Business Performance Models based on Intellectual Capital Case Study: Companies Located in Zanjan Industrial Town
Subject Areas :
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Keywords: Intellectual capital, human capital, structural capital, relational capital, business performance,
Abstract :
The aim of this study is the effect of Intellectual Capital components(human capital, relation capital, structural capital) on each other and also the relationship of these components on Business Performance. The study population were located in the industrial city of Zanjan and the means of data collection was Bontis questionnairy which have been used first in Malaysia, Canada and Jordan. Data analysis was performed by a software called Visual PLC. The results showed that the structrual equation model which has been used, is a strong theoretical model for the effect of intellectual capital (human capital, structural capital and relational capital) on organization’s business performance. The results of study showed that by changing in human capital, the customer capital would be changed directly and improved, but would not be able to change structuaral capital. The results of the analysis showed that all aspects of intellectual capital except human capital and structural capital have positive and significant relationship to each other and Finally, the structural capital has a significantly positive effect on the business performance. On the other hand, the results of this study showed that human capital has a positive and significant relationship with structural capital.
References:
منابع
حسنوي، رضا و رمضان، مجيد .( 1390 ). سرمايه هاي فكري، انتشارات آتي نگر، چاپ اول.
ستايش، محمدحسين و كاظم نژاد مصطفي(1388). بررسي تأثير سرمايه فكري بر عملكرد شركت هاي پذيرفته شده در بورس اوراق بهادار تهران، پيشرفت های حسابداری، شماره 1، پیاپی3، صص 94-69.
نمازي، محمد و ابراهيمی شهلا(1388). بررسي تأثير سرمايه فكري بر عملكرد مالي جاري و آينده شركتهاي پذيرفته شده در بورس اوراق بهادار، تحقيقات حسابداری، شماره 4، صص 22-1.
نظری هاشمی، سیدرضا، نائیجی، محمدجواد، عباسعلی زاده، منصوره و بیک خاخیان یوکابد(1389). تاثیر مدیریت دانش و مولفه سرمایه فکری بر عملکردسازمان: مطالعه موردی در سازمانهای غیردولتی ایرانی، دومین کنفرانس بین المللی مدیریت سرمایه فکری، زنجان، دانشگاه تحصیلات تکمیلی علوم پایه زنجان، http://www.civilica.com/Paper-IICM02-IICM02_067.html
قرباني، محمدجواد، شهائي، بهنام، موسوي، سجاد و انوري رستمي علي اصغر(1389). تاثير سرمايه فكري بر عملكرد مالي در صنعت داروسازی ایران، چشم انداز مديريت بازرگانی، شماره 10، صص 40-27.
قربانی زاده، وجه الله. حبیبی بدر آبادی، حسین و ابراهیم زاده، حسین (1391). نقش تعدیل کننده فرایند یادگیری در رابطه بین سرمایه فکری و عملکرد سازمانی. پژوهش های مدیریت عمومی، سال پنجم، شماره شانزدهم، صص 161-135.
عباسي، ابراهيم و امانگلدي صدقي(1389). بررسي تأثير كارايي عناصر سرمايه فكري بر عملكرد مالي شركتها در بورس تهران، بررسي هاي حسابداري و حسابرس، شماره 60، صص 74-60.
Andriessen, D. (2004). IC valuation and measurement: classifying the state of the art. Journal of Intellectual Capital, 5(2), 230–242.
Asonitis, S., and A. Kostagiolas, P. (2010). An analytic hierarchy approach for intellectual capital: Evidence for the Greek central public libraries. Library Management, 145-161.
Augier, M., and Teece, D. J.(2005). an economics perspective on intellectual capital. In B. Marr (Ed.), Perspective on intellectual capital. Multidisciplinary insights into management, measurement and reporting. Boston: Elsevier.
Boedker, C., Guthrie, J., and Cuganesan, S.(2005).an integrated framework for visualising intellectual capital. Journal of Intellectual Capital, 6(4), 510–527.
Bontis, N, Crossan, M., and Hulland, J.(2002). Managing an organizational learning system by aligning stocks and flows. Journal of Management Studies, 39(4), 437-466.
Bontis, N.(2002).National intellectual capital index: Intellectual capital development in the Arab Region. Ontario: Institute for Intellectual Capital Research, 107-109.
Bontis, N.(2003).Intellectual Capital Disclosure in Canadian Corporation. Journal of Human Resource Costing and Accounting , 7( ½), 9-20.
Bose, S. , and Oh, K. B.(2004). Measuring strategic value-drivers for managing intellectual capital.The Learning Organization, 11(4/5), 347–356.
Bozbura ,F. Tunc. (2004). Measuring and application of intellectual capital in Turkey. The learning organization , 11 ( 4/5) , 357-367.
Brown, Ch. J. (2002).Factors That Affect the Successful Commercialization of Intellectual Capital.Thesis for the Award of the Degree of Doctor of Business Administration of the Curtin University of Technology, 1, 38-39.
Cabrita, M.R., and Bontis, N. (2008). Intellectual capital and business performance in thePortuguese banking industry. Int. J. Technology Management, 43,Nos. 1-3, 212–237.
Chaharbaghi, K., and Cripps, S. (2006). Intellectual capital: direction, not blind faith. Journal of Intellectual Capital, 7(1), 29–42.
Chen, J, Zhu, Z. and Xie, H. Y. (2004). Measuring Intellectual Capital: a New Model and Empirical Study. Journal of Intellectual Capital, 5(1), 195-212.
Chu, S.K.W., K.H., Chan, K.H., Yu, K.Y., Ng, H.T., and W.K. Wong.(2011). An Empirical Study of the Impact of Intellectual Capital on Business Performance. Journal of Information and Knowledge Management, 11 (5), 1-24.
Dı´ez. J. M, Ochoa. M. L., Prieto, M. B., and Santidrian. A. (2010). Intellectual capital and value creation in Spanish firms. Journal of Intellectual Capital, 11 (3), 348-367.
Dimitrios Maditinosand et al .(2010). Intellectual Capital and Business Performance. An Empirical study for the Greek Listed Companies.
Engstrom, Truls E. J., Westnes, P., and Westnes, S.F.(2003). Evaluating Intellectual Capital in The Hotel Industry. Journal of Intellectual Capital , 4(3), 287-303.
Harrison, S., and Sullivan, P. (2000). Profiting from Intellectual Capital : Learning from Leading Companies . Journal of Intellectual Capital , 1 (1), 33-46.
Herremans, I.M., and Isaac , R.G. (2004). Leading the strategic developmentof intellectual capital, The Leadership and Organization Development Journal, 25 (2), 142-160.
Kamath, G. B. (2008). Intellectual capital and corporate performance in Indian pharmaceutical industry. Journal of Intellectual Capital, 9 (4), 684-704.
Kamukama. N, Ahiauzu. A, Ntayi. M. J. (2011). Competitive advantage: mediator of intellectual capital and performance. Journal of Intellectual Capital, 12 ( 1), 152-164.
Kannan, G. , and Aulbur, W. G.(2004). Intellectual capital, Measurement effectiveness. Journal of Intellectual Capital, 5(3), 389–413.
Kaufmann, L., and Schneider, Y. (2004), Intangibles A synthesis of current research, Journal of Intellectual Capital , 5 ( 3), 366-388.
Kavida, V., and Sivakoumar, N. (2010). The relevance of intellectual capital in the Indian information technology industry.IUP Journal of Knowledge Management, 8(4), 25–38.
Keong Choong, K.(2008). Intellectual Capital: Definitions, Categorization and Reporting Models. Journal of Intellectual capital, 9(4), 617-637.
Kim, D.Y., and Kumar, V. (2009). A framework for prioritization of intellectual capital indicators in RandD. Journal of Intellectual Capital, 10(2), 277–293.
Kiong Ting, I. W., and H. H. Lean.(2009). Intellectual capital performance of financial institutions in Malaysia. Journal of Intellectual Capital,10 (4), 588-599.
Marr and Schuima .(2004). Defining Key Performance Indicators For Organizational Knowledge Assets . Business Process Management Journal , 10( 5) , 551-569.
Marr, B., and Roos, G. (2005). A Strategy perspective on intellectual capital. In B. Marr (Ed. ), Perspective on intellectual capital, Multidisciplinary insights into management, measurement and reporting. Boston: Elsevier, 338-342.
Marr, B. , Schiuma, G., and Neely, A.(2004).The dynamics of value creation: Mapping your intellectual performance drivers. Journal of Intellectual Capital, 5(2), 312–325.
Marr, B. (2004). Management consulting practice on intellectual capital: Editorial and introduction to special issue”, Journal of Intellectual Capital, 6( 4), 496-473.
Mavridis, D.G.(2005). Intellectual capital performance determinants and globalization status of Greek listed firms. Journal of Intellectual Capital, 6(1),127–140.
Mavridis, D. G.(2004).The Intellectual Capital Performance of the Japanese Banking Sector. Journal of Intellectual Capital, 5(1), 92-115.
Mehralian, G.H., Rasekh, H. R., Akhavan, P., and Sadeh., R. (2012a). The Impact of Intellectual Capital Efficiency on Market Value: An Empirical Study from Iranian Pharmaceutical Companies. Iranian Journal of Pharmaceutical Research. 11(1), 195-207.
Mehralian, G.H., Rasekh, H. R., Akhavan, P., and Rajabzadeh, A.(2013b).Prioritization of intellectual capital indicators in knowledge- based industries: Evidence from pharmaceutical industry. International Journal of Information Management, 33(1), 209-216.
Mehralian, G.H. Rasekh, H. R., Akhavan, P., and Farzandy, G.H. (2012c). An assessment of structural (organizational) capital indicators in knowledge intensive industries: evidence from pharmaceutical industry. Journal of Basic and Applied Scientific Research, 2( 8), 8240-8248.
Miles, G. , Miles, R. E. , Perrone, V. , and Edvinsson, L. (1998). Some conceptual and research barriers to the utilization of knowledge. California Management Review, 40(3), 281–288.
Namvar, M., Gholamian, M., Akhavan, P., & Fathian, M. (2010). Exploring the impacts of Structural Capital on e-business implementation, 6th International conference of communication and technology management (ICTM2010), February , Tehran, Iran
Namvar, M., Fathain, M., Gholamian, M., Akhavan, P. (2010). Exploring the Role of Human Capital on Firm’S Structural Capital in Iranian e-business Industry, International Conference on Management Technology and Applications (ICMTA 2010), Singapore.
Namvar, M., Gholamian, M., Akhavan, P., & Mohammadipour, F. (2010).Prioritization structural capital indicators in Iranian e-business, Management International Conference (MIC2010), 24-27 Nov, Ankara, Turkey.
Namvar, M., Fathian, M., Akhavan, P., and Gholamian, M. R. (2010). Exploring the impacts of intellectual property on intellectual capital and company performance: The case of Iranian computer and electronic organizations. Management Decision, 48( 5), 676-697.
Nazari, A.J., and Herremans, M.I. (2007). Extended VAIC model: measuring intellectual capital components. Journal of Intellectual Capital, 8 ( 4), 595-609.
Ordóñez de Pablos, P.(2003). Intellectual capital reporting in Spain: a comparative review. Journal of Intellectual Capital, 4(1), 61–81.
Pablos, Patricia Ordonez de. (2003). Intellectual Capital Reporting in Spain: A Comparative View. Journal of Intellectual Capital, 4(1), pp. 61-81.
Perrott, B. E. (2007). A strategic risk approach to knowledge management. Business Horizons, 50(6), 523–533.
Riahi-Belkaoui, A. (2003). Intellectual capital and firm performance of US multinational firms A study of the resourcebased and stakeholder views. Journal of Intellectual Capital.4 (2),215-226.
Roslender R, Stevenson J, Kahn H.(2009). Employee wellness as intellectual capital: an accounting perspective. Journal of Human Resource Costing and Accounting,10(1),48–64.
Stahle, P., and Hong, J. (2002). Dynamic intellectual capital in global rapidly changing industries. Journal of Knowledge Management, 6(2), 177–189.
Sullivan, P. H. (2005). an intellectual property perspective on intellectual capital. In B. En Marr (Ed.), Perspective on intellectual capital. Multidisciplinary insights into management, measurement and reporting. Boston: Elsevier.
Tabarsa. Gh, Naeiji. M. J, Abbasalizadeh, M. (2009). Intellectual Capital and Transformational Leadership Style: a Case Study in Iran Telecommunication’s SME. International conference on intellectual capital management, zanjan science and technology park.
Tan, H. P., Plowman, D., and Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital.8 (1).76-95.
Wang, W.-Y., and Chang, C. (2005). Intellectual capital and performance in causal models Evidence from the information technology industry in Taiwan. Journal of Intellectual Capital, 222-235.
Yalama, A., and Coskun, M. (2007). Intellectual capital performance of quoted banks on the Istanbul stock exchange market. Journal of Intellectual Capital, 8 (2), 256-71.
Ze´ghal, D., and Anis, M. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital, 11 ( 1), 39-60.
Zou, X., and Huan, T-C. (2011). A study of the intellectual capital’s impact on listed banks’ performance in China. African Journal of Business Management,5 (12), 5001-5009.
منابع
حسنوي، رضا و رمضان، مجيد .( 1390 ). سرمايه هاي فكري، انتشارات آتي نگر، چاپ اول.
ستايش، محمدحسين و كاظم نژاد مصطفي(1388). بررسي تأثير سرمايه فكري بر عملكرد شركت هاي پذيرفته شده در بورس اوراق بهادار تهران، پيشرفت های حسابداری، شماره 1، پیاپی3، صص 94-69.
نمازي، محمد و ابراهيمی شهلا(1388). بررسي تأثير سرمايه فكري بر عملكرد مالي جاري و آينده شركتهاي پذيرفته شده در بورس اوراق بهادار، تحقيقات حسابداری، شماره 4، صص 22-1.
نظری هاشمی، سیدرضا، نائیجی، محمدجواد، عباسعلی زاده، منصوره و بیک خاخیان یوکابد(1389). تاثیر مدیریت دانش و مولفه سرمایه فکری بر عملکردسازمان: مطالعه موردی در سازمانهای غیردولتی ایرانی، دومین کنفرانس بین المللی مدیریت سرمایه فکری، زنجان، دانشگاه تحصیلات تکمیلی علوم پایه زنجان، http://www.civilica.com/Paper-IICM02-IICM02_067.html
قرباني، محمدجواد، شهائي، بهنام، موسوي، سجاد و انوري رستمي علي اصغر(1389). تاثير سرمايه فكري بر عملكرد مالي در صنعت داروسازی ایران، چشم انداز مديريت بازرگانی، شماره 10، صص 40-27.
قربانی زاده، وجه الله. حبیبی بدر آبادی، حسین و ابراهیم زاده، حسین (1391). نقش تعدیل کننده فرایند یادگیری در رابطه بین سرمایه فکری و عملکرد سازمانی. پژوهش های مدیریت عمومی، سال پنجم، شماره شانزدهم، صص 161-135.
عباسي، ابراهيم و امانگلدي صدقي(1389). بررسي تأثير كارايي عناصر سرمايه فكري بر عملكرد مالي شركتها در بورس تهران، بررسي هاي حسابداري و حسابرس، شماره 60، صص 74-60.
Andriessen, D. (2004). IC valuation and measurement: classifying the state of the art. Journal of Intellectual Capital, 5(2), 230–242.
Asonitis, S., and A. Kostagiolas, P. (2010). An analytic hierarchy approach for intellectual capital: Evidence for the Greek central public libraries. Library Management, 145-161.
Augier, M., and Teece, D. J.(2005). an economics perspective on intellectual capital. In B. Marr (Ed.), Perspective on intellectual capital. Multidisciplinary insights into management, measurement and reporting. Boston: Elsevier.
Boedker, C., Guthrie, J., and Cuganesan, S.(2005).an integrated framework for visualising intellectual capital. Journal of Intellectual Capital, 6(4), 510–527.
Bontis, N, Crossan, M., and Hulland, J.(2002). Managing an organizational learning system by aligning stocks and flows. Journal of Management Studies, 39(4), 437-466.
Bontis, N.(2002).National intellectual capital index: Intellectual capital development in the Arab Region. Ontario: Institute for Intellectual Capital Research, 107-109.
Bontis, N.(2003).Intellectual Capital Disclosure in Canadian Corporation. Journal of Human Resource Costing and Accounting , 7( ½), 9-20.
Bose, S. , and Oh, K. B.(2004). Measuring strategic value-drivers for managing intellectual capital.The Learning Organization, 11(4/5), 347–356.
Bozbura ,F. Tunc. (2004). Measuring and application of intellectual capital in Turkey. The learning organization , 11 ( 4/5) , 357-367.
Brown, Ch. J. (2002).Factors That Affect the Successful Commercialization of Intellectual Capital.Thesis for the Award of the Degree of Doctor of Business Administration of the Curtin University of Technology, 1, 38-39.
Cabrita, M.R., and Bontis, N. (2008). Intellectual capital and business performance in thePortuguese banking industry. Int. J. Technology Management, 43,Nos. 1-3, 212–237.
Chaharbaghi, K., and Cripps, S. (2006). Intellectual capital: direction, not blind faith. Journal of Intellectual Capital, 7(1), 29–42.
Chen, J, Zhu, Z. and Xie, H. Y. (2004). Measuring Intellectual Capital: a New Model and Empirical Study. Journal of Intellectual Capital, 5(1), 195-212.
Chu, S.K.W., K.H., Chan, K.H., Yu, K.Y., Ng, H.T., and W.K. Wong.(2011). An Empirical Study of the Impact of Intellectual Capital on Business Performance. Journal of Information and Knowledge Management, 11 (5), 1-24.
Dı´ez. J. M, Ochoa. M. L., Prieto, M. B., and Santidrian. A. (2010). Intellectual capital and value creation in Spanish firms. Journal of Intellectual Capital, 11 (3), 348-367.
Dimitrios Maditinosand et al .(2010). Intellectual Capital and Business Performance. An Empirical study for the Greek Listed Companies.
Engstrom, Truls E. J., Westnes, P., and Westnes, S.F.(2003). Evaluating Intellectual Capital in The Hotel Industry. Journal of Intellectual Capital , 4(3), 287-303.
Harrison, S., and Sullivan, P. (2000). Profiting from Intellectual Capital : Learning from Leading Companies . Journal of Intellectual Capital , 1 (1), 33-46.
Herremans, I.M., and Isaac , R.G. (2004). Leading the strategic developmentof intellectual capital, The Leadership and Organization Development Journal, 25 (2), 142-160.
Kamath, G. B. (2008). Intellectual capital and corporate performance in Indian pharmaceutical industry. Journal of Intellectual Capital, 9 (4), 684-704.
Kamukama. N, Ahiauzu. A, Ntayi. M. J. (2011). Competitive advantage: mediator of intellectual capital and performance. Journal of Intellectual Capital, 12 ( 1), 152-164.
Kannan, G. , and Aulbur, W. G.(2004). Intellectual capital, Measurement effectiveness. Journal of Intellectual Capital, 5(3), 389–413.
Kaufmann, L., and Schneider, Y. (2004), Intangibles A synthesis of current research, Journal of Intellectual Capital , 5 ( 3), 366-388.
Kavida, V., and Sivakoumar, N. (2010). The relevance of intellectual capital in the Indian information technology industry.IUP Journal of Knowledge Management, 8(4), 25–38.
Keong Choong, K.(2008). Intellectual Capital: Definitions, Categorization and Reporting Models. Journal of Intellectual capital, 9(4), 617-637.
Kim, D.Y., and Kumar, V. (2009). A framework for prioritization of intellectual capital indicators in RandD. Journal of Intellectual Capital, 10(2), 277–293.
Kiong Ting, I. W., and H. H. Lean.(2009). Intellectual capital performance of financial institutions in Malaysia. Journal of Intellectual Capital,10 (4), 588-599.
Marr and Schuima .(2004). Defining Key Performance Indicators For Organizational Knowledge Assets . Business Process Management Journal , 10( 5) , 551-569.
Marr, B., and Roos, G. (2005). A Strategy perspective on intellectual capital. In B. Marr (Ed. ), Perspective on intellectual capital, Multidisciplinary insights into management, measurement and reporting. Boston: Elsevier, 338-342.
Marr, B. , Schiuma, G., and Neely, A.(2004).The dynamics of value creation: Mapping your intellectual performance drivers. Journal of Intellectual Capital, 5(2), 312–325.
Marr, B. (2004). Management consulting practice on intellectual capital: Editorial and introduction to special issue”, Journal of Intellectual Capital, 6( 4), 496-473.
Mavridis, D.G.(2005). Intellectual capital performance determinants and globalization status of Greek listed firms. Journal of Intellectual Capital, 6(1),127–140.
Mavridis, D. G.(2004).The Intellectual Capital Performance of the Japanese Banking Sector. Journal of Intellectual Capital, 5(1), 92-115.
Mehralian, G.H., Rasekh, H. R., Akhavan, P., and Sadeh., R. (2012a). The Impact of Intellectual Capital Efficiency on Market Value: An Empirical Study from Iranian Pharmaceutical Companies. Iranian Journal of Pharmaceutical Research. 11(1), 195-207.
Mehralian, G.H., Rasekh, H. R., Akhavan, P., and Rajabzadeh, A.(2013b).Prioritization of intellectual capital indicators in knowledge- based industries: Evidence from pharmaceutical industry. International Journal of Information Management, 33(1), 209-216.
Mehralian, G.H. Rasekh, H. R., Akhavan, P., and Farzandy, G.H. (2012c). An assessment of structural (organizational) capital indicators in knowledge intensive industries: evidence from pharmaceutical industry. Journal of Basic and Applied Scientific Research, 2( 8), 8240-8248.
Miles, G. , Miles, R. E. , Perrone, V. , and Edvinsson, L. (1998). Some conceptual and research barriers to the utilization of knowledge. California Management Review, 40(3), 281–288.
Namvar, M., Gholamian, M., Akhavan, P., & Fathian, M. (2010). Exploring the impacts of Structural Capital on e-business implementation, 6th International conference of communication and technology management (ICTM2010), February , Tehran, Iran
Namvar, M., Fathain, M., Gholamian, M., Akhavan, P. (2010). Exploring the Role of Human Capital on Firm’S Structural Capital in Iranian e-business Industry, International Conference on Management Technology and Applications (ICMTA 2010), Singapore.
Namvar, M., Gholamian, M., Akhavan, P., & Mohammadipour, F. (2010).Prioritization structural capital indicators in Iranian e-business, Management International Conference (MIC2010), 24-27 Nov, Ankara, Turkey.
Namvar, M., Fathian, M., Akhavan, P., and Gholamian, M. R. (2010). Exploring the impacts of intellectual property on intellectual capital and company performance: The case of Iranian computer and electronic organizations. Management Decision, 48( 5), 676-697.
Nazari, A.J., and Herremans, M.I. (2007). Extended VAIC model: measuring intellectual capital components. Journal of Intellectual Capital, 8 ( 4), 595-609.
Ordóñez de Pablos, P.(2003). Intellectual capital reporting in Spain: a comparative review. Journal of Intellectual Capital, 4(1), 61–81.
Pablos, Patricia Ordonez de. (2003). Intellectual Capital Reporting in Spain: A Comparative View. Journal of Intellectual Capital, 4(1), pp. 61-81.
Perrott, B. E. (2007). A strategic risk approach to knowledge management. Business Horizons, 50(6), 523–533.
Riahi-Belkaoui, A. (2003). Intellectual capital and firm performance of US multinational firms A study of the resourcebased and stakeholder views. Journal of Intellectual Capital.4 (2),215-226.
Roslender R, Stevenson J, Kahn H.(2009). Employee wellness as intellectual capital: an accounting perspective. Journal of Human Resource Costing and Accounting,10(1),48–64.
Stahle, P., and Hong, J. (2002). Dynamic intellectual capital in global rapidly changing industries. Journal of Knowledge Management, 6(2), 177–189.
Sullivan, P. H. (2005). an intellectual property perspective on intellectual capital. In B. En Marr (Ed.), Perspective on intellectual capital. Multidisciplinary insights into management, measurement and reporting. Boston: Elsevier.
Tabarsa. Gh, Naeiji. M. J, Abbasalizadeh, M. (2009). Intellectual Capital and Transformational Leadership Style: a Case Study in Iran Telecommunication’s SME. International conference on intellectual capital management, zanjan science and technology park.
Tan, H. P., Plowman, D., and Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital.8 (1).76-95.
Wang, W.-Y., and Chang, C. (2005). Intellectual capital and performance in causal models Evidence from the information technology industry in Taiwan. Journal of Intellectual Capital, 222-235.
Yalama, A., and Coskun, M. (2007). Intellectual capital performance of quoted banks on the Istanbul stock exchange market. Journal of Intellectual Capital, 8 (2), 256-71.
Ze´ghal, D., and Anis, M. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital, 11 ( 1), 39-60.
Zou, X., and Huan, T-C. (2011). A study of the intellectual capital’s impact on listed banks’ performance in China. African Journal of Business Management,5 (12), 5001-5009.
