Intellectual capital as a determinant of financial performance in real estate and service companies in Ecuador
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https://orcid.org/0000-0002-2837-697X
Diego Marcelo Lara-Haro
https://orcid.org/0000-0002-8282-4032
Alexandra Tatiana Valle-Álvarez
https://orcid.org/0000-0002-1000-2531
Cristian Stalyn Sanga-Morocho
Abstract
INTRODUCTION. The growth of the knowledge economy has fueled interest in understanding how intellectual capital influences organizational performance and the creation of business value. This study examines the components of intellectual capital—human, structural, and relational—in real estate and service-sector companies in Ecuador, where intangible assets play a decisive role in competitiveness. OBJECTIVE. To analyze the influence of intellectual capital on the financial performance of 33 real estate and service companies listed on the Ecuadorian Stock Exchange during the 2018–2023 period. METHOD. A quantitative approach was applied, using descriptive, correlational, and explanatory methods, with secondary data obtained from the Superintendency of Companies, Securities, and Insurance. The VAIC™ model was used to measure human capital efficiency (HCE), structural capital efficiency (SCE), and capital employed efficiency (CEE), along with the financial profitability indicators ROA and ROE. RESULTS. The analysis showed that only CEE exhibited positive and significant relationships with the profitability indicators, confirming its decisive effect on financial performance. DISCUSSION AND CONCLUSIONS. The study concludes that the strategic management of relational capital is a key factor in strengthening business profitability and sustainability within the Ecuadorian context, providing empirical evidence on the relevance of intangible assets in service-intensive sectors.
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