Intellectual Capital Valuation and Stock Market Performance in an Era of Financial Turmoil: Blue Chip Banks Listed in Stock Exchanges of the Visegrad Countries


  • Jaroslaw Godyn


Banking sector, financial crisis, valuation, stock exchange, intellectual capital


The core purpose of this empirical study is to investigate the influence of intellectual capital on stock market performance of the Visegrad countries in era of financial turmoil. This study is prompted by increasing evidence that the major drivers of value creation focus on a firm’s intangible assets rather than its physical tangibles. In this quantitative analysis, nine listed large banks concentrated in particular national stock exchanges in Prague, Budapest, Warsaw and Bratislava are investigated. The study uses empirical data from Bloomberg Terminal Platform for data management that cover 2006-2012 and Intellectual Capital methods based on market capitalization.


AALBERS, M. (2009).Geographies of the financial crisis. Area, 41 (1), pp. 34-42

AKERLOF, G., and SCHILLER, R. (2009). Animal Spirits: How human psychology drives the economy and why it matters for global capitalism. Princeton, N.J., Princeton University Press.

AUTHERS, J. (2010). The fearful rise of markets: Global bubbles, synchronized meltdowns, and how to prevent them in the future. Upper Saddle River, N.Y. FT Press.

Bloomberg Terminal Platform.

BONTIS, N. (2001). Assessing Knowledge assets: A review of the models used to meausure intellectual capital, International Journal of Management Reviews 2001, 3(1), pp. 41-60.

BOOKSTABER, R. (2007). A demon of our own design: Markets, hedge funds and the perils of financial innovation. New York, Wiley.

CHEN, J., ZHU, Z. and XIE, H.Y. (2004), Measuring intellectual capital: a new model and empirical study, Journal of Intellectual Capital, 5(1), pp. 195-212.

CZERWIŃSKA, M., SLEDZIK, K., WIERZBA, R. (2010).Intellectual capital as generator of competitive advantage for banks. Fundacja Rozwoju Uniwersytetu Gdanskiego, Sopot, pp.97

EDVINSSON, L., and SULLIVAN, P. (1996).Developing a model for managing intellectual capital. European Management Journal, 14, pp. 356-364.

EDVINSSON, L., and MALONE, M.S. (1997). Intellectual capital: realizing your company’s true value by finding its hidden roots. Harper Business, New York.

EGEDY, T. (2012).The effects of global economic crisis in Hungary. Hungarian Geographical Bulletin, 61 (2), pp. 157-158.

GHOSH, D. & WU, A. (2007), Intellectual capital and capital markets: additional evidence, Journal of Intellectual Capital, 8(2), pp. 216-235.

GUTHERIE, J. (2001). The management, measurement, and the reporting of intellectual capital, Journal of Intellectual Capital. 2(1), pp. 27-41.

HUNTER, L., WEBSTER, E., and WYATT, A. (2005).Measuring intangible capital: a review of current practice. Australian Accounting Review, .15 (2), pp. 4-21.

New York Stock Exchange Group Inc. (2011). available at:

NONAKA, I., and TAKEUCHI, H. (1995). The Knowledge Creating Company: How Japanese Create the Dynamics of Innovation. New York. Oxford University Press.

PULIC, A. (1998) Measuring the performance of intellectual potential in knowledge Economy.available at:

PULIC, A. (2000), VAIC™ – an accounting tool for IC management, International Journal of Technology Management, 20 (5-8), pp. 702-714.

PUNTILLO, P. (2009). Intellectual capital and business performance from Italian banking industry. Electronic Journal of Corporate Finance, 4(2), pp. 97-115.

ROOS, G., and ROOS, J. (1997).Measuring your company’s intellectual performance. Long Range Planning, 30(3), pp. 413-426.

SAMILOGLU, A. T. (2006). The performance analysis of the Turkish banks through VAIC and MV/BV ratio. Journal of Administrative Sciences, 4(1), pp. 207-226.

SHIL, N.C. (2009). Performance Measures: An Application of Economic Value Added, International Journal of Business and Management, 4(3), pp. 171.

STEWART, G. B. (1990). The Quest for Value: the EVA management guide, Harper Business, New York, pp. 153.

STEWART, T.A. (1991). Brainpower: How Intellectual Capital is Becoming America’s Most Valuable Asset. Fortune. June 3, 1991. pp.44-60.

STEWART, T.A. (1994). Your company’s most valuable asset: intellectual capital. Fortune. October 3, pp..68–74.

STEWART, G.B. III (1994). EVA™: Fact and Fantasy, Journal of Applied Corporate Finance, 7(2), pp. 71-84.

STEWART, T.A. (1997). Intellectual capital: the new wealth of organizations, Dell Publishing Group, Inc.

SVEIBY, K.-E.(2007). Methods for Measuring Intangible Assets.available at:

THENMOZHI, M. (2000). Market value added and share price behaviour: an empirical study of BSE Sensex companies. Delhi Business Review, 1(1), pp. 1-10.

URBANEK, G. (2008). Valuation of company’s intangible assets.PWE 2008, Warsaw.

WANG, W-Y. & CHANG, C. (2005), Intellectual capital and performance in causal models: Evidence from the information technology industry in Taiwan, Journal of Intellectual Capital, 6(2), pp. 222-236




How to Cite

Godyn, J. (2013). Intellectual Capital Valuation and Stock Market Performance in an Era of Financial Turmoil: Blue Chip Banks Listed in Stock Exchanges of the Visegrad Countries. Theory, Methodology, Practice - Review of Business and Management, 9(02), 53–61. Retrieved from