Study on the Relation between Intellectual Capital and Corporate Performance for the Management of Organisational Capital
This paper describes the outline of a study related to analyses of value relevance based on financial databases, and empirically clarifies the relation between intellectual capital, especially organisational capital, and corporate performance through questionnaire surveys of listed companies in Japan for the management of organisational capital.
The study, based on financial databases, showed that high-tech and low-tech industries had different intangible characteristics, and although a statistically significant difference was not seen between the two types of industry for the value relevance, it was found that intangibles were increasing in high-tech industries.
According to the analysis results through online and mail-in questionnaire surveys, no direct relation was found between organisational capital and corporate performance, like the findings of prior studies. Accordingly, the effects of organisational capital will be reflected indirectly rather than directly on corporate performance, like those of human capital.
The results of the study using organisational IQ showed that it exerted a non-positive, though not significant, impact on corporate performance. However, the analysis on its direct impact on corporate performance showed that it significantly exerted a positive impact on subjective performance.
Although organisational capital is considered to be exerting a positive effect on corporate performance, at least indirectly, it has not yet been clearly shown how variations of corporate organisational activities, policy, and mechanisms affect corporate performance. Thus, a future research task is to clarify the constituent factors of organisational capital and the management of such factors.
Keywords: value relevance, high-tech and low-tech industries, intangibles, online survey, mail-in survey, intellectual capital, organisational capital, corporate performance, organisational IQ