چکیده:
The purpose of this study is to investigate empirically the mediating effect of profitability in the relationship between intellectual capital and market value of companies listed in Bursa Malaysia for the period 2006-2011. This research wanted to establish the mediating effect of profitability on the relationship between intellectual capital and market value through panel data and the Generalized Method of Moments (GMM) model in a longitudinal design. In doing so, it applied Pulic’s Value Added Intellectual Coefficient (VAIC™) method as the efficiency measure for measuring intellectual capital. In addition, Sobel’s z-value, Aroian test, Goodman test, and Kenny and Boran approach which were used for testing the hypotheses for quantitative data was drawn from Malaysian listed companies. Profitability is a significant mediator (partial mediator) in the association between the intellectual
capital and market value of the companies and increases the relationship between the two variables by 41.8 percent. This is the first study that shows the mediating effect of profitability in the relationship between the intellectual capital and market value of the companies in Malaysia..
خلاصه ماشینی:
"This research wanted to establish the mediating effect of profitability on the relationship between intellectual capital and market value through panel data and the Generalized Method of Moments (GMM) model in a longitudinal design.
3. Methodology For the purpose of this study a research framework as depicted in the following figure has been developed to examine the effect of profitability as a mediator in the relationship between intellectual capital (IC) and market value (MV) of companies which is measured by market to book equity (MBE) .
VAIC is based on the following calculations (Pulic, 2000): The value added (VA) can be calculated as: VA = OP + EC + D + A Where OP = Operating Profit, EC = Employee Cost, D = Depreciation and A = Amortization HCE (Efficiency of human capital) = VA / HC (Total salaries and wages for company) SCE (structural capital efficiency) = SC / VA SC (structural capital) = VA - HC ICE (intellectual capital efficiency) = HCE + SCE CEE (capital employed efficiency) = VA / CE CE = book value of the net asset for a company VAIC™ (value added intellectual coefficient) = ICE + CEE Control variables The literature shows numerous variables for measuring performance such as profitability that includes gross profit, return on asset (ROA), return on investment (ROI), return on equity (ROE), and return on sales (Parnell & Wright, 1993; Snow & Hrebiniak, 1980; Chen & Huang, 2009; Sharabati et al."