Author(s): Massimo Cecchi
In both scientific and natural evolution, the proposal of new models is as important as their selection. However, the VAIC model seems to have completely bypassed this second phase. From our original meta-analysis of the literature, it appears that scholars use VAIC as a measure of CI without prior theoretical validation, with often very contradictory empirical results. Subsequently, the study evaluates the coherence of the VAIC from an epistemological, mathematical and empirical point of view, through a large sample (10,950 observations) of listed European companies It is proved that the VAIC has nothing to do with the value of the IC. It is only a biased measure of efficiency and does not have the ability to estimate knowledge and, therefore, to relate market value to IC.