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Intellectual Capital Investment, Stakeholders' Value, Firm Market Value and Financial Performance: The Case of Tunisia Stock Exchange

Author

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  • Hedia Fourati

    (Faculty of Economics and Management, University of Sfax, Tunisia)

  • Habib Affes

    (Faculty of Economics and Management, University of Sfax, Tunisia)

Abstract

The purpose of this paper is to investigate the role of intellectual capital investment in improving the firm's market value, stakeholders' value and financial performance. Using data drawn from 21 listed companies in Tunisia Stock Exchange, we conducted two studies. On one hand, from using Charreaux (Charreaux (2006). La valeur partenariale: Vers une mesure opérationnelle. Cahier de FARGO no. 1061103, November) measure of stakeholders' value, we demonstrate that financials come to present the weakest stakeholders' value and clients monopolises in term of value acquisition due to a weak ability of negotiation of firms. On the other hand, we construct a regression model of Pulic's value added intellectual capital investment (VAIC) as the measure of the value added from intellectual capital, in market valuation and financial performance. Our results stressed the fact that there is a positive impact of intellectual capital by human capital efficiency and capital employed efficiency on improving firm's market value. Nevertheless, financial performance measured by ROA is still justified by the traditional measure relying on capital employed efficiency. Indeed for Tunisian quoted firms, human capital investment is a pilar for ameliorating firm market valuation of financial performance.

Suggested Citation

  • Hedia Fourati & Habib Affes, 2013. "Intellectual Capital Investment, Stakeholders' Value, Firm Market Value and Financial Performance: The Case of Tunisia Stock Exchange," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 12(02), pages 1-12.
    • Handle: RePEc:wsi:jikmxx:v:12:y:2013:i:02:n:s021964921350010x
    DOI: 10.1142/S021964921350010X
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    References listed on IDEAS

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    1. Barnes, Paula, 2010. "Investments in Intangible Assets and Australia’s Productivity Growth — Sectoral Estimates," Staff Working Papers 103, Productivity Commission, Government of Australia.
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