Title: An assessment of the modified VAIC models

Authors: Giuseppe Marzo

Addresses: Department of Economics and Management, University of Ferrara, Via Voltapaletto 11, 44121 Ferrara, Italy

Abstract: Following the inconclusive results of empirical analyses based on the value added intellectual coefficient (VAIC), many authors have proposed modified VAIC models. Based on the tenet that even significant empirical tests are not a substitute for theory, this paper analyses 12 modified VAIC models in light of the critical drawbacks affecting their ancestor. The analysis reveals that the theoretical and conceptual criticisms of the VAIC still hold for the modified models. Despite the new types of capital added to make the VAIC closer to the most common model of intellectual capital (IC) in the literature, the proposed models contain obscurities, ambiguities, and inconsistencies in how the new types of capital are measured and conceptualised, and they unfortunately magnify some of the concerns affecting Pulic's VAIC.

Keywords: IC; IC efficiency; VAIC; modified VAIC; extended VAIC.

DOI: 10.1504/IJLIC.2024.138694

International Journal of Learning and Intellectual Capital, 2024 Vol.21 No.3, pp.351 - 372

Accepted: 22 Dec 2023
Published online: 24 May 2024 *

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