Skip to main content
Kent Academic Repository

Strategy, intellectual capital and operating performance

Naoum, Vasilios-Christos, Ntounis, Dimitrios, Vlismas, Orestes (2022) Strategy, intellectual capital and operating performance. International Journal of Managerial and Financial Accounting, 15 (1). pp. 50-87. (doi:10.1504/IJMFA.2023.127526) (KAR id:104740)

PDF Author's Accepted Manuscript
Language: English
Download this file
[thumbnail of Strategy_IC_Operating_Performance_vsubmissionaccepted_KAR.pdf]
Request a format suitable for use with assistive technology e.g. a screenreader
PDF Publisher pdf
Language: English

Restricted to Repository staff only
Contact us about this Publication
[thumbnail of 2023_Naoum et al._2023_Strategy, intellectual capital and operating performance.pdf]
Official URL:


This study explores the relationship between intellectual capital (IC) and future operating performance under the prism of different strategic orientations (i.e., prospectors versus defender) and explanations (i.e., investing versus signalling). Our data sample consists of 11,085 firm-year observations of US listed firms for the period 2000–2019. We employed organisational capital and R&D capital as measures of a firm’s IC intensity. It seems that strategy affects the likelihood of a firm to be classified as a low or high IC intensive. Organisational capital improves future operating performance across firms with the same or with different strategic orientations. R&D capital affects primarily prospectors’ future operating performance. Depending on the measure of IC intensity or operating performance, the positive relationship between IC and future operating performance can be explained because either the IC expenditures operate as investments that improve future performance or expectations for improved future operating performance trigger increased IC expenditures.

Item Type: Article
DOI/Identification number: 10.1504/IJMFA.2023.127526
Uncontrolled keywords: strategy; intellectual capital; operating performance
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Divisions > Kent Business School - Division > Department of Accounting and Finance
Depositing User: Dimitrios Ntounis
Date Deposited: 25 Jan 2024 12:11 UTC
Last Modified: 21 Feb 2024 18:52 UTC
Resource URI: (The current URI for this page, for reference purposes)

University of Kent Author Information

  • Depositors only (login required):

Total unique views for this document in KAR since July 2020. For more details click on the image.