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

Table 13: Regression analysis_M6
Model
1
5. Conclusions
(Constant)
LN_SALES
INDUSTRY
VAHU_LnVA
SCVA_Rec
VACA_rec
Maria Cristina Morariu
Unstandardized
Coefficients
Coefficients a
Standardized
Coefficients
B Std. Error Beta
t Sig.
1.022 .222 4.600 .002
-.013 .005 -.822 -2.725 .026
.052 .017 .953 3.130 .014
.024 .150 .080 .162 .875
-.550 .403 -.561 -1.362 .210
.616 .248 .871 2.481 .038
a. Dependent Variable: ATO_Rec; R Squared =.813; F (5.8) = 6.962; p < 0.05
The findings from this study show that a significant positive association exists between SCVA and MB
and between VACA and productivity. This indicates that CA plays a major role in reducing a
company’s production costs and that a firm’s MB can be significantly improved by managing <strong>the</strong> SC
properly. Finally, our results show that VACA has a non significant association with pr<strong>of</strong>itability and
MB. These findings indicate that CA is not anymore important for stakeholders through its insignificant
role in value creation. A significant negative association is identified between VAHU and MB
indicating that firms who are high on VAHU are significantly undervalued in <strong>the</strong> market. Non
significant association were identified between VAIC and any <strong>of</strong> <strong>the</strong> traditional performance indicators.
Regarding <strong>the</strong> control variables, it can be identified a significant positive association between
companies’ size and MB and a significant negative association between size and productivity.
Industry type is negatively associated with MB but positively associated with productivity. No
significant association has been identified between pr<strong>of</strong>itability and any <strong>of</strong> <strong>the</strong> control variables. The
findings <strong>of</strong> this study are partially consistent with <strong>the</strong> studies on Malaysia (Muhammad and Ismail,
2009; Ting and Lean 2009), India (Ghosh and Mondal, 2009; Kamath, 2008), South Africa (Firer and
Williams, 2003) and UK (Zeghal and Maaloul, 2010).
This research is not without limitations. First, <strong>the</strong> results related to <strong>the</strong> impact <strong>of</strong> control factors on
dependent variables are mixed and not significant in most cases. Additional research could eventually
introduce o<strong>the</strong>r control factors to provide clearer results. Second, future research can be undertaken
to investigate associations studied in <strong>the</strong> present paper across time and a study involving a fairly large
sample may be conducted to reassess those relationships. Finally, future research could revisit some
<strong>of</strong> <strong>the</strong> basic assumptions <strong>of</strong> <strong>the</strong> VAIC method and assess <strong>the</strong>ir potential consequences for <strong>the</strong> validity
<strong>of</strong> empirical testing and results. Despite possible limitations <strong>of</strong> using single-period data and a
relatively small sample, it is felt that <strong>the</strong> results from <strong>the</strong> present study provide valuable insights into
<strong>the</strong> association between IC and traditional perceptions <strong>of</strong> corporate performance. Fur<strong>the</strong>r, this is a
pioneering study in <strong>the</strong> case <strong>of</strong> Romanian listed companies enriching IC literature with new empirical
evidence.
Acknowledgements
This work was supported by CNCSIS –UEFISCSU, project number PNII – IDEI code 1859/2008,
contract no. 837/2009.
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