IMPACT OF INTELLECTUAL CAPITAL ON PROFITABILITY, MARKET VALUE, AND PRODUCTIVITY OF THE LISTED BANKS: EVIDENCE FROM BANGLADESH
Keywords:
Intellectual Capital, Profitability, Market Value, Productivity, VAIC Model.
Abstract
This study examined the impact of intellectual capital and its elements (e.g., human capital, structural capital, and capital employed) on the profitability, market value, and productivity of all 30 publicly traded banks listed on the Dhaka Stock Exchange in Bangladesh. The study used unbalanced panel data with 146 observations for the period 2016–2020. Data was collected from the annual reports and the websites of the corresponding banks, as well as from the website of the Dhaka Stock Exchange. Multiple panel data regression models were employed to test the hypotheses studied. Intellectual capital was measured by the value-added intellectual coefficient (VAIC). This study found that banks with higher intellectual capital generated higher profits but lowered productivity; however, intellectual capital did not contribute to enhancing market value. Regarding the impact of subcomponents of intellectual capital, the study revealed that the human capital of the banks being examined enhanced profits but lowered productivity, with no impact on market value. Surprisingly, banks with higher structural capital had lower profitability but no influence on their market value or productivity during the study period. While capital employed was not found to affect the profitability, market value, or productivity of the sample banks in Bangladesh. The findings of the study suggest that the listed banks in Bangladesh failed to exploit intellectual capital well enough to gain a competitive advantage.
JEL Classification Codes: E22, G32, O34, O16.
References
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Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159-176. https://doi.org/10.1108/14691930510592771
Chowdhury, L. A. M., Rana, T., & Azim, M. I. (2019). Intellectual capital efficiency and organisational performance: In the context of the pharmaceutical industry in Bangladesh. Journal of Intellectual Capital, 20(6), 784-806. https://doi.org/10.1108/JIC-10-2018-0171
Clarke, M., Seng, D., & Whiting, R. H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505-530. https://doi.org/10.1108/14691931111181706
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Goh, P. C. (2005). Intellectual capital performance of commercial banks in Malaysia. Journal of Intellectual Capital, 6(3), 385-396. https://doi.org/10.1108/14691930510611120
Gujarati, D., Porter, D.C., & Gunasekar, S. (2012). Basic Econometrics. Tata McGrawhill, New Delhi. Retrieved from https://nou.edu.ng/coursewarecontent/AEA505.pdf
Hasan, R., Mohammad, N., & Alam, M. F. (2017). Impact of intellectual capital on profitability: conventional versus Islamic banks. Journal of Accounting, Finance and Auditing Studies, 3(2), 64-80. Retrieved from https://www.um.edu.mt/library/oar/bitstream/123456789/27225/3/Impact_of_intellectual_capital_on_profitability_conventional_versus_Islamic_banks_2017.pdf
Hausman, J. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251-1271. https://doi.org/10.2307/1913827
Hudgins, M. R. (2014). The impact of intellectual capital on the performance of US property-casualty insurance companies. Business and Economics Journal, 5(4), 1-6. https://doi.org/10.4172/2151-6219.1000120
Joshi, M., Cahill, D., & Sidhu, J. (2010). Intellectual capital performance in the banking sector: An assessment of Australian owned banks. Journal of Human Resource Costing & Accounting, 14(2), 151–170. https://doi.org/10.1108/14013381011062649
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Kamal, M. H. M., Mat, R. C., Rahim, N. A., Husin, N., & Ismail, I. (2012). Intellectual capital and firm performance of commercial banks in Malaysia. Asian Economic and Financial Review, 2(4), 577-590. Retrieved from https://archive.aessweb.com/index.php/5002/article/view/782/1231
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Kweh, Q. L., Ting, I. W. K., Hanh, L. T. M., & Zhang, C. (2019). Intellectual capital, governmental presence, and firm performance of publicly listed companies in Malaysia. International Journal of Learning and Intellectual Capital, 16(2), 193-211. https://doi.org/10.1504/IJLIC.2019.098932
Maji, S. G., & Goswami, M. (2016). Intellectual capital and firm performance in emerging economies: The case of India. Review of International Business and Strategy, 26(3), 410-430. https://doi.org/10.1108/RIBS-03-2015-0019
Marzo, G. A. (2022). Theoretical analysis of the value added intellectual coefficient (VAIC). Journal of Management and Governance. 26, 551-577. https://doi.org/10.1007/s10997-021-09565-x
McNichols, M., Rajan, M. V., & Reichelstein, S. (2014). Conservatism correction for the market-to-book ratio and Tobin’s q. Review of Accounting Studies, 19(4), 1393-1435. Retrieved from https://www.researchgate.net/publication/228433154_Conservatism_Correction_for_the_Market-to-Book_Ratio
Mohiuddin, M., Najibullah, S., & Shahid, A. I. (2006). An exploratory study on intellectual capital performance of the commercial banks in Bangladesh. The Cost and Management, 34(6), 40-54. Retrieved from https://www.researchgate.net/profile/Syed-Najibullah-2/publication
/325019753_An_Exploratory_Study_on_Intellectual_Capital_Performance_of_the_Commercial_Banks_in_Bangladesh/links/5af1b409a6fdcc24364b7bf5/An-Exploratory-Study-on-Intellectual-Capital-Performance-of-the-Commercial-Banks-in-Bangladesh.pdf
Mollah, M. A. S., & Rouf, M. A. (2022). The impact of intellectual capital on commercial banks’ performance: Evidence from Bangladesh. Journal of Money and Business, 2(1), 82-93. https://doi.org/10.1108/JMB-07-2021-0024
Mondal, A., & Ghosh, S. K. (2012). Intellectual capital and financial performance of Indian banks. Journal of Intellectual Capital, 13(4), 515-530. https://doi.org/10.1108/14691931211276115
Nadeem, M., Gan, C., & Nguyen, C. (2018). The importance of intellectual capital for firm performance: Evidence from Australia. Australian Accounting Review, 28(3), 334-344. https://doi.org/10.1111/auar.12184
Nawaz, T., & Haniffa, R. (2017). Determinants of financial performance of Islamic banks: An intellectual capital perspective. Journal of Islamic Accounting and Business Research, 8(2), 130-142. https://doi.org/10.1108/JIABR-06-2016-0071
Njuguna, J. I. (2009). Strategic positioning for sustainable competitive advantage: An organizational learning approach. KCA Journal of Business Management, 2(1), 32-43. https://doi.org/10.4314/kjbm.v2i1.44409
Ntim, C.G. (2009). Internal Corporate Governance Structures and Firm Financial Performance: Evidence from South African Listed Firms [Doctoral Dissertation, University of Glasgow], Glasgow, UK. Retrieved from http://theses.gla.ac.uk/id/eprint/1282
Pal, K., & Soriya, S. (2012). IC performance of Indian pharmaceutical and textile industry. Journal of Intellectual Capital, 13(1), 120-137. https://doi.org/10.1108/14691931211196240
Peng, T. J. A., Pike, S., & Roos, G. (2007). Intellectual capital and performance indicators: Taiwanese healthcare sector. Journal of Intellectual Capital, 8(3), 538-556. https://doi.org/10.1108/14691930710774902
Poh, L. T., Kilicman, A., & Ibrahim, S. N. I. (2018). On intellectual capital and financial performances of banks in Malaysia. Cogent Economics & Finance, 6(1), 145-174. https://doi.org/10.1080/23322039.2018.1453574
Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. In C. Tiffany, & S. Jennifer (Eds.), 19th Annual National Business Conference. DeGroote School of Business. Retrieved from https://www.bib.irb.hr/35384
Pulic, A. (2000a). VAIC™–an accounting tool for IC management. International Journal of Technology Management, 20(5-8), 702-714. https://doi.org/10.1504/IJTM.2000.002891
Pulic, A. (2000b). MVA and VAIC analysis of randomly selected companies from FTSE 250. Retrieved from www.vaic-on.net/downloads/ftse30.pdf
Pulic, A. (2004). Intellectual capital–does it create or destroy value? Measuring Business Excellence, 8(1), 62-68. https://doi.org/10.1108/13683040410524757
Raja Adazrin, R. A., Thahir, A. A., & Maisarah, M. S. (2009). Value creation strategy for sustainability. Accountants Today, 22(1), 12-13.
Roos, G., Pike, S., & Fernström, L. (2007). Managing intellectual capital in practice. 1st ed. Routledge, Taylor & Francis Group. https://doi.org/10.4324/9780080479118
Sardo, F., Serrasqueiro, Z., & Alves, H. (2018). On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels. International Journal of Hospitality Management, 75(1), 67-74. https://doi.org/10.1016/j.ijhm.2018.03.001
Saruchi, S. A., Zamil, N. A. M., Basiruddin, R., & Ahmad, N. F. G. (2019). Examining the impact of corporate governance on intellectual capital: Empirical evidence of Islamic banks. International Journal of Academic Research in Accounting, Finance and Management Sciences, 42(3), 4-16. https://doi.org/10.6007/IJARAFMS/v9-i3/6345
Schiavone, F., Meles, A., Verdoliva, V., & Del Giudice, M. (2014). Does location in a science park really matter for firms’ intellectual capital performance? Journal of Intellectual Capital, 15(4), 497-515. https://doi.org/10.1108/JIC-07-2014-0082
Sidharta, I., & Affandi, A. (2016). The empirical study on intellectual capital approach toward financial performance on rural banking sectors in Indonesia. International Journal of Economics and Financial Issues, 6(3), 1247-1253. Retrieved from https://dergipark.org.tr/en/download/article-file/364886
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Published
2022-10-24
How to Cite
Hossain, M. K., Salam, M. A., Reza, M. M., & Hasan, M. T. (2022). IMPACT OF INTELLECTUAL CAPITAL ON PROFITABILITY, MARKET VALUE, AND PRODUCTIVITY OF THE LISTED BANKS: EVIDENCE FROM BANGLADESH. International Journal of Accounting & Finance Review, 12(1), 35-46. https://doi.org/10.46281/ijafr.v12i1.1812
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2022 Mohammad Kamal Hossain, Md. Abdus Salam, Md Moslahur Reza, Md. Tamim Hasan
This work is licensed under a Creative Commons Attribution 4.0 International License.
