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This research examines the moderating role of technological innovation on the intellectual capital efficiencies firm value firm value relationship, with a comparative analysis between developing and developed countries. This study used panel data of 13,976 firms for the period 2006–2023 from 80 developed and developing countries. GMM is utilized to estimate the impact of IC efficiencies on firm value with moderating role of technological innovation. The results showed that all IC components positively influence firm value in all countries, particularly with high impact in developed countries. Technological innovation enhances firm value, with notable positive interaction effects with human capital efficiency. However, negative interaction effects with capital employed efficiency and relational capital efficiencies suggest potential inefficiencies. Financial managers should prioritize investments in human capital efficiency, structural capital efficiency and technological innovation to increase firm value, especially in developed countries. In developing economies, improving relational capital efficiencies is required due to mixed results.

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The Moderating Role of Technological Innovation on Intellectual Capital Efficiencies and Firm Value: Evidence from Developing and Developed Countries

  • 章节

  • 发表日期：

    2025年

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  • Nur Hafizah Binti Roslan,
  • Muhammad Ahmad,
  • Siti Zaitun Saddam,
  • Rabia Bashir

摘要

This research examines the moderating role of technological innovation on the intellectual capital efficiencies firm value firm value relationship, with a comparative analysis between developing and developed countries. This study used panel data of 13,976 firms for the period 2006–2023 from 80 developed and developing countries. GMM is utilized to estimate the impact of IC efficiencies on firm value with moderating role of technological innovation. The results showed that all IC components positively influence firm value in all countries, particularly with high impact in developed countries. Technological innovation enhances firm value, with notable positive interaction effects with human capital efficiency. However, negative interaction effects with capital employed efficiency and relational capital efficiencies suggest potential inefficiencies. Financial managers should prioritize investments in human capital efficiency, structural capital efficiency and technological innovation to increase firm value, especially in developed countries. In developing economies, improving relational capital efficiencies is required due to mixed results.