Intellectual capital and investment efficiency: international evidence

Abstract

This study examines the impact of intellectual capital (IC) on investment efficiency (IE) using a dataset comprising 33,077 firms across 92 countries over the period 2003-2023. Empirical results indicate that IC has a positive impact on IE, which remains robust under over- and underinvestment conditions. The findings are confirmed by using alternative measures of IC and IE, and alternative estimation methodologies. Finally, IC is found to attenuate the negative impact of financial crises on IE.