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Proceedings of the 8th International Conference on Intellectual ...

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Maria Cristina Morariu<br />

M6. ROE = β1VAHU+β2SCVA+β3VACA+β4FSIZE+β5INDUSTRY<br />

4. Results and analysis<br />

4.1 Descriptive statistics<br />

From <str<strong>on</strong>g>the</str<strong>on</strong>g> output (Table 3 below) we see that most <str<strong>on</strong>g>of</str<strong>on</strong>g> <str<strong>on</strong>g>the</str<strong>on</strong>g> variables have skewness values between -1<br />

and 1, but three do not (VAHU, VACA, MB). Never<str<strong>on</strong>g>the</str<strong>on</strong>g>less, if we c<strong>on</strong>sider <str<strong>on</strong>g>the</str<strong>on</strong>g> mean and median for<br />

<str<strong>on</strong>g>the</str<strong>on</strong>g>se three variables we can observe that <str<strong>on</strong>g>the</str<strong>on</strong>g>y are approximately equal so we can assume that <str<strong>on</strong>g>the</str<strong>on</strong>g><br />

distributi<strong>on</strong> is approximately normal for <str<strong>on</strong>g>the</str<strong>on</strong>g>se variables too. The comparis<strong>on</strong> between VAIN and<br />

VACA values suggests that during 2009 <str<strong>on</strong>g>the</str<strong>on</strong>g> sample companies were generally more effective in<br />

creating VA from <str<strong>on</strong>g>the</str<strong>on</strong>g>ir IC (VAIN = 2.0533) than from physical and financial capital employed (VACA =<br />

.9337).<br />

Table 3: Descriptive statistics<br />

Statistics<br />

N<br />

Std.<br />

Valid Missing Mean Median Deviati<strong>on</strong> Skewness Minimum Maximum<br />

VAHU_LnVA 14 1 1.0869 1.0423 .08879 1.220 1.01 1.30<br />

SCVA_Rec 14 1 .9664 .9699 .02783 -.187 .92 1.00<br />

VAIN_Rec 14 1 2.0533 2.0119 .11328 .881 1.93 2.30<br />

VACA_rec 14 1 .9337 .9332 .03849 1.287 .87 1.04<br />

VAICTM_rec 14 1 2.986964 2.946004 .1072158 .361 2.8495 3.1636<br />

ROE_rec 14 1 .8838 .8968 .06583 -.751 .72 1.01<br />

ATO_Rec 14 1 .9565 .9569 .02725 -.483 .89 1.01<br />

MB_Rec 14 1 1.0072 1.0074 .04243 1.518 .95 1.13<br />

LN_SALES 14 1 20.4010 19.9050 1.75987 .582 18.02 23.53<br />

To compare between groups <str<strong>on</strong>g>of</str<strong>on</strong>g> industries, a <strong>on</strong>e-way ANOVA was c<strong>on</strong>ducted <strong>on</strong> <str<strong>on</strong>g>the</str<strong>on</strong>g> two industries.<br />

Results (Table 4) suggest that both groups were generally more effective in creating VA from its IC<br />

than from physical and financial capital employed (VAIN > VACA). This finding suggests that, even<br />

within traditi<strong>on</strong>al industry sectors, <str<strong>on</strong>g>the</str<strong>on</strong>g> c<strong>on</strong>venti<strong>on</strong>al underlying factors <str<strong>on</strong>g>of</str<strong>on</strong>g> producti<strong>on</strong> such as physical<br />

and financial capital lost much <str<strong>on</strong>g>of</str<strong>on</strong>g> <str<strong>on</strong>g>the</str<strong>on</strong>g>ir importance in favour <str<strong>on</strong>g>of</str<strong>on</strong>g> IC. In additi<strong>on</strong> <str<strong>on</strong>g>the</str<strong>on</strong>g> results shows that KI<br />

sectors were generally more effective in creating VA from <str<strong>on</strong>g>the</str<strong>on</strong>g>ir intellectual, physical and financial<br />

resources (VAICTM = 3.032814) than TI group (VAICTM = 2.904434), F (1, 12) = 6.59, p < .05.<br />

Table 4: ANOVA summary<br />

A <strong>on</strong>e way between groups ANOVA<br />

Knowledge Intensive Traditi<strong>on</strong>al Industry Total<br />

Std.<br />

Std.<br />

N Mean Deviati<strong>on</strong> N Mean Deviati<strong>on</strong> F Sig.<br />

VAHU_LnVA 9 1.1196 .09674 5 1.0281 .01324 4.276 .061<br />

SCVA_Rec 9 .9746 .03009 5 .9516 .01684 2.420 .146<br />

VAIN_Rec 9 2.0941 .12305 5 1.9797 .02992 4.052 .067<br />

VACA_rec 9 .9387 .04599 5 .9247 .02073 .401 .538<br />

VAICTM_rec 9 3.032814 .1057652 5 2.904434 .0417484 6.590 .025<br />

ROE_rec 9 .9087 .04883 5 .8389 .07348 4.622 .053<br />

ATO_Rec 9 .9447 .02343 5 .9777 .02095 6.846 .023<br />

MB_Rec 9 1.0212 .04446 5 .9821 .02582 3.196 .099<br />

388

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