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Intellectual Capital and Its Impact on the Financial Efficiency of Commercial and Manufacturing Companies for Pichincha Province (2017–2019)

Abstract:

Intellectual capital is a set of capabilities, skills, knowledge, and experiences that are difficult to imitate, and which constitute the value of the intellectual knowledge that organizations have throughout the achievement of results, seen from the point of view of decision-making. The objective of this study is to analyze the impact of intellectual capital on the financial efficiency of commercial and manufacturing companies located in the Pichincha province during the period 2017–2019. To guarantee the data records, the analysis included those companies in levels C and G, known as “large companies”, on which the value-added intellectual capital model (VAICTM) and the indicators of profitability, productivity, and economic value added were applied. The results show that the average return on equity (ROE) is higher than the opportunity cost offered by the market at the time; furthermore, when comparing the ROE and ROA indicators, it was found that there is greater financial leverage, that is the companies resorted to contracted debt to increase their investment. In conclusion, the empirical evidence shows that the higher the level of intellectual capital, the lower the probability of financial efficiency indicators showing a deficit.