The Impact of Intellectual Capital on Shareholders’ Wealth in Emerging Markets: Evidence from EGX

نوع المستند : المقالة الأصلية

المؤلفون

1 Finance and Accounting Department; School of Business ; International Academy for Engineering & Media Science - IAEMS, Egypt. ORCID: 0000-0003-0451-9726; ResearcherID: D-4898-2019; Scopus Author ID: 57212470180

2 Finance Departments, Faculty of Management Sciences, October University for Modern Sciences and Arts –MSA, Egypt.

المستخلص

Since the third industrial revolution, there have been changes in the sources of value creation for both companies and shareholders, which led to changes in the characteristics of the business environment not at the local level but also at the international level, which included emerging markets. Changes in the business environment have become faster with the Fourth Industrial Revolution. The study proposes an intellectual capital (IC) framework for shareholders’ wealth maximization in emerging markets. It measured intellectual capital, within five control variables. Those variables are corporate financial leverage, size, industry and dividend policy. But Shareholders’ wealth (dependent variable) was measured according to the modified value added intellectual capital (MVAIC) model. The study found contribution of IC to shareholders’ wealth maximization according to value creation, taking into account the characteristics of the corporation. Based on inferential analysis, this explains the change in shareholders’ wealth at the Egyptian corporation. Human capital efficiency (HCE), structural capital efficiency (SCE), capital employed efficiency (CEE) under financial leverage (FL) and corporate size (CZ), affected (97.9%) of value creation for shareholders in Egyptian exchange. Thus, this study extends the IC concept to cost, growth, risk and profitability for corporation in emerging markets.

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