Số phát hành: Số 16 - Tháng 6 - 2026Quản trị - Quản lý
The impact of intellectual capital on business performance: Resilience and recovery from the COVID-19 pandemic
Xuất bản: tháng 7 14, 2026
doi:10.62831/nckh.2026.404.v1
Tóm tắt
This study investigates the impact of intellectual capital (IC) on firm performance and examines its moderating role in enhancing resilience during the COVID-19 pandemic and supporting post-crisis recovery. Using the Modified Value-Added Intellectual Coefficient (MVAIC) framework and a two-way fixed-effects model, the analysis is conducted on a balanced panel of 340 non-financial firms listed in Vietnam over the period 2015–2024. The baseline results show that capital employed efficiency (CEE) and human capital efficiency (HCE) exert positive effects on profitability, as measured by return on assets (ROA), while CEE is the primary determinant of market valuation, proxied by Tobin’s Q. In contrast, relational capital efficiency (RCE) is negatively associated with ROA. The moderation analysis reveals a structural shift in the contribution of IC during and after the pandemic. Specifically, the influence of CEE on market valuation weakens, whereas structural capital efficiency (SCE) emerges as a critical buffer during the crisis and a key driver of post-pandemic recovery. In addition, RCE plays a significant role in strengthening accounting-based resilience and recovery. Overall, the findings highlight the heterogeneous and context-dependent effects of intellectual capital components in shaping firm performance and enabling firms to adapt to macroeconomic shocks.
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