The Relationship between Intellectual Capital and Sustainable Growth on Listed Company in The Stock Exchange of Thailand

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Paraween Sim-im
Paiboon Pajongwong
Thamrongsak Svetalekth


The objective of this study is to study the relationship between intellectual capital and sustainable growth on the stock exchange on listed companies in the Stock Exchange of Thailand (SET) in the year 2011 to 2015. The study was on 3 industries: service, technology and agro & Food Industry. Samples of 139 companies, the secondary data were collected from financial statements, annual reports, and annual registration statements. This study used the VAIC method to measure intellectual capital and sustainable growth with sustainable growth rate (SGR) to provide descriptive statistical analysis and multiple regression analysis. It was found intellectual capital had a significantly positive relationship with sustainable growth rate. When intellectual capital components were analyzed it was found different relationship to sustainable growth rates. Human capital had the highest ratio. It had a significantly positive relationship with sustainable growth rate. While structural capital and physical capital significant relationship with sustainable growth rate was not found. The Suggestion of study are attention investment to intellectual capital. It is found that human capital is positive relationship to sustainable growth. However, we need to study about intellectual capital and sustainable growth. To be able invest and gain competitive advantage in business. While the disclosure of intellectual capital is small, management should be promoting to benefit investors.


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Sim-im, P., Pajongwong, P., & Svetalekth, T. (2019). The Relationship between Intellectual Capital and Sustainable Growth on Listed Company in The Stock Exchange of Thailand. Rajapark Journal, 13(30), 216–227. Retrieved from
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