Main Article Content


This paper aims to posit the Value-Added Intellectual Coefficient (VAIC) as a tool to measure the added value created from the productive efficiency of intellectual capital in large agroindustrial companies in the department of Magdalena, Colombia. To this end, value-added statements were prepared. Then, VAIC methodology-proposed indexes were determined, and finally, the association hypotheses and significant relationship between the VAIC and financial indicators were confirmed. Based on the validation of hypotheses, estimators, multiple linear regression analysis, and panel data, per the empirical results, most of the analyzed companies scored well in terms of value-added creation. Likewise, the VAIC’s solid explanatory capacity of human capital efficiency was validated concerning the values obtained in operating profit. This result confirms the assumptions of the theory of resources and capabilities.

Jairo Alberto Olarte Cabana, Fundación Universitaria Compensar

Full-time Professor, Faculty of Accounting and International Finance, Fundación Universitaria Compensar Cali, Colombia. Public Accountant, Universidad Cooperativa de Colombia, Santa Marta Campus, Master’s Degree in Accounting, Universidad del Valle, Cali, Colombia.

Patricia González González, Universidad del Valle

Tenured Professor, Department of Accounting and Finance, Faculty of Management Sciences, Universidad del Valle, Cali, Colombia. Public Accountant, Universidad Libre de Colombia, Colombia, Doctor in Accounting and Comptrollership, Universidad de Sao Paulo, Brazil, Postdoctoral Fellowship, University of Illinois, USA.

Olarte Cabana, J. A., & González González, P. (2023). Productive efficiency of intellectual capital-added value in large agroindustry companies. Cuadernos De Administración, 38(74), e2411919.

Abdulsalam, F., Al-Qaheri, H., & Al-Khayyat, R. (2011). The Intellectual Capital Performance of Kuwaiti Banks: An Application of VAIC™ Model. Business, 3, 88–96.

Abdur, R., Farooq, S., Liaqat, F. Qadeer, A., & Younas, N. (2020). Analyzing the impact of intellectual capital on financial performance of food & personal care and textile sectors: a comparative analysis. Pakistan Economic and Social Review, 58(1), 35-60.

Acuña, O, C., Contreras, O.C. (2021). The impacts of intellectual capital on financial performance and value-added of the production evidence from Chile. Journal of Economics, Finance and Administrative Science, 26(51), 127-142.

Arpad, S. (2017). Quantifying value added intellectual capital at small and medium enterprises. Knowledge Horizons – Economics, 2, 88–97.

Bontis, N., Dženopoljac, V., & Janoševic, S. (2015). Intellectual capital in Serbia’s hotel industry. Journal of Intellectual Capital, 27(6), 1365-1384.

Bontis, N., Kristandl. G. (2007). Constructing a definition for intangibles using the resource based view of the firm. Management Decision, 45 (9), 1510-1524.

Bontis, N., Zenopoljac, V., Elkanj, N., & Yaacoub. (2017). Impact of intellectual capital on corporate performance: evidence from the Arab region. Journal of Intellectual Capital, 18(4), 884-903.

Cahill, D., Joshi, M., Kansal, M., Sidhu, J. (2013). Intellectual capital and financial performance: an evaluation of the Australian financial sector. Journal of Intellectual Capital, 14(2), 264-285.

Chowdhury, L. A. M., Rana, T., Akter, M., & Hoque, M. (2018). Impact of intellectual capital on financial performance: evidence from the Bangladeshi textile sector. Journal of Accounting & Organizational Change, 14(4), 429-454.

Chowdhury, L. A. M., Rana, T., & Azim, M. I. (2019). Intellectual capital efficiency and organisational performance: In the context of the pharmaceutical industry in Bangladesh. Journal of Intellectual Capital, 20(6), 784-806.

Costa, V., Silva, M., & Loureiro, P. (2019). Intellectual Capital and Value Creation: Evidence from the Portuguese Tourism Industry.

DiMaggio, P., Powell, W. (1983). The iron cage revisited: institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2).

Field, A. (2009). Discovering Statistics Using SPSS (Third ed.). Sage Publications.

García, C. M., Ortiz, R. A. (2017). Una nueva prueba para el problema de igualdad de varianzas [Tesis de pregrado]. Universidad Santo Tomas.

Ghosh, S., Mondal, A. (2012). Intellectual capital and financial performance of Indian Banks. Journal of Intellectual Capital, 13(4), 515-530.

González, G., P. (2017). Una propuesta para medir la creación de valor por parte del capital intelectual en grandes empresas colombianas. En: Harvard Deusto Business Research (pp. 3-16).

Grant, R. (1991). The resource-based theory of competitive advance: Implications for strategy formulation. California Management Review, 33(3).

Iazzolino, G., Laise, D. (2016). Value creation and sustainability in knowledge-based strategies, Journal of Intellectual Capital, 17(3), 457-470.

Ibrahim, A. H. (2017). Some Issues In The Institutional Theory: A Critical Analysis. International Journal of Scientific & Technology Research, 6, 150-156.

Jin, G., Xu, J. (2022). Does Intellectual Capital Affect Financial Leverage of Chinese Agricultural Companies? Exploring the Role of Firm Profitability. Sustainability, 14, 2682.

Komnenic, B., Pokrajcic, D. (2012). Intellectual capital and corporate performance of MNCs in Serbia. Journal of Intellectual Capital, 13(1), 106-119.

Nawaz, T., Haniffa, R. (2017). Determinants of financial performance of Islamic banks: an intellectual capital perspective. Journal of Islamic Accounting and Business Research, 8(2), 130-142.

McPherson, P., Pike, S. (2001). Accounting, empirical measurement and intellectual capital. En: Journal of Intellectual Capital, 2, 246-260

Pal, K y Soriya, S. (2012). IC performance of Indian pharmaceutical and textile industry. Journal of Intellectual Capital, 13(1), 120-137,

Pike, S., Ross, G. (14, January, 2004). Mathematics and modern business management. Paper presented at the 25th McMaster World Congress Managing Intellectual Capital, Hamilton, McMaster University, Canada.

Pulic, A. (21, January, 1998). Measuring the performance of intellectual potential in the knowledge economy, paper presented presented in 1998 at the 2nd McMaster World Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential (p. 21-23), McMaster University y DeGroote School of Business, Hamilton, Canada.

Pulic, A., Kolakovic, M. (2005). Value Creation Efficiency in the New Economy. Global Business and Economic Review, 5(1), 111-128.

Pulic, A. (2008). The principles of intellectual capital efficiency- A brief description.

Ramírez, G. Z., Gómez, S. A. (2013). Una aproximación teórica a los modelos de medición y valoración contable en una economía inmaterial. Cuadernos de Contabilidad, 14(35), 747-780.

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.

Ting, I. W., Lean. H. H. (2009). Intellectual capital performance of financial institutions in Malaysia. En: Journal of Intellectual Capital, 10(4), 588-599. https://

Tiwari, R., Vidyarthi, R. (2018). Intellectual capital and corporate performance: a case of Indian Banks. Journal of Accounting in Emerging Economies, 8(1), 84-105.

Xu, J., Liu, F. (2020). The Impact of Intellectual Capital on Firm Performance: A Modified and Extended VAIC Model. Journal of Competitiveness, 12(1), 161-176.

Xu, J., Zhang, Y. (2021). Does Intellectual Capital Measurement Matter in Financial Performance? An Investigation of Chinese Agricultural Listed Companies. Agronomy, 11, 1-18.

Similar Articles

You may also start an advanced similarity search for this article.

Received 2022-01-29
Accepted 2023-02-01
Published 2023-01-02