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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/ authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation.Abstract Taking into account the transformation in economic reality towards a knowledge economy it seems logical that we treat IC as a resource, equal to that land, physical assets, and ®nancial capital. This means that it is not anymore treated as a cost but as an investment. In order for the new system to be consistent we have to de®ne a new index, namely the value creation ef®ciency of intellectual capital. Its empirical applications shows that while revenue, pro®t and GDP may indicate successful performance, IC ef®ciency may indicate the opposite, that value is being destroyed and not created.

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