Restricted accessResearch articleFirst published online 2025-9
An empirical study of relationships between intellectual capital and financial performance of the tourism-related industries in the tourism-dependent country
This study examines the relationship between intellectual capital (IC) and the financial performance of tourism-related firms in Thailand, using panel data from 32 listed companies (192 firm-year observations) from 2016 to 2021. Panel regression methods, including pooled ordinary least squares (OLS), fixed effects, random effects and the dynamic panel estimator (system generalized method of moments, or system GMM) are applied to test the robustness of results. The findings reveal that overall IC has a significant positive impact on firm profitability, especially return on assets (ROA) and return on equity (ROE). Among IC components, human capital efficiency (HCE) and capital employed efficiency (CEE) are key drivers of firm performance, while structural capital efficiency (SCE) shows limited influence in the dynamic model. These results offer practical insights for managers aiming to strengthen performance through effective IC utilization, and highlight the need for targeted policy support in tourism-intensive economies.
AdedoyinFFErumNBekunFV (2022) How does institutional quality moderate the impact of tourism on economic growth? Startling evidence from high earners and tourism-dependent economies. Tourism Economics28(5): 1311–1332.
2.
AdeolaO (2016) Human capital development in the hospitality industry in Nigeria. Worldwide Hospitality and Tourism Themes8(2): 149–157.
3.
AkbabaA (2012) Business performance of small tourism enterprises: a comparison among three sub-sectors of the industry. Anatolia23(2): 177–195.
4.
Al-DubaiS (2023) Do level, field, and place of board members’ education impact financial risk disclosure? A Saudi empirical evidence. Heliyon9(12): e22288.
5.
AlQershiNMokhtarSAbasZ (2022) The influence of structural capital on the relationship between CRM implementation and the performance of manufacturing SMEs. International Journal of System Assurance Engineering and Management13(3): 1205–1218.
6.
AndereckKLValentineKMKnopfRC, et al. (2005) Residents' perceptions of community tourism impacts. Annals of Tourism Research32(4): 1056–1076.
7.
ArellanoMBondS (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies58(2): 277–297.
8.
ArellanoMBoverO (1995) Another look at the instrumental variable estimation of error-components models. Journal of Econometrics68(1): 29–51.
9.
AshrafSSadiqMFerreiraP, et al. (2023) Intellectual capital and a firm’s sustainable performance and growth before and during the COVID-19 crisis: a comparative analysis of small and large European hospitality firms. Sustainability15(12): 9743.
10.
BarneyJ (1991) Firm resources and sustained competitive advantage. Journal of Management17(1): 99–120.
11.
BaumT (2012) Human resource management in tourism: a small island perspective. International Journal of Culture, Tourism, and Hospitality Research6(2): 124–132.
12.
BaumCSchafferMStillmanS (2003) Instrumental variables and GMM: estimation and testing. The Stata Journal: Promoting communications on statistics and Stata3(1): 1–31.
13.
BlundellRBondS (1998) Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics87(1): 115–143.
14.
BontisNSeleimAAshourA (2007) Human capital and organizational performance: a study of Egyptian software companies. Management Decision45(4): 789–801.
15.
BontisNJanoševicSDženopoljacV (2015) Intellectual capital in Serbia’s hotel industry. International Journal of Contemporary Hospitality Management27(6): 1365–1384.
16.
BreuschTPaganA (1979) A simple test for heteroscedasticity and random effects. Econometrica47(5): 1287–1294.
17.
CabritaMRBontisN (2008) Intellectual capital and business performance in the Portuguese banking industry. International Journal of Technology Management43(1–3): 212–237.
18.
CostaVSilvaLLoureiroP (2020) Intellectual capital and its impact on business performance: an empirical study of Portuguese hospitality and tourism sectors. Intangible Capital16(2): 78–89.
19.
CremaMVerbanoC (2016) Managing intellectual capital in Italian manufacturing SMEs. Creativity and Innovation Management3: 408-421.
20.
CroesRRidderstaatJBMZientaraP, et al. (2021) Tourism specialization, economic growth, human development and transition economies: the case of Poland. Tourism Management82(1): 104181.
21.
ČupićMMilašinovićMTodorovicM (2023) How does intellectual capital affect the financial performance of micro, small, and medium-sized hotel companies?Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia57(3): 81–98.
22.
EngströmTEJWestnesPFurdal WestnesS (2003) Evaluating intellectual capital in the hotel industry. Journal of Intellectual Capital4(3): 287–303.
23.
EnzCASiguawJA (2000) Best practices in service quality. Cornell Hotel and Restaurant Administration Quarterly41(5): 20–29.
24.
GanieSDarM (2020) Role of human resources in the tourism industry with special reference to Jammu and Kashmir. Turizam24(2): 68–78.
25.
Garcia-MecaEMartinezI (2005) The use of intellectual capital information in investment decisions: an empirical study using analyst reports. The International Journal of Accounting42(1): 57–81.
HarrisPJMongielloM (2001) Key performance indicators in European hotel properties: general managers’ choices and company profiles. International Journal of Contemporary Hospitality Management13(3): 120–128.
31.
HaytonJ (2005) Competing in the new economy: the effect of intellectual capital on corporate entrepreneurship in high-technology new ventures. R and D Management35(2): 137–155.
32.
JoshiMCahillDSidhuJ, et al. (2013) Intellectual capital and financial performance: an evaluation of the Australian financial sector. Journal of Intellectual Capital14(2): 264–285.
33.
KusluvanSKusluvanZIlhanI, et al. (2010) The human dimension: a review of human resources management issues in the tourism and hospitality industry. Cornell Hospitality Quarterly51(2): 171–214.
34.
LaingGDunnJHughes-LucasS (2010) Applying the VAICTM model to Australian hotels. Journal of Intellectual Capital11(3): 269–283.
35.
LeeSPMohammedSI (2014) Intellectual capital on listed agricultural firms’ performance in Malaysia. International Journal of Learning and Intellectual Capital11(3): 202–221.
NerdrumLEriksonT (2001) Intellectual capital: a human capital perspective. Journal of Intellectual Capital2(2): 127–135.
38.
NimtrakoonS (2015) The relationship between intellectual capital, firms’ market value and financial performance: empirical evidence from the ASEAN. Journal of Intellectual Capital16(3): 587–618.
39.
NunkooRRamkissoonH (2012) Power, trust, social exchange, and community support. Annals of Tourism Research39(3): 997–1023.
40.
OgnjanovićJSlavkovićM (2022) Intellectual capital and financial performance of entrepreneurs in the hotel industry. Menadzment u hotelijerstvu i turizmu10(1): 25–40.
41.
OgnjanovićJKrsticBRadjenovicT, et al. (2022) Intellectual capital efficiency as the determining factor of sustaining profitability in the COVID-19 pandemic conditions: does the age of the enterprise matter in the hotel industry?Annals of Spiru Haret University Economic Series4(1): 83–104.
42.
OgnjanovicJDzenopoljacVCavagnettoS (2023) Intellectual capital before and during COVID-19 in the hotel industry: the moderating role of tangible assets. Journal of Hospitality and Tourism Insights.
43.
OseiBARagavanNAMensahHKKandappanB (2020) “Hospitality Revolution 4.0”: A literature review on a unified typology of IR 4.0 technologies for the tourism and hospitality industry in the era of COVID-19. Asia-Pacific Journal of Innovation in Hospitality and Tourism9(1): 25–45.
44.
PapíkováLPapíkM (2022) Intellectual capitl and its impacts on SMEs profitability during COVID-19 pandemic. Journal of Eastern European and Central Asian Research9(3): 521–531.
45.
PulicA (2000) VAIC™: an accounting tool for IC management. International Journal of Technology Management20(5–8): 702–714.
46.
RandhaveM (2018) Training and retention of skilled manpower in hospitality industry as a meaningful employment. Mahratta2(4): 39–45.
47.
SardoFSerrasqueiroZAlvesH (2018) On the relationship between intellectual capital and financial performance: a panel data analysis on SME hotels. International Journal of Hospitality Management75(1): 67–74.
48.
SharpleyR (2014) Host perceptions of tourism: a review of the research. Tourism Management42(1): 37–49.
49.
SilvaMCostaVLoureiroP (2021) Intellectual capital and financial performance of Portuguese tourism sector. Journal of Tourism and Development36(1): 81–91.
50.
SmithJWallaceP (2021) Seasonal business resilience in tourism: a financial perspective. Journal of Tourism Economics43(2): 123–140.
51.
StewartTA (1997) Intellectual Capital: The New Wealth of Organizations. New York: Doubleday: Currency.
ValeJAFLOValeVCFTLopesVSC (2022) Intellectual capital efficiency and financial performance in the hotel sector. International Journal of Learning and Intellectual Capital19(1): 53–71.
54.
VargoSLLuschRF (2004) Evolving to a new dominant logic for marketing. Journal of Marketing68(1): 1–17.
55.
Vo-ThanhTVuTVNguyenNP, et al. (2021) How does hotel employees’ satisfaction with the organization’s COVID-19 responses affect job insecurity and job performance?Journal of Sustainable Tourism29(6): 907–925.
XuJWangB (2018) Intellectual capital, financial performance and companies’ sustainable growth: evidence from the Korean manufacturing industry. Sustainability10(12): 4651.
62.
XuXLiJWuD, et al. (2021) The intellectual capital efficiency and corporate sustainable growth nexus: comparison from agriculture, tourism and renewable energy sector. Environment, Development and Sustainability23(1): 16038–16056.
63.
ZéghalDMaaloulA (2010) Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital11(1): 39–60.
64.
ZhaoYCuiXGuoY (2022) Residents’ engagement behavior in destination branding. Sustainability14(10): 5852.
