The Impact of intellectual capital on investors’ capital gains on shares: an empirical investigation of Thai banking, finance & insurance sector

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