The strategic impact of quality and relative market share on intellectual capital deployment and shareholder value maximization: An empirical study.

摘要

This study generated a multidisciplinary model that investigated the hypothesized relationships among basic valuation parameters, quality, intellectual capital and shareholder wealth. An ex post facto empirical analysis of 399 U.S. firms across fifteen industries utilized post hoc matching methods to identify the direction, quantify the impact, and prioritize the variables related to superior performance. Overall, cross-sectional analysis revealed that relative market share and the historically indexed stock price score were associated with firm specific economic performance measured by Tobin's q.;The compelling results of this study emphasize competitive advantages associated with leveraging tangible and intangible firm-specific resources and capabilities. Companies that marshal and exploit corporate resources through innovation and renewal deploy intellectual capital to strategically outmaneuver rivals. Continuous process improvements that allow a firm to earn a quality award may not generate sufficient marketplace momentum to create above average earnings, favorable long term cash flow projections, and enhanced shareholder wealth.