The Impact of Intellectual Capital on Profitability, Market Value, Productivity, and Return on Equity: Empirical Evidence from Moroccan ICT Firms

Zakaria Nejjari () and Hanane Aamoum ()
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Zakaria Nejjari: National School of Commerce and Management, Hassan 2 University
Hanane Aamoum: National School of Commerce and Management, Hassan 2 University

Journal of the Knowledge Economy, 2023, vol. 14, issue 2, No 48, 1734-1748

Abstract: Abstract The article aim is to look into the connection between intellectual capital published in annual statements and profitability, market value, productivity, and return on equity of firms registered on Casablanca Stock Exchange. The research is focused on a data panel gathered from statements over an 11-year period, from 2010 to 2020. There are 82 observations in sum. The variables that have a major influence on the four dependent variables were identified using multiple regression analysis. The research’s findings showed that variables like HCE, company size, and company leverage accurately foretold profitability. In addition, HCE had the greatest effects. Furthermore, CEE was discovered to be a considerable indicator of both ROE and productivity, with the size of the company being the only market value determinant. Overall, both of the firms had a higher HCE than SCE. This research may be viewed as a first in Morocco in terms of exploring the relationship between intellectual capital and profitability, market value, productivity, and return on equity. Moreover, previous research has yielded mixed results, necessitating additional research into the impact of IC on profitability, market value, productivity, and return on equity, especially in Morocco’s developing economy. The research enabled ICT firms to compare themselves to other firms in terms of intellectual capital efficiency and establish approaches to improve their performance.

Keywords: Intellectual capital; Profitability; Market value; Productivity; Return on equity (search for similar items in EconPapers)
JEL-codes: D5 G12 G23 O34 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s13132-022-00956-5

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