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On the Relationship Between Intellectual Capital and Service SME Survival and Growth: A Dynamic Panel Data Analysis

The purpose of this paper is to analyse the relationships between intellectual capital components, i.e., human capital, structural capital and relational capital and growth of small and medium-sized enterprises (SMEs). Using data for two sub-samples of Portuguese SMEs, belonging to the service (6192 SMEs) and manufacturing (5977 SMEs) industries, this study resorts to Heckman two-step estimation method and dynamic panel data models. The findings suggest that all the components of intellectual capital, i.e., human capital, structural capital and relational capital are positively related to the service and manufacturing SME growth. Also, the inter-relationships between intellectual capital components, measured by the interaction variables human capital*structural capital, human capital*relational capital, structural capital*relational capital are positively related to SME growth. The results obtained highlight the importance of intellectual capital and the inter-relationships between its components for the service and manufacturing SME survival and growth.