Impact of selected variables on Value Added of Intellectual Capital: the book publishing sector in Slovakia

This article examines how selected micro-and macro-level factors affect the Value Added Intellectual Capital (VAIC TM ) indicator for a set of enterprises in the book publishing sector in the Slovak Republic, using a regression model.Alternatively, authors examine the Intellectual Capital Efficiency (ICE) indicator for the same set of enterprises.They employ a regression analysis with crosssectional panel data, considering fixed effects (FE) and random effects (RE) models.The research sample was rigorously selected, comprising 350 observations from 2018 to 2024.In the case of the fixed effects model, none of the explanatory variables turned out to be a significant determinant of the dependent variable VAIC TM .In the random effects model, the authors found that the most significant factors affecting VAIC TM are profitability (positive) and company age (negative), while inflation has an additional (marginal) impact.In the case of the dependent variable ICE, the authors using a fixed-effects model found that profitability measured by the EBIT/Sales ratio positively affects the dependent variable ICE, while a higher EBITDA/Assets ratio has a slightly negative impact.The results of the random-effects model for the ICE variable show that profitability (EBIT/Sales) increases, and older companies (Age) have lower ICE.The key finding is that company size, measured by sales or asset value, is not a determining factor in intellectual capital efficiency.The results of the work indicate the need to reassess the ratio between investments in physical assets and investments in human, organisational or innovation capital.The contribution of this article is the findings of the impact of selected factors on the added value of intellectual capital and the efficiency of intellectual capital in a specific creative industry sector.