The Association between Intellectual Capital and Business Performance in terms of Varying Degrees of Corporate Governance

• Main Authors: Ssu-Ying Huang, 黃思螢
• Other Authors: 葉金成
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/81941365685077438286

碩士 === 淡江大學 === 會計學系碩士班 === 95 === Recently, people care about corporate governance and intellectual capital, and pay more attention to whether the intellectual capital will be influenced on corporate governance. Because of the influence of corporate governance on discretion, company enhanced the corporate governance may reduce manager’s discretion and hurt the future value of the company. On the grounds that corporate governance may influence the benefit of developing intellectual capital through interfering manager’s discretion, this study divided samples into three groups based on the intensity of corporate governance to examine the association between intellectual capital and business performance in terms of corporate governance, and whether the high level of corporate governance reduce the benefit of developing intellectual capital. The sample of this study was publicly traded companies in U.S.A. The empirical results show that the efficient capital market of America reacts to intellectual capital positively and there are deferred effects. However, the benefit of intellectual capital is still unable to appear on financial performance. As for the moderating effect of corporate governance, the results show that the intensity of corporate governance has moderating effect on the association between customer capital, innovative capital, and firm’s market value, and firm’s market value will be positively influenced on customer capital and innovative capital strongest under medium intensity of corporate governance. As to the association between the intellectual capital and firm’s financial performance, the results show that the intensity of corporate governance has no moderating effect on it. The results have two implications: One is that intensity of corporate governance affects the behavior of managers’ discretion, and the medium intensity of corporate governance is adaptable to enterprise. The other is that the capital market of USA is an efficient market.