Do Intellectual Capital Elements Spur Firm Performance? Evidence from the Textile and Apparel Industry in China

Table 5

Summary of regression results.

IC components	VAIC model				MVAIC model
	ROA	ROE	MB	EP	ROA	ROE	MB	EP
Physical capital	+	+	Insignificant	+	+	+	+	+
HC	+	+	Insignificant	+	+	+	+	+
SC	Insignificant	+	+	—	Insignificant	+	Insignificant	—
RC	N/A	N/A	N/A	N/A	—	—	—	Insignificant
INC	N/A	N/A	N/A	N/A	Insignificant	Insignificant	Insignificant	—