The Impact of Ownership Structure on Intellectual Capital Efficiency : Evidence from Polish Emerging Market

This study examines how ownership structure affects the intellectual capital efficiency. It is conducted in an emerging market and uses data on Polish companies listed on the Warsaw Stock Exchange. We find that ownership by management board members negatively affects intellectual capital efficiency and especially structural capital efficiency. We also find the negative relationships between ownership by foreign investors and capital employed efficiency. Moreover, our study shows that the interactions between ownership structure and intellectual capital efficiency are different in high-tech and non-high-tech industries. This findings suggest that ownership structure plays a significant role in intellectual capital creation and efficiency