Business Management Dynamics

Vol.8, No.12, Jun 2019, pp.01-12

The Impact of Intellectual Capital on Innovation: A Literature Study

Özden Altındağ1, Özge Fidanbaş2 & Gaye İrdan3

Abstract Key words: Intellectual Capital,

One of the most vital assets of enterprises that want to create a sustainable Human Capital, Social Capital,
competitive advantage is intellectual capital, which consists of intangible assets. Organizational Capital,
Intellectual capital is also a crucial strategic resource for business performance. Innovation
It offers innovative solutions to organizations and increases their performances.
In the ever-changing and globalizing world, while developing their strategies,
enterprises want to improve their methods and processes, meet the expectations
of internal and external stakeholders, and simultaneously benefit from the
support of innovation to realize these. Enterprises that use resources with
critical importance such as intellectual capital also want to benefit from the Available online
healing and developing impact of innovation activities. This study aims to
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determine whether intellectual capital affects innovation and the existence of its
mediating role. The relationship and interaction between intellectual capital and
ISSN: 2047-7031
its subcomponents, "human, social and organizational capital" and innovation
were also examined separately. Within the scope of the study, the studies in the
literature conducted between 2005 and 2019, and their results were examined.
The obtained results demonstrated that there was mostly a significant positive
relationship between intellectual capital and its elements and innovation and its
activities. In addition, in these results, the mediating role of intellectual capital
was also determined.

INTRODUCTION
In the scientific world, new phenomena are discovered every day, they are connected to previous
information, and thus, this information provides data to enterprises about which paths to follow to
become more successful. Enterprises should monitor these developments, be open to new ideas,
thoughts, and methods, and be willing while implementing them. It is becoming increasingly crucial for
enterprises to focus on their positive aspects within their own structures, to develop their strong
resources in line with their strategies, and to innovate by capturing competitive advantages. The source
of intellectual capital, which is used correctly in the organization, has become a high power in terms of
innovations.
With the acquisition of an international dimension by industrial activities, enterprises have started to feel
the need for continuous innovation. Enterprises have started to use the information and communication
technologies and their resources intensively and effectively in the challenging competitive environment.
However, enterprises are open systems that engage in activities using different tools and affect their
internal and external stakeholders through these activities. In this system, while enterprises that use their
tangible and intangible resources accurately, effectively and efficiently attain different management styles
from their competitors, they will be able to learn the demands of the people, institutions and
organizations they are cooperating with and respond to them with new or differentiated products and
production processes. Intellectual capital becomes involved here. An enterprise that transforms the
human, social, and organizational capital, which are the elements of intellectual capital, into information
and data will open its doors to innovations and gain the ability to behave proactively.

1 Beykent University, Turkey

E-mail: ozdenaltindag@gmail.com
2 Beykent University, Turkey

E-mail: ozgefidanbas@gmail.com
3 Ferrars Junior School, UK

E-mail: gayece@hotmail.co.uk

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THEORETICAL FRAMEWORK OF INTELLECTUAL CAPITAL

With its most general definition in the literature, intellectual capital is the most important source of
competition consisting of the sum of assets that are not seen in the balance sheets of enterprises. It is the
information which has the opportunity to be transformed to value (Atalay 2018, 21). John Kenneth
Galbraith, who wrote a letter to the economist Michael Kalecki in 1969, became the person who first
mentioned the concept of intellectual capital with his statement "I wonder if you realize how much those
of us in the world around have owed to the intellectual capital you have provided over these past
decades" in the letter. Galbraith approached intellectual capital from an individual perspective. The
person who made the concept of intellectual capital popular for enterprises was Tom Stewart, who
published his article "Brain Power: How Intellectual Capital is Becoming America's Most Valuable Asset"
in June 1991, in Fortune Magazine. With this qualified publication, Stewart enabled the concept of
intangible assets to be on the management agenda of enterprises for many years (Serenko and Bontis
2004, 185). Furthermore, he defined the sum of all types of knowledge and experiences related to patents,
processes, managerial talents, technology, customers, and resource providers of enterprises as intellectual
capital. His book "Intellectual Capital: New Wealth of Organizations" written in 1997 was accepted as the
most important resource in this field (Baş et al. 2014, 209). According to Erkanlı and Karsu (2012, 217),
intellectual capital is in the list of intangible assets in the enterprise's value chain analysis.
The sum of the intellectual assets that can be used to create wealth and the sum of knowledge, intellectual
property, and experience is another definition of intellectual capital. The characteristics of intellectual
capital can be summarized as follows:
. It is the total of intangible assets that cannot be fully obtained from the balance sheet of the enterprise.
. It plays a key role in the enterprise's achievement of competitive advantage and providing its
permanence.
. The management of intellectual capital is the managerial responsibility of the enterprise.
. Any increase or decrease in intellectual capital may be called intellectual performance. This performance
is measurable and observable.
. The systematic approach, in which intellectual capital can be measured and observed, becomes
increasingly valuable regardless of the type, size, structure, owners and geographical location of
enterprises (Zor and Cengiz 2013, 41).
In the content of intellectual capital, there are all kinds of intangible, abstract assets such as skills,
experiences, and competitive information, patents, copyrights and licensing agreements that directly
affect the existing and/or future success of the enterprise. Intellectual capital is the oldest known concept
related to intangible assets and has opened the doors of the knowledge economy to enterprises with the
development of technology (Fidanbaş 2017, 5). When the change in the historical process of intellectual
capital is examined:
. While the concept of the information society was used in the 1950s and the idea of the knowledge
worker was used in the late 1950s, the idea of intellectual capital was introduced for the first time in the
1960s.
. In the 1970s, the famous economist Kalachi emphasized the importance of intellectual capital, referring
to Galbraith.
. In the early 1980s, intellectual capital was regarded to be intangible assets and especially goodwill. In
the mid-1980s, it was started to be regarded as the difference between the market value of the enterprise
and the balance sheet value. In these years, measurement methods for intellectual capital were tried to be
created.
. Its measurement and reporting were completed in the early 1990s, and in the mid-1990s, many
publications on intellectual capital were made and training was provided. The end of the 1990s was the
time when intellectual capital gained most popularity, and in 1999, the OECD organized a symposium on
intellectual capital.
. In the 2000s, many publications and projects related to the measurement, reporting, and management of
the intellectual capital, of which importance was accepted worldwide, continued to be produced (Töre
2017, 36-37).

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According to Özdemir and Balkan (2010, 116), intellectual capital is all of the intangible assets that are
required for the enterprise to continue its operations. According to Chang and Hsieh (2011, 4), intellectual
capital is not only an intangible asset but an ideological process. It is the kind of movement from "having"
knowledge and skills to "using" knowledge and skills. According to Zeghal and Maaloul (2010, 41), it is
the sum of all information which a company can use in its value creation process. According to Kianto et
al. (2014, 364), it is all of "knowledge, practical experience, organizational technology, customer relations,
and professional skills" that provide a competitive advantage to a company in the market. According to
Nurullah (2011, 250), with the turning of economic reality towards the knowledge economy, the
intellectual capital of enterprises has started to be perceived as a valuable asset such as tangible asset or
financial capital.

Elements of Intellectual Capital

In order to better understand and use intellectual capital, its elements need to be defined. In the literature,
its elements have not been classified universally yet. Nevertheless, in the late 1990s, authors made
classifications of elements that are similar to each other with small differences, in order to better
understand intellectual capital and incorporate it into studies (Odabaşoğlu 2016, 7). In this study, three
elements compatible with the purpose of the study were used. Intellectual capital is the sum of all
information that companies use for their competitive advantage and is composed of interrelated human,
social, and organizational capital elements (Musteen and Ahsan 2013, 423).

Human Capital
According to Uçar (2017, 27-28), human capital is divided into two as general human capital and
company-specific human capital. General human capital involves the knowledge, experience, skills, and
competencies of employees. Company-specific human capital aims to incorporate the best candidates for
adaptation between person-organization and organization-business into the company. Özevren and
Yıldız (2010, 281-282) listed the criteria of human capital as employee satisfaction, added-value per
employee, rate of new recruits, education level, training costs, experience period, and recognition by
organizations. According to Türkoğlu (2016, 41), it is the accumulation of information that employees
bring with them when they start work and that they take along when they leave the job. According to
Bayram (2018, 15), it includes both employees' hereditary characteristics, education, values and opinions,
and companies' and society’s values, cultures, and philosophy. According to Gülcemal (2016, 14), human
capital is a source of change and innovation for organizations. It is also an element that can be developed
with the continuous education and learning of employees.

Social Capital
Social capital is the relationship and communication capabilities of a firm with external stakeholders such
as customers, suppliers, partners, government officials, and non-governmental organizations (Özdemir
2017, 26). According to Demirel and Demir (2011, 88), it is the accumulation of knowledge which is
formed from the relationship of the enterprise with the people and organizations, with which it interacts.
According to Yılmaz (2018, 56), the social capital consists of the brand, reputation, customer relations,
partnerships with suppliers, agreements, licenses, sale channels, bargaining capacities, and network
systems. While Turgut and Beğenirbaş (2014, 147) describe the social capital as valuable resources that
provide benefits for social actors, they state that its tasks include providing better job to employees and
getting an early promotion, creating intellectual capital, disseminating the knowledge, and increasing
organizational flexibility. According to Güngör and Celep (2016, 934), if an organization has an improved
and sound communication capability, it will gain more information in communication with its
stakeholders, develop its organizational learning capacities, and its capital accumulation will be
provided.

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Organizational Capital
Organizational capital includes all non-human sources of information, such as databases in the
organization, organization charts, process maps, strategies, and other routine procedures (Genç 2018, 39).
According to Efe (2015, 40), organizational capital is the company's value-creating features, such as both
the information, work methods, and processes of employees and the organization's strategies and tactics.
According to Yılmaz (2015, 41-42), there are four elements of organizational capital consisting of strategy,
systems, structure, and culture. According to the author, intellectual capital can be measured and
improved through these elements. According to Sarıay and Özulucan (2019, 18), sub-components of
organizational capital are patents, copyrights, trade secrets, design rights, trademarks, management
philosophy, organizational culture, and information systems. Organizational capital focuses on internal
structure and non-formal relations within the enterprise (Akpınar and Akpınar 2016, 143). At the same
time, organizational capital is interested in the characteristics of the social system and the relationship
network, as a whole (Yıldız et al. 2016, 236).

INNOVATION
According to Cankül (2019, 226), innovation is the implementation of a new, significantly improved or
differentiated product, process, new marketing method or the realization of a new organizational method
in an enterprise's workplace organization, internal applications or external relations. Therefore, the search
for enterprises to increase their innovation activities by using different and unique information continues
to grow with each passing day. An essential part of the knowledge and skills required for innovation is
found and used by individuals in the organization. Enterprises accumulate, code, and keep personal
information in databases and in patents for collective use. This allows them to establish robust structures,
systems, and processes (such as creating new goods and service development teams, producing different
products). Thus, individual inputs are continuously transferred to the flow of innovative activities
(Subramaniam and Youndt 2005, 451). The adoption of new ideas, attitudes, or behaviors by the
organization is defined as innovation. At the same time, innovation is a tool that protects the organization
from the challenging conditions of the ever-changing environment and ensures that it makes plans and
programs for new products, new organizational structures, and new systems. In order to encourage
innovation, managers should incorporate the capabilities, skills, and perspectives of each member of the
organization into all processes of the enterprise activities (Turgut and Beğenirbaş 2013, 107). According to
Belgin and Avşar (2019, 29), the trend towards R&D and innovation activities is gaining momentum all
over the World, and countries are trying to provide more added value with fewer resources.
Innovation, which is defined as the driving force, focuses on realizing the long-term objectives of
enterprises. In the industry in which it is involved, it provides the emergence of new resources, new
sectors, and economic activities. Furthermore, its other tasks are to reveal differences in the production,
marketing and distribution methods, business organizations, working conditions, and labor capabilities,
and to provide continuous development (Mayda 2019, 5). While listing the power of innovation, Hatipler
and Selvi (2019, 564) stated that it provides a unique competitive advantage to a company, provides an
energetic, creative and willing working environment for its employees, customers' needs and demands
are better met, profit margins, revenues, and positive media support an increase. While enterprises can
overcome the challenges they face by making innovations, they can survive by changing their products,
production methods, and management approaches (Işık and Aydın 2016, 81).

THE RELATIONSHIP OF INTELLECTUAL CAPITAL AND ITS ELEMENTS WITH INNOVATION

The development of international trade and the expansion of the consumer market volume have directed
enterprises to gain competitive superiority and to preserve this superiority. The focal point of enterprises
that struggle with their competitors has become to have more knowledge, to use technology intensively,
to incorporate its intellectual capital more into its strategic plans, to support organizational capabilities
and thus to develop innovations. The most important sources of innovation are the elements of
intellectual capital. Human capital, which is one of the most valuable sources of innovation, consists of
skills, creativity, and experience. When a firm offers training, development, and learning opportunities to

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its individuals, it will have invested in human capital. Thus, it ensures the development of innovation
skills. For innovation, getting ideas from the environment of the enterprise, providing customer
satisfaction and feedbacks, and developing new applications that can increase sales volume are possible
with social capital. For the success of innovation, the participation of the whole organization, customers
and suppliers should be ensured, their knowledge and experience should be involved in all processes of
innovation from the thought stage to the implementation stage. If knowledge management is also
positively influenced by innovation studies and innovation efforts can be combined with competitive
orientation and strategies, companies can develop new information and perform new jobs in valuable
markets (Ergun and Yılmaz 2013, 132-133). Intellectual capital, which constitutes the structure, system,
and strategy in an enterprise and consolidates its culture, will be the pioneer of innovation (Ngah and
Ibrahim 2012, 594). According to Dameri and Ricciardi (2015, 864), when a company uses its assets in
order to provide its customers with appropriate and inimitable goods and services, it produces distinctive
capabilities by increasing the consistency and value of its intellectual capital.
Naturally, those working in a company which has intellectual capital will become open to innovations to
learn more and develop themselves. Employees who monitor the sector and develop themselves
personally will produce various projects and will even demand training on the subject from their
companies. This situation may display differences according to the enterprise's culture, wage system, and
its investment in intellectual capital. For example, it may be thought that individuals who are satisfied
with their high wages may not want to improve themselves. However, it should not be forgotten that an
individual who sees a better opportunity may leave his/her firm. Therefore, in order not to lose their
intellectual capital, enterprises should invest in projects and innovations and try to keep the qualified
personnel within the enterprise (Altan and Özpehlivan 2019, 158).
When a literature review on the relationship of intellectual capital and its components with innovation is
made, empirical and theoretical studies conducted especially in recent years draw attention. Intellectual
capital has been mainly dealt with as an independent variable in these studies, and its effects on
innovation have been examined. These studies and their results are summarized in Table 1.

Table 1. Studies Conducted on the Relationship Between Intellectual Capital and Innovation
STUDY DATA RESULTS
Subramaniam and Youndt, It is a study conducted in order - Organizational capital
2005 to examine how the positively affected innovation
dimensions of intellectual capabilities.
capital (human, social and - Human capital interacted
organizational) affect various with social capital to influence
innovation capabilities in innovation capability
organizations. The study was positively. However, human
conducted by applying a capital alone was found to be
questionnaire to senior negatively correlated with
executives in companies in the innovation capability.
United States of America. - Social capital influenced its
innovation capabilities
positively.

Cheng et al., 2010 It is a study conducted in order - It was observed that

to investigate the effect of efficiently managed innovation
intellectual capital on company input increases customer
performance in the firms in the relations. The innovative
health sector. capacity has a strong and
positive impact on sustainable
customer relationships.

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Sharabati et al., 2010 This study aims to empirically - Intellectual capital is

test the relationship between positively affected by human
the intellectual capital (human capital, organizational capital,
capital, organizational capital, and social capital.
social capital) and business - Social capital is positively
performance of firms operating affected by innovation,
in the pharmaceutical sector of learning, education,
Jordan. experience, and expertise.

Yitmen, 2011 It is a study that was tested - Human capital,

with surveys in order to organizational capital and
examine the relationship social capital are positively
between intellectual capital, related to innovation factors.
competitiveness, and
innovation in engineering
firms in the Turkish
construction sector.

Mura et al., 2012 This study tested the - It demonstrates that

dimensions of intellectual intellectual capital has a
capital empirically in three positive impact on the
health institutions in order to practitioners' innovative
understand the innovative behaviors through the
behaviors of employees and to mediating role played by
observe its role in information information sharing behavior.
sharing.

Atalay, 2012 It is an empirical study that - Human capital, social capital

examines the impact of and organizational capital have
intellectual capital and its a positive impact on product
elements on enterprise innovation and organizational
innovation (product, process, innovation.
organizational, and marketing) - Human capital and social
and the impact of innovation capital positively affected
on business performance in the process innovation and
automotive sector. marketing innovation.
- The impact of human capital
on business performance is also
positive.

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Santos-Rodrigues et al., 2013 It is a study conducted by - Human capital, social capital

distributing surveys to service and organizational capital
managers of a hospital in affect the innovative capacity
Northern Portugal in order to of a firm.
examine the effect of
intellectual capital on
innovation.
Sivalogathasan and Wu, 2013 This study was conducted in - The firm's intellectual capital
order to determine the effect of has a positive and significant
intellectual capital on impact on innovation
innovation and business capability and leads to business
performance and the mediating performance.
role of organizational - Intellectual capital and the
motivation. motivation of a firm have a
positive and significant impact
on the innovation capability
and lead to business
performance.
Cezlan, 2014 This study is an empirical - Human capital has a positive
study examining the effect of relationship with business
intellectual capital on business innovation.
innovation and business -Organizational capital does
performance in healthcare not affect business innovation.
institutions in İstanbul. - Social capital affects business
innovation positively.
Ayas, 2015 In this study, the effects of - While in individuals, human
intellectual capital on business capital increases among the
performance through intellectual capital dimensions,
transferring it to the innovative the innovative idea finding
business behavior were tried to increases among the innovative
be determined, with the results business behavior dimensions.
obtained from the - When intellectual capital is
questionnaires. evaluated as a whole, it has
been found out to have an
impact on innovative business
behavior.
- It was concluded that
innovative ideas increase the
objective and subjective
performance of the enterprise,
and therefore, they can achieve
the desired increase in their
performance in case they
transform their intellectual
capital into the innovative
business behavior.
Uçar, 2017 This study aims to examine the - The intellectual capital
relationship between Quality variable was observed to have
Management, Information a partially significant effect on
Management, Intellectual the relationship between
Capital, and Institutional quality management and

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Innovation Performance. The organizational innovation

results were obtained by performance.
applying the questionnaire to - It was concluded that
191 firms. information management and
intellectual capital have a
significant effect on
organizational innovation
performance.
Kianto et al., 2017 It is a study that was tested - Intellectual capital positively
with questionnaires in order to mediates the relationship
understand how human between knowledge-based
resources systems affect HRM practices and innovation
intellectual capital, and its performance, and human
relationship with innovation capital plays a key role in this
performance, in 180 Spanish relationship.
companies which have - Knowledge-based HRM
knowledge-based human practices partially affect
resources practices. organizational and social
capital through human capital.
Human capital influences
innovation performance by
increasing organizational and
social capital.
Bayhan, 2018 It is an experimental study - Intellectual capital affects the
applied in hotels in İstanbul in innovative climate positively
order to examine the mediating and significantly.
role of social capital and
intellectual capital in the effect
of leadership behavior on
emotional labor and innovative
climate.
Keskin et al., 2018 It is a study which focuses on - It is observed that innovation
the interaction effect of quality affects the relationship
innovation quality in the effect between organizational and
of intellectual capital variables social capital variables and
on business performance and operational performance
which is based on the results of positively, and it has a
the questionnaire applied to moderating negative effect on
firms in İstanbul. the relationship with human
capital.
Beydoğan, 2018 It is a study, in which the role - There is no statistically
of information sharing in significant relationship
business performance is between human capital and
explained with questionnaire innovation quality.
results through innovation - There is a positive
quality and intellectual capital relationship between
variables. organizational and social
capital and innovation quality.

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Altan and Özpehlivan, 2019 It is an empirical study aiming - The intellectual capital status
to determine the effect of the of enterprises has a significant
intellectual capital and effect on innovation activities.
innovation phenomena of firms
in the IT sector on job
satisfaction.

The basic necessity in the innovation process is the inclusion of all kinds of intellectual accumulation of
human capital in enterprises into the innovation process and this becoming an enterprise culture by
taking continuous improvement and development as a basis. Nowadays, countries try to attract qualified
manpower to themselves in order to contribute to innovation processes in their economies, and they want
to benefit from their knowledge, skills, and experiences in business life (Toraman et al. 2009, 106-107).
One of the main tasks of organizational capital is innovation. If the innovative behavior is encouraged,
facilitated and improved within the existing structure, the enterprise objectives will be achieved more
easily. Intellectual property and rights and patents are the determinants of both the inputs of the
innovation process and the outputs of the innovation behavior (Örnek and Ayas 2015, 1393). According
to Sakur (2019, 23), within the organizational capital, there are elements of access to information for
efficiency, processing times, method innovation, and coding of information. It also supports the cost
minimization per employee and the profit maximization.
The flow of information coming from customers can be ensured by using social capital, which includes
internal and external links of an enterprise, and other resources. Thus, innovative ideas that respond
instantly to the wishes of its customers can be developed. Furthermore, by involving external
stakeholders (suppliers, customers, competitors, consulting firms, universities, research and technology
organizations, etc.) in the process of innovative behavior in the enterprise, reliability, accuracy, timeliness,
and integrity in the operations can be provided. Thus, enterprises can improve themselves, facilitate their
entry into new markets, change product and business processes, and share the risks and costs arising
from R&D activities with their external stakeholders. They can interpret their performance with the
feedback coming to them and make improvements if needed (Ayas 2015, 109-110).

CONCLUSION AND DISCUSSION

In this study, which examines the effect of intellectual capital on innovation, the information obtained
from the existing literature was benefited from. In the literature review section of the study, data and
comments were presented in order to understand how intellectual capital and its elements are obtained in
various industries and economies and how innovation activities are realized. Finally, the data and results
of the sixteen studies on intellectual capital and intellectual capital elements and on its effects on
innovation were compiled and added to the study. There are also differences in the results obtained
because the elements of intellectual capital vary from enterprise to enterprise according to the institutions
and organizations with which they interact and communicate such as customers, suppliers, and partners,
and according to activities, knowledge, experiences, strategies, and structures of enterprises. While it
was observed that intellectual capital affected innovation positively and significantly in almost all
studies, it was determined that with effectively managed innovation inputs, human capital and social
capital were also affected. In almost all studies, the elements of intellectual capital have roles that
support and complete each other. Nevertheless, in the results of one study, it is clearly observed that
organizational capital does not affect innovation.
In cases when intellectual capital influences the innovation capability and activities, it has been realized
that the enterprise’s learning, education, experience, and expertise factors and its communication and
interaction with internal and external stakeholders and quality management are positively influenced
and the business performance is increased. It is quite positive to observe that innovation efforts are
motivated in the right ways and with the right resources and capabilities.
Although the number of studies in that intellectual capital is related to innovation is extremely low, the
main themes of its elements are relatively less studied. Future studies that will focus on the relevant fields

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will contribute to the field both in theory and in practice. Giving place to these studies in theses and
articles that will be written in management, accounting, and marketing sciences will fill this gap in the
field. Enterprises can manage the innovation process more effectively by understanding and developing
their intellectual capital resources, and by recognizing the driving forces and resources they possess.
Thus, they can develop more successful innovation projects. Institutions that carry out successful
innovation activities can contribute to the national economy by increasing their productivity and
performance and gain international competitive advantage. The result of this study can guide managers
and employees in comprehending their intellectual capital and developing their innovation strategies.
The effective use of intellectual capital is a process that will have a positive impact on growth on an
organizational, sectoral and macro-scale. This process should be planned correctly, and all sectors should
also be embraced by the state and universities within a framework.

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