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Does intellectual capital impact the financial performance of Indian-listed SMEs Evidence from GMM estimation

Ramesh Prasad & Amitava Mondal

International Journal of Learning and Intellectual Capital2025https://doi.org/10.1504/ijlic.2025.146010article
AJG 1
Weight
0.46

What the paper says

In the present research, we explore the differential effects of 'intellectual capital' (IC) on the financial performance of 100 Indian SMEs listed on the BSE SME, focusing on the pre-COVID (2013-2014 to 2019-2020) and during the COVID (2020-2021 to 2022-2023) periods, using pooled OLS, static panel regression, followed by the robust GMM estimation. The findings demonstrate varying impacts of IC under different economic phases. The results from Pre-pandemic phase reveal that profitability of Indian SMEs is predominantly driven by the efficiencies of capital employed and structural capital, while each IC component constitute the core drivers of productivity. The analysis of the COVID period indicates that human, structural, and financial capital were identified as primary factors in fostering profitability, whereas, human capital, financial capital and relational capital are key drivers in optimising productivity. This novel comparative analysis highlights the evolving role of IC under different economic conditions, offering practical insights for policymakers, investors and SMEs. The findings pinpoint the need for adaptive IC strategies to enhance resilience and performance during economic disruptions. These results provide a framework to harness IC in navigating economic downturns, offering lesson for SMEs globally in leveraging IC for sustainable growth.

4 citations

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https://doi.org/https://doi.org/10.1504/ijlic.2025.146010

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@article{ramesh2025,
  title        = {{Does intellectual capital impact the financial performance of Indian-listed SMEs Evidence from GMM estimation}},
  author       = {Ramesh Prasad & Amitava Mondal},
  journal      = {International Journal of Learning and Intellectual Capital},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1504/ijlic.2025.146010},
}

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Does intellectual capital impact the financial performance of Indian-listed SMEs Evidence from GMM estimation

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Evidence weight

0.46

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.37 × 0.4 = 0.15
M · momentum0.60 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.