Variable	Label and measurement	Definition
Value added (VA)	VA=output-input VA=IN + HC + D + A + T + I IN=net income after tax HC=employee costs D=depreciation A=amortization T=taxes I=interests	Output refers to net revenues generated. Input refers to expenses incurred excluding employee benefits.
Relational capital (RC)	Total net tangible assets	Capital that enables HC and SC in creating added value (Nuryaman, 2015) . Refers to capital employed equal to the book value of net total assets.
Human capital (HC)	All costs invested in employees	Knowledge owned by the staff. Refers to wages, salaries, bonuses, compensations, social security expenses, insurance, end of service benefits or any other renumeration.
Structural capital (SC)	SC=VA − HC	Knowledge owned by the company. Excludes employees’ costs from VA to determine the value added by structural elements
Relational capital efficiency (RCE)	RCE=VA/CE	RCE⁵ coefficient describing the value-value-created by a $ spent on capital employed
Human capital efficiency (HCE)	HCE=VA/HC	HCE coefficient describing the value added generated by a $ spent on HC
Structural capital efficiency (SCE) Intellectual capital efficiency (ICE) Value-added intellectual coefficient	SCE=SC/VA ICE=SCE + HCE	SCE coefficient describing the value added generated by structural capital efficiency. ICE coefficient describing the value created by intangible assets efficiency.
VAIC⁶	VAIC=RCE + HCE + SCE	Overall value-added efficiency generated by intellectual coefficient proxied by IC. A greater VAIC represents greater efficiency in IC capitals employed, and thus greater value generated to the firm (Yang, 2019) .
Firm size (SIZE)	SIZE=(Log TA)	Firm size, to control for the effect of large and small firms on the regression model. Calculated by taking the logarithm for total net assets (TA).
Financial leverage (LEV)	LEV=(TD/TA)	Company indebtedness, to control the effect of firm debt on the regression model. Calculated by dividing total debts (TD) by total net assets.