KAPITAŁ INTELEKTUALNY A WSKAŹNIKI RYNKOWE SPÓŁEK FARMACEUTYCZNYCH I BIOTECHNOLOGICZNYCH NOTOWANYCH NA GPW W WARSZAWIE
INTELLECTUAL CAPITAL AND MARKET PERFORMANCE OF PHARMACEUTICAL AND BIOTECHNOLOGICAL COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

Summary/Abstract: Purpose – The aim of the research undertaken in this article is to examine the impact of intellectual capital and its components on the market indicators of pharmaceutical and biotechnological companies listed on the Warsaw Stock Exchange. Research method – The study employed descriptive analysis, desk research analysis, the A-VAIC method (a method for measuring intellectual capital), descriptive statistics and the estimation of a dynamic panel model through multiple regression analysis. Timelagged variables were used in the panel models. The time range of the study encompasses the years 2015–2022. Results – The conducted research confirmed the impact of intellectual capital on the market indicators of pharmaceutical and biotechnological companies listed on the Warsaw Stock Exchange. However, the influence is not unequivocal, as indicated by the varied influence of its components, such as innovative capital (INVCE) and human capital (HCE), on the indicators of the analyzed companies such as the P/BV ratio and EPS. Originality / value / implications / recommendations – The study used the A-VAIC method (a modification of the classic VAIC™ model) to measure intellectual capital, as well ands applied time lag to verify whether intellectual capital positively affects the future market indicators of pharmaceutical and biotechnology companies listed on the Warsaw Stock Exchange. This study represents an attempt to fill the research gap in studying the relationship between intellectual capital and the market indicators of companies, as this aspect remains under-researched by Polish scholars.

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