The impact of intellectual capital on firms' market value and financial performance : the case of Tunisia stock exchange

Abstract EN

The purpose of this study is to examine the impact of intellectual capital (IC) on firms' market value and financial performance.

The empirical data were drawn from a sample of 16 Tunisian firms listed in the Tunis Stock Exchange (TSE), from six different economic sectors, observed over the ten years of 2008 to 2017.

Various regression models were examined to test the hypotheses included in the proposed conceptual framework.

Using the Value Added Intellectual Coefficient (VAIC) methodology and Market to Book value ratio, results failed to support the hypotheses about the relation between IC and firms' market value, only concluding that there is a statistically significant relationship between IC and its components and financial performance except for working capital efficiency that is not related to financial performance.

Several arguments have been advanced to explain these results are related to the general context of the study community, the global financial crisis and the Tunisian revolution.