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However, there have varieties of perspective and assumption which come out by other researchers in term of they are using different disciplines, theories, and hypothesis in measurements of VAIC model. For instance, (Mavridis, 2005) mentioned that the concept of human capital as the fundamental assumptions of VAIC have the interrelated to the firms' performance. Thus, the incurred expenses as wages such as manpower or productive direct cost, and salaries which are administrative or managerial staff indirect costs have the predictability for the creation of value addition. Besides that, (Mavridis, 2005), (Chen et al, 2005), (Riahi-Belkaoui, 2003), and (Nazari and Herremans, 2007) are pointed out another assumption that the value addition (VA) of a firm can be recognized as the difference between revenue and bought-in materials of the firm with the equation of VA= OUT - IN. Other than that, VA can be identified as the total VA by accumulating all the outflows to stakeholders from the perspective of stakeholder theory. Therefore, the equation of VA based on the stakeholder theories is computed as VA= Wages and salaries + Interest paid + Depreciation + Tax paid + Dividend paid + Retained earnings.
Apart from that, author also mentioned on adopting stewardship theory in measuring VAIC model by some researchers. Firms' owners and employees are the principal stakeholders on stewardship theory discussion and thus, cooperation of these two parties are intensively towards increasing the wealth and benefits for their favors. Hence, the computation of this theory as VA= Retained earnings + Total staff cost. The total staff cost which refer to wages and salaries expenses has been uses as a proxy in measuring human capital (HU) components. Moreover, capital employed (CE) which encompass of total physical capital and financial assets has been included in the equation as CE= Shareholders' funds - Deferred expenses. As conclude that, the author modified VAIC model computation as VAIC=VACA + VAHU + STVA. Furthermore, the author also applied the Pearson's correlation analysis in explaining the associations between intellectual capital and internal performance, external performance and investor responses. Follow by the regression models used to determine the sensitivity of the independent variables on the dependent variables and analyses the collected data.
In conclusion, the author has pointed out (Nazari and Herremans, 2007) suggestion that VAIC models are able to alleviate the inherent limitation such as majority of micro level intellectual capital measuring models are using the internal available data. Further, (Nazari and Herremans) also encourages other or future researchers to employs this model in different settings and thus, should be able to prove and provide additional evidence on VAIC models.
Whilst, the journal with the title of "Impact of Intellectual Capital Efficiency on Profitability", author is taken Lahore Stock Exchange Index (LSE) companies data set as his study. Similarity, the author also adopted Value Added Intellectual Coefficient (Pulic's VAIC) models in examines the role of intellectual capital efficiency and regression models to determine the correlation with the firm's profitability. The author mentioned that there are two schools of thought in measuring the intellectual capital based on (Mavridis, 2004). First school is discussing on cost and computes the intellectual capital through the difference between market and book value. Second school is discussing on the profits or value-oriented and measures the intellectual capital efficiency through the value addition by human capital and structural capital.
In addition, the author proposed another conceptual framework of intellectual capital which developed by (Sveiby, 1997) are based on external structure, internal structure and individual competence. External structure consists of brands, customer and supplier relations; internal structure comprises of organization, structure, system corporate attitude, research and development, and procedures; individual competences are education and experience. Besides that, the author employed stakeholders and legitimacy theory developed by (Guthrie et al, 2006) in reporting intellectual capital. As mentioned by Guthrie, stakeholders theory creates organizational responsibility for the voluntary disclosure of information in regards of intellectual, social, and environment performance which are disclosure in transparent. Likewise, legitimacy theory creates a social contract between the firm and the surrounding community.
Other than that, the author highlighted that Pulic's VAIC model is designed to effectively evaluate the efficiency in value addition to a firm, provides a new way in measuring the value creation efficiency by using data available in financial statements and VAIC is more focusing on value addition rather than on cost control. Besides that, the author also emphasized that human capital is the core concept of the VAIC model and hence is responsible for the performance of a firm. Further, VAIC are more straightforward in calculations, availability of reliable audited data, and easy in comparison among various sectors. In contrast, the limitations of VAIC model are not provides the money value of intellectual capital, calculations are restricted on internal group, relied on comprehensive models, analysis and principles.
In conclusion, the author found that there are lacks of non-listed and proprietary sector data in LSE in which applying the VAIC model in the intellectual capital approach. Further, the human capital and structural capital efficiency is not comparable among different sectors as there are composed of different intellectual capital related factors. Hence, the author urges that future researchers could extend the intellectual approach to the entire sector in LSE. Then, he suggested that researchers could concentrate on the impact of intellectual capital in the intellectual-intensive pharmaceutical sector.