Struktury własnościowe polskich spółek publicznych a efektywność ich kapitału intelektualnego

Intellectual capital shows a significant growing acceptance as a worth topic of academic investigation and practical implication because the performance of IC investments influence on a company's long term competitive advantage. This study examines the relationship between ownership structure of Polish listed companies and intellectual capital efficiency measured by VAIC™. We employed data consist of all companies listed on the Warsaw Stock Exchange between 2005 and 2009. Then we conducted panel data analysis, which supported that financial investors ownership and management board ownership positively affect intellectual capital efficiency. Our results proved that focusing on intellectual capital is important for companies with significant share of these shareholders in ownership structure.