The Impact Of Intellectual Capital On Investors’ Capital Gain On Shares: An Empirical Investigation In Thai Banking, Finance & Insurance Sector

The purpose of this article is to investigate the impact of the value creation efficiency on investors’ capital gain on shares. The author used the data collected from listed companies in Thailand stock market and Pulic’s (1998) Value Added Intellectual Coefficient (VAIC TM) as the measure of intellectual capital and developed multiple regression model to investigate the impact of corporate value creation efficiencyon investors’ capital gain. The empirical research found that firms’ intellectual capital has a significant positive relationship with its investors’ capital gain on shares. The findings enhance knowledge base of intellectual capital and develop a concept of intellectual capital in acadvantages in emerging economies such as Thailand.