Malche , Bojan; A anaso ski, A anasko; T peska, Ma ina
A icle
In ellec ual Capi al: A Key D i e o Financial Pe o mance
in The Macedonian Banking Indus y
Jou nal o Accoun ing and Managemen In o ma ion Sys ems (JAMIS)
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Malche , Bojan; A anaso ski, A anasko; T peska, Ma ina (2024) : In ellec ual
Capi al: A Key D i e o Financial Pe o mance in The Macedonian Banking Indus y, Jou nal o
Accoun ing and Managemen In o ma ion Sys ems (JAMIS), ISSN 2559-6004, Bucha es Uni e si y o
Economic S udies, Bucha es , Vol. 23, Iss. 1, pp. 237-260,
h ps://doi.o g/10.24818/jamis.2024.01010
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In ellec ual capi al: A key d i e o inancial
pe o mance in he Macedonian banking
indus y
Bojan Malche
1
,a, A anasko A anaso skia and Ma ina T peskaa
aFacul y o Economics - Skopje, Ss. Cy il and Me hodius Uni e si y in
Skopje, No h Macedonia
Abs ac
Resea ch Ques ion: How does in ellec ual capi al, measu ed by he Value Added In ellec ual
Coe icien (VAIC) and i s componen s, in luence he inancial pe o mance o banks in
No h Macedonia?
Mo i a ion: In he e ol ing landscape o he banking sec o , unde s anding he impac o
in ellec ual capi al on inancial pe o mance is c ucial. This s udy builds upon exis ing
esea ch (Appuhami, 2007; Ozkan e al., 2017; Joshi e al., 2013) o explo e his ela ionship
in he speci ic con ex o No h Macedonia. I add esses he esea ch gap by using he VAIC
model o quan i y in ellec ual capi al and examines i s e ec on Re u n on Asse s (ROA) and
Re u n on Equi y (ROE).
Idea: The esea ch employs linea eg ession models o analyze he e ec o in ellec ual
capi al, as measu ed by VAIC and i s componen s, on he inancial pe o mance indica o s
ROA and ROE in Macedonian banks.
Da a: The s udy analyzes a decade o da a (2012-2021) om en Macedonian banks, using
he VAIC model o measu e in ellec ual capi al.
Tools: The s udy u ilizes linea eg ession analyses wi h he S a is ical Package o he Social
Sciences (SPSS) o examine he ela ionship be ween in ellec ual capi al and inancial
pe o mance.
Findings: The s udy inds a signi ican and posi i e impac o VAIC and i s componen s on
bo h ROA and ROE. These esul s unde sco e he impo ance o in ellec ual capi al in
enhancing inancial pe o mance in he banking sec o . No ably, he s udy e eals a high
1
Co esponding au ho : Facul y o Economics - Skopje, Ss. Cy il and Me hodius Uni e si y
in Skopje; Bl d Goce Delche 9 , Skopje 1000, No h Macedonia; el. +389 2 329 3293;
email add ess: b[email p o ec ed]u.mk
Acknowledgemen : This pape was p esen ed a AMIS 2023 con e ence.
Accoun ing and Managemen In o ma ion Sys ems
238 Vol. 23, No. 1
a e age VAIC alue among Macedonian banks, indica ing hei subs an ial in ellec ual
capabili y.
Con ibu ion: This esea ch adds o he li e a u e by elucida ing he ela ionship be ween
in ellec ual capi al, measu ed h ough VAIC, and inancial pe o mance in he banking sec o
o No h Macedonia.
Keywo ds: In ellec ual capi al, Financial pe o mance, No h Macedonia, Value Added
In ellec ual Coe icien (VAIC), Banking sec o .
JEL codes: G21, O34, M41.
1. In oduc ion
In his schola ly in es iga ion, we del e in o he ealm o in ellec ual capi al, a
domain o inc easing p ominence in he con empo a y co po a e milieu. This
explo a ion is p emised on he ecogni ion o he in insic alue o in angible asse s
and seeks o elucida e me hods o hei quan i ica ion and managemen . In ellec ual
capi al, encompassing knowledge, skills, and o he non- angible esou ces, is pi o al
in enabling o ganiza ions o gene a e alue and main ain compe i i eness. This is
pa icula ly salien in he banking sec o , whe e in ellec ual asse s a e undamen al
o ope a ions ha a e inhe en ly knowledge-based, in ol ing cus ome in e ac ions
and se ices oo ed in in ellec ual domains such as human esou ces, b anding, and
sys em p ocesses (Ahuja & Ahuja, 2012).
The banking sec o 's eliance on in ellec ual capi al o deli e ing inancial se ices
and sus aining ma ke compe i ion is undeniable. Se e al schola ly inqui ies ha e
unde sco ed in ellec ual capi al as a i al and s a egic asse in he banking sec o 's
success (Celenza & Rossi, 2014; Inkinen, 2015; Nim akoon, 2015; Sa ea &
Alansa i, 2016). The bu geoning co pus o li e a u e examining he in e play
be ween in ellec ual capi al and inancial pe o mance e lec s he escala ing
signi icance o in angible asse s in he business wo ld.
In ellec ual capi al, while a iably de ined, commonly e e s o he knowledge,
skills, and o he in angible asse s ha empowe businesses o c ea e alue and
compe e e ec i ely. This concep has ound applica ion ac oss a ious indus ies,
including banking. The subjec i e na u e o in ellec ual capi al poses challenges in
i s measu emen , p omp ing he de elopmen o se e al me hodologies o es ima e
i . Among hese, he Value Added In ellec ual Coe icien (VAIC), p oposed by
Pulic (1998), s ands ou as a widely ecognized measu e ac oss di e se indus ies.
VAIC, a holis ic measu e o in ellec ual capi al, encompasses he con ibu ions o
human, s uc u al, and ela ional capi al. I s componen s include Human Capi al
E iciency (HCE), assessing e iciency in u ilizing human capi al; S uc u al Capi al
In ellec ual Capi al: A Key D i e o Financial Pe o mance
in he Macedonian Banking Indus y
Vol. 23, No. 1 239
E iciency (SCE), gauging e iciency in using s uc u al capi al; and Capi al
Employed E iciency (CEE), e alua ing he e iciency in employing capi al.
Resea ch ocusing on he ela ionship be ween in ellec ual capi al and inancial
pe o mance in he banking sec o has yielded mixed ou comes, anging om
signi ican o negligible co ela ions. These a iances can be a ibu ed o he
complexi ies in measu ing in ellec ual capi al and accoun ing o o he in luen ial
ac o s on inancial pe o mance.
In he con ex o No h Macedonia's banking sec o , which has ecen ly unde gone
signi ican ans o ma ions, including in ensi ied compe i ion and egula o y
changes, unde s anding he impac o in ellec ual capi al on inancial pe o mance is
c ucial. This esea ch p esen s an empi ical examina ion o how in ellec ual capi al
in luences he inancial pe o mance o banks in No h Macedonia. Employing linea
eg ession models, he s udy in es iga es he co ela ion be ween VAIC and i s
componen s wi h inancial pe o mance indica o s such as Re u n on Asse s (ROA)
and Re u n on Equi y (ROE). The sample comp ises en banks ac i e in No h
Macedonia om 2012 o 2021.
This esea ch con ibu es o he ex an body o knowledge by examining he impac
o in ellec ual capi al on inancial pe o mance in he banking sec o o No h
Macedonia. I seeks o add ess he inconsis encies obse ed in p e ious s udies
ega ding his ela ionship. Fu he mo e, he s udy o mula es hypo heses and
ensu es adhe ence o key eg ession model assump ions such as linea i y, no mal
dis ibu ion, homoscedas ici y, he absence o mul icollinea i y, and he absence o
au oco ela ion. In add essing he limi a ions o his s udy, i is impe a i e o
acknowledge he speci ic scope and geog aphical concen a ion o ou esea ch. The
in es iga ion is con ined o he banking sec o in No h Macedonia and may no be
uni e sally applicable o o he indus ies o geog aphical egions. Addi ionally, he
eliance on VAIC as he sole measu e o in ellec ual capi al migh o e look o he
po en ial models o me ics ha could p o ide a mo e nuanced unde s anding o
in ellec ual capi al's impac on inancial pe o mance. Fu u e esea ch di ec ions
should conside expanding he scope o inqui y o include di e se indus ies and
b oade geog aphical egions o alida e he gene alizabili y o he indings. I would
also be bene icial o explo e al e na i e me hodologies o measu ing in ellec ual
capi al, he eby p o iding a mo e comp ehensi e iew o i s mul i ace ed na u e.
Fu he mo e, longi udinal s udies could o e insigh s in o he e ol ing impac o
in ellec ual capi al on inancial pe o mance o e ime.
The pape is s uc u ed as ollows: Sec ion 2 p o ides a li e a u e e iew on
in ellec ual capi al and inancial pe o mance; Sec ion 3 de ails he esea ch
me hodology, including sample selec ion, da a collec ion, and analysis p ocedu es;
Sec ion 4 discusses he implica ions o he indings o banks and manage s,
including he es ima ed coe icien s and s a is ical signi icance o VAIC and i s
componen s; and Sec ion 6 concludes he pape .
Accoun ing and Managemen In o ma ion Sys ems
240 Vol. 23, No. 1
2. Li e a u e e iew
2.1 In ellec ual capi al measu emen
The schola ly li e a u e on he measu emen and epo ing o in ellec ual capi al (IC)
spans a di e se a ay o academic disciplines and business sec o s. A key heme in
his body o wo k is he necessi y o o ganiza ions o implemen sys ema ic
app oaches o he moni o ing and epo ing o hei IC asse s. Ka l-E ik S eiby's
seminal 1997 book, “The New O ganiza ional Weal h,” was ounda ional in de ining
he concep o IC and o e ing a me hodology o i s measu emen and managemen .
Since i s publica ion, nume ous me hods o quan i ying and disclosing IC ha e been
de eloped. Resea ch in his ield has o en ocused on de ising speci ic me ics o
assess indi idual componen s o IC, such as cus ome capi al as explo ed by
Ed insson and Malone (1997), o human capi al as examined by Bon is (1998).
O he esea che s ha e p oposed mo e holis ic app oaches o encapsula e he en i e
spec um o IC, including ools like he Balanced Sco eca d by Kaplan & No on
(1996) and he In ellec ual Capi al Na iga o de eloped by Bon is and colleagues in
2001.
An e Pulic in oduced he Value Added In ellec ual Coe icien (VAIC) model in
1998, ma king a signi ican con ibu ion o he esea ch on IC and i s impac on
inancial success. The VAIC model o e s an analysis o he in e play be ween a
i m's angible asse s and i s human, s uc u al, and ela ional capi al, p o iding a
measu e o he alue gene a ed h ough a company's in ellec ual esou ces.
The VAIC model p esen s se e al ad an ages, as no ed in s udies by Fi e &
Williams (2003), Laing e al. (2010), and Nim akoon (2015). I p o ides a
s aigh o wa d and accessible means o calcula ing IC's alue, aiding s akeholde s
in e alua ing he o e all esou ces and hei e iciency in alue c ea ion. The model's
eliance on da a om audi ed co po a e inancial epo s lends i a le el o objec i i y
and e i iabili y. Addi ionally, he use o s anda dized inancial epo s as a da a
sou ce allows o compa isons ac oss di e en o ganiza ions and coun ies.
Companies can u ilize he VAIC model o assess hei own IC and i s impac on
business pe o mance. Howe e , he VAIC model is no wi hou i s limi a ions.
C i ics like Joshi e al. (2013) and Mohammad e al. (2018) ha e poin ed ou i s
ailu e o include ce ain aspec s adi ionally conside ed pa o in ellec ual na u e,
such as esea ch and de elopmen expendi u e, in ellec ual p ope y igh s, and
ela ional capi al. Ano he signi ican limi a ion, as iden i ied by Chu (2011), is he
model's inadequacy in e alua ing IC in companies ha epo nega i e ope a ing
p o i s, ende ing i less use ul o i ms wi h highe inpu s han ou pu s.
In ellec ual Capi al: A Key D i e o Financial Pe o mance
in he Macedonian Banking Indus y
Vol. 23, No. 1 241
2.2 P e ious empi ical esea ches
Mondal and Ghosh's (2012) s udy on Indian banks unde sco es he pi o al ole o
in ellec ual capi al (IC) in enhancing compe i i e ad an age, es ablishing di e se
co ela ions be ween IC and inancial pe o mance me ics like p o i abili y and
p oduc i i y. Simila ly, Al-Musali and Ismail (2014) obse ed ha he pe o mance
o IC in Saudi banks, al hough modes , posi i ely in luences inancial pe o mance.
Howe e , hey no ed a ia ions in hese ela ionships when decons uc ing he Value
Added In ellec ual Coe icien (VAIC) in o i s componen s.
Appuhami (2007) in Thailand ound a signi ican posi i e co ela ion be ween a
i m's IC and sha eholde gains, whe eas Ozkan e al. (2017) iden i ied human
capi al e iciency (HCE) as a key d i e o IC in he Tu kish banking sec o ,
o e shadowing capi al employed e iciency (CEE) and s uc u al capi al e iciency
(SCE) in e ms o alue gene a ion. Joshi e al. (2013) epo ed a ying
pe o mances o VAIC componen s ac oss Aus alian inancial subsec o s, wi h
in es men companies showing highe VAIC alues due o enhanced human capi al
e iciency compa ed o banks, insu ance companies, and o he inancial en i ies.
Ahanga (2011) highligh ed ha IC pe o mance in an I anian company was
ins umen al in explaining i s p o i abili y, employee p oduc i i y, and sales g ow h.
This no ion is ein o ced by Madi inos e al. (2011), who es ablished a signi ican
link be ween inancial success and human capi al e iciency.
Ismail and Ka em (2011) ound ha Bah aini banks’ inancial success is posi i ely
associa ed wi h CEE and HCE, al hough no de ini i e ela ionship was ound wi h
SCE. The s udy by Soewa no and Tjahjadi (2020) in Indonesia sugges s ha IC
b oadly impac s inancial pe o mance, illumina ing he ela ionship be ween
a ious componen s o IC e iciency and inancial me ics like ROA, ROE, asse
u no e , and p ice o book a io. In he con ex o Islamic banking, Tasawa and
Hani a (2017) iden i ied a no able ela ionship be ween VAIC and accoun ing
p o i abili y, pa icula ly h ough CEE and HCE, bu no SCE. Ha is e al. (2019)
demons a ed bo h linea and non-linea e ec s o IC on p o i abili y in Pakis ani
banks, con i ming an in e ed U-shaped ela ionship. Speci ically, CEE and HCE
posi i ely in luenced bank p o i abili y, whe eas SCE had a nega i e impac . Fo e
e al. (2019) examined 135 I alian lis ed companies and ound ha while IC as a
whole posi i ely a ec s i ms’ inancial pe o mance, indi idual componen s like
human capi al e iciency posi i ely impac ed inancial pe o mance, in con as o
s uc u al capi al e iciency and CEE.
Ne es and P oença (2021) emphasized he signi ican in luence o IC componen s
on Po uguese banks, sugges ing s a egic implica ions o u u e decision-making.
ANIK e al. (2021) explo ed he media ion ole o inancial pe o mance be ween
IC, Good Co po a e Go e nance, and Co po a e Value, e ealing ha inancial
Accoun ing and Managemen In o ma ion Sys ems
242 Vol. 23, No. 1
pe o mance b idges he ela ionship be ween IC and GCG. Du ing he COVID-19
pandemic, Xu e al. (2022) in es iga ed he impac o IC on bank p o i abili y among
Chinese and Pakis ani banks, inding ha IC, especially human capi al, con inued o
posi i ely a ec p o i abili y, unde sco ing he impo ance o IC managemen du ing
c ises. Buallay e al. (2020) obse ed a posi i e co ela ion be ween in ellec ual
capi al e iciency and inancial (ROE) and ma ke pe o mance (TQ) in banks,
highligh ing he need o add ess he impe ec ela ionship be ween IC and asse
e iciency (ROA).
I ano ic e al. (2021) iden i ied CEE as he mos c ucial componen o IC in Wes
Balkan ag icul u al i ms, wi h HCE ha ing minimal e ec and SCE ad e sely
a ec ing inancial ou comes. Pauno ić (2021) u ilized ac o and mul iple eg ession
analysis o e eal ha elemen s o human capi al such as eam in e ac ion, social
skills, and en ep eneu ial knowledge posi i ely impac ROA in Se bian
en ep eneu ial i ms. Nawaz and Ohl ogge's (2023) longi udinal s udy o Deu sche
Bank om 1957 o 2019 unco e ed ha in ellec ual capi al e iciency, pa icula ly
in human capi al, consis en ly imp o ed inancial pe o mance as e idenced by ROA
and ROE. Thei esea ch also highligh ed he diminishing impac o la ge boa d
sizes on he e ec o in angible esou ces, pa icula ly when a o me CEO assumes
he ole o boa d chai man, emphasizing he impo ance o CEO educa ion quali y
in imes o c isis.
Cos a e al. (2020) del ed in o he Po uguese ou ism sec o , applying he VAIC™
me hod o analyze da a om 46,951 i ms. They disco e ed a posi i e co ela ion
be ween VAIC™, human capi al, and capi al employed e iciency wi h p o i abili y,
whe eas s uc u al capi al showed a nega i e associa ion, and ela ional capi al did
no exhibi a signi ican e ec . Yaseen and Al-Ama neh (2021) s udied he Jo danian
banking sec o o e 2005-2018, using he VAIC model. Thei indings indica ed a
signi ican posi i e ela ionship be ween VAIC and ROA, wi h capi al employed
e iciency being he mos in luen ial ac o on bank pe o mance, p o iding insigh s
in o he s a egic ole o in ellec ual capi al in eme ging ma ke s like Jo dan. Awwad
and Q aisha (2023) analyzed 13 comme cial banks in Jo dan h ough a panel da a
s udy, inding ha bo h in ellec ual capi al and compe i i e ad an age, as measu ed
by he VAIC™ model, posi i ely in luenced inancial pe o mance in e ms o ROA.
No ably, compe i i e ad an age also se ed as a media o in his ela ionship.
Pu i e al. (2020) explo ed he in luence o in ellec ual capi al on he ma ke
capi aliza ion o IDX-lis ed companies in he LQ45 index om 2014 o 2018. Using
mul iple linea eg ession, hey concluded ha while in ellec ual capi al and ROA
did no signi ican ly a ec ma ke capi aliza ion, ROE and di idends did, indica ing
a p e e ence among in es o s o companies skilled in capi al managemen and
gene ous di idend dis ibu ion. Gup a and Raman (2021) in es iga ed he
ela ionship be ween in ellec ual capi al and inancial pe o mance ac oss 48 i ms
o e a decade. They applied he modi ied Pulic's VAIC me hod and G ange
In ellec ual Capi al: A Key D i e o Financial Pe o mance
in he Macedonian Banking Indus y
Vol. 23, No. 1 243
causali y analysis, inding signi ican e ec s o human, ela ional, p ocess, and
inancial capi al on ROA, al hough inno a ion capi al did no show a subs an ial
impac . P asojo e al. (2022) u ilized he VAIC model o assess he pe o mance o
Islamic banks, using ROA and IFIB as me ics. They concluded ha in ellec ual
capi al posi i ely a ec s bank pe o mance, wi h human capi al and capi al
employed e iciency being posi i ely co ela ed wi h bo h ROA and IFIB, while
s uc u al capi al e iciency was only ela ed o ROA.
Vishnu and Gup a (2015) e ined he VAIC™ model by inco po a ing ela ional
capi al and es ed i s e ec i eness on Indian heal hca e i ms. They concluded ha
he ex ended model ou pe o med he adi ional VAIC™ in p edic ing i m
pe o mance ac oss a ious inancial indica o s, despi e i s lack o suppo o
including ela ional capi al. Suseno e al. (2019) applied he VAIC me hod o
inancial da a om BPRS PNM Men a i Ga u , e ealing ha while Human Capi al
E iciency and S uc u al Capi al E iciency did no impac ROA, Capi al Employed
E iciency signi ican ly posi i ely in luenced i . Chowdhu y e al. (2018) assessed
he Bangladeshi ex ile indus y using he VAIC model and ound ha s uc u al
capi al signi ican ly impac ed ATO and ROA, while human capi al had a minimal
impac on inancial pe o mance, highligh ing he impo ance o angible capi al in
p oduc i i y and p o i abili y.
Skh ediani e al. (2022) conduc ed a quan i a i e analysis o 323 Russian IT
companies, employing eg ession analysis o de e mine he in luence o in ellec ual
capi al on asse p o i abili y. Thei indings con i med posi i e impac s om
s uc u al, human, and employed capi al, al hough ela ional capi al exhibi ed a
nega i e ela ionship. Radić (2018) in es iga ed he Se bian comme cial banking
sec o using VAIC me hodology on panel da a om 27 banks om 2008-2016. The
s udy e ealed ha he e ec o in ellec ual capi al e iciency on p o i abili y a ied
depending on he measu e used; i nega i ely impac ed p o i abili y a highe deb
le els when using ROA, while bank size did no signi ican ly in luence his
ela ionship and no signi ican impac was obse ed on ROE. Thei s udy called o
u he in es iga ion in o he complex ela ionship be ween in ellec ual capi al and
ope a ional e iciency (ROA).
Ousama e al. (2020) conduc ed a eg ession analysis using he VAIC model on da a
om Islamic banks in he GCC om 2011 o 2013. Thei s udy ound a posi i e
in luence o in ellec ual capi al on inancial pe o mance indica o s, highligh ing he
s a egic ole o human capi al and he unde u iliza ion o s uc u al capi al in he
Islamic banking sec o . Shubi a (2022) used eg ession models and he VAIC o
analyze 77 Jo danian indus ial i ms, inding ha in ellec ual capi al signi ican ly
impac ed i m pe o mance, wi h human and capi al employed e iciencies posi i ely
in luencing ROE and s uc u al capi al e iciency nega i ely a ec ing i . AL Shubi i
(2015) examined he inancial sec o in Oman om 2009 o 2013 using ma ke
capi aliza ion me hods on 32 i ms. The s udy e ealed a signi ican in luence o
Accoun ing and Managemen In o ma ion Sys ems
244 Vol. 23, No. 1
Tobin's q and ma ke o book alue on p o i abili y, as measu ed by ROE and EPS,
emphasizing he impo ance o in ellec ual capi al in enhancing sec o p oduc i i y
and e ec i eness.
Papíko á and Papík (2022) in es iga ed he ela ionship be ween in ellec ual capi al
and p o i abili y in Slo ak SMEs be o e and du ing he COVID-19 pandemic. Thei
s udy, using linea mixed-e ec s models on 24,351 i ms, ound ha highe VAIC
sco es co ela ed wi h inc eased p o i abili y p e-pandemic, bu s uc u ed and
capi al employed e iciencies had nega i e impac s du ing he pandemic, pa icula ly
in sec o s like ou ism and gambling. Chen and Rahman (2023) analyzed he Chinese
e ail sec o , using da a om i ms lis ed on he Shanghai and Shenzhen S ock
Exchanges om 2011 o 2020. Thei indings indica ed ha in ellec ual capi al,
measu ed ia he alue-added in ellec ual coe icien , posi i ely co ela ed wi h
mul iple inancial pe o mance indica o s, unde sco ing i s signi ican ole in
enhancing i m alue. Janoše ić and Dženopoljać (2012) sc u inized he impac o
in ellec ual capi al on Se bian i ms, using inancial da a om he op 15 aded
companies on he Belg ade S ock Exchange be ween 2007 and 2010. They ound a
posi i e in luence o in ellec ual capi al on ROE and employee p oduc i i y,
al hough i s impac on ROA was no signi ican , sugges ing a need o enhanced
in es men in human capi al.
2.3 Hypo heses de elopmen
The li e a u e e iew ex ensi ely discusses he ole o in ellec ual capi al in shaping
he inancial pe o mance o banks, wi h a speci ic ocus on he VAIC model. S udies
ha e consis en ly shown ha dimensions o IC a e in eg al o enhancing p o i abili y
and ma ke alue (Ed insson and Malone, 1997; Bon is, 1998; Fi e & Williams,
2003; Laing e al., 2010; Nim akoon, 2015). In he banking sec o , pa icula ly, he
e iciency o in ellec ual capi al plays a c i ical ole in de e mining inancial success
(Mondal & Ghosh, 2012; Al-Musali & Ismail, 2014; Appuhami, 2007; Ozkan e al.,
2017). This link is u he emphasized in he con ex o Macedonian banks, whe e
he banking sec o 's e ol ing landscape makes he e icien u iliza ion o in ellec ual
capi al a s a egic impe a i e. Gi en he empi ical e idence and heo e ical insigh s,
his s udy posi s wo hypo heses in he con ex o Macedonian banks:
H1: The e iciency o in ellec ual capi al, measu ed h ough he Value Added
In ellec ual Coe icien (VAIC) has a posi i e and signi ican impac on Re u n
on Asse s (ROA) in Macedonian banks.
This hypo hesis is g ounded in indings om a ious s udies, such as hose by
Appuhami (2007) and Ozkan e al. (2017), which ha e iden i ied a signi ican
posi i e ela ionship be ween a i m's IC and sha eholde gains, and he
p edominance o human capi al e iciency in d i ing IC in he banking sec o .
In ellec ual Capi al: A Key D i e o Financial Pe o mance
in he Macedonian Banking Indus y
Vol. 23, No. 1 251
0 o 4, wi h alues a ound 2 indica ing no au oco ela ion, alues close o 0
indica ing posi i e au oco ela ion, and alues close o 4 indica ing nega i e
au oco ela ion (Tillman, 1975). In you documen , he Du bin-Wa son s a is ic
alues o bo h eg ession models (Sq ROA and ROE) a e 1.128 and 1.008,
espec i ely. These alues a e close o 2, sugges ing ha he e is no signi ican
au oco ela ion in he esiduals o he eg ession models. This is impo an because
signi ican au oco ela ion can in alida e he eg ession model’s assump ions,
leading o un eliable esul s.
Table 4. Model Summa y
Model
R
R Squa e
Adjus ed R
Squa e
S d. E o o he
Es ima e
Du bin-
Wa son
Tes
Sq ROA
0.741
0.549
0.535
0.02696
1.128
ROE
0.661
0.437
0.420
0.04033
1.008
Following he alida ion o key assump ions o e ec i e and p ecise eg ession
models, as indica ed by he ini ial es s, he models can be employed o e alua e he
impac o he independen a iables (Value Added In ellec ual Coe icien and i s
componen s: Human Capi al E iciency, S uc u al Capi al E iciency, and Capi al
Employed E iciency) on he dependen a iables (Squa e Roo o Re u n on Asse s
and Re u n on Equi y). Ini ially, he Simul aneous F es was applied o asce ain
whe he he independen a iables collec i ely in luence he dependen a iables.
This es assesses i he empi ical da a su icien ly suppo he no ion ha he
eg ession model p o ides a be e i han a model de oid o independen a iables,
as elabo a ed by S eige (2004). The esul s, displayed in Table 5, show ha he es
alues a e s a is ically signi ican , e idenced by alues less han 0.05 (0.000 o bo h
Squa e Roo o Re u n on Asse s and Re u n on Equi y). This ou come sugges s ha
he independen a iables (Human Capi al E iciency, S uc u al Capi al E iciency,
and Capi al Employed E iciency) concu en ly a ec he dependen a iables
(Squa e Roo o Re u n on Asse s and Re u n on Equi y).
Table 5. ANOVA Simul aneous F Tes
Model
Sum o
Squa es
d
Mean Squa e
F
Sig.
Sq ROA
Regession
0.085
3
0.028
38.893
0.000
Residual
0.070
96
0.001
To al
0.155
99
ROE
Reg ession
0.121
3
0.040
24.874
0.000
Residual
0.156
96
0.002
To al
0.278
99
We may now es he mul iple linea eg ession model a e con i ming ha he
independen a iables a ec he dependen a iable simul aneously. Table 6 exhibi s
he model es ing esul s' calcula ed coe icien s.
Accoun ing and Managemen In o ma ion Sys ems
252 Vol. 23, No. 1
Table 6. Mul iple Linea Reg ession Model - Coe icien s
Model
Uns anda dized
Coe icien s
S anda dized
Coe icien s
T
Sig.
B
S d. E o
Be a
Sq ROA
(Cons an )
0.008
0.011
0.748
0.456
HCE
0.010
0.003
0.326
3.035
0.003
SCE
0.033
0.012
0.265
2.629
0.010
CEE
1.112
0.385
0.259
2.891
0.005
ROE
(Cons an )
-0.017
0.016
-1.088
0.279
HCE
0.019
0.005
0.455
3.799
0.000
SCE
0.014
0.019
0.086
0.762
0.448
CEE
1.120
0.575
0.194
1.946
0.045
Analyzing he da a in Table 6, i is e iden ha he componen s o he Value Added
In ellec ual Coe icien (VAIC), namely Human Capi al E iciency (HCE),
S uc u al Capi al E iciency (SCE), and Capi al Employed E iciency (CEE), exe
a s a is ically signi ican and posi i e e ec on bo h Squa e Roo o Re u n on Asse s
(Sq ROA) and Re u n on Equi y (ROE). Speci ically, he p- alues o all h ee
independen a iables a e below he es ablished signi icance h eshold o 0.05, wi h
he excep ion o he SCE coe icien o ROA. Fu he mo e, he co ela ion
coe icien s a e posi i e. This leads o he dismissal o he null hypo heses and he
endo semen o he al e na i e hypo heses, which a e: H1, s a ing ha he e iciency
o in ellec ual capi al, as measu ed by VAIC, signi ican ly and posi i ely in luences
Re u n on Asse s in Macedonian banks; and H2, asse ing ha he e iciency o
in ellec ual capi al, as gauged by VAIC, signi ican ly and posi i ely impac s Re u n
on Equi y in Macedonian banks.
The same conclusion is d awn when employing a simple linea eg ession model
whe e VAIC is used as a singula independen a iable, ins ead o he h ee
componen s (HCE, SCE, and CEE). The indings o his app oach, p esen ed in
Table 7, con i m ha VAIC signi ican ly and posi i ely a ec s bo h Sq ROA and
ROE. Hence, he ou comes o he simple linea eg ession align wi h hose ob ained
om he mul iple linea eg ession analysis.
Table 7. Simple Linea Reg ession Model - Coe icien s
Model
Uns anda dized
Coe icien s
S anda dized
Coe icien s
T
Sig.
B
S d.
E o
Be a
Sq ROA
(Cons an )
0.030
0.007
4.255
0.000
VAIC
0.018
0.002
0.704
9.826
0.000
ROE
(Cons an )
0.006
0.010
0.598
0.551
VAIC
0.023
0.003
0.645
8.355
0.000
In ellec ual Capi al: A Key D i e o Financial Pe o mance
in he Macedonian Banking Indus y
Vol. 23, No. 1 253
The Adjus ed R Squa e, a coe icien o de e mina ion anging om 0 o 1, quan i ies
he ex en o in luence exe ed by independen a iables on dependen a iables, wi h
alues close o 1 indica ing a s onge co ela ion, as no ed by Ha el (2009). In he
con ex o his s udy, he Adjus ed R Squa e alues a e 0.535 o Squa e Roo o
Re u n on Asse s (Sq ROA) and 0.420 o Re u n on Equi y (ROE), as shown in
Table 4. These alues sugges a mode a e s eng h in he eg ession ela ionship. This
means ha he independen a iables (Value Added In ellec ual Coe icien and i s
componen s: Human Capi al E iciency, S uc u al Capi al E iciency, and Capi al
Employed E iciency) accoun o 53.5% o he a iabili y in Sq ROA and 42% in
ROE. The emaining 46.5% and 58% o he a iabili y in Sq ROA and ROE,
espec i ely, a e in luenced by o he a iables.
Ha ing es ablished he posi i e in luence o VAIC on Re u n on Asse s and Re u n
on Equi y as indica o s o p o i abili y in No h Macedonia's banking sec o , i is
now pe inen o conduc a b ie analysis o he a e age VAIC alue pe bank.
Table 8. A e age alue o in ellec ual capi al coe icien s o 2012-2021 pe iod
BANK
HCE
SCE
CEE
ICE
VAIC
S opanska banka Skopje
4.8291
0.7892
0.0434
5.6183
5.6618
Kome cijalna banka
4.3940
0.7694
0.0378
5.1634
5.2012
NLB banka
4.1422
0.7505
0.0413
4.8927
4.9341
P oK edi banka
2.7673
0.6252
0.0276
3.3925
3.4201
Halk banka
2.6171
0.6083
0.0287
3.2254
3.2541
Shpa kase banka
2.3599
0.5488
0.0310
2.9087
2.9397
Uni banka
2.1899
0.5229
0.0355
2.7128
2.7482
TTK banka
2.1639
0.5340
0.0437
2.6979
2.7416
S opanska banka Bi ola
1.7983
0.3951
0.0284
2.1934
2.2217
Silk Roud banka
1.3281
-0.0468
0.0270
1.2813
1.3082
TOTAL
2.8590
0.5497
0.0344
3.4086
3.4431
The capaci y o banks o gene a e alue and he e iciency o esou ce u iliza ion
bo h escala e wi h ising VAIC (Value Added In ellec ual Coe icien ) alues.
Acco ding o he da a in Table 8, each e alua ed bank displayed a posi i e VAIC
alue, wi h he sec o 's a e age being no ably high a 3.4431. This indica es a
subs an ial in ellec ual capabili y wi hin Macedonian banks, ansla ing o he
c ea ion o 3.4431 MKD in addi ional alue o e e y 1 MKD in es ed, as iden i ied
by Fijałkowska (2014). The analysis u he e eals ha h ee banks – S opanska
banka Skopje, Kome cijalna banka, and NLB banka – ha e su passed he a e age
VAIC alue. Among hem, S opanska banka Skopje s ands ou wi h he highes
VAIC o 5.6618, implying an added alue o 5.6618 MKD o e e y 1 MKD
in es ed.
Accoun ing and Managemen In o ma ion Sys ems
254 Vol. 23, No. 1
This s udy unco e s se e al c i ical economic dimensions. P ima ily, i alida es a
s a is ically signi ican and posi i e co ela ion be ween VAIC and i s elemen s
(Human Capi al E iciency, S uc u al Capi al E iciency, and Capi al Employed
E iciency) wi h key inancial p o i abili y indica o s (Re u n on Asse s and Re u n
on Equi y) in Macedonian banks. This unde sco es he pi o al ole o in ellec ual
capi al, as quan i ied by VAIC, in augmen ing he inancial pe o mance o banks.
Addi ionally, he esea ch delinea es ha each componen o VAIC posi i ely
in luences bo h ROA and ROE, sugges ing ha e ec i e managemen o human
capi al, s uc u al capi al, and capi al employed enhances bank p o i abili y and
e u ns. The s udy also poin s ou he ela i ely high a e age VAIC alue among
Macedonian banks, signi ying hei conside able in ellec ual capaci y. The
uni o mly posi i e VAIC alues ac oss all examined banks u he accen ua e hei
p o iciency in alue c ea ion and esou ce op imiza ion. No ably, he excep ional
VAIC alues o S opanska banka Skopje, Kome cijalna banka, and NLB banka
highligh hei supe io capabili y in gene a ing addi ional alue pe in es men uni .
These economic implica ions unde sco e he signi icance o in ellec ual capi al in
he banking sec o , ein o cing he concep ha banks can boos hei inancial
pe o mance h ough e ec i e managemen and u iliza ion o in ellec ual asse s. The
indings o e aluable insigh s o bank manage s, policymake s, and s akeholde s,
ad oca ing he p io i iza ion o in ellec ual capi al in es men s and s a egies o
enhance p o i abili y and compe i i e edge in he banking a ena.
5. Conclusions
This esea ch was designed o explo e he nexus be ween in ellec ual capi al and he
inancial pe o mance o banks in No h Macedonia. U ilizing linea eg ession
models, he s udy examined he ela ionship be ween in ellec ual capi al, as
quan i ied by he Value Added In ellec ual Coe icien (VAIC) and i s cons i uen s
(Human Capi al E iciency, S uc u al Capi al E iciency, and Capi al Employed
E iciency), and he inancial pe o mance o banks, as measu ed by Re u n on
Asse s (ROA) and Re u n on Equi y (ROE).
The s udy's indings subs an ia ed he signi ican and posi i e impac o VAIC and
i s componen s on bo h ROA and ROE, hus a i ming he es ablished hypo heses.
Speci ically, conce ning ROA, i was ound ha VAIC and all i s componen s
signi ican ly posi i ely a ec ed i . In con as , o ROE, VAIC, HCE, and CEE
exhibi ed a signi ican posi i e in luence, while SCE did no demons a e a
signi ican impac . An analysis o he 10-yea a e age VAIC alues was also
pe o med, e ealing a high sec o a e age o 3.4431. This unde sco es he
conside able in ellec ual p owess ypically exhibi ed by Macedonian banks, wi h an
addi ional 3.4431 MKD alue gene a ed o e e y 1 MKD in es ed.
In ellec ual Capi al: A Key D i e o Financial Pe o mance
in he Macedonian Banking Indus y
Vol. 23, No. 1 255
The da a highligh ed ha h ee banks - S opanska banka Skopje, Kome cijalna
banka, and NLB banka - exceeded he a e age VAIC, wi h S opanska banka Skopje
a aining he highes alue (5.6618). The implica ions o his s udy a e p o ound o
in es o s, policymake s, and bank manage s. Bank manage s a e encou aged o
ocus on he de elopmen and managemen o in ellec ual capi al o enhance hei
banks' inancial pe o mance. Policymake s can le e age hese indings o o mula e
egula ions os e ing he g ow h and managemen o in ellec ual capi al wi hin he
banking indus y. Fo in es o s, hese insigh s can guide in o med in es men
decisions.
This s udy ep esen s a pionee ing e o in No h Macedonia, examining he
co ela ion be ween in ellec ual capi al and he inancial pe o mance o banks. I
con ibu es aluable knowledge ega ding he signi icance o in ellec ual capi al in
he Macedonian banking sec o and i s po en ial impac on inancial pe o mance.
Addi ionally, his s udy en iches he exis ing li e a u e by elucida ing he
ela ionship be ween in ellec ual capi al and inancial pe o mance in he banking
domain. Howe e , he s udy is no wi hou limi a ions ha wa an a en ion in u u e
esea ch. I s ocus on he banking sec o in No h Macedonia means he indings may
no be gene alizable o o he sec o s o coun ies.
The s udy p ima ily conside s he quan i a i e aspec s o in ellec ual capi al and
employs a quan i a i e app oach. Fu u e esea ch could adop a mixed-me hods
s a egy o gain a mo e comp ehensi e unde s anding o he ela ionship be ween
in ellec ual capi al and inancial pe o mance. Fu he mo e, he s udy's 10-yea
ime ame migh no ully cap u e he long- e m dynamics be ween in ellec ual
capi al and inancial pe o mance. Conside ing hese limi a ions, u u e esea ch
could ex end he inqui y o a ious indus ies and coun ies, compa ing he
ela ionship be ween inancial pe o mance and in ellec ual capi al. Quali a i e
s udies could del e deepe in o in ellec ual capi al, i s componen s, and hei
in luence on inancial pe o mance. Addi ionally, ex ending he esea ch pe iod
could p o ide mo e insigh in o he long- e m ela ionship be ween in ellec ual
capi al and inancial pe o mance.
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