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Entrepreneurship and Sustainability Issues Open access
Journal Impact FactorTM (2025) 1.5 Q3
Journal Citation IndicatorTM (2025) 0.25 Q4
Received: 2026-05-14  |  Accepted: 2026-07-28  |  Published: 2026-09-30

Title

Impact of selected variables on Value Added of Intellectual Capital: the book publishing sector in Slovakia


Abstract

This article examines how selected micro- and macro-level factors affect the Value Added Intellectual Capital (VAICTM) indicator for a set of enterprises in the book publishing sector in the Slovak Republic, using a regression model. Alternatively, authors examine the Intellectual Capital Efficiency (ICE) indicator for the same set of enterprises. They employ a regression analysis with cross-sectional panel data, considering fixed effects (FE) and random effects (RE) models. The research sample was rigorously selected, comprising 350 observations from 2018 to 2024. In the case of the fixed effects model, none of the explanatory variables turned out to be a significant determinant of the dependent variable VAICTM. In the random effects model, the authors found that the most significant factors affecting VAICTM are profitability (positive) and company age (negative), while inflation has an additional (marginal) impact. In the case of the dependent variable ICE, the authors using a fixed-effects model found that profitability measured by the EBIT/Sales ratio positively affects the dependent variable ICE, while a higher EBITDA/Assets ratio has a slightly negative impact. The results of the random-effects model for the ICE variable show that profitability (EBIT/Sales) increases, and older companies (Age) have lower ICE. The key finding is that company size, measured by sales or asset value, is not a determining factor in intellectual capital efficiency. The results of the work indicate the need to reassess the ratio between investments in physical assets and investments in human, organisational or innovation capital. The contribution of this article is the findings of the impact of selected factors on the added value of intellectual capital and the efficiency of intellectual capital in a specific creative industry sector.


Keywords

Value Added Intellectual Capital (VAICTM), Intellectual Capital Efficiency (ICE), intangible assets, creative industries, regression model, book publishing sector, Slovak Republic


JEL classifications

G32 , O34 , L82 , M41


URI

http://jssidoi.org/jesi/article/6684


DOI


Pages

304-322


Funding

This paper is a partial output of the VEGA project no. 1/0109/24 “Research on the economic performance of family businesses with an emphasis on the implementation of technical efficiency measurement tools”, no. V- 24-240-00 of the Bratislava University of Economics and Business.

This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Tóthová, Alena
Bratislava University of Economics and Business, Bratislava, Slovakia https://euba.sk
Articles by this author in: CrossRef |  Google Scholar

Tóth, Miroslav
Bratislava University of Economics and Business, Bratislava, Slovakia https://euba.sk
Articles by this author in: CrossRef |  Google Scholar

Journal title

Entrepreneurship and Sustainability Issues

Volume

14


Number

1


Issue date

September 2026


Issue DOI


ISSN

ISSN 2345-0282 (online)


Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Google Scholar

Article views & downloads

HTML views: 296  |  PDF downloads: 172

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Funding: This paper is a partial output of the VEGA project no. 1/0109/24 “Research on the economic performance of family businesses with an emphasis on the implementation of technical efficiency measurement tools”, no. V- 24-240-00 of the Bratislava University of Economics and Business. /jesi/article/6684

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