The Impact of Intellectual Capital and Corporate Governance on Bank Performance in Vietnam
Main Article Content
Abstract
Purpose – The importance of corporate governance and intellectual capital on financial performance has largely been ignored in emerging markets. The banking sector is considered to accumulate a higher level of intellectual capital and to adopt a better corporate governance system. We aim to examine the contribution of these two important aspects to the performance of Vietnam's banking sector.
Design/methodology/approach – This paper utilizes data collected from the annual reports of banks in Vietnam from 2011 to 2021. The modified value-added intellectual coefficient (MVAIC) model is adopted to measure a bank's intellectual capital efficiency. In addition, the generalized method of moments is utilized to ensure the robustness of the findings.
Findings – Empirical results strongly confirm that intellectual capital positively contributes to a bank's performance. In terms of corporate governance, the findings indicate that board size, board remuneration and major shareholders holding more than 20 percent of outstanding shares are the three most important factors that contribute positively to banks' performance. In addition, human capital efficiency and capital employed efficiency positively impact a bank's profit.
Practical implications – Our study provides valuable evidence and implications for policymakers in managing and enhancing corporate governance and intellectual capital efficiency within the Vietnamese context, particularly in the banking sector.
Originality/value – To the best of our knowledge, this is the first empirical paper conducted to examine the contribution of corporate governance and intellectual capital on banks’ performance in Vietnam.
Article Details
Keywords
Corporate governance, Firm performance, GMM, Intellectual capital, Vietnam
References
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Cerbioni, F., & Parbonetti, A. (2007). Exploring the effects of corporate governance on intellectual capital disclosure: an analysis of European biotechnology companies. European Accounting Review, 16(4), 791-826. https://doi.org/10.1080/09638180701707011
Chang, C. S., Yu, S. W., & Hung, C. H. (2015). Firm risk and performance: the role of corporate governance. Review of Managerial Science, 9(1), 141-173. https://doi.org/10.1007/s11846-014-0132-x
Chu, S. K. W., Chan, K. H., & Wu, W. W. Y. (2011). Charting intellectual capital performance of the gateway to China. Journal of Intellectual Capital, 12(2), 249-276. https://doi.org/10.1108/14691931111123412
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406. https://doi.org/10.1016/S0304-405X(98)00058-0
Dalwai, T., & Mohammadi, S. S. (2020). Intellectual capital and corporate governance: an evaluation of Oman's financial sector companies. Journal of Intellectual Capital, 21(6), 1125-1152. https://doi.org/10.1108/JIC-09-2018-0151
Dao, Vu. (2022). The bank "closed its doors" to get more foreign buyers to own shares. https://vneconomy.vn/ngan-hang-hep-cua-tang-ty-le-so-huu-cua-nha-dau-tu-ngoai.htm.
Das, T. K., & Teng, B. S. (2001). Trust, control, and risk in strategic alliances: An integrated framework. Organization Studies, 22(2), 251-283. https://doi.org/10.1177/0170840601222004
Diyanty, V., Restuti, M. D., Diyanti, V., & Shauki, E. R. (2019, July). Intellectual Capital and Firm Performance: Applying a Modified Value-Added Coefficient. In Asia Pacific Business and Economics Conference (APBEC 2018) (pp. 114-123). Atlantis Press. https://doi.org/10.2991/apbec-18.2019.16.
Dzenopoljac, V., Yaacoub, C., Elkanj, N., & Bontis, N. (2017). Impact of intellectual capital on corporate performance: evidence from the Arab region. Journal of Intellectual Capital, 18(4), 884-903. https://doi.org/10.1108/JIC-01-2017-0014
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325. https://www.journals.uchicago.edu/doi/abs/10.1086/467037
Farag, H., Mallin, C. & Ow-Yong, K. (2018). “Corporate governance in Islamic banks: New insights for dual board structure and agency relationships”, Journal of International Financial Markets, Institutions and Money, 54(C), 59–77. doi: 10.1016/j.intfin.2017.08.002.
Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348-360. https://doi.org/10.1108/14691930310487806
Gujarati, D. (2003). Basic Econometrics, 4th ed. US: The McGraw-Hill Companies.
Mohammad, H. S., & Bujang, I. (2019). Performance of Malaysian financial firms: An intellectual capital perspective using MVAIC model. Asian Economic and Financial Review, 9(7), 752-765. https://doi.org/10.18488/journal.aefr.2019.97.752.765 .
Haris, M., Yao, H., Tariq, G., Malik, A., & Javaid, H. M. (2019). Intellectual capital performance and profitability of banks: Evidence from Pakistan. Journal of Risk and Financial Management, 12(2), 1-26. https://doi.org/10.3390/jrfm12020056
Henry, D. (2008). Corporate governance structure and the valuation of Australian firms: is there value in ticking the boxes?. Journal of Business Finance & Accounting, 35(7‐8), 912-942. https://doi.org/10.1111/j.1468-5957.2008.02100.x.
Ho, C. A., & Williams, S. M. (2003). International comparative analysis of the association between board structure and the efficiency of value added by a firm from its physical capital and intellectual capital resources. The International Journal of Accounting, 38(4), 465-491. https://doi.org/10.1016/j.intacc.2003.09.001
Hoang, T. C., Abeysekera, I., & Ma, S. (2017). The effect of board diversity on earnings quality: An empirical study of listed firms in Vietnam. Australian Accounting Review, 27(2), 146-163. https://doi.org/10.1111/auar.12128
Holland, J. (2006). Fund management, intellectual capital, intangibles and private disclosure. Managerial Finance, 32(4), 277-316. https://doi.org/10.1108/03074350610652242
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360. https://samizdathealth.org/wp-content/uploads/2020/12/Jensen-and-Meckling-1976.pdf.
Kamath, G. B. (2007). The intellectual capital performance of the Indian banking sector. Journal of Intellectual Capital, 8(1), 96-123. https://doi.org/10.1108/14691930710715088.
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