Intellectual capital and financial performance nexus in Indian hospitality sector: a panel data analysis
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Date
2025
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Abstract
The present study empirically examines the effects of Intellectual
Capital (IC) components on business performance indicators of Indian
hospitality sector. Further, it explores the role of interactions among IC
components to enhanced corporate performance. The study adopted the
Modified Value-Added Intellectual Coefficient (MVAIC) model to measure IC
and multiple regressions models to analyse the panel data, using a sample of
top 50 Indian hotels. The findings demonstrated that the most important and
statistically significant variables are human capital efficiency, capital employed
efficiency and interaction between human and structural capital efficiencies
which positively influence the hotel’s performance, measured through
profitability and productivity indicators. The findings also reveal IC as strategic
source of enhanced corporate performance. Thus, it may assist the
management, stakeholders, policymakers and government in developing
economies like India to enhance and utilise their IC sources effectively and
efficiently, particularly in hospitality sector.