| Summary: | 碩士 === 元智大學 === 財務金融學系 === 94 === This study examines the relation between intellectual capital and firms’ performance. We predict that firms with more intangible assets would have better accounting performance and more compensation to the executive officers. We also predict that firms with more balance sheet intangibles, advertising expenses, and R&D expenses would have higher volatility of firms’ stock returns, firms with more salary and bonus to the managers would have lower volatility of firms’ stock returns. The findings are generally consistent with our predictions except that firms with more advertising expenses and R&D expenses would have worse accounting performance. This relation is more significant considering size effect and growth opportunities of the firms. However, we do not find significant difference between high-tech (or knowledge-intense) and non-high-tech (or non-knowledge-intense) industries (except for market performance).
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