Intellectual Capital Measurements- Its Application In Practice: Literature Review

There is an increasingly concern about knowledge assets and what they can represent for companies, because knowledge has become the primary ingredient of companies performance and competitive advantage. As a consequence, the concept of intellectual capital arises, and it considers that the knowledge assets are the more important resources for the development of competitive advantages of the companies and the raw material from which the financial results are obtained. But it is important to know how to evaluate the intellectual capital in practice and has therefore been several metrics for this, such as VAIC (TM) (Value Added Intellectual Coefficient). It emerged as a way of responding to the problems experienced so far for the measurement of intellectual potential performance or intellectual potential (IP). So, this theoretical study aims to review the literature on the most relevant studies on intellectual capital and performance, in particular those using the VAIC (TM) since the emergence of the metric in 1998 to the present day, highlighting the main authors of studies, application of countries and sectors activity, the main findings as well as the main limitations and contributions of the studies. For example, Pulic (1998) developed this model and tested it in a sample of 200 Austrian companies from 14 different industry sectors and 400 Croatian companies that had the highest revenue and concluded that the efficiency of intellectual capital can be measured and also managed, there is a strong dependency between borderline intellectual potential and added value. Also Bontis, Janosevic, and Dzenopoljac (2015) applied the VAIC (TM) in the hotel industry of Serbia and concluded that performance is influenced the human and structural capital, confirming that performance is primarily influenced by the efficient use of physical capital. For this conclusions, this study is extremely important both for the business community wants to investigators.