gxceed
← 論文一覧に戻る

An Innovative Model for Assessing Intellectual Capital Based on Information from Corporate Reporting and ESG Factors

企業報告書およびESG要素に基づく知的資本評価の革新的モデル (AI 翻訳)

Alina Ciobotar Butnaru, Veronica Grosu, Ioana Andrioaia

Journal of risk and financial management📚 査読済 / ジャーナル2026-06-05#ESGOrigin: EU
DOI: 10.3390/jrfm19060411
原典: https://doi.org/10.3390/jrfm19060411

🤖 gxceed AI 要約

日本語

本論文は、ESG要素の重要性が高まる中で、従来の知的資本評価モデル（VAIC）の限界を指摘し、人的資本、構造資本、関係資本、ESG要素を含む拡張モデルを提案する。ルーマニアの上場企業75社を対象に主成分分析や回帰分析を用いた結果、従来モデルは市場パフォーマンス（Tobin's Q）を有意に説明しないが、拡張モデルはより包括的な視点を提供するものの統計的な説明力は限定的であることが示された。

English

This paper proposes an extended intellectual capital model incorporating ESG factors, criticizing the traditional VAIC model. Using PCA and regression on 75 Romanian listed firms, the traditional model fails to explain market performance (Tobin's Q), while the extended model offers a more comprehensive perspective but with limited statistical explanatory power.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本では、統合報告書や知的資本報告の重要性が高まっており、ESG要素を組み込んだ評価モデルの研究は、開示実務や投資家対応に示唆を与える。ただし、本論文のルーマニア市場に基づく分析は、日本企業への直接適用には限界がある。

In the global GX context

Globally, the integration of ESG factors into intellectual capital valuation is gaining traction, especially under frameworks like IIRC and ISSB. This study provides an empirical test of such integration, though its small sample and limited explanatory power suggest the need for further research.

👥 読者別の含意

🔬研究者:Researchers can use this study as a starting point for developing more robust intellectual capital models that incorporate ESG dimensions.

🏢実務担当者:Practitioners may consider including ESG factors in their intellectual capital assessments, but the model's limited statistical power advises caution.

📄 Abstract（原文）

This paper analyzes the measurement of intellectual capital in the context of the increasing importance of ESG factors and current economic changes, highlighting the role of intangible assets in supporting company performance. The existing literature emphasizes the limitations of traditional models, such as the Value-Added Intellectual Coefficient (VAIC), which do not adequately capture the contribution of the modern dimensions of intellectual capital. The study is based on a quantitative approach and uses a sample of 75 companies listed on the Bucharest Stock Exchange. The data were analyzed using IBM SPSS Statistics, Version 26.0 through the application of principal component analysis (PCA), linear regression, and ANOVA tests. The results show that the traditional model does not significantly explain market performance measured by Tobin’s Q, while the modern model, based on human, structural, relational capital, and ESG factors, provides a more comprehensive conceptual perspective, although its statistical explanatory power remains limited. The paper contributes to the existing literature by proposing an extended approach to intellectual capital evaluation, adapted to the current context, and offers useful implications for investors, managers, and other users of financial information.

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。