Measuring intellectual capital of science park performance for newly established science parks in Thailand Natphasuth Patthirasinsiri a, * , Montri Wiboonrat b, 1 a Khon Kaen Business School, Faculty of Business Administration and Accountancy, Khon Kaen University, Khon Kaen 40002, Thailand b College of Graduate Study in Management, Bangkok Campus, Khon Kaen University, Bangkok 10120, Thailand article info Article history: Received 3 May 2017 Received in revised form 30 August 2017 Accepted 11 October 2017 Available online xxxx Keywords: exploratory factor analysis, intellectual capital, key performance indicators, science park abstract Most science parks (SP) have key performance indicators (KPIs) to indicate their perfor- mance. However, newly established science parks have not produced such measurable outputs to date. The aim of this study was to develop the measurement of intellectual capital aspects of science park performance for newly established science parks in Thailand using exploratory factor analysis (EFA). A Likert-type questionnaire survey was sent to a group of companies in the Federation of Thai Industries and 302 entrepreneurs and re- searchers in all science parks in Thailand from October to December, 2016. The four cat- egories of intellectual capital (IC), namely, structural capital, human capital, relational capital, and innovation capital, were expanded into six factors: patent and innovation service, entrepreneurship development, infrastructure, partnership, officer qualification, and product design. This study contributes to more practice references for science parks managers for managing intellectual capital aspects of science park performance in newly established science parks in Thailand. © 2017 Kasetsart University. Publishing services by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/ 4.0/). Introduction Silicon Valley (CA, USA) was a pioneer in the develop- ment of science parks (SP) around the world. Originally known as Stanford University Science Park, Silicon Valley was started in the early 1950s. It was followed by Sophia Antipolis (France) in Europe in the 1960s and Tsukuba Science City (Japan) in Asia in the early 1970s. This trio represents the oldest and best-known science parks in the world. Today, there are over 400 science parks worldwide, and their number is still growing. At the top of the list comes the USA, which is reported to have more than 150 science parks. Japan comes next with 111 science parks. China began developing science parks in the mid-1980s and now has approximately 100, 52 of which were approved by the national government and the remainder of which were approved by local governments. In brief, a science or technology park is a space, either physical or cybernetic, managed by a specialized team that provides value-added services and with the primary aim of increasing the competitiveness of its region or territory of influence. The space is intended to stimulate a culture of quality and innovation among its associated businesses and knowledge-based institutions, to organize the transfer of knowledge and technology from sources to companies and the marketplace, and to actively foster the creation of new and sustainable innovation-based com- panies through incubation and spin-off processes (Sanz, 2001). * Corresponding author. E-mail addresses: Patthirasinsiri2@gmail.com (N. Patthirasinsiri), montwi@kku.ac.th (M. Wiboonrat). Peer review under responsibility of Kasetsart University. 1 Co-first author. Contents lists available at ScienceDirect Kasetsart Journal of Social Sciences journal homepage: http://www.elsevier.com/locate/kjss https://doi.org/10.1016/j.kjss.2017.10.001 2452-3151/© 2017 Kasetsart University. Publishing services by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http:// creativecommons.org/licenses/by-nc-nd/4.0/). Kasetsart Journal of Social Sciences xxx (2017) 1e9 Please cite this article in press as: Patthirasinsiri, N., & Wiboonrat, M., Measuring intellectual capital of science park performance for newly established science parks in Thailand, Kasetsart Journal of Social Sciences (2017), https://doi.org/10.1016/ j.kjss.2017.10.001