The dynamic impact of intellectual capital on firm value: evidence from China

Yang Li, Zhao Zhao

Research output: Journal PublicationArticlepeer-review

42 Citations (Scopus)


We examine the dynamic relationship between intellectual capital (measured by human capital and organizational capital) and firm value of Chinese listed firms. We do causality identification using system GMM and IV estimation, and find no significant relation between human capital and firm value, but organizational capital positively affects firm value with a lag. Our findings are robust to firms with different property rights, of different sizes, or in different industries, with the only exception of capital-intensive firms, in which human capital has a significant influence on firm value. The results imply that the improvement of organizational system plays a more important role in raising the value of a firm in a typical developing country, like China.

Original languageEnglish
Pages (from-to)19-23
Number of pages5
JournalApplied Economics Letters
Issue number1
Publication statusPublished - 2 Jan 2018
Externally publishedYes


  • Human capital
  • firm value
  • organizational capital
  • system GMM

ASJC Scopus subject areas

  • Economics and Econometrics


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