This research involves a quantitative analysis of business performance conducted based on the data collected from fifty-nine previous MAKE winners and fifty-nine comparable non-MAKE winner companies according to their market capitalization to identify similarities and differences. This study is limited by its small sample size and the difficulty of identifying the comparable companies as many award winning companies already receive world-class recognition.
Based on the data analysis, capital efficiency (CEE) shows much higher explanatory power in the regression among MAKE award winners than their counterparts. Human capital efficiency (HCE) and value added intellectual capital (VAIC) are negatively correlated with ATO in non-MAKE winner companies. However, such correlation is not found in MAKE-award winners. Further implications are discussed in this paper.