The literature assess the effect of “intellectual capital (IC)” on the performance of the firms and whether firm size can moderates the relationship between “intellectual capital” and “firm performance”. The study uses secondary data from annual reports of listed industrial firms on “PEX and ASE” to measure “human capital efficiency (HCE)”, “structural capital efficiency (SCE) and “Capital Employed Efficiency” (CEE)” as components of IC in the value-added intellectual coefficient model (VAICTM) and corporate performance indicators “(ROA, ROE, ATO, and EPS)”. The study sample includes 44 industrial companies on “PEX and ASE” for the period 2016 to 2022. Multiple regression analysis was used to analyze the data. The study finds with the moderation effect that for industrial companies listed on PEX, HCE has a positive impact on ROE, EPS and ROA. Negative impact of SCE on ROE, and positive impact of CEE on ATO. However, for industrial companies on the ASE, SCE has a negative impact on ROE, whereas CEE have positive impact. Other variables have no impact. The results show that for industrial firms listed on “PEX and ASE”, the firm size variable only moderates the relationships between IC and firm performance. The study recommends that the Industrial companies have to disclose in their annual reports all components of IC represented in “HCE, SCE, and CEE”.

Title

Business Resilience and Business Innovation for Sustainability

Publisher

Springer, Cham

Publisher Country

Germany

Publication Type

Online only

Volume

587

Year

2026

Pages

65–81