Phan Dinh Nguyen; To Thi Nha Minh
A icle
A s udy o de e minan s o in ellec ual capi al pe o mance
in i ms: The Vie namese case
O ganiza ions and Ma ke s in Eme ging Economies
P o ided in Coope a ion wi h:
Facul y o Economics and Business Adminis a ion, Vilnius Uni e si y
Sugges ed Ci a ion: Phan Dinh Nguyen; To Thi Nha Minh (2024) : A s udy o de e minan s o
in ellec ual capi al pe o mance in i ms: The Vie namese case, O ganiza ions and Ma ke s in
Eme ging Economies, ISSN 2345-0037, Vilnius Uni e si y P ess, Vilnius, Vol. 15, Iss. 2, pp. 305-330,
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O ganiza ions and Ma ke s in Eme ging Economies ISSN 2029-4581 eISSN 2345-0037
2024, ol. 15, no. 2(31), pp. 305–330 DOI: h ps://doi.o g/10.15388/omee.2024.15.15
A S udy o De e minan s o In ellec ual
Capi al Pe o mance in Fi ms:
The Vie namese Case
Phan Dinh Nguyen
HUTECH Uni e si y, Vie nam
pdnguyen@hu ech.edu. n o [email protected]
h ps:// o .o g/05xpj2n48
To Thi Nha Minh (co esponding au ho )
HUTECH Uni e si y, Vie nam
n.minh@hu ech.edu. n
h ps:// o .o g/05xpj2n48
Abs ac . This esea ch examines de e minan s o in ellec ual capi al (IC) pe o mance in i ms in
Vie nam du ing he pe iod 2007–2022 h ough employing he sys em gene alized me hod o momen s
(SGMM) and he s uc u al equa ion model (SEM). Ou indings show ha ma ke capi aliza ion
(MC), sales g ow h, p o i abili y, le e age, FDI, in la ion and GDP signi ican ly a ec IC pe o man-
ce. Global c ises in luence i nega i ely and ha e a mode a ing e ec on IC pe o mance h ough MC,
sales g ow h, and e u n on asse . This esea ch con ibu es o he exis ing li e a u e by examining IC
pe o mance wi h a conside a ion o he e ec o he global c ises and analyzing he mode a ing e ec
o he c ises on IC pe o mance. I also con ibu es o he li e a u e by adding and examining he e ec
o MC on IC pe o mance.
Keywo ds: IC pe o mance, lis ed i ms, global c ises, de e minan s, Vie nam
1. In oduc ion
IC plays a e y impo an ole in economic ac i i ies o i ms in he knowledge econo-
my. The esou ce-based iew heo y indica es ha in angible and angible asse s, which
a e in e nal and ex e nal esou ces, may gene a e he co e compe i i eness o i ms.
Recei ed: 30/6/2024. Accep ed: 4/11/2024
Copy igh © 2024 Phan Dinh Nguyen, To Thi Nha Minh. Published by Vilnius Uni e si y P ess. This is an Open Access a -
icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion Licence, which pe mi s un es ic ed use, dis ibu ion,
and ep oduc ion in any medium, p o ided he o iginal au ho and sou ce a e c edi ed.
Con en s lis s a ailable a Vilnius Uni e si y P ess
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ISSN 2029-4581 eISSN 2345-0037 O ganiza ions and Ma ke s in Eme ging Economies
IC is de ined as he di e en o ms o knowledge, in ellec ual p ope y, in o ma ion,
and i m expe ience. IC includes human capi al (HC), s uc u al capi al (SC), and ela-
ional capi al (RC). IC is conside ed as he mos impo an ac o a ec ing i m pe o -
mance (Mendoza, 2017). IC can assis i ms in c ea ing new ideas and inno a ions. The
new ideas and inno a ions can be ans o med in o p oduc s and se ices, hus imp o -
ing i m pe o mance (Nashie e al., 2020). IC con o ms o he h ee main ea u es o
esou ces highligh ed in he esou ce-based iew heo y. Companies conside IC as an
income gene a o and majo sou ce o in o ma ion showing i m abili ies (Xu e al.,
2023). Fi ms can unde s and he gene al s a e o hei di isions and maximize hei
alue hanks o IC. In ellec ual capi al can es ablish HC and employee skills (Dash -
bayaz e al., 2020). I can also es ablish a long- e m cus ome ela ionship. The e o e,
IC is e y impo an o i ms. Ma ke capi aliza ion, sales g ow h, p o i abili y, inancial
le e age, FDI, in la ion, and GDP s ongly a ec IC pe o mance.
MC e e s o he o al alue o i m ou s anding sha es and is conside ed he main
ac o a ec ing IC pe o mance (Fa ooq e al., 2022). Bigge i ms wi h highe MC
no mally ha e mo e inancial esou ces o in es in HC, SC, RC and inno a ion ha
imp o e IC pe o mance (Cha e jee e al., 2023). Sales g ow h can enhance ma ke
each and cus ome base, and hence con ibu e o RC (Xu e al., 2021). P o i abili y
o e s i ms he inancial capabili y o in es in IC (Babajee, 2021). Financial le e age
has a wo way e ec on IC pe o mance. Le e age can p o ide inancial esou ces o IC
de elopmen (A ena & Mehdi, 2017), bu excessi e deb bu dens can cons ain hei
abili y o alloca e inancial esou ces o in es men in IC (Bbajee, 2021). A he mac-
o le el, FDI can posi i ely a ec IC pe o mance since i can go wi h knowledge and
echnology ans e . In la ion can educe IC in es men because high in la ion migh
inc ease cos s, while GDP can expand business ac i i ies and IC.
The 2007–2008 inancial c isis, which o igina ed om Ame ica, is he wo s eco-
nomic dep ession since s ock exchange c ash in 1929 (And ies & U su, 2016). The
COVID-19 pandemic was de ec ed in Wuhan, China, in Decembe 2019 and apidly
sp ead ac oss he wo ld (Rana e al., 2022). Al hough Pe ylė (2022) showed ha i s
e ec on Li huania’s expo s uc u e is no signi ican , Bae and Chang (2021) claim
ha COVID-19 caused he wo s disas e o he wo ld economy since Wo ld Wa II.
Vie nam eco ded he i s case o COVID-19 in la e Janua y 2020. COVID-19 apidly
de as a ed he Vie namese economy since Vie nam implemen ed a el es ic ions,
lockdowns and bo de closu es. The economic de as a ion has encou aged many e-
sea che s such as No a and Vlach ei (2014), Ahmad e al. (2023), Ngo and Duong
(2023), and Almus a a e al. (2023) o examine he impac o he inancial c isis and he
COVID-19 pandemic on i m p o i abili y. No a and Vlach ei (2014) e idenced ha
he c isis a ec s i m p o i . Ahmad e al. (2023) s udied he case o UK and concluded
ha i m p o i is lowe du ing he inancial c isis. Ngo and Duong (2023) explo ed
he e ec o COVID-19 on i m pe o mance in di e en indus ies and showed ha
COVID-19 hu s i ms h ough sales and expense channels. Almus a a e al. (2023)
307
Phan Dinh Nguyen, To Thi Nha Minh.
A S udy o De e minan s o In ellec ual Capi al Pe o mance in Fi ms: The Vie namese Case
showeded ha COVID-19 is nega i ely co ela ed wi h i m pe o mance. Howe e ,
he s udy abou he impac o he inancial c isis and COVID-19 on IC pe o mance is
s ill limi ed. As o he inancial c isis, he only s udy by El-Bannany (2012) examined
he impac o he inancial c isis on IC pe o mance and e idenced ha he c isis has a
signi ican e ec on IC pe o mance. The only esea ch in o COVID-19 conduc ed by
Xu e al. (2023) assesses IC pe o mance o banks du ing he COVID-19 pandemic
and shows ha COVID-19 a ec s IC pe o mance in he case o China and does no
in luence IC pe o mance in he case o Pakis an.
P e ious schola s ha e in es iga ed ac o s a ec ing IC pe o mance, bu he e
pe sis conside able esea ch gaps in he exis ing li e a u e. Al hough he e has been
ex ensi e esea ch abou he ole o IC on i m pe o mance, s udies on de e minan s
o IC pe o mance a e s ill limi ed (Babajee, 2021). Mos o s udies such as Kamna h
(2017) and Seng e al. (2018) ha e paid a en ion o he ac o s a ec ing IC disclosu e,
a ew pape s like El-Bannany (2012) and Babajee (2021) ha e examined de e minan s
o IC pe o mance. These ew pape s mainly concen a e on de eloped coun ies and
he banking indus y (Aziz & Hashim, 2017; Babajee, 2021). Fu he mo e, ew pape s
ha e analyzed he impac o COVID-19 o he e ec o inancial c isis on IC pe o -
mance. I is he i s pape which explains he e ec o COVID-19 on IC pe o mance
o he banking sec o (Xu e al., 2023). The e has been no pape which analyzes simul-
aneously bo h he impac o he inancial c isis and COVID-19 on IC pe o mance.
The mode a ing impac o he global c ises on IC pe o mance has no been analyzed.
MC, a e y impo an ac o , is no conside ed in he p e ious models in he exis ing
li e a u e. Thus, he esea ch aims o answe he ollowing esea ch ques ions: Wha
de e mines IC pe o mance? Do he global c ises ha e he mode a ing e ec ?
Answe ing hese esea ch ques ions, his esea ch p o ides he ollowing con ibu-
ions. Fi s , his esea ch is he i s esea ch analyzing he impac o he inancial c i-
sis and COVID-19 on IC pe o mance, which expands he exis ing IC li e a u e. Ou
s udy examines he e ec o he inancial c isis and Co id-19 simul aneously, which has
no been done be o e. I adds he o iginal aspec o he li e a u e, enabling compa isons
and p o ounde unde s anding in o he ole o di e en so s o c ises, and p o ides
no el insigh s in o how in e nal and ex e nal ac o s a ec IC pe o mance. By inco po-
a ing he impac o bo h c ises, his esea ch o e s a b oad in es iga ion o he simila i-
ies and di e ences in hei impac s on IC pe o mance. This dual-c isis me hodology
p o ides a mo e comp ehensi e unde s anding o how wo ldwide dis u bances ou line
IC pe o mance. Second, ou esea ch is one o he e y i s ew pape s which examine
he de e minan s o IC pe o mance. The inco po a ion o MC, which is a new ac-
o included in he esea ch model, is ano he con ibu ion. The e is no esea ch abou
his issue in Vie nam. This esea ch classi ies he main de e minan s o IC pe o mance
in he Vie namese con ex , especially in he global c isis con ex . Thi d, we conside
he mode a ing e ec o he inancial c isis and he COVID-19 pandemic on IC pe -
o mance. Unde s anding his mode a ing impac adds mo e dep h o he exis ing IC
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heo ies. This s udy p o ides p ac ical unde s anding o i ms on how o manage and
p o ec IC in he c isis pe iod. Finally, ou indings can help i ms imp o e IC pe o -
mance by e icien ly dis ibu ing IC esou ces du ing he global c ises.
The es o he pape is s uc u ed as ollows. Sec ion 2 p o ides he heo e ical
amewo k, Sec ion 3 p esen s li e a u e e iew and hypo heses de elopmen . Da a and
me hodology a e desc ibed in Sec ion 4. Sec ion 5 shows he esea ch esul s. Discus-
sion is p o ided in Sec ion 6. Implica ions a e p esen ed in Sec ion 7. Conclusion and
esea ch limi a ions a e p esen ed in he las sec ion.
2. Theo e ical F amewo k
Oli ei a e al. (2020) poin ou ha IC componen s include HC, SC, and RC. IC is
in angible p ope y ha is he main con en o We ne el (1984) and Ba ney’s (1991)
esou ce-based iew heo y (RBV) widely used o esea ch abou IC. The main idea o
his heo y is ha i ms can use in angible and angible asse s o combine ou side ma -
ke oppo uni ies o enhance i m e iciency (T an e al., 2022). Fi ms can use in an-
gible asse s, IC, o imp o e se ice quali y, HC and gene a e human esou ces (Vasude-
an, 2021), leading o be e IC pe o mance. Spence’s signaling heo y (1973) implies
ha MC can a ec IC pe o mance by sending essen ial signals o in es o s abou he
company alue and IC which in es o s can in es in mo e/less, allowing i ms o in es
mo e/less in R&D, HC and echnologies. The s akeholde heo y (F eeman, 1984)
indica es ha e u n migh enhance ela ionships, leading o highe RC. Con ingency
heo y (Fiedle , 1967) e eals ha i ms ough o amilia ize hei IC o s ay ali e, and
ins i u ional heo y (Meye & Rowan, 1977) s a es ha i ms a e obliged o ea ange
p ac ices which in luence IC amid he c ises. Human capi al (HC) heo y (Becke ,
1964) posi s ha economic posi ions impac in es men in employee de elopmen ,
and esou ce dependency (RD) heo y (P e e & Salancik, 1978) p oposes ha mac-
oeconomic al e a ions a ec o ganiza ion’s esou ces which in luence IC pe o mance.
These heo ies p opose ha MC, p o i abili y, inancial le e age, sales g ow h, in e -
na ional shocks like he inancial c isis and he COVID-19 pandemic, and mac oeco-
nomic condi ions a ec IC pe o mance. The e o e, hese heo ies a e employed in ou
esea ch.
3. Li e a u e Re iew and Hypo heses De elopmen
In ellec ual capi al measu emen
IC is de ined as an in angible asse which wo ke s migh gain om expe ience, skills,
and cus ome ela ions (Sm i i & Das, 2018). The alue added in ellec ual coe icien
(VAIC) p oposed by Public (2000) is widely used o assess IC pe o mance. The IC is
made up o h ee componen s. The i s is he HC e iciency (HCE), which is gene a ed
309
Phan Dinh Nguyen, To Thi Nha Minh.
A S udy o De e minan s o In ellec ual Capi al Pe o mance in Fi ms: The Vie namese Case
by wo ke skills, expe ience, and compe encies (Minh & Nguyen, 2024). I measu es
how e ec i ely human esou ces con ibu e o alue gene a ion. The second is he SC
e iciency (SCE), whe e SC is o med by i m sys em, i m s uc u e, and i m p ocess-
es. I assesses he i m’s abili y o le e age i s s uc u al esou ces. The las is he capi al
employed e iciency (CEE), which deno es he e iciency o he i m’s physical and i-
nancial asse s. I is a gued ha VAIC has a sho coming since VAIC does no measu e
RC. P e ious schola s include RC in he VAIC model. Spending on ma ke ing, sell-
ing, p omo ion and dona ions a e used o measu e RC. Consequen ly, VAIC becomes
he modi ied VAIC (MVAIC) (Ali e al., 2022). The e o e, MVAIC is employed in ou
s udy.
De e minan s o IC pe o mance
MC and IC pe o mance
MC is de ined as he o al alue o ou s anding sha es calcula ed by mul iplying he cu -
en s ock p ice by he o al olume o ou s anding sha es. Theo e ical amewo ks like
RBV heo y and signaling heo y imply ha MC a ec s IC. Signaling heo y indica es
ha MC migh send i al signals o in es o s abou i m alue, including IC. Highe MC
encou ages in es o s o in es mo e hus allowing i ms o enhance IC h ough in es -
ing in R&D, human esou ces and echnologies. RBV heo y sugges s ha a highe IC
le el assis s i ms in a ac ing mo e capi al. Highe MC enhances i ms’ in es men in
R&D, s a de elopmen , and inno a ion, leading o highe IC. Access o capi al, alen
a ac ion, b and and epu a ion, me ge s and acquisi ions (M&A), and in es o con-
idence a e key mechanisms h ough which MC a ec s IC. Fi s , i ms can in es mo e
in esea ch and de elopmen , inno a ion and echnology (Dass e al., 2021) i hey
ha e highe MC because hey can mobilize unds ia equi y inancing. They can in es
mo e in IC o sus ain and imp o e hei ma ke posi ion (Cha e jee e al., 2023). This
in es men can gene a e new pa en s, knowledge and echnologies ha can imp o e IC.
Second, i ms wi h highe MC can a ac and keep op alen s which migh enhance
HC since hey ha e highe i m alue and highe inancial posi ion in he ma ke place.
Thi d, highe MC can imp o e i m b and, epu a ion and ma ke alue (Habib & Mou-
ad, 2023) ha migh inc ease consume loyal y and i m de elopmen , he eby im-
p o ing IC. Fou h, IC can be enhanced by MC since highe MC assis s i ms in M&A,
he eby ob aining IC such as pa en s, expe ise, and o he IC om o he i ms. Fi h,
highe MC makes in es o s mo e con iden in i m de elopmen and, in u n, hey in-
es mo e. Fi ms hen ha e mo e esou ces o R&D, inno a ion and in angible asse s,
leading o highe IC.
Empi ically, MC is conside ed as a i m size (Babajee, 2021), and Ha ane e al.
(2020) indica e ha ma ke -based pe o mance bene i s IC disclosu e. Se iawan a e al.
(2020) posi ha inancial pe o mance a ec s i m alue. Highe i m alue can a ac
mo e in es men in R&D, s a de elopmen , and i m in as uc u e, he eby enhanc-
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ISSN 2029-4581 eISSN 2345-0037 O ganiza ions and Ma ke s in Eme ging Economies
ing IC. When i ms become la ge , ela ionship be ween manage s and sha eholde s
also becomes mo e complica ed, leading o a bigge con lic be ween hem. This would
lead o highe agency cos s, and i ms a e mo e willing o disclose he in o ma ion o
IC pe o mance. La ge i ms ha e highe IC pe o mance since hey ha e a be e
managemen sys em and mo e inancial esou ces which can gene a e mo e inno a-
ions, imp o e all ela ions and employee skills (Ma essa, 2016). Fi ms can ge mo e
ex e nal esou ces such as unding and go e nmen suppo when hey become bigge .
They hen can employ be e employees and a ac mo e in es o s (El-Bannany, 2012).
This helps i ms enhance hei IC pe o mance. Babajee (2021) and Xu e al. (2023)
e idence ha i m size has a posi i e in luence on IC pe o mance, while Hidayah and
Adi yawa man (2017) indica e ha i m size has no e ec on IC pe o mance. S ock
exchange can p o ide mo e capi al o i ms h ough issuing sha es. This helps i ms
ha e mo e in es men in IC. Al hough MC is one o he mos impo an ac o s a ec -
ing IC pe o mance, he e ha e been no pape s examining his ac o . The e o e, based
on hese a gumen s, we ha e he ollowing hypo hesis:
H1: MC posi i ely a ec s IC pe o mance.
P o i abili y and IC pe o mance
P o i abili y e e s o he i m abili y o c ea e p o i s om i s economic ac i i ies
a a gi en pe iod. Theo e ical amewo ks such as RBV heo y and s akeholde heo y
poin ou ha p o i abili y impac s IC. RBV heo y implies ha p o i abili y p o ides
i ms oppo uni ies o in es in IC, and s akeholde heo y e eals ha p o i abili y im-
p o es ela ionships, leading o highe RC. P o i abili y a ec s IC h ough he ollow-
ing mechanisms. Fi s , la ge p o i s o e i ms mo e oppo uni ies o in es in R&D,
which migh lead o new echnologies, inno a i e goods and pa en s, he eby inc eas-
ing SC. Najm and Al aqih (2021) indica e ha o ganiza ional in elligence posi i ely
a ec s new p oduc s, and inancial ma ke e iciency d i es be e in es men decisions
(Hidaya e al., 2023), hus inc easing IC. Second, highe p o i s encou age i ms o
a ac op alen s because hey can p o ide highe sala ies and bene i s o employees,
leading o highe HC and IC. Thi d, i ms can in es in aining and p o essional de-
elopmen o inc ease employees’ expe ise, knowledge and skills which imp o e HC,
and hence inc ease IC. Fou h, i ms can ob ain pa en s, knowledge asse s and o he IC
asse s om o he s by acqui ing M&A i hey ha e highe p o i s. Finally, hey can build
hei b and name and epu a ion, inno a ion, encou aging RC ia cus ome ela ion-
ships and us , and inally IC.
Empi ically, p e ious schola s e idence ha p o i abili y de e mines IC pe o -
mance because p o i able i ms a e likely o in es mo e in esea ch and de elopmen ,
and o he ac i i ies ha can gene a e mo e IC (Babajee, 2021). These i ms a e happy
o mo i a e, ain, ca y ou esea ch and de elopmen , and encou age employees o
inno a e hei ac i i ies, leading o highe IC pe o mance (Se idga e al., 2015). Fi ms
wi h losses migh ocus on dealing wi h he losses, hey a e likely o in es less o s op
311
Phan Dinh Nguyen, To Thi Nha Minh.
A S udy o De e minan s o In ellec ual Capi al Pe o mance in Fi ms: The Vie namese Case
in es ing in inno a ing o unde aking esea ch and de elopmen . Fi m manage s may
spend mo e ime iden i ying causes o losses, hey would spend less ime on alue add-
ing IC ac i i ies (Soheili & Pakdel, 2021). Employees a e no encou aged o inno a e
and pe o m be e since hei manage s do no ha e enough ime o mo i a e hem
(Me essa, 2016). Thus, p o i able i ms may ha e be e IC pe o mance han i ms
wi h losses. While Habib and Dalwai’s (2024) indings show he impo ance o IC in
i m pe o mance and Shahwan and Habib’s (2020) indings p esen he nega i e e -
ec o IC e iciency on inancial dis ess, Babajee (2021) e eals ha p o i abili y is
posi i ely co ela ed wi h IC pe o mance. The e o e, based on hese a gumen s, we
p opose he ollowing hypo hesis:
H2: P o i abili y has a posi i e e ec on IC pe o mance.
Financial le e age and IC pe o mance
Financial le e age is de ined as he u iliza ion o he bo owed money o enhance
he po en ial e u n on in es men . Theo e ical amewo ks such as RBV heo y sugges
ha inancial le e age can a ec IC. I a ec s IC h ough he ollowing mechanisms.
Fi s , i ms can in es mo e in R&D o ob ain inno a ion, pa en and s a de elopmen
hanks o inancial le e age. Second, IC can be be e used o maximize i m p o i abil-
i y a ising om le e age. Deb obliga ions o ce i ms o os e knowledge sha ing, im-
p o e p ocess and employee skills o op imize hei e iciency. Thi d, inancial le e age
migh o ce i ms o limi hei esou ces a ailable o in es men in R&D, s a aining,
which lowe s IC. Las , inancial le e age migh help i ms ob ain M&A and gain IC
om o he i ms.
Empi ically, p e ious s udies posi ha i m le e age can be used o p edic IC pe -
o mance (Babajee, 2021). The agency heo y s a es ha le e age becomes la ge , agen-
cy cos s can inc ease due o highe moni o ing cos s which can a ise om he isk o
weal h ans e om deb -holde s o sha eholde s. Fi ms a e willing o disclose mo e in-
o ma ion abou IC pe o mance. This disclosu e migh lead o be e IC pe o mance.
San osa (2020) poin s ou ha i m size a ec s inancial le e age, while Whi e e al.
(2007) and A ena and Mehdi (2017) e idence ha inancial le e age is a i ally posi-
i e de e minan o IC pe o mance in he case o Aus alia. Aziz and Hashim (2017)
s udied he case o Islamic banks o ind ou a nega i e e ec o le e age and concluded
ha le e age plays an impo an ole in de e mining IC pe o mance. Howe e , Baba-
jee (2021) epo s ha inancial le e age has a nega i e in luence on IC pe o mance
in he case o Mau i ius. The e o e, based on hese a gumen s, we ha e he ollowing
hypo hesis:
H3: Financial le e age posi i ely in luences IC pe o mance.
Sales g ow h and IC pe o mance
Sales g ow h is e e ed o as he ise in sales e enue o e a gi en pe iod, e ealing a
i m’s abili y o ex end i s ma ke p esence and imp o e i s inancial pe o mance. Theo-
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ies like RBV heo y indica e ha sales g ow h can p o ide mo e esou ces o i ms
o in es in IC; meanwhile, dynamic capabili ies heo y emphasizes ha sales g ow h
encou ages inno a ion and IC. Sales g ow h a ec s IC h ough he ollowing mecha-
nisms: Fi s , IC can be imp o ed h ough sales g ow h since i ms ha e mo e e enue
o in es men o R&D, s a aining and echnologies. Second, i ms can employ and
e ain alen s because hey ha e mo e oppo uni ies o pay compe i i e sala ies and
bene i s hanks o highe sales g ow h. They can also p o ide aining p og ams and
hus inc ease employee skills and expe ise, hence enhancing IC base. Thi d, i ms wi h
highe sales g ow h can in es mo e in sys ems which encou age knowledge sha ing,
coope a ion, inno a ion, and knowledge managemen , leading o highe IC. Reddy e
al. (2023) sugges ha inno a ion enhances compe i i e ad an age. Finally, i ms wi h
highe sales g ow h can inno a e o ob ain new p oduc s and p ocesses, which migh
inc ease IC.
Empi ically, Nkambule e al. (2021) e idence ha sales g ow h enhances HC be-
cause i ms can in es mo e in s a aining and ec ui ing skilled employees. They e-
eal ha his in es men can enhance inno a ion, echnology and p ocesses, he eby
inc easing IC. Lee e al. (2023) indica e ha sales g ow h can help i ms imp o e in-
e nal p ocesses, da abases and sys ems, leading o highe SC. Xu e al. (2021) posi
ha highe sales g ow h can inc ease cus ome ela ionships, he eby enhancing RC.
The e o e, based on hese a gumen s, we ha e he ollowing hypo hesis:
H4: Sales g ow h posi i ely a ec s IC pe o mance.
Global c ises and IC pe o mance
Global c ises ha e an eno mous e ec on he wo ld economy. Con ingency heo y
poin s ou ha i ms ha e o adap hei IC o su i e, and ins i u ional heo y indi-
ca es ha i ms ha e o es uc u e p ac ices which a ec IC du ing he c ises. Mos o
p e ious schola s indica e ha c ises ha e a s ongly nega i e e ec on i m economic
ac i i ies. Rega ding he inancial c isis, i changes inancing and in es ing decisions.
In es men and capi al echnology inno a ions a e educed by he inancial c isis, lead-
ing o lowe IC pe o mance (Ce a e al., 2021). In es men declines bo h in he sho
un and he long un du ing he inancial c isis because o a shock in c edi demand and
supply (Juca & Fhislow, 2021). Fi ms also y o dec ease ope a ing cos s and capi al
spending due o he inancial c isis. Comme cial banks educe hei lending hus educ-
ing co po a e in es men (Chen e al., 2021). El-Bannany (2012) examined he case
o UAE banks and concluded ha he inancial c isis has a signi ican e ec on IC pe -
o mance. The e o e, he inancial c isis educes co po a e in es men in inno a ions,
esea ch and de elopmen , and lowe s IC pe o mance.
Wi h ega d o he COVID-19 pandemic, al hough Monga e al. (2023) show he
e iciency o Indian s ock ma ke du ing he pandemic, COVID-19 has he la ges e ec
on all ac i i ies a ound he wo ld. I sha ply de as a ed he wo ld economy (Ai uwa e
al., 2020). Se hi e al. (2021) e idence ha Co id-19 has an asymme ic impac on ex-
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Phan Dinh Nguyen, To Thi Nha Minh.
A S udy o De e minan s o In ellec ual Capi al Pe o mance in Fi ms: The Vie namese Case
Table 4
Empi ical Resul s
Va iable MVAIC
(1)
LMVAIC
(1)
HCE
(2)
SCE
(3)
CEE
(4)
RCE
(5)
MVAIC -1 0.4178***(0.000) 0.5706***(0.000)
HCE -1 0.3380***(0.000)
SCE -1 0.3174***(0.000)
CEE -1 0.3616**(0.042)
RCE -1 -0.2877***(0.000)
MC 9.1989**( 0.047) 0.1908****(0.000) 3.3776***( 0.000) -0.1783 ( 0.681) 0.1030 (0.349) 0.1798***(0.000)
MC -1 -10.0843 (0.178) -0.3463***(0.000) -2.8712***(0.000) -0.3099 (0.280) -0.1577*(0.067) -0.1912***(0.000)
SGR 1.3689 (0.751) 0.1289***(0.000) 1.0664***(0.002) 0.1240 (0.608) 0.0893(0.272) 0.0926***(0.000)
ROA 190.7702***(0.000) 5.0853***(0.000) 15.1189***( 0.000) 6.8135***( 0.001) 1.2038 (0.253) -1.9379***(0.000)
LEV 19.5347*( 0.094) 1.0897***(0.000) 8.4342***(0.000) 3.6268***(0.000) 0.1355 (0.576) -0.1695***(0.001)
CRISIS -1.0472 (0.622) -0.0976**(0.024) 2.1703**(0.030) 0.0040 (0.990) -0.0095 (0.507) -0.0118 (0.579)
COVID-19 -2.2005**( 0.050) -0.0440***(0.000) -1.3731***( 0.000) 0.0736 (0.516) -0.0355 (0.143) -0.0339***(0.000)
FDI 0.1709**(0.041) 0.0110***(0.000) 0.0214 (0.230) 0.0159***(0.010) 0.0019**(0.013) 0.0007 (0.156)
INF 33.6299*(0.068) 0.4575***(0.030) 17.7878*** (0.000) -1.2089 (0.308) 0.4185*(0.053) 0.3285***(0.000)
GDP 8.5453*(0.066) 0.2983***(0.000) 2.7679***(0.000) -0.0771 (0.802) 0.0793***(0.002) 0.0356*(0.086)
Cons an -58.6772 (0.205) 0.0998 (0.766) -20.2932***(0.002) 1.8424 (0.697) 0.1031 (0.864) 0.3706 (0.151)
Numbe o
obse a ions 6,794 5,141 6,794 6,783 6,794 6,794
AR(2) es 0.398 0.236 0.300 0.101 0.126 0.309
Sa gan es 0.991 0.166 0.801 0.664 0.992 0.834
Numbe o
ins umen s 26 71 76 80 15 80
Numbe o
g oups 687 542 687 686 687 687
Mean VIF 5.26 5.77 5.26 5.29 5.31 5.26
No e. * signi ican a 0.10, ** signi ican a 0.05, *** signi ican a 0.01. The p- alue is in b acke s.
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Table 5
Mode a ing E ec – he SEM Model
Rela ionship MWAIC HCE SCE CEE RCE
Financial c isis Ma ke
capi aliza ion
-0.0123***
(0.000)
-0.0123***
(0.000)
-0.0123***
(0.000)
-0.0123***
(0.000)
-0.0123***
(0.000)
COVID-19 pandemic
Ma ke capi aliza ion
0.0263***
(0.000)
0.0262***
(0.000)
0.0262***
(0.000)
0.0262***
(0.000)
0.0262***
(0.000)
Financial c isis Sales g ow h -0.7622
(0.114)
-0.7622
(0.114)
-0.7622
(0.114)
-0.7622
(0.114)
-0.7622
(0.114)
COVID-19 pandemic Sales
g ow h
-0.8050*
(0.097)
-0.8050*
( 0.097)
-0.8050*
(0.097)
-0.8050*
(0.097)
-0.8050*
(0.097)
Financial c isis Re u n on
asse
0.0261***
(0.000)
0.0259***
(0.000)
0.0259***
(0.000)
0.0259***
(0.000)
0.0259***
(0.000)
COVID-19 pandemic
Re u n on asse
-0.0085***
(0.000)
-0.0084***
(0.000)
-0.0084***
(0.000)
-0.0084***
(0.000)
-0.0084***
(0.000)
Financial c isis Le e age 0.0046
(0.658)
0.0048
(0.643)
0.0048
(0.643)
0.0048
(0.643)
0.0048
(0.643)
COVID-19 pandemic
Le e age
0.00004
( 0.995)
-0.0001
(0.984)
-0.0001
(0.984)
-0.0001
(0.984)
-0.0001
(0.984)
Ma ke capi aliza ion In el-
lec ual capi al
1.6439
(0.737)
16.8245***
(0.000)
-15.7866***
(0.000)
-0.3653***
(0.000)
0.6106***
(0.000)
Sales g ow h In ellec ual
capi al
0.00406
(0.143)
0.0027
(0.236)
0.0021
(0.112)
-0.00004**
(0.011)
-0.0002***
(0.000)
Re u n on asse In ellec ual
capi al
37.16***
(0.000)
28.7256***
(0.000)
9.0109***
(0.003)
1.1759***
(0.000)
-0.5493
(0.242)
Le e age In ellec ual capi al 8.5294***
(0.000)
1.6589*
(0.099)
7.0484***
(0.000)
-0.0110
(0.484)
0.0420
(0.682)
Financial c isis In ellec ual
capi al
1.2607
(0.540)
0.4312
( 0.773)
0.8579
(0.427)
-0.0095
(0.235)
-0.0084
( 0.732)
COVID-19 pandemic In el-
lec ual capi al
-0.3233
(0.731)
-0.8735
(0.152)
0.5927
(0.305)
-0.0076*
(0.089)
-0.0271
(0.649)
FDI In ellec ual capi al 0.0396
(0.451)
0.0216
(0.565)
0.0182
(0.518)
0.0004*
(0.093)
-0.0006
( 0.351)
In la ion In ellec ual capi al 19.9652*
(0.064)
18.0004**
(0.014)
2.0616
(0.745)
0.0340
(0.447)
0.1171
(0.444)
GDP In ellec ual capi al 0.5389
(0.744)
0.3276
(0.772)
0.2505
( 0.789)
0.0069
( 0.390)
0.0114
( 0.701)
No e. * signi ican a 0.10, ** signi ican a 0.05, *** signi ican a 0.01. The p- alue is in b acke s wi h a
s anda d e o .
6. Discussion
The objec i e o his esea ch is o examine he ac o s a ec ing IC pe o mance in
he case o Vie nam’s lis ed i ms o e he pe iod 2007–2022 by using he SGMM and
SEM. Ou indings show ha IC o p e ious yea a ec s IC o he cu en yea because
o he long- un na u e o IC asse s. This is because in es men in HC can con ibu e o
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Phan Dinh Nguyen, To Thi Nha Minh.
A S udy o De e minan s o In ellec ual Capi al Pe o mance in Fi ms: The Vie namese Case
IC de elopmen o e ime. Lis ed i ms wi h signi ican business ne wo ks and con-
sume ela ionships can boos ongoing pa ne ships and ma ke ad an ages. SC such as
e ec i e p ocesses o in as uc u e de eloped ea lie can imp o e IC pe o mance his
yea . The e o e, he lagged IC pe o mance p o ides a i al ounda ion o sus aining
compe i i e ad an age and enhancing IC pe o mance yea ly. This esul indica es ha
he SGMM is app op ia ely employed.
P e ious esea che s indica e ha p o i abili y is one o de e minan s o IC pe o -
mance (Babajee, 2021). Fi ms wi h a highe le el o p o i can in es in inno a i e ac i -
i ies, esea ch and de elopmen . Di ec o s/owne s a e willing o ca y ou use ul ac i i-
ies like aining, mo i a ing, doing esea ch and de elopmen , p omo ing employees
o inno a e i hey ealize a highe p o i abili y. This, in u n, p omo es IC pe o mance
(Se idga e al., 2015). Ou indings show ha e u n on asse has he s onges posi i e
e ec on IC pe o mance (H2). This esul sugges s ha lis ed companies wi h a highe
p o i abili y in Vie nam ha e mo e esou ces o in es in imp o ing hei ela ions, sys-
em, s uc u e, p ocesses, employee skills, expe ience, and compe encies. Fi m p o i -
abili y plays a mo i a ional ole o employe s and employees o wo k ha de . This also
encou ages employees o p o ide a highe quali y cus ome se ices, do mo e esea ch
and de elopmen , and o enhance i m image. The highe ROA sugges s ha Vie nam’s
lis ed i ms a e be e a u ilizing hei esou ces o c ea e e enue. This e u n enables
hese i ms o in es mo e in HC, R&D, eno a ion, p ocesses, echnology in as uc-
u e and ela ionships which can inc ease IC. This esul suppo s RBV heo y ha
lis ed i ms wi h p o i abili y migh encou age hei inancial s eng h o ascina e op
alen s, boos a cul u e o lea ning and inno a ion, and imp o e IC. This inding e lec s
he app op ia e si ua ion o he lis ed i ms in Vie nam, whe e adi ional indus ies
a e ansi ioning o mo e knowledge-based economies. This highe p o i abili y allows
hese i ms o adap o in e na ional shi s h ough in es ing in inno a ion and IC as-
se s. The e o e, p o i able companies ha e be e IC pe o mance han hose which
ha e a lowe p o i abili y and losses. This esul is consis en wi h Me essa (2016) and
Babajee (2021). By con as , i ms wi h highe p o i s pay less a en ion o in es ing in
ela ionships wi h hei cus ome s, supplie s and pa ne s. This esul does no suppo
H2.
The i m sales g ow h, by con as , has he leas in luence on IC pe o mance. This
e lec s ha Vie nam’s lis ed i ms wi h highe sales g ow h ha e mo e e enue and high-
e p o i , in u n imp o ing IC pe o mance, suppo ing H4. They migh gain be e IC
because hey ha e mo e esou ces o in es men in R&D, echnology and employee
de elopmen hanks o sales g ow h. They could employ be e skilled employees since
sales g ow h helps hem pay highe sala ies and wages. They p omo e knowledge sha -
ing, collabo a ion, no el y, ela ionships, da abases and sys ems, leading o highe IC.
As RBV heo y poin s ou , he companies wi h supe io IC can pe o m be e han
hei i als. Vie namese lis ed companies wi h cons an sales g ow h migh in es in he
inimi able esou ces which a e ha d o eplica e, s eng hening hei IC pe o mance.
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Lis ed companies can c ea e mo e inancial esou ces which migh be used o in es in
IC de elopmen when sales g ow. These companies alloca e addi ional unds o s a
de elopmen , inno a ions in hei p ocesses, sys ems, echnologies, ela ionships and
ne wo ks, leading o highe HC, SC and RC. This inding is in line wi h Nkambule e al.
(2021) and Lee e al. (2023).
Babajee (2021) indica es ha he agency heo y is also employed o examine IC
pe o mance. The agency cos s can inc ease, esul ing om a ise in i m inancial le e -
age (Be ge & Pa i, 2006). Disclosing mo e in o ma ion can educe agency cos s, and
hus sha eholde s encou age i ms o disclose in o ma ion. P io s udies ound hose
companies ha ha e be e IC pe o mance end o disclose mo e IC in o ma ion (Ba-
bajee, 2021). A ena and Mehdi (2017) e idence ha i ms wi h highe le e age can ob-
ain highe IC pe o mance. Ou indings show ha among he es ima ed coe icien s
o i m cha ac e is ics, inancial le e age has he second s onges posi i e e ec on IC
pe o mance (H3). This esul indica es ha i ms wi h high deb in hei capi al s uc-
u e ha e highe IC pe o mance. By bo owing money, Vie nam’s lis ed i ms in es
mo e in R&D o achie e inno a ion, employee de elopmen and o he IC asse s. They
boos knowledge sha ing and enhance hei p ocesses, s a knowledge and skills. They
also acqui e IC om o he i ms h ough M&A. This esul is consis en wi h A ena and
Mehdi (2017). Howe e , ou esul also shows ha inancial le e age has a nega i e
in luence on RC e iciency. This means ha highe deb can discou age i m ela ion-
ships wi h cus ome s, supplie s and o he s, and hus dec ease IC pe o mance. This
esul shows ha inancial le e age limi s i ms’ esou ces o in es men in ela ion-
ships. This esul does no suppo H3 bu is in line wi h Babajee (2021), Hidayah and
Adi yawa man (2017).
Schola s indica e ha i m size has an in luence on IC pe o mance (Babajee, 2021).
They a gue ha i ms wi h a la ge size ha e a be e in e nal managemen sys em and
a e likely o ha e be e abili y o disclose he in o ma ion abou hei IC pe o mance
since hey a e well di e si ied. Bigge companies migh ha e mo e inancial esou ces
o c ea e bo h p oduc and p ocess inno a ions and hence imp o e IC pe o mance
(Me essa, 2016). Ou inding shows ha MC, measu ing he i m size, has a posi i e
impac on IC pe o mance (H1). This esul e idences ha bigge ma ke alue has
be e IC pe o mance. This e lec s he ac ha he lis ed i ms wi h a bigge ma ke
alue in Vie nam ha e mo e esou ces o in es ing in IC and imp o ing i m g ow h
and p o i . Lis ed i ms wi h highe IC can adop new inno a ions and imp o e he p o-
cess o lea ning by doing. These companies can adop and imi a e knowledge gene a ed
by o he i ms easily, leading o be e i m g ow h and p o i . This e lec s he ac ha
highe MC can help hese i ms ob ain mo e unds om s ock exchange and in es in
IC, leading o highe IC pe o mance. Ou indings also show ha MC can encou age
i ms o in es in HC and RC. Lis ed companies wi h highe MC ha e be e esou ces
and isibili y, enabling hem o in es in main in angible p ope ies which can imp o e
HC, SC, and RC. In he con ex o RBV heo y and signaling heo y, highe MC encou -
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Phan Dinh Nguyen, To Thi Nha Minh.
A S udy o De e minan s o In ellec ual Capi al Pe o mance in Fi ms: The Vie namese Case
ages Vie nam’s lis ed i ms o in es and de elop hei IC and os e hei compe i i e
capaci y. Lis ed i ms wi h highe MC can a ac alen , enhance da abases, p ocesses
and echnologies, and cons uc good ela ionships wi h cus ome s and pa ne s, lead-
ing o highe IC. In addi ion, his posi i e signal assis s hese i ms in a ac ing skilled
labo , in es o s and pa ne s, inno a ion, he eby inc easing IC pe o mance. Howe e ,
MC om he p e ious pe iod discou ages IC pe o mance.
Resea che s poin ou ha global c ises such as he inancial c isis and he COV-
ID-19 pandemic a ec inancial ma ke s and IC pe o mance (Xu e al., 2023). Mos o
schola s like Co be e al. (2020) and Elnahass e al. (2021) indica e ha global c ises
ha e a nega i e e ec on inancial ma ke s and IC. Simila ly, ou indings show ha
he inancial c isis and he COVID-19 pandemic a e nega i ely co ela ed wi h IC pe -
o mance (H5a). This e lec s he ac ha Vie nam’s go e nmen did p o ide suppo
policies (Nguyen, 2024c). I ca ied ou an expansion o mone a y policy, dec eased
and de e ed axes o companies, and suppo ed i ms o in es in echnology and in-
no a ions du ing he inancial c isis be ween 2008 and 2009 (Nam, 2020), bu i ms
can only imp o e HC. Vie namese i ms also made hei big e o s o o e come he
c isis by in es ing mo e in inno a ions and echnology and hus imp o ing employee
pe o mance. Simila ly, he Vie namese go e nmen also p o ided a suppo ed policy
o i ms du ing he COVID-19 pandemic (Nguyen, 2024c). COVID-19 o ced Vie -
namese i ms o in es much mo e in employing echnology, inno a ions, and imp o -
ing i m s uc u e, sys em and p ocess. Companies also p o ided aining cou ses o
imp o ing hei employee skills and compe encies. They also asked hei employees
o lea n and adop digi al echnology o wo king. Howe e , he nega i e impac o he
c ises ou weighs he posi i e e ec made by he go e nmen suppo ing policy. The e-
o e, IC is lowe du ing he inancial c isis and he COVID-19 pandemic. Based on he
con ex o con ingency heo y, he lis ed i ms ha e o adap hei s a egies es ablished
on global ci cums ances. The c isis gene a es u bulen en i onmen s o i ms, du ing
which hey ha e o educe hei spending on aining, R&D inno a ion, he eby educ-
ing IC pe o mance. In he con ex o ins i u ional heo y, he lis ed i ms also ely on
egula o y o ganiza ions and in es o s o adap apidly o new condi ions, which migh
educe IC pe o mance.
Fu he mo e, Table 5 shows ha he inancial c isis and COVID-19 ha e a mode -
a ing e ec h ough sales g ow h, e u n on asse , and i m size (H5b). Howe e , he
COVID-19 pandemic and inancial c isis a ec lis ed companies di e en ly. The global
c ises hinde sales g ow h h ough cus ome spending and in es men educ ion. Finan-
cial ma ke s collapse du ing he c ises, leading o ex ensi e unce ain y, o cing i ms
o educe ope a ions. Simila ly, in e na ional supply chains and cus ome demand a e
dis up ed by COVID-19, leading o lowe sales g ow h. Conce ning ROA, he inancial
c isis posi i ely a ec s ROA because i ms manage o enhance asse u iliza ion and ob-
ain go e nmen suppo . Con e sely, he COVID-19 pandemic nega i ely in luences
ROA because o sudden shu downs and lowe abili y o use i m asse s e icien ly du ing
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economic cons ain s and heal h-linked conce ns. Wi h ega d o he i m size (MC), he
inancial c isis nega i ely a ec s MC because o sha e ma ke c ash and lowe in es o
con idence. In con as , COVID-19 encou ages i ms o adop signi ican ly digi al ech-
nology and heal h solu ions, leading o highe MC. In addi ion, du ing he COVID-19
pandemic, people ha e less in es men choices. They can in es in eal es a e ma ke and
sha e ma ke . Many in es o s in Vie nam had in es ed a huge amoun o money in sha e
ma ke , leading o a signi ican ly high MC le el du ing he pandemic. These esul s a e
consis en wi h Nguyen (2023) and Nguyen (2024a, b, c, d and e).
Mac oeconomic ac o s like FDI, GDP and in la ion ha e a posi i e in luence on IC
pe o mance (H6). GDP and in la ion encou age HC, CE and RC, while FDI enhances
i m sys em, s uc u e, p ocesses and physical asse s. A highe in la ion and GDP o ce
i ms o in es hei esou ces o imp o e employee skills, expe iences, compe encies,
physical asse s and i m ela ions. In he con ex o HC heo y, FDI p omo es he ans-
e o echnology, knowledge, skills, and managemen know-how o Vie namese lis ed
i ms, hence enhancing hei IC pe o mance. Highe GDP p o ides in es men op-
po uni ies o hese i ms in R&D and HC managemen , allows hem o alloca e hei
addi ional esou ces o inno a ion, he eby imp o ing hei IC pe o mance ia p o-
cesses, new p oduc de elopmen . In he con ex o RD heo y, FDI o e s ex e nal i-
nancial sou ces and knowledge o he lis ed i ms. In la ion o ces he lis ed i ms o
op imize hei esou ce usage and enhance inno a ion o sus ain hei p o i s in an un-
s able ma ke which HC, echnological capaci ies and p ocesses a e in es ed o adap
he economic condi ion changes, leading o highe IC pe o mance.
7. Implica ions
Theo e ical implica ions
This esea ch p o ides he ollowing heo e ical implica ions. Fi s , ou inding con-
ibu es o he exis ing li e a u e in he Vie namese con ex by examining de e mi-
nan s o IC pe o mance wi h a conside a ion o global c ises. This is because he e is
no esea ch examining simul aneously he e ec o global c ises on IC pe o mance.
The esea ch assis s in cla i ying he concep o IC pe o mance, RBV heo y, signal-
ing heo y, s akeholde heo y, con ingency heo y, ins i u ional heo y, human capi al
heo y, and esou ce dependency heo y, explaining he ole o i m speci ic cha ac e
and ex e nal ac o s a ec ing IC pe o mance. Second, analyzing ac o s a ec ing IC
pe o mance helps i ms imp o e hei pe o mance. This esea ch is impo an since
i can help i ms a oid unde -u ilizing an eno mous IC po en ial which is conside ed
as a i al d i e o inancial pe o mance. Finally, he mode a ing e ec o global c ises
has no been in es iga ed. F om ou indings, i ms can imp o e hei IC pe o mance
h ough alloca ing esou ces such as MC and p o i abili y e icien ly du ing he global
c isis pe iods.
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Phan Dinh Nguyen, To Thi Nha Minh.
A S udy o De e minan s o In ellec ual Capi al Pe o mance in Fi ms: The Vie namese Case
P ac ical implica ions
This esea ch has a numbe o p ac ical implica ions. Fi s , he s onges posi i e e -
ec o ROA implies ha e icien asse managemen can gene a e p o i abili y, and hen
lis ed i ms ein es p o i s in o IC ini ia i es like employee de elopmen , inno a ion
and echnological ad ancemen s. This implies ha asse managemen and imp o ed
ope a ional e iciency play a i al ole in boos ing IC pe o mance o i ms. Manage s
should pay a en ion o hei in angible asse s which can gene a e alue. Fi ms should
employ compe en employees and educa e cu en wo ke s o ob ain HC. Conse-
quen ly, hey can p o ide good se ices which a e iendly, e ec i e and p o essional,
leading o he cus ome sa is ac ion and i m g ow h. Second, he posi i e in luence o
le e age on IC pe o mance indica es ha he mode a e le els o le e age migh o e
he necessa y capi al o IC in es men because oo li le le e age can bound possible
de elopmen . Howe e , i ms should keep he op imal deb o a oid inancial isk and
imp o e IC pe o mance wi h inancial s abili y. Thi d, i ms wi h highe MC can ha e
mo e ma ke con idence and access o capi al. They should in es mo e o a ac op
alen s, inc ease inno a ion and expand hei knowledge base, and hus upg ade IC pe -
o mance. Fou h, highe sales p omo e IC pe o mance, and i ms should hus in es
in inno a ion and imp o e he quali y o p oduc s. This can b ing mo e sales and addi-
ional esou ces o IC in es men . Fi h, he global c ises wi h a nega i e e ec sugges
ha i ms should ocus on adap i e s a egies like digi al ans o ma ion and emo e
wo k inno a ions du ing he c isis ime o educe he nega i e e ec . They should pay
a en ion o IC in es men by es ablishing an app op ia e wo king mechanism du ing
he global c ises (Xu e al., 2023). In addi ion, i ms should pay a en ion o he mod-
e a ing e ec o he c ises o minimize he ad e se e ec and maximize he bene i s
ia MC, sales, and e u n on asse . Six h, he go e nmen should encou age mo e FDI
since i b ings no only capi al bu also ad anced echnologies, managemen p ac ices,
skilled labo , and enhances IC pe o mance. The go e nmen should also keep eason-
able in la ion and p omo e economic g ow h o maximize bene i s and d i e sus ained
g ow h in IC. Finally, in es o s and c edi o s also ge bene i om his esea ch because
hey can unde s and i al ac o s a ec ing i m alue be o e hei in es men decision
is made (Babajee, 2021).
8. Conclusion and Resea ch Limi a ions
This esea ch examines empi ically he ac o s a ec ing IC pe o mance o 687 lis ed
i ms in Vie nam o he pe iod 2007–2022 by using he SGMM and SEM eg ession
echnique. The esea ch esul s show ha MC, sales g ow h, e u n on asse , inancial
le e age, global c ises, o eign di ec in es men , in la ion and g oss domes ic p oduc
a e key ac o s a ec ing IC pe o mance. Global c ises ha e a nega i e e ec and a mod-
e a ing e ec on IC pe o mance because hey ha e di ec e ec and indi ec impac
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ISSN 2029-4581 eISSN 2345-0037 O ganiza ions and Ma ke s in Eme ging Economies
on IC pe o mance h ough MC, sales g ow h, and ROA. Fi ms ace compe i i e p es-
su es, hey in es in echnology and inno a ions as well as imp o e employee skills,
expe ience and compe encies. They also imp o e hei ela ions, sys em, s uc u e, and
wo king p ocesses, which leads o be e IC pe o mance.
Vie nam has p og essi ely in eg a ed in o he wo ld economy ia FDI and in e na-
ional ade ag eemen s, which also led o in e na ional shocks like he inancial c isis
and Co id-19 which s ongly a ec he economy o Vie nam. Vie nam, also conside ed
as an eme ging economy, p o ides pe cep ions ha migh be gene alized o o he an-
si ional o de eloping coun ies. Vie nam’s c isis expe ience migh o e p ized com-
pa a i e isions. An analysis o Vie namese esponse o he c ises migh enable us o
compa e wi h mo e ad anced economies and assis o he eme ging ma ke s in ob ain-
ing lessons. Addi ionally, Vie nam has become a as -g owing eme ging economy wi h
obus in e na ional economic connec ions. The e o e, he s udy o de e minan s o IC
pe o mance in he Vie nam con ex is app op ia e, and lessons lea ned om Vie nam
can sp ead o e o he economies wi h simila g ow h pa hs o hose simila ly a ec ed
by in e na ional c ises.
This esea ch has se e al limi a ions. Fi s ly, ou sample is only 687 lis ed i ms
which migh no ully ep esen he 895,876 i ms in Vie nam. Fu he s udy should
collec mo e da a and employ a la ge sample o companies ope a ing in Vie nam.
Secondly, ou esea ch has no analyzed IC pe o mance ac oss indus ies. Fu he e-
sea ch should examine he pe o mance wi h he indus y compa ison. Thi dly, ou
s udy is he case o a single coun y and hence ou indings may no be gene alized o
all na ions. Fu he s udy should be implemen ed o egional na ions such as ASEAN
coun ies. Ou esea ch does no include o he ac o s a ec ing IC pe o mance like
human esou ces in ensi y and ba ie s o en y. This is because human esou ces in en-
si y can di ec ly inc ease IC. A highly skilled and well-suppo ed wo k o ce enhances
HC, encou ages inno a ion, and ein o ces i m knowledge, he eby dona ing o IC
pe o mance. High s a up cos s, pa en s, and licenses a e ba ie s o en y which can
de end a i m’s IC by es aining compe i ion. Companies can use hese ba ie s o pu
mo e money in o R&D, no el y, and gi imp o emen , which can enhance IC. Fu -
he esea ch should include hese ac o s in o he esea ch model. Habib and Mou ad
(2023) cons uc ed a measu emen o IC e iciency and analyzed i ac oss i ms, sec o s
and coun ies, bu we ha e no done his. Fu he esea ch should conside his issue.
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