African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4137

Full Length Research Paper

The impact of intellectual capital on financial performance in Argentina, Chile and Peru

Juan Alejandro Gallegos
  • Juan Alejandro Gallegos
  • Department of Audit and Information Systems, Universidad Católica de la Santísima Concepción, Chile. Av. Alonso de Ribera 2850, Concepción, Bío Bío, Chile.
  • Google Scholar
Carlos Díaz-Contreras
  • Carlos Díaz-Contreras
  • Departamento de Ingeniería Industrial y de Sistemas, Universidad de Tarapacá, Arica, Chile.
  • Google Scholar
Juan Vega-Vargas
  • Juan Vega-Vargas
  • Departamento de Ingeniería Industrial y de Sistemas, Universidad de Tarapacá, Arica, Chile.
  • Google Scholar
Rocío Arellano-Prada
  • Rocío Arellano-Prada
  • Departamento de Ingeniería Industrial y de Sistemas, Universidad de Tarapacá, Arica, Chile.
  • Google Scholar
Marcos Blas-Yucra
  • Marcos Blas-Yucra
  • Departamento de Ingeniería Industrial y de Sistemas, Universidad de Tarapacá, Arica, Chile.
  • Google Scholar


  •  Received: 12 July 2021
  •  Accepted: 02 September 2021
  •  Published: 30 September 2021

Abstract

Intellectual capital research is a topic that has stood out in recent decades and has allowed us to recognize other types of strategic non-accounting resources that allow organizations to increase their financial performance. Despite the importance of the subject, the evidence for emerging economies, especially in Latin America is scarce and outdated with inconclusive results. This motivates this research. The objective of this work is to determine and quantify the impact of intellectual capital and its components, human capital, relational capital, and structural capital on the financial performance of the electricity industry in Argentina, Chile, and Peru. The estimates are considered using a panel analysis and the generalized methods of moments and fixed effects are used. The results are not conclusive when estimating a contemporary relationship between human capital, relational capital, and structural capital and financial performance. However, a significant positive relationship is observed when lagged measures are used for each proposed measure of intellectual capital.

 

Key words: Intellectual capital, firms’ performance, electricity industry, emerging markets.