A Measurement Model of Intellectual Capital in Thailand during the Transition Period to Knowledge-based Economy
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Abstract
The research aimed to propose the measurement model of intellectual capital (IC) in Thai firms listed in the Stock Exchange of Thailand (SET), where its government had been planning to become the knowledge-based economy and IC was an important feature to drive the transformation. The questionnaire was developed based on previous research, mainly Bontis (1998), and 370 Thai listed companies responded. The PLS-SEM approach was employed to derive the IC indicators, which were categorized into three parts: Human Capital (HC), Structural Capital (SC), and Relation Capital (RC). The results showed no concern of the reliability and validity of the IC measurement model. The result revealed that HC was likely to be reflected through individual’s creativity and learning skill to solve problems and their hard-working. SC seemed to be indicated by operating procedures and accessibility of information system. The third component, RC, tended to be signified by only customer relations. The model potentially guided management to be aware of the activities which could strengthen IC in a firm. It also directed the regulators to introduce the policy encouraging Thai companies to engage with those activities.
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