The Influence Of Value-Added Intellectual Capital On Firm Performance - An Empirical Study Of Listed Company In Vietnam

Abstract

The goal of this research is to look at the influence of intellectual capital on the firm performance of listed companies in Vietnam. The study used secondary data and data was collected from annual reports of 699 Vietnamese listed firms published by the Vietnam Stock Exchange except for insurance companies, brokerage companies & banks from 2017-2021. The Value Added Intellectual Coefficient model was applied to calculate intellectual capital. In this research, two indicators were employed to measure firm performance such as return on assets and return on equity, while human capital efficiency, structural capital efficiency, and capital employed efficiency represent three key components of intellectual capital efficiency. In addition, size, leverage, and physical capital intensity are used as control variables to test this relationship. The findings support the idea that businesses' intellectual capital improves financial success. Human capital efficiency as well as capital employed efficiency were found positively significant while structural capital efficiency had no significant impact on firm performance. As a result, the authors discovered that various investors regard the three components of value-generating efficiency differently. Hence, these findings help to a improve view of the value of intellectual capital in the creation of company value in Vietnamese-listed enterprises.