Effect of intellectual capital on firm value and financial perfor-mance : an empirical study on companies listed on Egyptian stock exchange

الملخص EN

The paper examines the relation between firms' intellectual capital and firm's value and financial performance for a sample of firms listed on the Egyptian Stock Exchange during the period from 2000 through 2014.

I predict that the level of investment in intellectual capital has a positive impact on firm's value, and firm's liquidity and activity levels as measures of financial performance.

Results reveal that the level of intellectual capital has a positive impact on firm's value measured by Tobin's Q.

Firm's liquidity is not significantly affected by level of intellectual capital.

Moreover, the level of intellectual capital has a significant impact on firm's activity, on the aggregate level.

However, the intensity of intellectual capital investment has no significant impact on firm's activity level.