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• The VAIC™-based efficiency of intellectual capital and quantile panel analysis of profitability in the Visegrad countries and Romania

  146-166

  Mirjam Hamad

  Tibor Tarnóczi

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  The aim of the study is to examine the efficiency of intellectual capital in companies from the Visegrad Four countries and Romania. The study investigates the development of intellectual capital efficiency in large companies from five countries, focusing on the components of the VAIC indicator. Furthermore, using panel regression, the study analyzes the impact of the elements of the VAIC indicator on profitability indicators considered by investors. The results of the research indicate that most of the independent variables have an impact on profitability indicators. The effect was stronger for companies with lower profitability indicators, while smaller changes were observed in companies with higher profitability. Additionally, it was found that human capital had the greatest impact on profitability.