Investigating the role of Intellectual Capital on Cost management Strategy in Companies (with machine learning approach)

Subject Areas : Journal of Capital Market Analysis

kamran poudat ¹ , Khosro Moradi Shahdadi ² , Mohammad Hossein Ranjbar ³

1 - Department of Financial Management, Qeshm Branch, Islamic Azad University, Qeshm, Iran.
2 - Department of Financial Management, Qeshm Branch, Islamic Azad University, Qeshm, Iran.
3 - Department of Accounting and Finance, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran.

Received: 2024-07-08 Accepted : 2025-01-12 Published : 2025-06-21

Keywords: Intellectual Capital, Human Capital Efficiency, Structural Capital Efficiency, Employed Capital Efficiency, Cost Management Strategy,

Abstract :

Purpose: The purpose of this study is to investigate the impact of the role of intellectual capital on the cost management strategy in companies listed in Tehran Stock Exchange through machine learning. Research methodology: The current research is post-event type and in terms of purpose, it is in the applied category. Regarding the measurement of research variables, the financial statements listed on the website of Rahvard and Kodal were used during the period of 2018-2022; In this regard, the statistical population of this research consists of all the companies admitted to the Tehran Stock Exchange, of which 105 companies were selected by systematic removal. Finally, after classification in the Excel file, the research data was analyzed and interpreted using the regression statistical method based on the machine learning method. Findings: The result of the main research hypothesis showed that intellectual capital has no significant effect on cost management strategy. The results of the sub-hypotheses indicated that among the components of human capital efficiency, structural capital efficiency and capital efficiency, only the human capital efficiency component has a significant effect on cost management strategy. Scientific added value: due to the fact that the current research has been investigated through machine learning, therefore, company managers can help improve companies and the state of the capital market by strengthening the structural capital and the capital employed, while strengthening the intellectual capital.

References:

اقدامی، الهام؛ بنی مهد، بهمن، (1398)، تاثیر استراتژی رهبری و تمایز محصول بر هزینه حقوق صاحبان سهام، مجله حسابداری مدیریت، 12(43)، 153-165. بنابی قدیم, رحیم, واعظ, سید علی, & انسانی, رامین. (1401). تأثیر سرمایۀ فکری بر گزارشگری عملکرد پایداری تجاری و استراتژی کسب‌وکار. نشریه پژوهش های حسابداری مالی, 14(2), 63-90. doi: 10.22108/far.2022.133847.1890‎‎
ستایش, محمدحسین, & فتحعلی, اکرم. (1395). بررسی رابطه سرمایه فکری و سرمایه مالی در ایجاد ارزش: کنترل چرخه‌‌های تجاری. پژوهشهای کاربردی در گزارشگری مالی, 5(2), 7-38.‎‎
سرخانی گنجی, حمید رضا, نجفی مقدم, علی, & صراف, فاطمه. (1400). تاثیر سیستم های حسابداری مدیریت بر توسعه مولفه های سرمایه فکری و عملکرد مالی با تاکید بر هوش تجاری در بازار سرمایه ایران. دانش حسابداری و حسابرسی مدیریت, 10(37), 255-270.
کیقبادی، امیررضا؛ دامن کشیده، مرجان، (1399)، تاثیر استراتژی تجاری و حاکمیت شرکتی بر افشای سرمایه فکری در شرکت های منتخب بورس اوراق بهادار تهران با استفاده از مدل داده های ترکیبی، نشریه مهندسی مالی و مدیریت اوراق بهادار، 11(43)، 199-219.
مرادی شهدادی، خسرو؛ پودات، کامران، (1402). نقش کارایی سرمایه فکری بر ارتباط میان تعهد اجتماعی شرکت و عملکرد مالی (شواهدی از عملکرد زیست محیطی، اجتماعی و حاکمیتی شرکت های پذیرفته شده در بورس اوراق بهادار تهران)، نشریه مهندسی مالی و مدیریت اوراق بهادار، 14(57)، 222-240.
مشکی میاوقی, مهدی, خردیار, سینا, & حسن زاده, نغمه. (1397). بررسی رابطه بین استراتژی راهبری هزینه، رقابت بازار و مدیریت سود های واقعی در شرکت های پذیرفته شده در بورس اوراق بهادار تهران. پیشرفت‌های حسابداری, 10(1), 218-243. doi: 10.22099/jaa.2018.26327.1599
وقفی, سید حسام, حسینی, سید احسان, & کشوری, فاطمه. (1401). تاثیر استراتژی رهبری هزینه و تمایز بر ریسک شرکت با تاکید بر نقش مدیریت ریسک و سرمایه فکری. پژوهشنامه بازرگانی, 26(104), 157-180. doi: 10.22034/ijts.2022.554331.3652
Abduljawad. H. (2017). Knowledge to Power a Nation: Knowledge-Based Economy Transformation Through Innovation. CreateSpace Independent Publishing Platform.
Agustia, D., Muhammad, N. P. A., & Permatasari, Y. (2020). Earnings management, business strategy, and bankruptcy risk: evidence from Indonesia. Heliyon, 6(2).‏
Ahmed, S., Alshater, M. M., El Ammari, A., & Hammami, H. (2022). Artificial intelligence and machine learning in finance: A bibliometric review. Research in International Business and Finance, 61, 101646.‏
Albertini, E., and Berger-Remy, F. (2019). Intellectual capital and financial performance: A meta-analysis and research agenda. Management (France), 22(2), 216–249.
Al-Sartawi, A. (2020b). “Social Media Disclosure of Intellectual Capital and Firm Value.” International Journal of Learning and Intellectual Capital 17 (4): 312–323.
Bansal, M., & Bashir, H. A. (2023). Business strategy and classification shifting: Indian evidence. Journal of Accounting in Emerging Economies, 13(1), 69-92.‏
Barker, R., Lennard, A., Penman, S., & Teixeira, A. (2021). Accounting for intangible assets: suggested solutions. Accounting and Business Research, 1-30.
Benetti, C. (2014). The Role of Accounting Information and the Relevance of IFRS: An International Survey of Financial Officers, Financial Analysts and Auditors. Saarbrücken: Lambert Academic Publishing.
Bughin, J., Seong, J., Manyika, J., Chui, M., Joshi, R., (2018). Notes from the AI frontier: Modeling the Impact of AI on the World Economy. McKinsey Global Institute,
Cao, Z., Chen, S. X., Harakeh, M., & Lee, E. (2022). Do non-financial factors influence corporate dividend policies? Evidence from business strategy. International Review of Financial Analysis, 82, 102211.
‏ Chen, Y., Eshleman, J. D., & Soileau, J. S. (2017). Business strategy and auditor reporting. AUDITING: A journal of. Practice, 36(2), 63–86.
Dalwai, T., & Salehi, M. (2021). Business strategy, intellectual capital, firm performance, and bankruptcy risk: evidence from Oman's non-financial sector companies. Asian Review of Accounting, 29(3), 474-504.
‏ David, J.S., Hwang, Y., Pei, B.K., Reneau, J.H., 2002. The performance effects of congruence between product competitive strategies and purchasing management design. Manag. Sci. 48 (7), 866–885.
Duan, Y., J. S. Edwards, and Y. K. Dwivedi. (2019). “Artificial Intelligence for Decision Making in the Era of Big Data–Evolution, Challenges, and Research Agenda.” International Journal of Information Management 48: 63–71.
Gantino, R., Ruswanti, E., & Widodo, A. M. (2023). Green Accounting and Intellectual Capital Effect on Firm Value Moderated By Business Strategy. Jurnal Akuntansi, 27(1), 38-61.
‏ Gogas, P., & Papadimitriou, T. (2021). Machine learning in economics and finance. Computational Economics, 57, 1-4.
‏ Haenlein, M., and A. Kaplan. (2019). “A Brief History of Artificial Intelligence: On the Past, Present, and Future of Artificial Intelligence.” California Management Review 61 (4): 5–14
Hambrick, D.C., 1983. High profit strategies in mature capital goods industries: a contingency approach. Acad. Manag. J. 26 (4), 687–707.
Hilpisch, Y., (2020). Artificial Intelligence in Finance. O’Reilly Media.
Jihan Abdullah, J. (2023). Strengthening the position of intellectual capital and knowledge management in human resource management: an overview. Strengthening the position of intellectual capital and knowledge management in human resource management: an overview, 4(1), 81-90.
‏ Jukka, T. (2023). Does business strategy and management control system fit determine performance?. International Journal of Productivity and Performance Management, 72(3), 659-678.
‏ Juniarti, J., Simanjaya, C., Chandra, M., & Soesetyo, Z. E. (2021). Differentiation Strategy and Cost Leadership Strategy: Their Contribution to Achieving Sustainable Financial Performance. In International Conference on Business Excellence (pp. 197-219). Cham: Springer International Publishing.
‏ Karasneh, A. A. F. (2022). Revitalizing the BSC through knowledge management: The mediating role of intellectual capital. Journal of Public Affairs, 22(1), e2359.
Kline, R. R. (2011). Cybernetics, automata studies and the Dartmouth conference on artifcial intelligence. In IEEE Annals of the History of Computing, October–December. IEEE Computer Society.
Kong, E., Wei, W. X., Swallow, P., & Thomson, S. B. (2020). Belt‐and‐Road Initiative: driving the need to understand intellectual capital in Chinese multinational enterprises. Thunderbird International Business Review, 62(3), 279-290.
Mamoshina, P., Ojomoko, L., Yanovich, Y., Ostrovski, A., Botezatu, A., Prikhodko, P., Izumchenko, E., Aliper, A., Romantsov, K., Zhebrak, A., (2018). Converging blockchain and next-generation artificial intelligence technologies to decentralize and accelerate biomedical research and healthcare. Oncotarget 9 (5), 5665.
Mhlanga, D., 2020. Industry 4.0 in finance: The impact of artificial intelligence (ai) on digital financial inclusion. Int. J. Financ. Stud. 8 (3), 45.
Miles, R. E., & Snow, C. C. (1978). Organizational strategy, struc ture, and process. New York: McGraw-Hill.
Miles, R. E., & Snow, C. C. (2003). Organizational strategy, struc ture, and process. Stanford, CA: Stanford University Press.
Musleh Al-Sartawi, A. M., Hussainey, K., & Razzaque, A. (2022). The role of artificial intelligence in sustainable finance. Journal of Sustainable Finance & Investment, 1-6.
‏ Nadeem, M., Dumay, J. and Massaro, M. (2019), “If you can measure it, you can manage it: a case of intellectual capital”, Australian Accounting Review, Vol. 29 No. 2, pp. 395-407.
Rehman, S.U., Bresciani, S., Ashfaq, K. and Alam, G.M. (2022), "Intellectual capital, knowledge management and competitive advantage: a resource orchestration perspective", Journal of Knowledge Management, Vol. 26 No. 7, pp. 1705-1731. https://doi.org/10.1108/JKM-06-2021-0453.
Rehman, S. U., Elrehail, H., Nair, K., Bhatti, A., & Taamneh, A. M. (2023). MCS package and entrepreneurial competency influence on business performance: the moderating role of business strategy. European Journal of Management and Business Economics, 32(1), 1-23.
‏ Rezny, L., White, J. B., & Maresova, P. (2019). The knowledge economy: Key to sustainable development?. Structural Change and Economic Dynamics, 51, 291-300.
Rockwell, S. (2019). A resource-based framework for strategically managing identity. Journal of Organizational Change Management.
Rokhadiyati, A. (2020). Evaluation of Implementation Policy on Management of School Operational Fund (BOS) 2019 with Edward III Model. Jurnal Pendidikan dan Pengajaran, 53(1), 25-42.
Tjahjadi, B., Soewarno, N., Jermias, J., Hariyati, H., Fairuzi, A., & Anwar, D. N. (2022). Does engaging in global market orientation strategy affect HEIs’ performance? The mediating roles of intellectual capital readiness and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(1), 29.
‏ Türegün, N. (2019). “Impact of Technology in Financial Reporting: The Case of Amazon Go.” Journal of Corporate Accounting & Finance 30 (3): 90–95.
Ulum, I. (2016). Intellectual Capital Performance Measurement Model With Ib-VAIC in Islamic Banking. Inferensi, 7(1), 185. https://doi.org/10.18326/infsl3.v7i1.185-206.
Ulum, I., and Jati, A. W. (2016). Intellectual Capital Performance : A Comparative Study between Financial and Non-Financial Industry of Indonesian Biggest Companies. International Journal of Economics and Financial, 6(4), 1436–1439.
Van Criekingen, K., Bloch, C., & Eklund, C. (2022). Measuring intangible assets—A review of the state of the art. Journal of Economic Surveys, 36(5), 1539-1558.