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1. Introduction
In the second half of the 1980s, the growth of knowledge and innovation has pushed companies and academic experts to identify new ways to determine the value of a company to identify new activities that create value added. In the 1990s, the emergence of resource-based theory and knowledge-based theory showed that corporate success is not merely attributable to material resources and intangible resources can differentiate the company from competitors (Pedrini, 2007).
The importance of knowledge resources has increased rapidly in many fields such as accounting, economics and strategic management. In parallel with the long-standing recognition of the prominence of intellectual capital (IC) in determining a firm’s value, there is also a growing debate on the role of management accounting and control systems within the setting (Asiaei et al., 2018).
IC has been argued to be the key element of value creation in contemporary economies and this argument has been widely supported by empirical research studies (Andreeva and Garanina, 2016). The topic of IC has gained relevant consideration among academics, practitioners and consultants. It is because, in the current knowledge era, companies compete relying more on intangible resources such as technologies, innovations in process, organization employee abilities, creativity, relationships with external partners and industry networks (Ginesti et al., 2018). IC influences firm performance mainly through interactions, combinations and mediations. Also, there is a great deal of evidence on the significant relationship between IC and the firm’s innovation performance (Inkinen, 2015). Evaluation of IC is a vital phenomenon for various organizations to determine the value of the organization, to improve the control system and to assist in strategic planning and decision-making (Arvan et al., 2016).
On the other hand, employee loyalty is a very important issue for organizations because there is not an easy way to maintain employee loyalty in an organization to retain the employees. Also, increasing employee loyalty can reduce employee turnover and relocation rates. Employees can represent an important investment and vital resource for all organizations because the salaries, bonuses and employees’ benefits can enhance the employees’ work hard and loyalty to the organization. So, there is a considerable expense for replacing an employee whether he/she is holding a high position or low position in the organization, as the...