Impact of intellectual capital on firm value: A study of listed non-financial companies in Sri Lanka

The paper aims to investigate the impact of intellectual capital on firm value in Sri Lankan. The study sample includes 50 non-financial companies listed on Colombo stock exchange for the period from 2021 to 2025. This research uses intellectual capital disclosure index to measure intellectual capital of a firm.  The intellectual capital disclosure includes the sum of three components: Human Intellectual Capital Disclosure Index, Structural Intellectual Capital Disclosure Index, and Relational Intellectual Capital Disclosure Index. In this paper, firm value is measured by Tobin’s Q ratio. Firm size and leverage are used as control variable to pointed out the impact of intellectual capital on firm value. Descriptive statistics, correlation analysis, and multiple regression analysis were performed to analyze the data. The statistical results show a statistically significant positive impact of intellectual capital disclosure index on firm value. Further, study demonstrates that improving the disclosure of human capital and structural capital can contribute to higher firm value among listed non-financial companies in Sri Lanka.  This evidence provides a new insight to decision makers on how to improve the value of firms listed on Colombo stock exchange.