Journal of Economics and Sustainable Development ISSN 2222-17 !"aper# ISSN 2222-2$%% !&nline# 'ol.() No.

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Human Resource Accounting and its Impact on Organisational Performance

"rince) +. I,edonme) -uc./) 0. &de/ile 1 2ingsle/ 2uegbe Department of 3ccounting) 4niversit/ of 5enin) 5enin 6it/. Abstract 7uman capital is getting wider attention wit8 increasing globali,ation and also t8e saturation of t8e 9ob mar.et due to t8e recent downturn in t8e various economies of t8e world. Developed and developing countries put emp8ases on a more 8uman capital development towards accelerating t8e economic growt8 b/ devoting necessar/ time and efforts. In attempt to investigate t8e lin.age between 8uman resource accounting and organi,ational performance in Nigeria. :8is stud/ made use of cross-sectional data drawn from t8e Nigerian Stoc. E;c8ange fact boo. !2 <#. :8e regression result revealed t8at 8uman capital and intangible asset 8ad a positive and insignificant impact on organi,ational performance. 7owever) t8e paper recommends t8at ot8er possible variables t8at mig8t contribute to 8uman resource accounting and organi,ational performance be included in furt8er empirical studies. Keywords: 7uman capital) Intangible asset) &rgani,ational performance and wor.force. 1.1 IN RO!"# ION 7uman capital 8as long been recogni,ed as a vital asset and value creator to companies. =ore recentl/) Swart !2 ># refers to ?core competence) .nowledge creation and innovation creating value over and above p8/sical and financial resources@. :o develop a competitive advantage) it is important t8at firms trul/ leverage on t8e wor.force as a competitive weapon. 3 strateg/ for improving wor.force productivit/ to drive 8ig8er value for t8e firms 8as become an important focus. +irms see. to optimi,e t8eir wor.force t8roug8 compre8ensive 8uman capital development programmes not onl/ to ac8ieve business goals but most important is for a long term survival and sustainabilit/. :o accomplis8 t8is underta.ing) firms will need to invest resources to ensure t8at emplo/ees 8ave t8e .nowledge) s.ills) and competencies t8e/ need to wor. effectivel/ in a rapidl/ c8anging and comple; environment. In t8e current business environment) 8uman capital is regarded as a .e/ source of competitive advantage. Ait8 t8e .nowledge agenda) companies view t8eir emplo/ees as an important resource and invest 8eavil/ in t8em. 5ut t8e value of 8uman resources) or 8uman capital) ma/ not be adeBuatel/ reported to sta.e8olders partl/ due to strict recognition criteria for intangible assets t8at do not allow 8uman resources to be s8own as an asset in t8e balance s8eet !:a/les) "i.e 1 Sofian) 2 7#. Nevert8eless) information on 8uman capital and its development is important to financial anal/sts and fund managers) w8o need to assess t8e future direction) potential and values of companies. Is8i.awa and C/an !2 2# suggest t8at it is t8e stoc. of 8uman capital t8at predominantl/ determines t8e earnings of individuals. In t8e opinion of =a/o !2 1#) t8e essential difference between 76= and 7uman Cesource =anagement !7C=# is t8at t8e former treats people as assets w8ile t8e latter treats people as costs. 1.$ PRO%&'( ) A '('N Capid tec8nological c8ange) increasingl/ sop8isticated customers and t8e importance of innovation 8as s8ifted t8e bases of competition for man/ business awa/ from traditional p8/sical and financial resources!6uganesan)2 >#.:8e c8allenge is to ensure t8at firms 8ave capabilit/ to find) assimilate) compensate and retain 8uman capital in t8e s8ape of talented individuals t8e/ need w8o can drive a global organi,ation t8at is bot8 responsive to its customers and D t8e burgeoning opportunities of tec8nolog/ !3rmstrong)2 >#E. In response to t8e c8anges) most firms 8ave embraced t8e notion of 8uman capital 8as a good competitive advantage t8at will en8ance 8ig8er performance. 7uman capital development becomes a part of an overall effort to ac8ieve cost-effective and firm performance. 7ence) firms need to understand 8uman capital t8at would en8ance emplo/ee satisfaction and improve performance. In toda/Fs d/namic business environment) firms invest 8eavil/ in 8uman immediatel/ e;pensed in t8e financial statement or arbitraril/ amorti,ed and t8erefore are not full/ reflected in t8e balance s8eet. 6onseBuentl/) t8e boo. values of firms wit8 significant amounts of 8uman capital investments are unrelated to t8e mar.et values ! -ev) 2 1G 7olland) 2 *#. 3lt8oug8 t8ere is a broad assumption t8at 8uman capital 8as positive effects on firmsF performance) t8e notion of performance for 8uman capital remains largel/ untested. 7ence) t8is paper attempts to loo. into t8e connection between 8uman capital and firmFs performance in t8e emerging countries li.e Nigeria developmental economics. :8erefore) t8e following researc8 Buestion is used to guide our investigationH !i# :o w8at e;tent does 8uman capital create impact on organi,ational performanceI !ii# :o w8at e;tent does intangible asset affect organi,ational performanceI

Journal of Economics and Sustainable Development ISSN 2222-17 !"aper# ISSN 2222-2$%% !&nline# 'ol.() No.1%) 2 1*

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1.* R')'AR#H H+PO H')') In line wit8 t8e researc8 problems and ob9ectives) t8e following 8/pot8eses are formulated to be testedH 7&1H :8ere is no significant relations8ip between 8uman capital and organi,ational performance. 7&2H :8ere is no significant relations8ip between intangible assets and organi,ational performance. &I 'RA "R' R',I'$.1 #ON#'P O. OR/ANI0A IONA& P'R.OR(AN#' Intellectual capital resources !including 8uman capital# are increasingl/ important factors on t8e successful ac8ievement of organi,ational ob9ectives !0ut8rie 1 "ett/) 2 #. +or sta.e8olders to full/ understand an organi,ation and t8e effectiveness of its managers) it is t8erefore important t8at corporate reports adeBuatel/ reflect all resources used and developed to furt8er t8e organi,ationFs ac8ievement. 3ccording to Divenne/) Cic8ard)Jip and Jo8nson !2 $# firm performance encompasses t8ese specific areas of firms outcomesH !a#financial !profits) return on assets) return on investments#G !b# mar.et performance !sales) mar.et s8are#Gand !c# s8are8older return !total s8are8older return) economic value added# 3cademicall/) firm performance is t8e ultimate dependent variable of interest for t8ose concerned wit8 9ust about an/ area of managementH accounting is concerned wit8 measuring performanceG mar.eting wit8 customer satisfaction and mar.et s8areG operations management wit8 productivit/ and cost of operations) organi,ational be8aviour wit8 emplo/ee satisfaction and structural efficienc/G and finance wit8 capital mar.et response to all t8e above) management 9ournal) t8e academ/ of management 9ournal and administrative science Buarterl/ included some measures of firm performance. "erformance is so common in organi,ational researc8 t8at it is rarel/ e;plicitl/ considered or 9ustifiedG instead it is treated as a seemingl/ unBuestionable assumption !Devinne/ et al.)2 $#.:8e multidimensionalit/ of performance covers t8e man/ wa/s in w8ic8 organi,ations can be successfulG domain of w8ic8 is arguabl/ as large as t8e man/ wa/s in w8ic8 organi,ations operate and interact wit8 t8eir environment. $.$ H"(AN #API A& AN! OR/ANI0A IONA& P'R.OR(AN#' It 8as been recogni,ed t8at 8uman capital is not onl/ individualistic but t8at some s.ills and .nowledge are formed in an organi,ational conte;t and embodied onl/ in a team of emplo/ees !68illemi 1 0ui) 2 1#. :wo .inds of 8uman capital can be discerned in an/ organi,ation K generic and firm-specific 8uman capital. :8e former refers to an e;plicit form of .nowledge) developed outside t8e firm and paid for b/ individuals) and is 8ig8l/ transferable !mobile#. Swart !2 ># found t8at t8e most freBuentl/ used measures for generic 8uman capital includeH level of formal education) /ears of wor. e;perience and level and number of /ears of managerial e;perience. +irm-specific 8uman capital refers to t8e .nowledge and s.ills uniBue to a firm t8at cannot be easil/ transferred to ot8er companies. :8e cost of its development is incurred b/ t8e firm as part of a strateg/ to retain .e/ .nowledge wor.ers b/ setting mobilit/ barriers !Swart) 2inne/ 1 "urcell) 2 *#. =easures for firm-specific 8uman capital includeH lengt8 of firmsF e;perience) number of uniBue pro9ects) team-based solutions) and uniBue operating procedures !Swart) 2 >#. 5esides nurturing t8e generic 8uman capital) firms must also pa/ attention to firm-specific 8uman capital to gain competitive advantage and to recruit and retain core value creators. Since relevant 8uman capital information is an important ingredient in decision ma.ersF assessment of t8e future potential of companies) it is in t8e interest of companies to suppl/ more of suc8 information to increase t8eir mar.et value. 7uman Cesources to generate future revenues) and t8erefore 8uman resource s8ould be considered w8en valuing a compan/ b/ capitali,ing instead of e;pensing t8em in t8e current period. 7uman resources is largel/ seen as an integral part of t8e firmFs value K creating processes !0ut8rie et al 2 ) 7olland) 2 *# as well as creating and maintaining competitive advantage !7olland) 2 >#. In toda/Fs d/namic business environment) firms invest 8eavil/ in 8uman capital assets. :8e problem 8owever) is t8at t8ese investments are eit8er immediatel/ e;pensed in t8e financial statement or arbitraril/ amorti,ed and t8erefore are not full/ reflected in t8e balance s8eet. 6onseBuentl/) t8e boo. values of firms wit8 significant amounts of 8uman capital investments are unrelated to t8e mar.et values !-ev) 2 1G 7olland) 2 *#. $.* IN AN/I%&' A))' ) AN! OR/ANI0A IONA& P'R.OR(AN#' Intangible assets consist of t8e stoc. of immaterial resources t8at enters t8e production process and are necessar/ to t8e creation and sale of new or improved products and processes. :8e/ include bot8 internall/ produced assets K e.g. designs) blueprints) brand eBuit/) in-8ouse software) and construction pro9ects K and assets acBuired t8roug8 e;ternal mar.et K e.g. tec8nolog/ licenses) patents and cop/rig8ts) and t8e economic competences acBuired t8roug8 purc8ases of management and consulting services !6orrado) Sic8el 1 7uiten) 2 >#. In addition to t8e Buantitative dimension of intangible assets) various wor.s 8ave also stressed lin. between intangible assets and firm performance. =arrocu) "aci and "ontis !2 <#) and &F=a8on/ and 'ecc8i !2 <#) for e;ample) find a positive contribution of intangible assets to bot8 firm and industr/ productivit/. 7all et al. !2 %# s8ow intangible assets to significantl/ contribute to compan/ values in financial mar.et. Delgado0Lme, and CamMre,-3lesLn !2 (# provide evidence for a positive relations8ip between firmsN intangible assets and internationali,ation.

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"rior researc8 points to t8e importance of intangible assets on firm value !see for e;ample) 3a.er 2 1G 68an) -a.onis8o. 1 Sougiannis 2 1# It is natural to e;pect t8at firms wit8 greater intangible assets operate more efficientl/ ceteris paribus and t8us 8ave better operating performance. -ittle is .nown 8owever about t8e effect of intangible assets specificall/ on insurers. Insurer intangible assets !or franc8ise value# would include brand name) personnel) renewable business) and e;pertise in claim service and underwriting. 0iven t8e importance of brand lo/alt/ and word-of mout8 reputational effects for a financial securit/ product li.e insurance we would e;pect t8at insurers wit8 greater franc8ise value would 8ave a competitive edge. :8e purpose of t8e paper is to provide t8e first s/stematic e;amination of t8e effect of intangible assets on insurer operating and stoc. performance. In addition we introduce new measures of insurer intangible assets based on publicl/-available ratings and emplo/ a large data set across a 2 /ear period to measure intangible asset effects on insurer value. Despite t8e importance of intangible assets on firm value t8ese assets are rarel/ recogni,ed in financial statements. -ev and Oarowin !1<<<# and ot8ers argue t8at Buantif/ing intangibles is w8ere t8e current accounting s/stem fails most seriousl/ in reflecting enterprise value and performance. $.1 '(PIRI#A& ) "!I') Seleim) 3s8our) and 5ontis !2 7# anal/sed on t8e relations8ip between 8uman capital and organi,ational performance of software companies. :8e/ found t8at t8e 8uman capital indicators 8ad a positive association on organi,ational performances. :8ese indicators suc8 as training attended and team-wor. practices) tended to result in superstar performers w8ere more productivit/ could be translated to organi,ational performances. :8is was also supported b/ Doole/ !2 # w8o found a significant positive correlation between t8e Bualit/ of developers and volume of mar.et s8ares. 5ased on t8e above arguments we can conclude t8at 8uman capital indicators en8anced t8e firm performance directl/ or indirectl/. 3 stud/ b/ 5ontis and +it,en, !2 2# found t8at t8e conseBuences of 8uman capital management and t8e/ establis8ed t8e relations8ip between 8uman capital management and economic and business outcomes. In t8is stud/) a total of 2% firms in t8e financial services companies were selected. :8e stud/ measured 8uman capital effectiveness wit8 four metricsG revenue factor) e;pense factor) income factor and 8uman capital on return on investment. :8e fundamental aspects of an/ organi,ation are to generate more revenue and income per emplo/ee. 7uman capital 8as a direct impact on t8e intellectual capital assets t8at will /ield 8ig8er financial results per emplo/ee. :8e development of 8uman capital is positivel/ influenced b/ t8e educational level of emplo/ees and t8eir overall satisfaction. :8erefore) development 8uman capital 8as a direct impact on C&I of firms. 68an) -a.onis8o. and Sougiannis !2 1# find t8at t8e researc8 and development e;penditures !i.e.) a measure of intangible assets for industrial firms# positivel/ predict future stoc. performance. *. (' HO!O&O/+ :8is stud/ investigates 8uman resource accounting and its impact on organi,ational performance among listed companies in Nigeria. 3 cross-sectional data 8as been selected for t8is stud/. 3 sample of t8irt/ !* # companies listed in t8e Nigeria stoc. e;c8ange for t8e period 2 < 8as been selected wit8 t8e aid of simple random sampling tec8niBue. :8e data for t8e selected companies will be sourced from t8e Nigeria Stoc. E;c8ange +act boo.s and annual reports of t8e sampled companies. (O!'& )P'#I.I#A ION In lig8t of t8e above met8odolog/ and t8eoretical framewor. emplo/ed to capture 8uman resource accounting and its impact on organi,ational performance. 3 causal model using a set of cross-sectional data developed b/ Selvara9an !2 7# was adapted for t8e model. :8e functional form of t8e model isG C&E P f !7463") IN:3SSE:)# :8e multiple regressions wit8 an error term are stated belowG C&EPQRS17463" RS2IN:3SSE: RT OP'RA IONA&I0A ION O. ,ARIA%&') S1- S2 P 6oefficients of e;planator/ variables T P Error term over cross-section and time !ependent 2ariable C&E P &rgani,ational "erformanceH In t8is stud/) we will use Ceturn on capital emplo/ed to pro;/ organi,ational performance. Independent 2ariables 7463" P 7uman capital pro;/ b/ total number of emplo/ees IN:3SSE: P Intangible asset pro;/ b/ t8e total value of intangible asset reported in t8e balance s8eet. :8e cross-sectional data collected for t8e stud/ will be anal/,ed b/ using multiple regression tec8niBues to capture 8uman resource accounting and its impact on organi,ational performance.

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Journal of Economics and Sustainable Development ISSN 2222-17 !"aper# ISSN 2222-2$%% !&nline# 'ol.() No.1%) 2 1*

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!I)#"))ION O. R')"& ) :o e;amine t8e relations8ip between t8e dependent variable and independent variables and to test our formulated 8/pot8eses one !1#) we used cross-sectional data. :8e regression result obtained is presented in table 1. :able 1 &-S CE0CESSI&N CES4-:S DE"ENDEN: INDE"ENDEN: 6&E++I6IEN: :-:ES: "C&5 '3CI35-E '3CI35-E '3-4E 6&NS:3N: .2*$2(% .*1$(*( .7%2% C&E 7463" (.<<E- % .2 *22( .$( ( C2 P . 1(7() +- Statistic P . (1* DAP 1.$7$ <> "rob! f-statistic# P .$( (2< +rom table 1 above) it would be observed from t8e coefficient of determination !C2 P . 1(7(# t8at about 1U of t8e s/stematic in firm performance across t8e sampled firms are 9ointl/ e;plained b/ t8e independent variable. :8is means t8at t8e model is not good fit since almost <<U of s/stematic variation in sampled firms over t8e periods is not e;plained. :8e +- statistic value of . (1* and its associated p-value .$( 2< s8ow t8at t8e model on overall is not statisticall/ significant. :8is means t8at t8e coefficient of t8e independent variable is not statisticall/ different from ,ero. +ollowing t8e empirical findings) it would be observed t8at 8uman capital !7463"# 8as a positive and insignificant on organi,ational performance. :8e insignificant impact of 8uman capital is because t8e variable failed t8e t-test at more t8an 1 U level of significance. :8e Durbin Aatson value of 1.$7$ <> revealed t8e absence of serial correlation in t8e result but it is irrelevant due to t8e nature of t8e data emplo/ed. :8e low value of t8e C-sBuared implies t8at t8e null 8/pot8esis is accepted t8at) t8ere is no significant relations8ip between 8uman capital and organi,ational performance and re9ect t8e alternative 8/pot8esis. :o test 8/pot8esis two !2# ) we used cross-sectional data . :8e regression result obtained is presented in table 2. :able 2 &-S CE0CESSI&N CES4-:S DE"ENDEN: INDE"ENDEN: 6&E++I6IEN: :-:ES: "C&5 '3CI35-E '3CI35-E '3-4E 6&NS:3N: .2$% ** .(2%7*$ .>7*> C&E IN:3SSE: 2.$2E- % .1%%2> .$777 C2 P . $> ) +- Statistic P . 2(1 > DAP 1.$*2<1$ "rob! f-statistic# P .$777* +rom t8e empirical findings) it would be observed from t8e coefficient of determination !C2 P . $> # t8at about 1U of t8e s/stematic in firm performance across t8e sampled firms are 9ointl/ e;plained b/ t8e independent variable. :8is means t8at t8e model is not good fit since almost <<U of s/stematic variation in sampled firms over t8e periods is not e;plained. :8e +- statistic value of . 2(1 > and its associated p-value .$777* s8ow t8at t8e model on overall is not statisticall/ significant. :8is means t8at t8e coefficient of t8e independent variable is not statisticall/ different from ,ero. +ollowing t8e empirical findings) it would be observed t8at intangible asset !IN:3SSE:# 8as a positive and insignificant on organi,ational performance !C&E#. :8e insignificant impact of 8uman capital is because t8e variable failed t8e t-test at more t8an 1 U level of significance. :8e Durbin Aatson value of 1.$*2<1$ revealed t8e absence of serial correlation in t8e result but it is irrelevant due to t8e nature of t8e data emplo/ed. :8e low value of t8e C-sBuared implies t8at t8e null 8/pot8esis is accepted t8at) t8ere is no significant relations8ip between intangible asset and organi,ational performance and re9ect t8e alternative 8/pot8esis. #ON#&")ION AN! R'#O(('N!A ION) 7uman capital is getting wider attention wit8 increasing globali,ation and also t8e saturation of t8e 9ob mar.et due to t8e recent downturn in t8e various economies of t8e world. Developed and developing countries put emp8ases on a more 8uman capital development towards accelerating t8e economic growt8 b/ devoting necessar/ time and efforts. :8us 8uman capital development is one of t8e fundamental solutions to enter t8e international arena. Specificall/) organi,ations must invest necessar/ resources in developing 8uman capital w8ic8 tend to 8ave a great impact on organi,ational performance. :8e conceptuali,ation of 8uman capitals is closel/ lin.ed to some fundamentals of economics and firm performance. :8e literature reviews s8ow t8at t8ere are reasonabl/ strong evidences to s8ow t8at t8e infusion of D8uman capital en8ancementF in organi,ations promotes innovativeness and greater organi,ational performance. Studies also clearl/ substantiate t8e fact t8at 8uman capital and intangible asset 8ad a positive and insignificant %*

Journal of Economics and Sustainable Development ISSN 2222-17 !"aper# ISSN 2222-2$%% !&nline# 'ol.() No.1%) 2 1*

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impact on organi,ational performance. In lig8t of t8is) t8e understanding of organi,ational performance in relation to 8uman capitals s8ould not be regarded as a p8enomenon t8at onl/ adds Dmore ,erosF in a firmFs profitsG it is rat8er transforming t8e entire wor.force as t8e most Dvaluable assetsF in order for t8e organi,ation to pave wa/s for greater performance but also it ensures firms to remain competitive for t8eir long term survival. :8e stud/ recommends t8at ot8er possible variables t8at mig8t contribute to 8uman resource accounting and organi,ational performance be included in furt8er empirical stud/. R'.'R'N#') 3a.er) David) 3) !2 1#. :8e value relevance of brand attitude in 8ig8-tec8nolog/ mar.ets. Journal of marketing research *$ !(#) ($%-(<*. Review of accounting studies *H(1->$. 3rmstrong) = !2 >#. A handbook of Human Resource Management Practice) 1 t8 edition) 3ma,on 68an) -ouis 2.6.) Josef -a.onis8o.) and :8eodore Sougiannis) 2 1) :8e stoc. mar.et valuation of researc8 and development e;penditures) Journal of Finance %>!>#) 2(*1-2(%>. 68illemi) &. and 0ui) 5. !2 1#. :eam 8uman capital and wor.er mobilit/) Journal of Labour Economics) 1%! (#) %>7-$%. 6orrado) 6.3.) Sic8el) D.E.) 7ulten) 6.C.) !2 >#. Intangible 6apital and Economic 0rowt8) +EDS A" No. 2 >-2(. 6uganesan) S. !2 >#.Ceporting organi,ational performance in managing 8uman resourcesH Intellectual capital or sta.e8older perspectivesI Journal of Human Resource Costing Accounting)1 !*#) 1>(-1$$. Delgado-0Lme,) J.) Camire,-3leson) =.) !2 (#. Intangible resources as a .e/ factor in t8e internationalisation of Spanis8 firms. Journal of Economic !ehavior "rgani#ation %*) (77-(<(. Devinne/) :.=.) Cic8ard) ".J.) Jip) 0.S.) and Jo8nson. 0. !2 $#. =easuring &rgani,ational "erformance in =anagement Cesearc8H A $%nthesis of Measurement Challenges and A&&roaches' Research Pa&er 'Available at www(aimresearch(org Doole/) E. !2 #. )ntellectual ca&ital in the software industr%* An em&irical test. "8D dissertation) 6ollege of 5usiness 3dministration) 4niversit/ of Aas8ington) :acoma) A3. 0ut8rie) J. and "ett/) C. !2 #. Intellectual capitalH 3ustralian annual reporting practices. Journal of )ntellectual Ca&ital'1!*#) 2(1-2% . 7all) 5.7.) Jaffe) 3.) :ra9tenberg) =.)! 2 %#. =ar.et 'alue and "atent 6itationsH 3 +irst -oo.. RA+, Journal of Economics *>( 7olland) J. !2 *#. Intellectual capital and t8e capital mar.et- organi,ation and competence. Accounting' Auditing and Accountabilit% Journal'1>!1#)*<-($. 7olland) J. !2 >#.+und management) intellectual capital) and private disclosure. Managerial Finance' *2! (#) 277K*1>. Is8i.awa) =.) and C/an D. !2 2# .Sc8ooling) 5asic S.ills and Economic &utcomes) Economics of Education Review) 21!*#) 2*1-2(* -ev) 5. 1 Oarowin) ".!1<<<# ?:8e 5oundaries of +inancial Ceporting and 7ow to E;tend :8em@) Journal of Accounting Research) *7!2#) *%*-*$*. -ev) 5.) 2 1. IntangiblesH =anagement) =easurement) and Ceporting. 5roo.ings Institution) Aas8ington) D.6. =arrocu) E.) "aci) C.) "ontis) =.) 2 <. Intangible 6apital and +irms "roductivit/)Aor.ing "aper I3CE0 A"%V12) 4niversit/ of 6agliari) 6CENoS. =a/o) 3.!2 1#:8e 7uman 'alue of t8e EnterpriseH 'aluing people as assets) Nic8olas 5reale/) -ondon &F=a8on/) =.) 'ecc8i) =.) 2 <. C1D) .nowledge spillovers and compan/ productivit/ performance. Research Polic%' *$) *%-((. Swart) J. !2 >#) ?Intellectual capitalH disentangling an enigmatic concept@) Journal of )ntellectual Ca&ital) 7 !2#)1*>-%<. Swart) J.) 2inne/) N. and "urcell) J. !2 *#) Peo&le and Performance in -nowledge )ntensive Firms' -ondon) 6I"D. :a/les) =.) "i.e) C. and Sofian) S. !2 7#) ?Intellectual capital) management accounting practices and corporate performanceH perceptions of managers@) Accounting' Auditing and Accountabilit% Journal'2 !(#)%22%($.

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Journal of Economics and Sustainable Development ISSN 2222-17 !"aper# ISSN 2222-2$%% !&nline# 'ol.() No.1%) 2 1*

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3""ENDIW Dependent 'ariableH C&E =et8odH -east SBuares DateH >V* V1* :imeH 1%H21 SampleH 1 * Included observationsH * 'ariable 6 IN:3SSE: C-sBuared 3d9usted C-sBuared S.E. of regression Sum sBuared resid -og li.eli8ood +-statistic "rob!+-statistic# 6oefficient .2$% ** 2.$2E- % . $> - . *($2* *.((%2%2 **2.*%** -7$.>(*17 . 2(1 > .$777* Std. Error .>><% * . 1$2 =ean dependent var S.D. dependent var 3.ai.e info criterion Sc8war, criterion 7annan-Xuinn criter. Durbin-Aatson stat t-Statistic .(2%7*$ .1%%2> "rob. .>7*> .$777 .*2 >** *.*$>7$7 %.*7>212 %.(><>2% %.( > <% 1.$*2<1$

Dependent 'ariableH C&E =et8odH -east SBuares DateH >V* V1* :imeH 1%H2( SampleH 1 * Included observationsH * 'ariable 6 7463" C-sBuared 3d9usted C-sBuared S.E. of regression Sum sBuared resid -og li.eli8ood +-statistic "rob!+-statistic# 6oefficient .2*$2(% (.<<E- % . 1(7* - . *(1$< *.(((1<% **2.1(<% -7$.>**<7 . (1* .$( (2< Std. Error .7($177 . 2(> =ean dependent var S.D. dependent var 3.ai.e info criterion Sc8war, criterion 7annan-Xuinn criter. Durbin-Aatson stat t-Statistic .*1$(*( .2 *22( "rob. .7%2% .$( ( .*2 >** *.*$>7$7 %.*7%%<$ %.(>< 11 %.( %($2 1.$7$ <>

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