Developing a Model for Competitive Advantage of Intellectual Capital and Its Impact on Financial Performance
Keywords:
Competitive advantage, intellectual capital, financial performance, Tehran Stock ExchangeAbstract
The purpose of this study is to develop a model for competitive advantage based on intellectual capital and to examine its impact on the financial performance of companies listed on the Tehran Stock Exchange. This mixed-method research employed an exploratory design. In the qualitative phase, the grounded theory approach was used to identify the components and influencing factors of intellectual capital through semi-structured interviews with 17 experts, including financial professionals, managers of listed companies, and academic scholars. In the quantitative phase, data were collected via questionnaires and analyzed using structural equation modeling (SEM) with AMOS and SPSS software. The validity and reliability of the questionnaire were confirmed prior to model testing. The qualitative analysis revealed a final model comprising six main dimensions, twenty core categories, and seventy-three subcategories. Causal conditions included human resource training and development, innovation and technology, and knowledge management. Contextual conditions involved economic, political, legal, social, and cultural environments, while intervening conditions included managerial changes, business intelligence, and brand image. Quantitative results showed that all factors positively and significantly influenced financial performance (p<0.05). Model fit indices such as RMSEA=0.055, CFI=0.909, and GFI=0.822 indicated a satisfactory model fit. Intellectual capital serves as a strategic and sustainable source of competitive advantage that significantly enhances corporate financial performance. Focusing on human resource development, innovation, and knowledge management can strengthen organizational learning, improve customer satisfaction, and sustain long-term competitive positioning. Managers should strategically invest in intellectual capital to optimize financial outcomes and ensure lasting market competitiveness.
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Copyright (c) 2025 Fatemeh Mosadegh (Author); Mostafa Ghasemi (Corresponding author); Abdolreza Mohseni (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
