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THE INTERACTIVE EFFECTS OF HUMAN CAPITAL, STRUCTURAL CAPITAL AND SOCIAL CAPITAL ON FIRM PERFORMANCE
Wan Fadzilah Wan Yusoff,Muhamad Jantan,Daing Nasir Ibrahim
Asian Academy of Management Journal , 2004,
Abstract: Independent studies conducted on the impact of human capital, structural capital and social capital on firm performance have shown that a significant positive relationship can be established between each of them and performance. This study examined if each of these components of intellectual capital would show more significant relationships if they were to interact with each other, whether in a two-way or three-way interactions. Results provided by a sample collected from 298 business units of firms in the Malaysian financial services industry is consistent with the suggestion that the key driving forces in the contemporary business environment has moved from the management of tangible resources to the exploitation of intangible resources and differential outcome can be expected from the interactive nature of the components.
The Effect of Working Capital Management on Firm Profitability: Evidence from Turkey
F. Samiloglu,K. Demirgunes
The International Journal of Applied Economics and Finance , 2008,
Abstract: The aim of this study is to analyze the effect of working capital management on firm profitability. In accordance with this aim, to consider statistically significant relationships between firm profitability and the components of cash conversion cycle at length, a sample consisting of Istanbul Stock Exchange (ISE) listed manufacturing firms for the period of 1998-2007 has been analysed under a multiple regression model. Empirical findings of the study show that accounts receivables period, inventory period and leverage affect firm profitability negatively; while growth (in sales) affects firm profitability positively.
HUMAN CAPITAL INVESTMENT FOR FIRM: AN ANALYSIS  [cached]
Ya-ping LEI,Jing-fang JIA
Management Science and Engineering , 2007,
Abstract: Many companies nowadays derive their competitive advantages mainly from human capital, so human capital must be invested and maintained. It becomes critical for companies to select human capital that matches their strategic targets. In this article, by summing up three different definitions of human capital in existing literature, the author firstly explores the definition and characteristics of human capital, and then discusses the inherent relationship of the human capital investment and the firm strategic targets. On the basis of aspects mentioned above, the author emphasizes that human capital should be designed according to specific firm strategic targets, and should try to assess the contribution of the human capital investment to company at the microcosmic area. Finally, this paper suggests some ways for business to select proper human capital that meets their strategic targets. Key words: Human Capital, Human Capital Investment, Strategic target
Intellectual Capital and Firm Performance of Commercial Banks in Malaysia  [cached]
Malina Hanum Mohd Kamal,Rosfatihah Che Mat,Najihah Abdul Rahim,Norhusniyati Husin
Asian Economic and Financial Review , 2012,
Abstract: Intellectual capital is an important element of the theory explaining firm performance. The purpose of this paper is to determine the relationship between the level of intellectual capital efficiency in terms of Human Capital, Capital Employed and Structural Capital (VAIC) with the commercial banks performance in Malaysia from the traditional accounting based perspective that comprises of ROA and ROE. Overall results revealed the relationship between intellectual capitals with performance of 18 commercial banks in Malaysia. Additionally, the results showed significance impact of intellectual capital variables namely Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) towards bank performance. It is suggested that intellectual capital do matters and should be linked to firm productivity. The study implies that the importance of intellectual capital should be emphasized not only to the commercial banks but also to the emerging market of Islamic banks in Malaysia or any other industries for future research.
Managerial Power, Capital Structure and Firm Value  [PDF]
Chunlong Zhang, Guoliang Zhang
Open Journal of Social Sciences (JSS) , 2014, DOI: 10.4236/jss.2014.212019
Abstract:

With the reform of our property rights system, the maturity of the capital market, and the diversification of corporate financing, the capital structure decision has become the major concern of financial management. There are numbers of researches on how to determine the optimal capital structure, what factors affect the capital structure and what the relationship is like between the capital structure and the firm value. Built upon prior literature, this paper investigates how managerial power influences the capital structure with the operation risks and the characteristics of the directors’ structure. We find that the capital structure deviates from the optimal level more in firms with stronger managerial power, and these firms have a stronger discount on such deviation.

Family Ownership, Firm’s Financial Characteristics and Capital Structure: Evidence from Public Listed Companies in Malaysia  [PDF]
Punitharaja NADARAJA,Abdul Hadi ZULKAFLI,Tajul Ariffin MASRON
Economia : Seria Management , 2011,
Abstract: Capital structure is identified as one of focal facet in corporate finance branch of learning. It provides comprehension on how firms choose to finance their operations and expansion. The objective of this study is to explore the determinants of capital structure of Malaysian public listed companies. The period of 2001-2006 was selected in this study, which reflected the post Asian financial crisis period. Firm’s financial characteristics consist of size, growth, profitability, liquidity and ability to service debt. Family ownership which was identified as a unique feature in the Malaysian corporate sector was used to measure the effect of corporate governance in capital structure decision. Using panel data approach, this study infers that the role of ownership structure in the form of family ownership though is not significantly related to capital structure, its inclusion in the empirical equation changes the significance of other variables. Except for growth, all other financial characteristics have significant relationships with capital structure.
THE ROLE OF INTERPERSONAL AND FIRM FACTORS IN INTERNATIONAL BUSINESS RELATIONSHIPS
Farid Ahmed
Asian Academy of Management Journal , 2010,
Abstract: Managers have long known intuitively that relationships are important to business. In certain cultures, such as in the East, the emphasis on relationships may typically be more explicit, but a good salesperson knows that building trust and commitment with buyers are essential for long-term success. The role of interpersonal and firm factors on international business relationships are tested with data from 125 pairs of exporter-importer relationships. Drawing from relational exchange theory, personal (such as effective communication, cultural sensitivity and likability of partner) and firm (such as reputation and competencies of partner) factors are modeled as determinants of commitment and trust in such relationships. The findings support the overall model, highlighting the importance of interpersonal and firm factors to international business relationships. This research highlights the importance of personal and organisational factors that are linked to building trust and commitment. In particular, building, protecting and communicating a positive reputation, and ensuring strong marketing competencies, are important for building contractual and competence trust. The study highlights the importance of interpersonal factors and thus the need to have appropriate personnel involved in the developing and maintaining international business relationships.
Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry  [PDF]
Divya Aggarwal, Purna Chandra Padhan
Theoretical Economics Letters (TEL) , 2017, DOI: 10.4236/tel.2017.74067
Abstract: This study examines the effect of capital structure and firm quality on firm value of selected BSE listed Indian hospitality firms over a time frame of 2001-15. Variables including firm quality measured through Altman Z score, leverage, size, profitability, tangibility, growth, liquidity along with macro variables of growth in gross domestic product and inflation are taken into consideration for examining their impact on firm value. An empirical study has been carried out through panel data techniques by applying pooled OLS, fixed effects and random effects models. The findings of the study reveal a significant relationship of firm value with firm quality, leverage, liquidity, size and economic growth. The study shows that Modigliani miller theorem of capital structure irrelevance does not hold for Indian hospitality sector. It is of practical significance for hotel owners to reassess their capital structure to improve firm quality and firm’s market performance.
Achieving the economic-environmental harmonization in firm through environmental costs
Katarína Teplická
Acta Montanistica Slovaca , 2005,
Abstract: The paper presents basic points of the economic-environmental organization aimed at the creation of conditions for the harmonization of economic and environmental plans of the firm. A theme of this continuity is the optimalization of environmental costs of the firm which evaluate the approach to the prevention of the living environment.
The internationalization of the Spanish Manufacturing Firm: Effect of the specific and generic human capital  [cached]
JOSé LóPEZ RODRíGUEZ
Cuadernos de Gestión , 2006,
Abstract: The efficiency and competitive capacity of firms depend —besides other factors— on the quality of the human capital which they have. Thus, the objective of this work is to analyze the effect of the firm’s human capital in the decision to enter into the international markets like in the intensity of sales made in these markets using logit and tobit regression models. The empirical analysis is carried out on a sample of Spanish manufacturing firms. The quality of firm’s human capital is evaluated in two ways, on the one side we consider the generic human capital of the employees and on the other side we consider the specific human capital of the employees. The results show that the generic and specific firm’s human capital have a positive and significant effect on both the decision to enter in the international markets and the intensity of sales made in these markets.
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