A Master’s thesis entitled “The Efficiency of Intellectual Capital Utilization and its Impact on Company Value Using the VAIC Model: The Mediating Role of Financial Performance” was discussed in the Department of Business Administration at the College of Administration and Economics, Al-Qadisiyah University. The thesis was presented by researcher Mohammed Mohsen Attia Al-Raziqi and supervised by Professor Dr. Elham Nemah Kadhim and Professor Dr. Abdullah Kadhim Hassan.

The study aimed to analyze the impact of the efficiency of intellectual capital utilization on company value, while also highlighting the mediating role of financial performance. This was achieved by applying the Value Added Intellectual Capital (VAIC) model to a sample of (11) publicly traded companies in the industrial sector listed on the Iraq Stock Exchange, covering the period 2020–2024.

The study reached several conclusions, the most important of which were: a significant positive impact of intellectual capital on financial performance; a significant impact of financial performance on company value; and an indirect impact of intellectual capital on company value through… Financial performance acts as an intermediary variable, confirming that improving the efficiency of intellectual capital investment positively impacts financial performance and, consequently, company value.