“…Several studies analyse the relationship between components of intellectual capital and value creation using the VAIC TM method to evaluate the level of value creation efficiency of intellectual capital as indicated by human capital efficiency, structural capital efficiency, capital employed efficiency, and VAIC TM (Kujansivu & Lönnqvist, 2007;Muhammad & Ismail, 2009;Laing, Dunn & Hughes-Lucas, 2010;Zéghal & Maaloul, 2010;Chang & Hsieh, 2011;Rehman, Rehman, Rehman & Zahid, 2011;Paknezhad & Ahmadkhani, 2012;Shaban & Kavida, 2013;FitzPatrick, Davey, Muller & Davey, 2013;Sumedrea, 2013;Piri, Alghyani, Sadaghiani & Nejad, 2014;Bontis, Janoševic & Dženopoljac, 2015;Matinfard & Khavari, 2015;Svanadze & Kowalewska 2015;Maji & Goswami, 2016;Flores, García & Adame, 2017;Hasan, Mohammad & Alam, 2017;Shawtari, Saiti, Mohamad & Rashid, 2017;Kamath, 2017;Ozkan, Cakan & Kayacan, 2017;Pradana, Nidar & Aripin, 2018;Khairiyansyah & Vebtasvili, 2018;Yilmaz & Acar, 2018).…”