# I. Introduction

ntangible capital (IC) is gaining importance in today's knowledge economy and plays a key role in improvement, productivity as well as in the performance and competitiveness of the organizations. The Intangible capital includes the following areas i.e. human resources, ,human resources research and development, organizational structure and processes technology and rights related to Intangible property, consumer networks and software. Management of Intangible capital is a field that uses creativity, new management techniques, information technologies and different ways of conceiving organization in the new post-industrial knowledge economy. Numerous attempts were made to the development of a widely accepted definition of Intangible capital. Klein and Prusak (1994) have contributed to the universal definition of IC as Intangible material that can be formalized, captured and exploited to produce higher value assets. In the same way, Edvinsson and Malone (1997) and Sullivan (2000) define IC as knowledge that can be converted into value. Stewart (1997) states that the Intangible resources such as knowledge, experience and information, are the tools of wealth creation and defines Intangible capital as the new wealth of organizations.

Intangible capital (IC) represents the collective knowledge that is embedded in the personnel, organizational routines and network relationships of an organization (Stewart, 1997;Bontis & Choo, 2002;Kong, 2008). Intangible capital has been recognized as an essential resource that organizations need to develop to gain sustained competitive advantages (Chen, 2008;Kong & Prior, 2008;Schiuma & Lerro, 2008). Intangible capital can be defined as the economic value. of three categories of intangible assets of a company-that includes human capital, organisational capital and social capital collectively. Strategic analysts argue that sustained advantage can occur only in the situations in which physical, human, and organisational capital varies across the firms and where some firms may be unable to obtain necessary resources that are benefiting other firms. Intangible capital is viewed as a sub-set, where the term intangible relates to assets without physical existence and capital refers to assets retained by the organisation to contribute to future profits. Intangible resources are more likely to produce a competitive advantage because they often are rare and socially complex there by making them difficult to imitate (Black and Boal, 1994). Intangible capital is firm's overall or holistic capacity and capability which emerges from its creative and flexible orchestration and co-ordination of its human capital, innovativeness, proficiencies and capabilities, streamlined processes and expertise. Intangible capital bundles knowledge resources like constellation of employees, users, processes and technologies and work enabling a company to make a difference to users¡±. In the last decades academia has drawn attention to the role of knowledge in business development. A general consensus is that organizational capabilities are based on the management of knowledge for it is the source of organizational sustainability and competitive advantage. Given the intangible nature of knowledge, many concepts were anticipated in the academia and each try to capture a particular phenomenon. Though successful companies recognize that investing in knowledge is essential to their ability to create high value products and services.


# I

Identifying, valuing, managing Intangible assets is a very difficult task to business managers. Among the different notions, Intangible capital (IC) has been an interesting expression since FORTUNE magazine first published Thomas Stewart's writing in 1991.

Today, the use of intangible assets has a significant impact on the success and survival of the organizations, as it creates a new field of study and research in the management. The most important intangible assets that have been studied is Intangible capital and its derivatives. Productivity and business performance of many organizations depends on effective management of Intangible capital, create value by investing in Intangible capital and focus on Intangible capital as a source of competitive advantage (Costa, 2012). So, the identification, and management of Intangible capital have particular importance. Intangible capital is all non-monetary and non-communication resources that are fully or partially controlled by the company and will create value for the company (Ross et. al, 2005).

Intangible capital has grown in the field of science and knowledge. The term Intangible capital was first introduced by John Kenneth in 1969. Before that, Peter Drucker used the 'knowledge' worker instead of it. However there is no consent on the definition of Intangible capital??? accordingly, Intangible capital is processes and assets which are usually not reflected in the balance sheet. Intangible capital in the organizations is recognized as an intangible asset based on knowledge (Min lu, 2012).

In recent years with the increasing Changes in importance of science, the inability of traditional accounting systems can be seen more to measure the true value of intangible assets. So, in this study the true value of intangible assets based on knowledge will be included in the financial statements. With this in mind that assessing and considering the true value of intangible assets and knowledge in the financial forms of companies has increased more than ever, in the present study the effect of intangible capital on financial performance and market value of companies is examined using five evaluation criteria.


# II. Literature Review

The term Intangible capital for the primary time was employed in 1969 by economic expert John Kenneth, on justify the gap between book value and market value in establishments. After that, Karl Erik Svei by Swedes comptroller thought of the shortage of reflective Intangible capital in ancient balance-sheets. In nowadays knowledge-based economy, Intangible capital is that the most vital capital in each organization and it will result on the performance of the organization all told aspects (Riahi Balkauie, 2003). Besides ancient accounting technique play a crucial role in activity and reportage intangible assets, however these ways in today's data-based organizations during which knowledge constitutes a serious a part of its assets, cannot live the present data in them, so that they would like major changes(Anthony Rojas, 2007). The term "Intangible Capital" (IC) was initial revealed by John Kenneth diplomatist in 1969 (Hudson, 1993), however Stewart (2001a) claimed the primary use back to 1958 once he started Intangible capital study with Itami UN agency later revealed Mobilizing Invisible Assets in Japan in 1980. In general, Intangible capital means that over simply "intellect as pure intellect" however conjointly a degree of "Intangible action". In this sense, Intangible capital is not solely a static intangible intrinsically, however AN abstract method. It's the type of movement from "having" data and skills to "using" data and skills. A synthesis from living literature provides 3 interconnected constructs (Bontis, 1996;Edvinsson and Sullivan, 1996;Ross and Ross, 1997;Stewart, 1995).Amongst the 3 Human Capital (HC) contains the ability, skills, experience, and Intangible agilities of the individual workers (Bounfour, 2002;Brooking, 1996;Edvinsson and Edmund Malone, 1997;Rosset al., 1997;Stewart, 1997). Structural Capital (SC) includes processes, systems, structures, brands, Intangible property, and different intangibles that area unit in hand by the firm however don't seem on its record (Bounfour, 2002;Brooking, 1996;Edvinsson and Malone, 1997;Stewart, 1997). a 3rd construct is Social Capital (SC) that resides either at the individual or the structure level. A bigger proportion of gift analysis has examined these types of Intangible capital in isolation. However, observing any of those subcategories separately would most definitely lead to an incomplete account of an organization's Intangible capital (Brooking, 1996;Lev, 2001;Ross et al. 1997). Moreover, the property of Intangible capital isn't universal and also the evolution of Intangible capital isn't a typical trade development. It's so necessary for researchers to develop AN industryspecific measure tool. Solely sporadically examine info} collected would improve the strategic use of AN organization's data assets relate to Intangible capital, there area unit totally different definitions concerning this term and therefore there's no single and also the same definition concerning it. Some necessary definitions of Intangible capital area unit as follows: Intangible capital, is that the supply of intangible assets that always isn't mirrored within the balance-sheet (Eduinson, 1997). Intangible capital includes data, information, Intangible capital and skill which will be employed in worth creation (Stivart,1999).Intangible capital refers to the all offered data assets in a corporation through that it will assure its permanent activity also as gaining a competitive advantage (Anderson,2004)  2002). Human capital forms the muse of Intangible capital and while not that Intangible capita cannot be enforced (Chen &others, 2004). While not Intangible capital, there's no innovation in merchandise, services, and industrial processes (RiahiBalkauie, 2003).In different words Intangible capital includes data, proficiency, and skills of the organization workers which will be employed in resolution structure issues. as a result of human capital belongs to the organization workers, so it are often claimed that thusrt} of capital isn't in hand by the organization and so, with the withdrawal of workers from organizations, this capital is also taken out from them. Thus, organizations request to stop capital outflow by changing it to different kinds of capital (Rus & amp; others, 1997).

Young et al. ( 2009) studied a sample of Asian banks for eight countries and located that physical capital and human capital area unit the most factors that make worth for the companies. The same study was done by Ting and Lean (2009) on Malaysian companies and for nine years (1999-2007), they found through empirical observation that the indicator VAIC and a few indicators of gain were completely associated with the money sector of the Malaysia. Chan (2009) conducted a study on a sample of all corporations of the droop Seng exchange for the amount 2001 to 2005. He studied the link between the potency of the IC of those corporations and its elements (human and structural) with measures of firm performance: market valuation, come back on assets (ROA), come back on equity (ROE) and productivity measure. The results of the study showed that solely structural capital encompasses a important and positive relationship with gain measures (ROA and ROE).

Abeysekera (2011) examine the result of current-period Intangible capital revealing on earnings and current annual stock come back throughout a civilwar amount. His study finds that corporations don't embrace the present amount Intangible capital revealing within the current stock come back and also the increase within the current-period Intangible capital revealing activity haven't any influence on earnings enclosed within the current stock come back. Future accounting-based earnings, if per the present era, against this area unit enclosed within the current stock come back. The findings offer insights into the Intangible capital revealing observe and its influence on stock come back during a civil-war setting.

Wagiciengo and Belal (2012) investigate concerning Intangible capital disclosures by South African corporations. The most purpose of their study is to look at the extent and nature of Intangible capital disclosures in 'Top 20' South African corporations over a five years amount (2002)(2003)(2004)(2005)(2006). The results show that Intangible capital disclosures in Republic of South Africa have enlarged over the five years study amount with bound companies reportage significantly over others.

Out of the 3 broad classes of Intangible capital disclosures human capital seems to be the foremost well-liked one. This finding stands in sharp distinction to the previous studies during this space wherever external capital was found to be most well-liked class.


# III. Valuation of Intangible Capital

According to management literature, it's impracticable to manage one thing that cannot be measured and reported. There are already several tries to live and report Intangible capital, however they're in their primary phases, thus there's an extended thanks to bring home the bacon their appropriate positions. To the present purpose, over thirty ways are introduced for activity Intangible capital which will be divided into four general classes. A. Direct Intangible capital practices: these ways predict dollar worth of Intangible capital through distinguishing their elements. As Intangible capital elements area unit known, they'll be evaluated endlessly and directly. They'll management the ultimate worth of the organization Intangible capital through a mix (Taliyang, 2011) in excess. By dividing the ensuing annual financial gain in excess to the corporate monetary value of capital, the worth of company Intangible capital is calculable. D-ways of score (credit) card: during this technique totally different elements of intangible assets area unit known and for every of those indicators area unit provided and or they're displayed in corresponding graphs. The ways of score (credit) card area unit the same as direct Intangible capital assets however the distinction is that in these ways there's no estimation of real worth of non-tangible assets. The investment {market worth|market price|value}: This technique focuses on shrewd the distinction between company market value and value of shares and it classified the calculated distinction as non-tangible assets or Intangible capital. as an example, if current worth of shares during a company within the exchange is adequate ten million dollar and its value of shares equals to 1 billion bucks, then dollar worth of Intangible capital of the corporate are adequate nine billion bucks. C-The come back of assets technique: during this method, average financial gain before company tax during a definite amount is split on the common of the worth of physical assets within the same amount. Then the ensuing variety is compared with the common of the come back of trade assets. If the ensuing distinction is zero or negative, the corporate has no Intangible capital surplus to average of trade and it's assumed that its Intangible capital equals to zero. However if the ensuing distinction is positive, it's assumed that the corporate has Intangible capital surplus to the common of trade and it's positive. The distinction (positive) is increased to the common of physical assets worth of the corporate Observing the inflated significance of IC in price creation, Pulic (2000Pulic ( , 2002) ) developed a helpful measure tool particularly the Valued other Intangible constant (VAICTM). Not like ancient accounting that focuses on business news, Pulic (2000) was curious about the motive force {of price|useful|valuable|im portant |of import} creation and expressed that there ar 2 key resources for other value creation: capital utilized (consists of physical and money capital) and Intangible capital (consists of human and structural capital). VAIC has received attention from each teachers associated in apply for it provides an example for peer researchers to create on. for instance, Chang (2007) takes R & amp; D and Intangible property into thought to boost informative power in his pilot study of engineering sector. The result ends up in the present study and a changed VAICTM is projected to incorporate a brand new Intangible capital element, Innovation Capital. though there are criticisms on the constraints of VAIC (Andriessen, 2004), an outsized range of analysisers still adopted VAIC in their research (Chen, et al., 2005;Chang 2007;Kamath, 2007;Chan, 2009). A main reason is that VAIC uses knowledge from money statements and minimize potential knowledge sound judgment from victimization alternative instruments. A basic tenant for VAICTM is to look at resource potency in making price for the corporations. A principle is to calculate the worth other (VA) of a firm by subtracting input from output, excluding labor expenses from input. In money terms, it's given as in (1) (S. Chang, 2011)

(1) : VA = gram -sgaExp. + LExp. = in operation financial gain + LExp

Where VA is price added; gram is gross margin; sgaExp: mercantilism, general, and administrative expenses; LExp : labor expenses that Pulic (2000b) calls human capital. In keeping with him, the worth of human capital (HC) and structural capital (SC) is delineated by the labor expenses and therefore the distinction between VA and HC. From this description, HC and SC are denoted as follows:

(2): HC = LExp (3): SC = VA-HC HC denotes human capital, SC for structural capital; Pulic states that human capital and structural capital ar reciprocal. The less the contribution of human capital, the additional structural capital is enclosed. Consecutive step is to assess social capital, and in keeping with Pulic's VAIC model, social capital is calculated by the capital utilized that equals the value of net assets of the firm.


# IV. Hypothesis Formulation

The present paper makes an attempt to enrich the Intangible capital literature, thus, hypothesising as: Hypothesis 1 : There is significant effect of Intangible capital on financial performance. Hypothesis 2 : There is significant effect of Intangible capital on Return on equity and Return on assets. Hypothesis 3 : There is significant effect of Intangible capital on Growth Revenues Hypothesis 4: There is significant effect of Intangible capital on Created shareholder's value Hypothesis 5 : There is significant effect of Intangible capital on the ratio of market value to book value.


# V. The Research Methodology

An broad literature survey was done to observe a methodology for carrying out this study. Finally, the VAIC approach was allocated for present study adopted from Pulic (2000) (38).


# a) Sample and Data Selection

The data were collected through secondary sources. The six-year amount of study was taken from the annual years 2007-2012, the cause for selecting this era was that the information needed for the study were on the market for these years. Applied mathematics society is chosen from firms within the Amman exchange in industries and numerous teams. The sample systematic technique has been chosen. The conditions are:

1. Firms that result in their yr at the tip of March annually. 2. Firms that in years 2007-2012 haven't modified their monetary amount. 3. Firms that there's access to their monetary info and different needed info. 4. Firms that are listed in tend Exchange before 2006. 5. To not be among the Banks and credit and monetary investment establishments.. 6. Throughout the amount firms shouldn't be losses. 7. Firms that their stop image don't have quite six month inaction within the analysis amount.

With the appliance of on top of limitations, forty nine firms listed in Amman exchange from industries (pharmaceuticals, electrical machinery, vehicles and components, machinery and instrumentation, basic metals, food except sugar, different non-metallic minerals, chemicals, wood product, metal product, computers , cement, ceramic Hg) has been chosen.


# b) Variable definition

The model: The model projected here by Pulic9 is predicated on the model adopted of VAIC that has been antecedently utilised to different similar studies6, 11-13. during a much-cited contribution to the literature,


# Global Journal of Management and Business Research

Volume XIV Issue II Version I Year ( )
D 2014
corporations are divided to four sections (based on dividing ancient sector) together with producing and raw materials (15 firms), industrial and services (24 firms), food and beverages (12 firms) and menage product and private (28 firms). Within the study of Dimitrios Maditinos14, this model was explained as following:


# c) Independent variables

This study includes four freelance variables15: i. VACA, indicator of import other potency of capital utilized, ii. VAHU, indicator of import other potency of human capital, iii. STVA, indicator of import other potency of structural capital, iv. VAIC, the composite total of the 3 separate indicators as price of intangible capital. The primary step towards the calculation of the on top of variables is to calculate price other (VA). VA is calculated in keeping with the methodology projected by Maditinos16. Second, capital utilized (CE); human capital (HU) and structural capital (SC) ar being calculated: Ce = Total assets* -intangible assets HU = Total investment on workers (salary, wages, etc( SC = VA -HU Finally, VAIC and its 3 parts ar being calculated: VACA = VA / Ce, VAHU = VA / HU, STVA = SC / VA, VAIC = VACA + VAHU + STVA the employment of the on top of activity methodology is argued to produce sure advantages2, 11,17-20: i. it's simple to calculate. ii. it's consistent. iii. It provides standardized measures, thus, permitting comparison between industries and countries. iv. knowledge ar provided by monetary statements that ar additional reliable than questionnaires, since, they're typically audited by skilled public accountants.


# d) Dependent variables

This study includes 2 dependent variables: i. Market-to-book price ratios, ii. monetary performance. The market-to-book price quantitative relation is just calculated by dividing the value|value} (MV) with the value (BV) of common stocks: MV = variety of shares * Stock price at the tip of the year.

BV* = Stockholders' equity -Paid in capital of most popular stocks MBV=MV / BV (1) wherever, MBV is that the market-to-book price quantitative relation as 1st variable quantity. (*In all cases, that goodwill was enclosed within the value of an organization of the sample, the desired subtraction was conducted). The monetary performance is measured with the employment of 3 indicators: come on equity (ROE): ROE = profits / Shareholder's Equity, ROE measures organizations profitableness by revealing what proportion profit an organization generates with the money shareholders have invested with. come on assets (ROA): ROA = profits / Total Assets, ROA is associate indicator of however profitable an organization is in relevance its total assets. It offers an inspiration on however economical the management uses assets to come up with earnings. Growth revenues (GR): GR = [(Current year & apos; srevenues / Last year & amp; apos; srevenues) -1] * 100 percent GR is that the most ancient live that indicates the expansion of a company. Here, we have a tendency to use GR for monetary performance as second variable quantity. Therefore, during this analysis, models ar as following:
MBV = VACA + VAHU + STVA + VAIC(2)GR = VACA + VAHU + STVA + VAIC(3)

# VI. Results and Discussion


# a) Hypothesis test results

Hypothesis 1: There is significant effect of Intangible capital on financial performance.

According to the results of regression model about the primary main hypothesis recommended in table (1), the significance level of datum F all told four regression models is quite accepted significance level (0.05%)and thus total regression model is important for them. Considering the amount of the constant (P-Value) of estimated variables within the models shows that the calculable variables don't have significance level lower than (0.05%) therefore don't have any result on financial performance. The first hypothesis take a look at results show that among four calculable variables, none of them have a significant result on monetary performance of company. These results aren't in line with results by ((Chen chow (2005), bench tan and colleagues (2007), Bentis (1998)).

Hypothesis 2: There is significant effect of Intangible capital on Return on equity and Return on assets.

According to the regression model results about second main hypothesis that's conferred in table (2), the significance level of datum F within the 3 regression models associated with (VAIC,VACA,VAHU) is a smaller amount than accepted significance level (0.05%) and total regression model is meaning for them. Significance level of regression model of (STVA) is quite accepted significance level (0.05%) and its regression model is significant. Considering the importance level (P-Value) of calculable variables within the models shows that from four calculable variables, 3 variables (VAIC, VACA, VAHU) with significance level under (0.05) have effect on assets come and equity come. The second main hypothesis results show that from four calculable variables within the model, there's a positive and vital result between the corporate assets come with intangible property, constant of other price of employed capital and constant of other price of human capital. Hypothesis 3: There is significant effect of Intangible capital on Growth Revenues According to take a look at results of the regression model for third hypothesis that's painted in table (3),significance level of datum F within the regression model associated with (STVA) is under accepted significance level (0.05%) and general regression model is meaning for it. Significance level of regression model for(VAIC, VACA, and VAHU) is quite accepted significance level (0.05%) and regression model is significant for them. Considering the constant of significance level (P-Value) of variables within the models shows that from four calculable variables, the The third hypothesis take a look at results show that from four calculable variables within the model, the constant of added price of structural capital incorporates a positive and vital result on assets growth, however different parts of intangible capital constant of other price indicates no vital result on financial gain growth. The results show that regardless of the structural capital of company is higher, it'll have positive result on assets rate of growth. With concerning Operational definition of variables structural capital or in different worlds, client capital the created added price is completely different from other price created by intangible capital of company. Therefore any reduction or increase in human capital can lead to a amendment in constant of other price of structural capital. Low human capital caused to extend in other price constant of structural capital, thus results in company's revenue growth that reflects the positive result of structural capital on company's revenue growth. The fourth hypothesis take a look at results show that from four calculable variables within the model, the constant of added price of utilized capital incorporates a negative and vital result on created price for shareholders, however mother parts of intangible capital constant of other price don't have result on created price for shareholder. The results show that by increase of constant of other price of utilized capital (low operational assets of company or increasing the other price distributed to interest groups) the created price for shareholders decreases. Hypothesis 5: There is significant effect of Intangible capital on the ratio of market value to book value.

According to the results of regression model concerning the fifth hypothesis conferred within the table (5), the significant level of datum F all told four regression models is quite excepted significance level (0.05%) andm whole regression model is important. Considering the constant of significance level of the (P-Value) of estimated variables within the models shows that the calculable variables don't have significance level lower than (0.05) so don't have any result on the company's value to value (MTB). 
![Journal of Management and Business Research Volume XIV Issue II Version I Year ( ) within the same amount to work out the common annual financial gain.](image-2.png "Global")
YearVolume XIV Issue II Version I( )Global Journal of Management and Business ResearchDworkers data in a corporation (Benetis & amp; others,
1VariableCoefficientstatistic tOverall regression modelStatistic FP-valueD-WDeterminationCoefficient And modifiedDetermination coefficientVAIC0.0030.1050.0110.9161.846R 2 =0.000AdjR 2 =-0.004VACA0.0030.0630.0040.951.844R2=0.000AdjR2=-0.004VAHU-0.008-0.2120.0450.8321.843R2=0.000AdjR2=-0.004STVA-0.059-0.6390.4080.5231.837R 2 =0.002AdjR 2 =-0.002
2VariableCoefficientStatistic tOverall regression modelStatistic FP-valueD-WDeterminationCoefficient And modifiedDetermination coefficientVAIC0.0150.2060.0420.8371.563R 2 =0.000AdjR 2 =-0.004VACA-0.027-0.5010.2510.6171.563R2=0.001AdjR2=-0.003VAHU0.0591.2141.4730.2261.551R2=0.006AdjR2=0.002STVA-0.011-0.0940.0090.9261.559R 2 =0.000AdjR 2 =-0.004
32014YearVolume XIV Issue II Version I( ) DGlobal Journal of Management and Business Researchvariable variable (STVA) with significance level under (0.05%) has Coefficient Statistic t Statistic F an effect on earnings rate of growth.P-valueOverall regression model D-W Determination Coefficient And modifiedDetermination coefficientVAIC0.1631.8023.2480.0431.812R 2 =0.013AdjR 2 =0.009VACA0.4978.27768.5060.0001.707R2=0.220AdjR2=0.217
4variableCoefficientstatistic tOverall regression modelStatistic FP-valueD-WDeterminationCoefficient And modifiedDetermination coefficientVAIC0.1031.1641.3550.2461.937R 2 =0.006AdjR 2 =0.001VACA-0.054-0.8180.6690.4141.961R2=0.003AdjR2=-0.001VAHU0.0540.9130.8330.3621.938R2=0.003AdjR2=0.000STVA0.2861.9133.7410.0471.929R 2 =0.015AdjR 2 =-0.011
5Variable CoefficientStatistic TOverall regression modelStatistic FP-valueD-WDeterminationCoefficient And modifiedDetermination coefficientVAIC-0.060-0.2620.0710.7901.497R 2 =0.000AdjR 2 =-0.004VACA-0.333-1.9873.9480.0481.538R2=0.016AdjR2=-0.012
			© 2014 Global Journals Inc. (US)
		
		
			

Effect of intangible capital performance on the quantitative relation of value to value wasn't confirmed. The inefficiency of capital markets will be the rationale for rejecting the hypothesis. The results and findings of this study ar in line with some similar studies, and ar in conflict with some others. for instance, although some researchers (Najib Ullah ( 2005 


## Conclusion

The goal of this paper was to test the existence of long run relationship between intangible capital and its effects on firms' market value and financial performance in Jordan. After the measurement model of intangible capital and its components using a valueadded intangible capital (VAIC) submitted by Pulic model, Their effects on five performance indicators defined in this study including return on equity, return on assets, growth revenues, Created shareholders value and the ratio of market value to book value per share were analyzed by means of regression. It can be recommended to pay attention and focus more on intangible capital in organizations and understanding the importance and impact of this factor on the overall performance of the organization and positive effects on the process of value creation in organizations as a factor influencing the performance of financial organizations. Since in the research model, human capital is a key factor in determining the role of intangible capital, providing a competitive environment in the order to determine the salary levels of employees, it increases the large amounts research model.
			
			

				


* 
	
		Intangible Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower
		
			LEdvinsson
		
		
			MSMalone
		
		
			1997
			Harper Business
			New York
		
	




* 
	
		Intangible capital: an exploratory study that develops measures and models, Management Decision
		
			NBontis
		
		
			1998
			36
			
		
	




* 
	
		Organizational Learning: A Theory of Action Perspective
		
			CArgyris
		
		
			DAScho¨n
		
		
			1978
			Addison-Wesley
			Boston
		
	




* 
	
		The Fifth Discipline: The Art and Practice of the Learning Organization
		
			PMSenge
		
		
			1990
			Doubleday Currency
			New York
		
	




* 
	
		VAIC -an accounting tool for IC management
		
			APulic
		
	
	
		International Journal of Technology Management
		
			20
			5-7
			
			2000a
		
	




* 
	
		Intangible capital and traditional measures of corporate performance
		
			SFirer
		
		
			SMWilliams
		
	
	
		Journal of Intangible Capital
		
			4
			3
			
			2003
		
	




* 
	
		Testing the relationship between intangible capital and a company's performance: evidence from South Africa
		
			SFirer
		
		
			LStainbank
		
	
	
		Meditari Accountancy Research
		
			11
			1
			
			2003
		
	




* 
	
		Bounds testing approaches to the analysis of relationships
		
			HMPesaran
		
		
			YShin
		
		
			JRSmith
		
	
	
		Journal of Applied Econometrics
		
			16
			3
			
			2001
		
	




* 
	
		What is intangible capital
		
			BMarr
		
	
	
		Strategies for information technology and intangible capital
				
			LAJoia
		
		Hershey, PA
		
			2007
			
		
	




* 
	
		Capital intelectual y resultados empresariales en la cadena de la madera de Obera (Argentina)
		
			CJardon
		
		
			MMartos
		
	
	
		Estudios De Economý´a Aplicada
		
			26
			3
			
			2008
		
	




* 
	
		Intangible capital literature review -measurement, reporting and management
		
			RPetty
		
		
			JGuthrie
		
	
	
		Journal of Intangible Capital
		
			1
			2
			
			2000
		
	




* 
	
		Intangible capital and business performance in Malaysian industries
		
			NBontis
		
		
			WKeow
		
		
			SRichardson
		
	
	
		Journal of Intangible Capital
		
			1
			1
			
			2000
		
	




* 
	
		An empirical investigation of the relationship between intangible capital and firms' market value and financial performance
		
			MChen
		
		
			SCheng
		
		
			YHwang
		
	
	
		Journal of Intangible Capital
		
			6
			2
			
			2005
		
	




* 
	
		The evolving research on intangible capital
		
			HTan
		
		
			DPlowman
		
		
			PHancock
		
	
	
		Journal of Intangible Capital
		
			9
			4
			
			2008
		
	




* 
	
		The intangible capital performance of Indian banking sector
		
			GBKamath
		
	
	
		Journal of Intangible Capital
		
			8
			1
			
			2007
		
	




* 
	
		Valuing Intangible Capital (IC) and studying the relationship between firms IC values with their share market prices: An empirical evidence form the Tehran Stock Exchange (TSE)
		
			AnvariRostami
		
		
			AASeraji
		
		
			H
		
	
	
		TheIranian Accounting and Auditing Review
		
			12
			39
			
			2005
		
	




* 
	
		Intangible capital and value-based performance and
		
			FRezaie
		
		
			HHemati
		
		
			KargarShamlou
		
		
			B
		
		
	




* 
	
		An Empirical Test of the Effect of Intangible Capital on Financial Performance and Market Value in the Jordanian Companies
	
	
		Accounting Research
		
			7
			
			2010
		
	




* 
	
		Are intangible capital performance and disclosure practice related
		
			MWilliams
		
	
	
		Journal of Intangible Capital
		
			2
			3
			
			2001
		
	




* 
	
		The impact of intangible capital on firms market value and financial performance
		
			DMaditinos
		
		
			DChatzoudes
		
		
			CTsairidis
		
		
			GTheriou
		
	
	
		Journal of Intangible Capital
		
			12
			1
			
			2011
		
	




* 
	
		Survey the effect of intangible capital on the market value of
		
			HSeragi
		
		
			ARostami
		
		
			2005