Comparative analysis of intellectual capital models: Enhancing financial performance and market value in S&P 500 firms

Document Type

Article

Source of Publication

Social Sciences and Humanities Open

Publication Date

11-11-2025

Abstract

The current paper examines the influence of intellectual capital (IC) on financial performance and market value using a comparative analysis of the value-added intellectual coefficient (VAIC) and its modified and extended versions. The study employs panel data from S&P 500 firms from 2012 to 2022, utilizing Two-Stage Least Squares (2SLS) regression alongside descriptive statistics and correlation analysis. Results indicate a strong relationship between IC and financial performance and market value. Among the VAIC components, capital-employed efficiency has the highest predictive power, underscoring the continued importance of tangible assets. Including relational capital improves the explanatory power of the e∗VAIC model compared to VAIC. This study contributes to the limited research on IC in large U.S. firms, offering insights into the comparative effectiveness of these models in explaining firm performance and market value.

ISSN

2590-2911

Publisher

Elsevier BV

Volume

12

Disciplines

Business

Keywords

Intellectual capital, Market value, ROA, ROE, S&P500, USA, VAIC

Scopus ID

105021256968

Indexed in Scopus

yes

Open Access

yes

Open Access Type

Gold: This publication is openly available in an open access journal/series

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