The value relevance and strategic groups of financial and intellectual capital in Taiwan’s information technology industry

• Main Authors: Kuo-An Tseng, 曾國安
• Other Authors: Day-Yang Liu
• Format: Others
• Language: en_US
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/16243409771086895175

博士 === 國立臺灣科技大學 === 企業管理系 === 96 === This study examines the validity of the Ohlson (1995) model and explores the influences of intellectual capital (IC) on corporate value and value creation. It aims to understand the value relevance and strategic groups of financial capital (FC) and IC, which will serve as criteria for business valuation and strategic management. It focuses on Taiwan’s information technology industry, applies the strategic group concept to explore the value relevance of FC and IC, leverages two models to represent corporate value and value creation, and cites the complete four aspects of IC, referred to as “other information,” to combine IC and the Ohlson model. Hypotheses are based on current research on the Ohlson model and IC. Cluster analysis, descriptive statistics analysis and ANOVA are utilized to discover patterns in data. Information content and incremental information content provided by various capital sources were statistically validated through multiple and stepwise regression. Corporate value is influenced by both FC and IC. The Ohlson model with FC reveals information significant in corporate value. Aside from FC, IC, mainly innovation and human capital, contains a great deal of incremental information in terms of corporate value and value creation. The value relevance and variables’ significance of FC and IC vary among groups. The models of both growth and maturity firms have more explanatory capacities when compared. In addition, the contributions of IC to decline firms yielded more incremental information. Significant to FC, IC and the group’s characteristics must be taken into account when doing business valuation and strategic management. To create higher corporate value, corporations must actively place a high premium on their IC. They need to manage it well, particularly for innovation and human capital, to formulate strategies for IC and FC based on their organizational traits. Besides FC, investors should place the firm’s IC and core characteristics in high priority.