Empirical study of the business growth strategy related to the added value by intellectual capital





Value Added Intellectual Coefficient (VAICTM), Sustainable Growth Rate (SGR), Sales Growth, Demand Growth, Business Strategy


Four consecutive years of more than a thousand Spanish companies from different economic sectors are analyzed to determine the influence of intellectual capital on the business growth strategy. One of the purposes of this work is to establish a classification criterion of the strategic behaviour of a company linked to the growth of three factors: the demand of the sector, the sales of the company and the financial sustainability of the company. Another purpose is to develop and validate an appropriate classification of where the value added by human intellectual capital is structurally concentrated and used according to the strategic behaviour, growth and sector of the company. Interesting conclusions are drawn about the strategic behaviour of the company and its intangible capital, as well as a different method for classifying companies according to their growth, which helps predict business profitability.


Download data is not yet available.

Author Biographies

R. Alcalde-Delgado, University of Burgos

Faculty of Economics and Business Studies.

Department of Economics and Business Administration. Area of Business Organisation.

L. Sáiz-Bárcena, University of Burgos

Higher Polytechnic School.

Department of Civil Engineering. Area of BusinessOrganisation.

R. Olmo, University of Burgos

Higher Polytechnic School.

Department of Civil Engineering. Area of Business Organisation.

C. Alonso de Armiño, University of Burgos

Higher Polytechnic School.

Department of Civil Engineering. Area of BusinessOrganisation.


Alcalde, R, Manzanedo M A, Sáiz-Bárcena L (2016). Empirical evidence for a classification of firm performance according to a sustainable growth rate model. Book of Proceedings International Joint Conference - CIO-ICIEOM-IIE-AIM (IJC 2016).

Álvarez, H.F. (2008). La estructura de financiamiento y el crecimiento de las pequeñas y medianas empresas. doi: 10.13140/2.1.2627.8084

Amouzesh, N., Moeinfar, Z. and Mousavi, Z. (2011). Sustainable Growth Rate and Firm Performance: Evidence From Iran Stock Exchange. International Journal of Business and Social Science, 2 (23), 249-255.

Ashford, N. (2016). De-[Constructing] Growth. Sustainability, 8(11), 1140. https://doi.org/10.3390/su8111140

Chen, M.-C., Cheng, S.-J., Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms' market value and financial performance. Journal of Intellectual Capital, 6 (2),159-176. https://doi.org/10.1108/14691930510592771

Davidsson, P., Achtenhagen, L. and Naldi, L. (2010). Small firm growth. Foundations and Trends in Entrepreneur-ship, 6 (2), 69-166. https://doi.org/10.1561/0300000029

Demir, R., Wennberg, K., & McKelvie, A. (2017). The strategic management of high-growth firms: A review and theoretical conceptualization. Long Range Planning, 50(4), 431-456. https://doi.org/10.1016/j.lrp.2016.09.004

Firer, S.; Mitchell Williams, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of intellectual capital, 4 (3), 348-360. https://doi.org/10.1108/14691930310487806

Gan, K. and Saleh, Z. (2008). Intellectual capital and corporate performance of technology-intensive companies: Malaysia evidence. Asian Journal of Business and Accounting, 1 (1), 113-130.

García Muñiz, L.H. (2011). Evidencia empírica de la evaluación del modelo de crecimiento sostenible de Higgins en empresas mexicanas durante el periodo 1998-2008. (Doctoral thesis). Instituto Politécnico Nacional, México D.F.

Ghanei, H. Ramezani Kheibari, A. (2015) A Survey of the relationship between intellectual capital and firm performance criteria. Journal of Scientific Research and Development, 2 (7), 280-284.

Godet, M. (1994). From Anticipation to Action: a handbook of strategic prospective. Paris, Francia: Unesco.

Greco, G., Ferramosca, S., Allegrini, M. (2014). Exploring intellectual capital in family firms. An empirical investi-gation. International Journal of Learning and Intellectual Capital, 11 (2), pp. 91-106. https://doi.org/10.1504/IJLIC.2014.060802

Guerras, L.M. and Navas, E. (2015). La Dirección estratégica de la empresa. Teoría y Aplicaciones. Navarra, España: Aranzadi.

Gupta, M. (2015). Intellectual Capital & Firm Profitability: An Empirical Study on the IT Sector listed in NSE. Global Journal of Multidisciplinary studies, 4 (4), pp. 105-108.

Hajeb, H.R., Moghaddam, A.G. and Alipour, S. (2015). An investigation of intellectual capital impact on companies' market value and financial performace. Academic Journal of Accounting and Economic Researches, 4 (3), 131-139.

Haris, M., Yao, H., Tariq, G., Malik, A., & Javaid, H. M. (2019). Intellectual Capital Performance and Profitability of Banks: Evidence from Pakistan. Journal of Risk and Financial Management, 12(2), 56. https://doi.org/10.3390/jrfm12020056

Higgins, R.C. (1977). How much growth can a firm afford?. Financial Management, 6 (3), 7-16. https://doi.org/10.2307/3665251

Higgins, R.C. (2007). Analysis of Financial Management. New York: McGraw-Hill.

Joshi, M., Cahill, D., Sidhu, J., Kansal, M. (2013) Intellectual capital and financial perfor-mance: an evaluation of the Australian financial sector. Journal of intellectual capital, 14 (2), 264-285. https://doi.org/10.1108/14691931311323887

Kabue, L. W., & Kilika, J. M. (2016). Firm resources, core competencies and sustainable competitive advantage: An integrative theoretical framework. Journal of management and strategy, 7(1), 98-108. https://doi.org/10.5430/jms.v7n1p98

Kai Wah Chu, S., Hang Chan, K., Wu, W.W. (2011). Charting intellectual capital performance of the gateway to China. Journal of Intellectual Capital, 12 (2), 249-276. https://doi.org/10.1108/14691931111123412

Kaplan, R.S. and Norton, D.P. (2004). Strategy maps: Converting intangible assets into tangible outcomes. Boston: Harvard Business School Press.

Lambert, S. (2015). The importance of classification to business model research. Journal of Business Models, 3(1),49-61.

Maditinos, D., Chatzoudes, D., Tsairidis, C.; Theriou, G. (2011). The impact of intellectual capital on firms' market value and financial performance. Journal of Intellectual Capital, 12 (1), 132-151. https://doi.org/10.1108/14691931111097944

Magreta, J. (2001). La Administración en la Nueva Economía. Nuevas Perspectivas. Mexico: Oxford University Press.

Mahdjour, S. (2015). Set up for growth? - an exploratory analysis of the relationship of growth intention and business models. Manchester: The International Society for Professional Innovation Management (ISPIM). https://doi.org/10.1142/S1363919615400095

Mukherjee, T., & Sen, S. S. (2019). Intellectual Capital and Corporate Sustainable Growth: The Indian Evidence. The East Asian Journal of Business Management (EAJBM), 9(2), 5-15. https://doi.org/10.13106/jbees.2019.vol9.no2.5

Najafizadeh, S.A., Fordoei, E.J. (2014). Investigation the Effect of Intellectual Capital on Market Value and Financial Performance of Listed Companies in Tehran Stock Exchange. Global Journal of Management Studies and Re-searches, 1 (3), 143-150.

Peñate Santana, Y. (2013). Factores determinantes del crecimiento de las pymes: el papel de las capacidades diná-micas y la orientación emprendedora. (Doctoral thesis). University of Oviedo, Spain.

Pew Tan, H., Plowman, D. and Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital, 8 (1), 76-95. https://doi.org/10.1108/14691930710715079

Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. Paper presented at the 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital, McMaster University, Hamilton.

Pulic, A. (2000). VAICâ„¢–an accounting tool for IC management. International journal of technology management, 20 (5-8), 702-714.https://doi.org/10.1504/IJTM.2000.002891

Pulic, A. (2004). Intellectual capital-does it create or destroy value?. Measuring business excellence, 8 (1), 62-68. https://doi.org/10.1108/13683040410524757

Pulic, A. (2008). The principles of intellectual capital efficiency-A brief description. Inspired by Knowledge in Or-ganisations, 182 (1), 67-93.

Salazar, B. C., Villegas, E. (2019). Intellectual capital of industrial sector Mexican companies measured through the VAICâ„¢ model. Journal of Administrative Science, 1(1), 1-9.

Sallenave, J.-P. (1991). Gerencia y planeación estratégica. Bogotá, Colombia: Norma.

Sallenave, J.P. (2002). Gerencia integral. Bogotá, Colombia: Norma.

Sardo, F., & Serrasqueiro, Z. (2018). Intellectual capital, growth opportunities, and financial performance in European firms: Dynamic panel data analysis. Journal of Intellectual Capital, 19(4), 747-767. https://doi.org/10.1108/JIC-07-2017-0099

Schwab, L., Gold, S., & Reiner, G. (2019). Exploring financial sustainability of SMEs during periods of production growth: A simulation study. International Journal of Production Economics, 212, 8-18. https://doi.org/10.1016/j.ijpe.2018.12.023

Shiu, H. (2006), The application of the value added intellectual coefficient to measure corporate performance: evidence from technological firms, International Journal of Management, 23(2), 356-365.

Socolich Mansilla, M.I. (2007). Desempeño financiero y creación de valor en empresas chilenas fusionadas. (Doctoral thesis). Universidad de Chile, Chile.

Smriti, N., & Das, N. (2018). The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI. Journal of Intellectual Capital, 19(5), 935-964. https://doi.org/10.1108/JIC-11-2017-0156

Svanadze, S., Kowalewska, M. (2015). The measurement of intellectual capital by VAIC method example of WIG20. Online Journal of Applied Knowledge Management, 3 (2), 36-44.

Ulum, I., Ghozali, I. and Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modi-fied VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6 (2), 103-123. https://doi.org/10.5296/ajfa.v6i2.5246

Xu, J., & Wang, B. (2018). Intellectual capital, financial performance and companies’ sustainable growth: Evidence from the Korean manufacturing industry. Sustainability, 10(12), 4651. https://doi.org/10.3390/su10124651

Zia, M., Muhammad, H., Arbab, S., Shahzad, A., Bilal, S. (2014). VAIC and Firm Performance: Banking Sector Of Pakistan. Information and Knowledge Management, 4 (2), 100-107.




How to Cite

Alcalde-Delgado, R., Sáiz-Bárcena, L., Olmo, R., & Alonso de Armiño, C. (2020). Empirical study of the business growth strategy related to the added value by intellectual capital. International Journal of Production Management and Engineering, 8(1), 1–12. https://doi.org/10.4995/ijpme.2020.10817