
This capital classification, according to VAIC
, was compared with the traditional classification strategy, which is based on assets, net profit and fair shareholder value.
On the other hand, VAIC
(value added intellectual coefficient) has a positive and significant impact on all performance measures (ROE, ROA and EPS).
This hypothesis has been raised about the existence of the effect of added value of intellectual capital coefficient (VAIC
) on financial performance (with standard ROA) of pharmaceutical companies listed in Tehran Stock Exchange and it gets tested using the following model:
where ROA is return on assets, is economic value added, VAIC
is value added intellectual coefficient, ICE is intellectual capital efficiency, CEE is capital employed efficiency, is human capital efficiency, and SCE is structural capital efficiency.
Keywords: Intellectual, Human and Structural Capital; Value Added Intellectual Coefficient (VAIC
); Intellectual Capital Efficiency (ICE).
-- Coeficiente Intelectual do Valor Adicionado: VAIC
(CEE + ICE) ou (CEE+HCE+SCE)
I also had a pair of Vaic
Standard speakers on loan.
) to design, manufacture and commission the CPS on a turnkey basis.
H1: There is a significant relationship between VAIC
and value creation.