An empirical study of relationships between intellectual capital and financial performance of the tourism-related industries in the tourism-dependent country

This study examines the relationship between intellectual capital (IC) and the financial performance of tourism-related firms in Thailand, using panel data from 32 listed companies (192 firm-year observations) from 2016 to 2021. Panel regression methods, including pooled ordinary least squares (OLS), fixed effects, random effects and the dynamic panel estimator (system generalized method of moments, or system GMM) are applied to test the robustness of results. The findings reveal that overall IC has a significant positive impact on firm profitability, especially return on assets (ROA) and return on equity (ROE). Among IC components, human capital efficiency (HCE) and capital employed efficiency (CEE) are key drivers of firm performance, while structural capital efficiency (SCE) shows limited influence in the dynamic model. These results offer practical insights for managers aiming to strengthen performance through effective IC utilization, and highlight the need for targeted policy support in tourism-intensive economies.