Intellectual Capital and value Creation – Evidence from Companies Listed at BSE

In this paper we apply measurements of intellectual capital focusing on the human capital efficiency (HCE), the structural capital efficiency (SCE), the intellectual capital efficiency (ICE) and the value added intellectual coefficient (VAIC TM ) developed by Pulic (2000; 2004) for non-financial companies listed at Bulgarian Stock Exchange (BSE) using accounting data published with their financial statements for the period 2003-2009. The research is focused on companies in the manufacturing industry in order to derive any particularities in the measurements. The financial industry is excluded from the study as being specific. At this moment and to our knowledge, there’s no significant research on the value added of intellectual capital of Bulgarian non – financial industry. We extended the formula of intellectual capital valuation and arrived at the conclusion that intellectual capital is playing an important role in the value creation process in some companies listed at BSE.