THE INFLUENCE OF INTELLECTUAL CAPITAL ON ROMANIAN
                COMPANIES’ FINANCIAL PERFORMANCE


                         Claudiu-Marian Gruian, West University of Timisoara


ABSTRACT: This article aims to theoretically and empirically argue the influence of intellectual
capital on financial performance at microeconomic level. Based on data collected from the
financial statements of companies listed at Bucharest Stock Exchange, present study analyses the
correlation between intellectual capital and its components, calculated by using the VAIC method,
and financial performance, calculated by using Return on Equity. Several regression models are
being used. The results support the proposed hypothesis, proving that there is a significant positive
correlation between intellectual capital and financial performance. By extrapolating it can be said
that the role of intellectual capital is important in achieving competitive advantages by companies
from emerging economies where performance is usually strongly determined by the physical capital
employed

Key words: intellectual capital, financial performance, value added intellectual coefficient, Bucharest Stock
Exchange

JEL Codes: D24, L25