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THE IMPACT OF INTELLECTUAL CAPITAL AND FINANCIAL PERFORMANCE: AN EVIDENCE FROM THE ISLAMIC BANKS IN PAKISTAN
Corresponding Author(s) : Muhammad Riaz Mahmood
Humanities & Social Sciences Reviews,
Vol. 9 No. 3 (2021): May
Abstract
Purpose: The study seeks to look at the impact of intellectual capital on the financial performance of Islamic banks in Pakistan.
Methodology: This study employed the regression model by using different Islamic banks. In this scenario, the data were collected from the Islamic banks in Pakistan from 2010 to 2019. The financial performance was measured through return on assets and intellectual capital was measured through human capital efficiency, structured capital efficiency, and capital employed efficiency.
Main Findings: The study concluded that human capital influences the return on assets which increases the financial performance of Islamic banks. The rest of the components of intellectual capital negatively influence the performance of Islamic banks.
Applications of the Study: This study enables us to understand the importance of IC and helps the management of the Islamic banks to get benefit from it.
Novelty/ Originality of this study: This is an original study that has not been published before in any journal. The present study contributes to the existing knowledge of the literature on intellectual capital by throwing the light on the previous studies made regarding the Islamic banks and it is useful for the policymakers.
Keywords
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- Abdull Razak, R., Mohammad, J. &Tobiagi, S.M. (2016), Intellectual capital disclosure practices and intellectual capital performance in Saudi Arabia financial institution. Journal of Business Studies Quarterly, 7(4), 1-14.
- Ahmad, M. & Ahmed, N. (2016). Testing the relationship between intellectual capital and a firm's performance: an empirical investigation regarding financial industries of Pakistan. International Journal of Learning and Intellectual Capital, 13(2-3), 250-272. https://doi.org/10.1504/IJLIC.2016.075691 DOI: https://doi.org/10.1504/IJLIC.2016.075691
- Akhtar, C.S., Ismail, K., Ndaliman, M.A., Hussain, J., & Haider, M. (2015). Can intellectual capital of SMEs help in their sustainability efforts. Journal of Management Research, 7(2), 83–97. https://doi.org/10.5296/jmr.v7i2.6930 DOI: https://doi.org/10.5296/jmr.v7i2.6930
- Alhassan, A.L. & Asare, N. (2016), Intellectual capital and bank productivity in emerging markets: evidence from Ghana, Management Decision, 54(3). https://doi.org/10.1108/MD-01-2015-0025 DOI: https://doi.org/10.1108/MD-01-2015-0025
- Al-Musali, M.A.K. & Ku Ismail, K.N.I. (2012), Corporate governance, bank specific characteristics,
- banking industry characteristics, and intellectual Capital (IC) performance of banks in arab Gulf
- cooperation council (GCC) countries. Asian Academy of Management Journal of Accounting and
- Finance, 8(1), 115-135.
- Al-Musali, M.A.K. & Ismail, K.N.I.K. (2014). Intellectual capital and its effect on financial
- performance of banks: evidence from Saudi Arabia. Procedia-Social and Behavioral Sciences,
- (1), 201-207. https://doi.org/10.1016/j.sbspro.2014.11.068 DOI: https://doi.org/10.1016/j.sbspro.2014.11.068
- Andriessen, D. (2004). IC valuation and measurement: Classifying the state of the art. Journal of
- Intellectual Capital, 5(4), 230-42. https://doi.org/10.1108/14691930410533669 DOI: https://doi.org/10.1108/14691930410533669
- Aslam, E. & Haron, R. (2021), Corporate governance and banking performance: the mediating role of intellectual capital among OIC countries. Corporate Governance, 21(1), 111-136. https://doi.org/10.1108/CG-08-2020-0312 DOI: https://doi.org/10.1108/CG-08-2020-0312
- Bollen, L., Vergauwen, P. & Schnieders, S. (2005). Linking intellectual capital and intellectual property to company performance. Management Decision, 43(9), 1161-85. https://doi.org/10.1108/00251740510626254 DOI: https://doi.org/10.1108/00251740510626254
- Brennan, N., & Connell, B. (2000). Intellectual capital: current issues and policy implications.
- Journal of Intellectual capital, 1(3), 206-240. https://doi.org/10.1108/14691930010350792 DOI: https://doi.org/10.1108/14691930010350792
- Buallay, A. (2019), Intellectual capital and performance of Islamic and conventional banking: Empirical evidence from Gulf Cooperative Council Countries, Journal of Management Development, 38(7), 518-537. https://doi.org/10.1108/JMD-01-2019-0020 DOI: https://doi.org/10.1108/JMD-01-2019-0020
- Chachi, A. (2005). Origin and development of commercial and Islamic banking operations. J. KAU: Islamic Economics, 18(2), 3–25. https://doi.org/10.4197/islec.18-2.1 DOI: https://doi.org/10.4197/islec.18-2.1
- Dzemyda, I., & Urgelevicius, A. (2014). The impact of intangible capital countries sustainability during the economic recession .8th International Scientific Conference, Business and Management 2014, May 15-16, 814-822, Vilnius, Lithuania. https://doi.org/10.3846/bm.2014.098 DOI: https://doi.org/10.3846/bm.2014.098
- Edbiz, C. (2015), Global Islamic Finance Report, s.l., Finance Accreditation Agency, available at: www. gifr.net/
- Eisenhardt, K.M. and Schoonhoven, C.B. (1996), Resource-based view of strategic alliance formation: strategic and social effects in entrepreneurial firms. Organization Science, 7(2), 136-150. https://doi.org/10.1287/orsc.7.2.136 DOI: https://doi.org/10.1287/orsc.7.2.136
- El-Bannany, M. (2008). A study of determinants of intellectual capital performance in banks: the UK case. Journal of Intellectual Capital, 9(3), 487–498. https://doi.org/10.1108/14691930810892045 DOI: https://doi.org/10.1108/14691930810892045
- Gan, K. & Zakiah, S. (2008). Intellectual capital and corporate performance of technology
- intensive companies: Malaysia evidence. Asian Journal of Business and Accounting, 1(1), 113–130.
- Guerrini, A., Romano, G. and Leardini, C. (2014), Does intellectual Capital efficiency affect financial
- performance? The case of Italian listed firms. International Journal of Learning and Intellectual
- Capital, 11(2), 127-148. https://doi.org/10.1504/IJLIC.2014.060805 DOI: https://doi.org/10.1504/IJLIC.2014.060805
- Haji, A. A., & Ghazali, M. N. A. (2018). The role of intangible assets and liabilities in firm performance: empirical evidence. Journal of Applied Accounting Research, 19(1), 42-59. https://doi.org/10.1108/JAAR-12-2015-0108 DOI: https://doi.org/10.1108/JAAR-12-2015-0108
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- Khalique, M., Shaari, N., Abdul, J., Isa, A. H. B. M., & Samad, N. B. (2013). Impact of Intellectual Capital on the Organizational Performance of Islamic Banking Sector in Malaysia. Asian Journal of Finance & Accounting, 5(2). https://doi.org/10.4018/978-1-4666-7332-8.ch012 DOI: https://doi.org/10.2139/ssrn.2327407
- Khalique, M., Ramayah, T., Shah, M. T. A., & Iqbal, Z. (2019). Intellectual Capital and Financial Performance of Banks in Sialkot Pakistan. Journal of Management Sciences, 6(1), 50-61. https://doi.org/10.20547/jms.2014.1906104 DOI: https://doi.org/10.20547/jms.2014.1906104
- Latif, M., Malik, M.S. and Aslam, S. (2012), Intellectual Capital efficiency and corporate performance in developing countries: a comparison between Islamic and conventional banks in Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 4(1), 405 420.
- Li, F. (2001), The Internet and the deconstruction of the integrated banking model. British Journal of Management, 12(4), 307-322. https://doi.org/10.1111/1467-8551.00212 DOI: https://doi.org/10.1111/1467-8551.00212
- Maditinos, D., Chatzoudes, D., Tsairidis, C. & Theriou, G. (2011). The impact of intellectual capital on firms’ market value and financial performance. Journal of Intellectual Capital, 12(1), 132-51. https://doi.org/10.1108/14691931111097944 DOI: https://doi.org/10.1108/14691931111097944
- Matinfard, M., & Khavari, A., (2015). The impact of Intellectual Capital on firm performance: Evidence from Tehran Stock Exchange. Management Science Letters, 1005-1016. https://doi.org/10.5267/j.msl.2015.8.011 DOI: https://doi.org/10.5267/j.msl.2015.8.011
- Mehralian, G., Rajabzadeh, A., Sadeh, M.R. & Rasekh, H.R. (2012), Intellectual Capital and corporate
- performance in iranian pharmaceutical industry. Journal of Intellectual Capital, 13(1), 138-158. https://doi.org/10.1108/14691931211196259 DOI: https://doi.org/10.1108/14691931211196259
- Nawaz, T. (2018). Intellectual capital profiles and financial performance of Islamic banks in the UK. International Journal of Learning and Intellectual Capital, 16(1). https://doi.org/10.1504/IJLIC.2019.096934 DOI: https://doi.org/10.1504/IJLIC.2019.096934
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- Rezaei, E. (2014), Statistical analysis of the impact of intellectual capital elements on future performance: A case study of Tehran stock exchange. Research Journal of Recent Sciences, 3(12), 131-137.
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References
Abdull Razak, R., Mohammad, J. &Tobiagi, S.M. (2016), Intellectual capital disclosure practices and intellectual capital performance in Saudi Arabia financial institution. Journal of Business Studies Quarterly, 7(4), 1-14.
Ahmad, M. & Ahmed, N. (2016). Testing the relationship between intellectual capital and a firm's performance: an empirical investigation regarding financial industries of Pakistan. International Journal of Learning and Intellectual Capital, 13(2-3), 250-272. https://doi.org/10.1504/IJLIC.2016.075691 DOI: https://doi.org/10.1504/IJLIC.2016.075691
Akhtar, C.S., Ismail, K., Ndaliman, M.A., Hussain, J., & Haider, M. (2015). Can intellectual capital of SMEs help in their sustainability efforts. Journal of Management Research, 7(2), 83–97. https://doi.org/10.5296/jmr.v7i2.6930 DOI: https://doi.org/10.5296/jmr.v7i2.6930
Alhassan, A.L. & Asare, N. (2016), Intellectual capital and bank productivity in emerging markets: evidence from Ghana, Management Decision, 54(3). https://doi.org/10.1108/MD-01-2015-0025 DOI: https://doi.org/10.1108/MD-01-2015-0025
Al-Musali, M.A.K. & Ku Ismail, K.N.I. (2012), Corporate governance, bank specific characteristics,
banking industry characteristics, and intellectual Capital (IC) performance of banks in arab Gulf
cooperation council (GCC) countries. Asian Academy of Management Journal of Accounting and
Finance, 8(1), 115-135.
Al-Musali, M.A.K. & Ismail, K.N.I.K. (2014). Intellectual capital and its effect on financial
performance of banks: evidence from Saudi Arabia. Procedia-Social and Behavioral Sciences,
(1), 201-207. https://doi.org/10.1016/j.sbspro.2014.11.068 DOI: https://doi.org/10.1016/j.sbspro.2014.11.068
Andriessen, D. (2004). IC valuation and measurement: Classifying the state of the art. Journal of
Intellectual Capital, 5(4), 230-42. https://doi.org/10.1108/14691930410533669 DOI: https://doi.org/10.1108/14691930410533669
Aslam, E. & Haron, R. (2021), Corporate governance and banking performance: the mediating role of intellectual capital among OIC countries. Corporate Governance, 21(1), 111-136. https://doi.org/10.1108/CG-08-2020-0312 DOI: https://doi.org/10.1108/CG-08-2020-0312
Bollen, L., Vergauwen, P. & Schnieders, S. (2005). Linking intellectual capital and intellectual property to company performance. Management Decision, 43(9), 1161-85. https://doi.org/10.1108/00251740510626254 DOI: https://doi.org/10.1108/00251740510626254
Brennan, N., & Connell, B. (2000). Intellectual capital: current issues and policy implications.
Journal of Intellectual capital, 1(3), 206-240. https://doi.org/10.1108/14691930010350792 DOI: https://doi.org/10.1108/14691930010350792
Buallay, A. (2019), Intellectual capital and performance of Islamic and conventional banking: Empirical evidence from Gulf Cooperative Council Countries, Journal of Management Development, 38(7), 518-537. https://doi.org/10.1108/JMD-01-2019-0020 DOI: https://doi.org/10.1108/JMD-01-2019-0020
Chachi, A. (2005). Origin and development of commercial and Islamic banking operations. J. KAU: Islamic Economics, 18(2), 3–25. https://doi.org/10.4197/islec.18-2.1 DOI: https://doi.org/10.4197/islec.18-2.1
Dzemyda, I., & Urgelevicius, A. (2014). The impact of intangible capital countries sustainability during the economic recession .8th International Scientific Conference, Business and Management 2014, May 15-16, 814-822, Vilnius, Lithuania. https://doi.org/10.3846/bm.2014.098 DOI: https://doi.org/10.3846/bm.2014.098
Edbiz, C. (2015), Global Islamic Finance Report, s.l., Finance Accreditation Agency, available at: www. gifr.net/
Eisenhardt, K.M. and Schoonhoven, C.B. (1996), Resource-based view of strategic alliance formation: strategic and social effects in entrepreneurial firms. Organization Science, 7(2), 136-150. https://doi.org/10.1287/orsc.7.2.136 DOI: https://doi.org/10.1287/orsc.7.2.136
El-Bannany, M. (2008). A study of determinants of intellectual capital performance in banks: the UK case. Journal of Intellectual Capital, 9(3), 487–498. https://doi.org/10.1108/14691930810892045 DOI: https://doi.org/10.1108/14691930810892045
Gan, K. & Zakiah, S. (2008). Intellectual capital and corporate performance of technology
intensive companies: Malaysia evidence. Asian Journal of Business and Accounting, 1(1), 113–130.
Guerrini, A., Romano, G. and Leardini, C. (2014), Does intellectual Capital efficiency affect financial
performance? The case of Italian listed firms. International Journal of Learning and Intellectual
Capital, 11(2), 127-148. https://doi.org/10.1504/IJLIC.2014.060805 DOI: https://doi.org/10.1504/IJLIC.2014.060805
Haji, A. A., & Ghazali, M. N. A. (2018). The role of intangible assets and liabilities in firm performance: empirical evidence. Journal of Applied Accounting Research, 19(1), 42-59. https://doi.org/10.1108/JAAR-12-2015-0108 DOI: https://doi.org/10.1108/JAAR-12-2015-0108
Inkinen, H. (2015). Review of empirical research on intellectual capital and firm performance. Journal of Intellectual capital, 16(3), 518-565. https://doi.org/10.1108/JIC-01-2015-0002 DOI: https://doi.org/10.1108/JIC-01-2015-0002
Islamic Banking Bulletin (2015). Islamic Banking Bulletin, State Bank of Pakistan Islamic Banking Department, Lahore. Available at: https://www.sbp.org.pk/ibd/bulletin/2020/Jun.pdf
Jetmiko, J. (2018). Analysis on the effect of intellectual capital on growth and financial performance of Islamic banking. Indonesian Journal of Business and Economics, 1(1), 92-109. https://doi.org/10.25134/ijbe.v1i1 DOI: https://doi.org/10.25134/ijbe.v1i1.1361
Khalique, M., Shaari, N., Abdul, J., Isa, A. H. B. M., & Samad, N. B. (2013). Impact of Intellectual Capital on the Organizational Performance of Islamic Banking Sector in Malaysia. Asian Journal of Finance & Accounting, 5(2). https://doi.org/10.4018/978-1-4666-7332-8.ch012 DOI: https://doi.org/10.2139/ssrn.2327407
Khalique, M., Ramayah, T., Shah, M. T. A., & Iqbal, Z. (2019). Intellectual Capital and Financial Performance of Banks in Sialkot Pakistan. Journal of Management Sciences, 6(1), 50-61. https://doi.org/10.20547/jms.2014.1906104 DOI: https://doi.org/10.20547/jms.2014.1906104
Latif, M., Malik, M.S. and Aslam, S. (2012), Intellectual Capital efficiency and corporate performance in developing countries: a comparison between Islamic and conventional banks in Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 4(1), 405 420.
Li, F. (2001), The Internet and the deconstruction of the integrated banking model. British Journal of Management, 12(4), 307-322. https://doi.org/10.1111/1467-8551.00212 DOI: https://doi.org/10.1111/1467-8551.00212
Maditinos, D., Chatzoudes, D., Tsairidis, C. & Theriou, G. (2011). The impact of intellectual capital on firms’ market value and financial performance. Journal of Intellectual Capital, 12(1), 132-51. https://doi.org/10.1108/14691931111097944 DOI: https://doi.org/10.1108/14691931111097944
Matinfard, M., & Khavari, A., (2015). The impact of Intellectual Capital on firm performance: Evidence from Tehran Stock Exchange. Management Science Letters, 1005-1016. https://doi.org/10.5267/j.msl.2015.8.011 DOI: https://doi.org/10.5267/j.msl.2015.8.011
Mehralian, G., Rajabzadeh, A., Sadeh, M.R. & Rasekh, H.R. (2012), Intellectual Capital and corporate
performance in iranian pharmaceutical industry. Journal of Intellectual Capital, 13(1), 138-158. https://doi.org/10.1108/14691931211196259 DOI: https://doi.org/10.1108/14691931211196259
Nawaz, T. (2018). Intellectual capital profiles and financial performance of Islamic banks in the UK. International Journal of Learning and Intellectual Capital, 16(1). https://doi.org/10.1504/IJLIC.2019.096934 DOI: https://doi.org/10.1504/IJLIC.2019.096934
Nawaz, T. (2017). Intellectual capital, financial crisis and performance of Islamic banks: Does Shariah governance matter? International Journal of Business and Society, 18(1), 211-226. https://doi.org/10.33736/ijbs.497.2017 DOI: https://doi.org/10.33736/ijbs.497.2017
Nawaz, T., & Haniffa, R. (2017). Determinants of financial performance of Islamic banks: an intellectual capital perspective. Journal of Islamic Accounting and Business Research, 8(2), 130- 142. https://doi.org/10.1108/JIABR-06-2016-0071 DOI: https://doi.org/10.1108/JIABR-06-2016-0071
Okenwa, O., Ndubuisi, A.N., Abiahu Mary, A., & Chidoziem, F. (2017). Effect of intellectual capital on financial performance of quoted deposit money banks in Nigeria. Journal of Global Accounting, 5(1), 114-125.
Ousama, A.A. & Fatima, A.H. (2015). Intellectual capital and financial performance of Islamic banks. International Journal of Learning and Intellectual Capital, 12(1), 1–15. https://doi.org/10.1504/IJLIC.2015.067822 DOI: https://doi.org/10.1504/IJLIC.2015.067822
Ousama, A. A., Hammami, H. and Abdulkarim, M. (2020). The association between intellectual capital and financial performance in the Islamic banking industry An analysis of the GCC banks. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 75-93. https://doi.org/10.1108/IMEFM-05-2016-0073 DOI: https://doi.org/10.1108/IMEFM-05-2016-0073
Ozkan, N., Cakan, S., and Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190-198. https://doi.org/10.1016/j.bir.2016.03.001 DOI: https://doi.org/10.1016/j.bir.2016.03.001
Quran, Az-Zumar 39: 9.
Rechberg, I. and Syed, J. (2013), Ethical issues in knowledge management: conflict of knowledge ownership. Journal of Knowledge Management, 17(6), 828-847. https://doi.org/10.1108/JKM-06-2013-0232 DOI: https://doi.org/10.1108/JKM-06-2013-0232
Rehman, A., Aslam, E. & Iqbal, A. (2021). Intellectual capital efficiency and bank performance: Evidence from islamic banks. Borsa_Istanbul Review. https://doi.org/10.1016/j.bir.2021.02.004 DOI: https://doi.org/10.1016/j.bir.2021.02.004
Rezaei, E. (2014), Statistical analysis of the impact of intellectual capital elements on future performance: A case study of Tehran stock exchange. Research Journal of Recent Sciences, 3(12), 131-137.
Sarea, A.M. & Alansari, S.H. (2016), The relationship between IC and earnings quality: evidence from listed firms in Bahrain bourse. International Journal of Learning and IC, 13(4), 302-315. https://doi.org/10.1504/IJLIC.2016.079350 DOI: https://doi.org/10.1504/IJLIC.2016.079350
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