Planteamiento del modelo cooperativo para el desarrollo

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capitalization. The study adopted Market to Book Value Ratio(M/BV), Market to Value Added(M/VA) and VAIC ratio for calculating Intellectual Capital.

Analysis show that the relationship between M/BVand share price is positively correlated. The relationship between MVA and the share price of listed banks is even higher and positively correlated. However, the relationship between VAIC Ratio and the share price indicate that share price is correlated to the value of VAIC ratio. Human capital efficiency indicates a stable and smooth position for most of the banks because of low volatile human capital values. Banks witnessed a decrease in the structural capital efficiency within the period studied.

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Samilogu(2006) studied the relationship between value added intellectual coefficient(VAIC) and Market to Book Value Ratio in the Turkish banking sector. Data were sourced from the financial statements of banks listed in the Istanbul Stock Market from 1998-2001. The results showed that there was no significant relationship between the dependent variable(M/BV) and independent variables, HCE, SCE and CEE. The study submits that there is significant correlation between dependent variable ratio of market value to book value and the independent variable (VAIC) three components namely, human capital, structural and relational capital. The study used a sample of 75 South Africa public traded companies, but empirical results failed to support any relationship between the three values added efficiency components and three dependent variables market value). The findings however suggests that physical capital(tangible assets) remains the most significant underlying resource of corporate performance, firms pay the least importance to structural capital. On the other hand, market reacts negatively to firms that concentrate solely on the enhancement of human assets.

Tan, Plowman & Hancock(2007), using Value Added Intellectual Coefficient Model examined the relationship between Intellectual Capital and firms‟ performance. 150 listed companies in Singapore Stock Exchange were used for the study. Findings reveal that there is a positive relationship between intellectual capital and companies‟ performance. Result submit that IC is correlated to future company‟s performance while the rate of growth of a company‟s intellectual capital has positive relationship with company‟s performance . However the contribution of IC to company performance differ from industry to industry.

Kujansivu & Lonnqvist (2007) investigated the value efficiency of Intellectual Capital but could not establish clear evidence on the relationship between Intellectual Capital and company performance among Finland companies.

Volkov & Garanina (2007) examine the importance of intangible assets in knowledge-based economy. Their study made use of forty-three(43) Russian companies and covered five year

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period(2001-2005). The study used econometric models to test the relationship between the explanatory variable and dependent variable. Findings confirms the assertion that the workforce is the main asset of a company and more so in knowledge-based companies.

Yalam & Coskun (2007) conducted an empirical study on Intellectual capital(IC) and financial performance of the banking sector of Istanbu Stock Exchange. The study reveals that there is a strong correlation between Intellectual Capital and Value Added Efficiency with profitability as measured by earnings per share.

El-Bannany(2008) investigated the determinants of intellectual capital performance in UK banks over the period 1999-2005. The findings reveal that the standard variables of bank‟s performance.

The results also show that investment in a information technology systems, bank efficiency, barriers to entry and efficiency of investment in intellectual capital variables which have not been considered in previous studies have a significant impact on intellectual capital performance.

Gan & Saleh(2008) examined the relationship between Intellectual Capital and corporate performance of technology-intensive firms listed on Bursa (Malaysia) Stock Exchange by investigating whether value creation efficiency when measured by VAIC can be explained by market valuation, profitability and productivity. The study concludes that VAIC can explain firms earnings.

Ting & Lean (2008) examined Intellectual Capital (Value Added Efficiency) on financial performance of Malaysian companies. The study reveals that Intellectual Capital Value Efficiency is associated with profitability of sampled companies.

Puntilo(2009) used Value Added Intellectual Coefficient Model to study the relationship between value creation efficiency, firms‟ market valuation and financial performance on the Traditional Western Economy. Data were drawn from banks enlisted in tha Milan Stock Exchange, Italy.

Result failed to show any positive significant association between IC and the dependent variables.

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The study further however revealed a positive relationship between capital employed efficiency and the dependent variables studied.

Rehman, Rehman & Zahid (2011) appraise IC and its impact on corporate performance among companies in Pakistan using VAIC components of human capital, capital employed and structural capital. The result showed that one of the most important components of IC is Human Capital Efficiency which helps to boost financial performance of firms.

Vafaei,Taylor & Ahmed (2011) in their article ''The value relevance of intellectual capital disclosure''. The study sought to examine whether or not listed company disclosure of intellectual capital is value-relevant in share market and to assess its moderating role in the value relevance of reported earnings and equity following the adoption of IFRS. The study adopted a content analysis based on annual reports sampled from listed companies in Britain, Australia, Hong Kong and Singapore were incorporated to a model to examine the direct and moderating roles ICD in a firms valuation. The study reveals that ICD is positively associated with the market price (has value relevance) in companies in two of four countries and in non- traditional industries., however, the incremental value relevance of earnings and net assets is mostly non-significant, however, the article submitted that the interaction of these variables with ICD considerably increases the basic coefficient and explanatory power the models.

Zou & Huan(2011) examined the impact of intellectual capital on the performance of listed banks in China. Their study reveals that Capital Employed Efficiency(CEE) and Structural Capital Efficiency(SCE) have negative correlation with Technical Efficiency(TE) using the Data Envelopment Analysis(DAE), while Human Capital Efficiency(HCE) has a positive correlation with TE.

Mehralian, Rasekh, Akhavan & Sadeh(2012) study the impact of Intellectual Capital Efficiency on on Market Value: An empirical study from Iranian Pharmaceutical Companies. The study adopted the Pulic VAIC Model, Six- year cross-sectional time-series data were obtained from the audited financial reports in Iranian Stock Exchange. Analyses were done using correlation and

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multiple regression analytical tools. Results further reveal that physical capital was the one which was having major impact on profitability(earnings) of the firms.

Ekwe(2012) examined the relationship between human resource accounting and financial performance in the Nigerian Banking Sector‟. Six banks were used for this study while the study covered six years. Six hypotheses were tested with Spearman Rank Correlation Coefficient and the Stepwise Model of Multiple Regression statistical tools. Analysis reveals that there was positive and insignificant relationship between components of VAIC and growth in revenue. The study further shows that there is a positive and significant relationship between VAIC components and Market/ Book Value ratio.

Trisnowati & Fada(2012) examined „The impact of Intellectual Capital on Bank‟s Market Value and Financial Performance on Indonesia Stock Exchange‟. The study used the Linear Regression in doing data analysis. Results of the study showed that Intellectual Capital had no significant effect on both firm‟s Market Value and Growth of Revenue. Value Added of Capital Employed had only significant effect on Return on Equity while Value Added of Human Capital had no significant effect on both the firm‟s market value and financial performance. Structural Capital Value Added had significant effect on all measurement of financial performance.

Salman & Mahamad(2012) in Anuonye (2015) reviewed the some of the available measurement tools that can be applied to evaluate the knowledge- based assets using management models and market models in the Malaysian economy. Their study reveals that the motive behind the development of intellectual capital measurement is to allow managers to evaluate their investments in intellectual capital assets as well as their contriburion to company performance.

Rahman(2012) posits a guide on the assessment of the value added impact of components, which it notes are primarily human and structural capital on measures of productivity, profitability and market value of a firm by employing the VAIC technique.

Kehelwalatenna & Gunaratne(2012) in Pouraghajan, Ramezani & Mohammadzadeh(2013), investigated relationship between IC with ratio of market value to book value and financial

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performance in production and service parts of firms accepted at Colombo (Sri Lanka) Stock exchange between 2002-2006. The study reveals that there is positive and significant relationship between IC with ROE ratio and also between components of IC with M/B( ratio of market value to book value of equity) in the service part. However, in the production part, there exists a positive and significant relationship between IC with ROE ratio and between HC with M/B ratio while structural capital has inverse and significant relationship with M/B ratio.

Darabi, Rad & Ghadiri(2012) appraised the relationship between Intellectual Capital and Earnings Quality. The sample size of the study consist of 158 companies quoted at the Tehran Stock Exchange. Data were collected from the manual archive of the TSE‟S Library. The data were analyzed using both the Ordinary Least Square and Panel Data Research Design. The result of the analysis shows that there is significant relationship between the IC and Earnings Quality. The result also shows that Intellectual Capital is negatively related to the absolute Discretionary Accruals so IC positively affects earnings quality.

The study further reveals that among the different components of IC only human capital components is significantly associated with Earnings Quality and thus there exists a negative relationship between HC and absolute value of Discretionary Accruals so this component of IC positively affect Earnings Quality. Again, CE and SC have no significant relationship with Earning Quality.

Djhamil, Razafindrambinina & Tandeans(2013) studied the impact of IC on firms stock return:

Evidence from Indonesia. 25 banks listed in the Indonesia Stock Exchange for a period spanning 2005-2009. Secondary data were collected from the annual financial statement while data were analysed using the multiple regression statistical tool. The result shows that VAIC significantly affect stock growth rate.

Mojtahedi(2013) studied Intellectual Capital Accounting and its Impact on Organizational Financial Performance: Evidence from Malaysian Firms. The study which explored the relationship

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between intellectual capitals and financial performance in one hundred and fifty Malaysian Firms over a period of 12 years (2000-2011) was based on the concept of Value Added Intellectual capital. Three hypotheses were formulated based on three proxies namely: Earnings Per share (EPS); Return on Capital Equity (ROCE) and Growth of Annual Sales(GS). Intellectual capital were calculated and analyzed. Data were collated from the financial statements of the afore mentioned years. Multiple Regression and panel data analysis were used to predict the impact of IC on financial performance.The study indicates that the relationships between IC and financial performance of Malaysian companies as shown by earnings per share is positive, significant and informative.

Deep & Nawal(2014) studied Intellectual Capital and its Association on Financial Performance of Indian Textile Sector. The study was based on ten-year data(2002 to 2012). The corporate annual reports used were the profit and loss account and balance sheets of the selected companies were extracted from CMIE prowess database. VAIC Model was applied for measuring intellectual capital of the companies. The correlation coefficient and OLS regression were used for the study.

Results reveal that intellectual capital in the textile sector has significant positive relationship only with profitability of the companies. Analysis also indicate that physical capital was the one that has major impact on the profitability of the firms over the period of the study.

Anuonye (2015) examined Intellectual Capital measurement using the Earnings per Share Model of Quoted Insurance Companies in Nigeria‟. The sample size of the study used 59 insurance companies in Nigeria. It covered a 5 period spanning 2005- 2009 and used Least Square Method or Simple Regression to assess the direct and indirect relationships between IC and Earnings per Share. The results reveal that human capital, structural capital and relational capital have a positive and statistically insignificant impact on the earnings per share of the firms studied in Nigeria.