A Critical Overview of Intellectual Capital: Theoretical Foundations, Models, and Strategic Relevance

Abstract

This paper provides a comprehensive and critical review of intellectual capital (IC) as a theoretical and organizational construct. Situated within the broader transition to knowledge-based economies, IC is explored through its conceptual foundations, definitional diversity, and classification into human, structural, and relational dimensions. The study integrates major theoretical perspectives, including the Resource-Based and Knowledge-Based Views, Stakeholder and Institutional Theories, and systems-oriented frameworks that have shaped the field. It also examines key IC measurement models such as VAIC, MVAIC, and narrative-based approaches like Integrated Reporting and the Balanced Scorecard. Special attention is given to the strategic role of IC in various sectors, including emerging economies, as well as evolving practices of IC disclosure and reporting. The paper reflects on methodological trends in IC research, noting the diversification of quantitative, qualitative, and context-sensitive approaches. Overall, the study argues for the recognition of IC as a distinct and interdisciplinary domain of inquiry, essential for understanding value creation, innovation, and sustainable performance in contemporary organizations.