Main Article Content
Abstract
Purpose – This study examines the contribution of intellectual capital (IC) to Islamic banks’ cost efficiency.
Methodology – The data envelopment analysis (DEA) method uses an intermediation approach to measure the cost efficiency of Islamic banks and modified value-added intellectual capital (MVAIC) as a measurement of IC. The sample of this research comprises 11 Islamic commercial banks registered with the financial services authority (Otoritas Jasa Keuangan, OJK) and operating from to 2014-2023. This research method uses the system generalized method of moments (SGMM) regression to analyze the impact of IC on the cost efficiency of Islamic banks.
Findings – The results showed that IC positively affects the cost efficiency of Islamic banks in Indonesia. Another finding is that human capital (HC) contributes significantly to improving the cost efficiency of Islamic banks. structural capital (SC), capital employed (CE), and relational capital (RC) do not affect the cost efficiency of Islamic banks.
Implications – This research implies that Islamic banks can determine which IC components require additional investment to improve efficiency and provide future Islamic banking performance-oriented towards new technology.
Originality – This study seeks to fill the gap in previous research by analyzing the impact of IC and its components on the cost efficiency of Islamic banks.
Keywords
Article Details
Copyright (c) 2024 T. Saipul Hadi, Nisful Laila, Nissar Ahmad Yatoo
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References
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- Ahmad, K. (2007). Management from Islamic perspective: Principles & practices. Research Centre, IIUM.
- Akkas, E., & Asutay, M. (2023). The impact of intellectual capital formation and knowledge economy on banking performance: a case study of GCC’s conventional and Islamic banks. Journal of Financial Reporting and Accounting, 21(5), 1149-1170. https://doi.org/10.1108/JFRA-08-2021-0251
- Archer, T. S. (2010). The efficiency theory: Improving society by eliminating wasteful programs, restructuring the economy, and fixing education. CreateSpace Independent Publishing Platform.
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
- Ascarya, A., & Yumanita, D. (2008). Comparing the efficiency of Islamic banks in Malaysia and Indonesia. Bulletin of Monetary Economics and Banking, 11(2), 95-119. https://doi.org/10.21098/bemp.v11i2.237
- Aslam, E., Rehman, A. U., & Iqbal, A. (2024). The mediating role of intellectual capital in corporate governance and financial efficiency of Islamic banks. Corporate Governance: The International Journal of Business in Society, 24(1), 19-40. https://doi.org/10.1108/CG-06-2022-0276
- Asutay, M., & Ubaidillah. (2023). Examining the impact of intellectual capital performance on financial performance in Islamic banks. Journal of the Knowledge Economy, 1-33. https://doi.org/10.1007/s13132-023-01114-1
- Barney, J. B. (2001). Is the resource-based “view” a useful perspective for strategic management research? Yes. Academy of Management Review, 26(1), 41-56. https://doi.org/10.5465/AMR.2001.4011938
- Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management decision, 36(2), 63-76. https://doi.org/10.1108/00251749810204142
- Bontis, N., Chua Chong Keow, W., & Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1(1), 85–100. https://doi.org/10.1108/14691930010324188
- Buallay, A., Hamdan, A. M., Reyad, S., Badawi, S., & Madbouly, A. (2020). The efficiency of GCC banks: The role of intellectual capital. European Business Review, 32(3), 383–404. https://doi.org/10.1108/EBR-04-2019-0053
- Campanella, F., Serino, L., Battisti, E., Giakoumelou, A., & Karasamani, I. (2023). FinTech in the financial system: Towards a capital-intensive and high competence human capital reality? Journal of Business Research, 155, 113376. https://doi.org/10.1016/j.jbusres.2022.113376
- Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429–444. https://doi.org/10.1016/0377-2217(78)90138-8
- Farooque, O. Al, Al Obaid, R. O. H., & Khan, A. A. (2023). Does intellectual capital in Islamic banks outperform conventional banks? Evidence from GCC countries. Asian Review of Accounting, 31(5), 805–831. https://doi.org/10.1108/ARA-12-2022-0298
- Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society: Series A (General), 120(3), 253-281. https://doi.org/10.2307/2343100
- Gupta, K., & Raman, T. V. (2021). Intellectual capital: a determinant of firms’ operational efficiency. South Asian Journal of Business Studies, 10(1), 49–69. https://doi.org/10.1108/SAJBS-11-2019-0207
- Klimontowicz, M., & Majewska, J. (2022). The contribution of intellectual capital to banks’ competitive and financial performance: The evidence from Poland. Journal of Entrepreneurship, Management and Innovation, 18(2), 105–136. https://doi.org/10.7341/20221824
- Kozlenkova, I. V, Samaha, S. A., & Palmatier, R. W. (2013). Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), 1–21. https://doi.org/10.1007/s11747-013-0336-7
- Kweh, Q. L., Lu, W. M., Tone, K., & Nourani, M. (2022). Risk-adjusted banks' resource-utilization and investment efficiencies: Does intellectual capital matter? Journal of Intellectual Capital, 23(3), 687-712. https://doi.org/10.1108/JIC-03-2020-0106
- Le, T. D., Ho, T. N., Nguyen, D. T., & Ngo, T. (2022). Intellectual capital–bank efficiency nexus: Evidence from an emerging market. Cogent Economics & Finance, 10(1), 2127485. https://doi.org/10.1080/23322039.2022.2127485
- Lotto, J. (2019). Evaluation of factors influencing bank operating efficiency in Tanzanian banking sector. Cogent Economics & Finance, 7(1), 1664192. https://doi.org/10.1080/23322039.2019.1664192
- Maji, S. G., & Hussain, F. (2021). Technical efficiency, intellectual capital efficiency and bank performance in emerging markets: The case of India. Journal of Advances in Management Research, 18(5), 708–737. https://doi.org/10.1108/JAMR-09-2020-0218
- Masrizal, Sukmana, R., Fianto, B. A., & Gultom, R. Z. (2023). Does economic freedom fosters Islamic rural banks efficiency? Evidence from Indonesia. International Journal of Productivity and Performance Management, 72(9), 2538-2558. https://doi.org/10.1108/IJPPM-11-2021-0660
- Mention, A. L., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309. https://doi.org/10.1108/14691931311323896/FULL/PDF
- Mohapatra, S., Jena, S. K., Mitra, A., & Tiwari, A. K. (2019). Intellectual capital and firm performance: Evidence from Indian banking sector. Applied Economics, 51(57), 6054–6067. https://doi.org/10.1080/00036846.2019.1645283
- Nadeem, M., Gan, C., & Nguyen, C. (2017). Does intellectual capital efficiency improve firm performance in BRICS economies? A dynamic panel estimation. Measuring Business Excellence, 21(1), 65–85. https://doi.org/10.1108/MBE-12-2015-0055
- Onumah, J. M., & Duho, K. C. T. (2020). Impact of intellectual capital on bank efficiency in emerging markets: Evidence from Ghana. International Journal of Banking, Accounting and Finance, 11(4), 435–460. https://doi.org/10.1504/IJBAAF.2020.110303
- Paradi, J., C., S. R., & . H. Z. (2011). Two-stage evaluation of bank branch efficiency using data envelopment analysis. Omega, 39(1), 99–109. https://doi.org/10.1016/j.omega.2010.04.002
- Poh, L. T., Kilicman, A., & Ibrahim, S. N. I. (2018). On intellectual capital and financial performances of banks in Malaysia. Cogent Economics & Finance, 6(1), 1453574. https://doi.org/10.1080/23322039.2018.1453574
- Prasojo, P., Yadiati, W., Fitrijanti, T., & Sueb, M. (2023). Exploring the relationship between intellectual capital and maqasid sharia-based performance: The moderating role of sharia governance. Journal of Islamic Marketing, 14(8), 2130-2146. https://doi.org/10.1108/JIMA-07-2021-0226
- Pratama, B. C., & Innayah, M. N. (2021). Can family ownership strengthen the relationship between intellectual capital and performance in ASEAN high-tech firms? International Journal of Business and Society, 22(3), 1102–1122. https://doi.org/10.33736/ijbs.4286.2021
- Pulic, A. (2000). VAIC™–an accounting tool for IC management. International Journal of Technology Management, 20(5-8), 702-714. https://doi.org/10.1504/ijtm.2000.002891
- Rani, L. N., Laila, N., Rahman, A. A., Bayuny, A. F. R., Filianti, D., & Purbasari, L. T. (2024). The effects macroeconomic on corporate sukuk Ijarah returns: Evidence from Indonesia. Migration Letters, 21(3), 632–652. https://migrationletters.com/index.php/ml/article/view/6760
- Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136. https://doi.org/10.1177/1536867x0900900106
- Shah, S. A. A., Sukmana, R., & Fianto, B. A. (2021). Efficiencies in Islamic banking: A bibliometric and theoretical review. International Journal of Productivity and Quality Management, 32(4), 458–501. https://doi.org/10.1504/IJPQM.2021.114268
- Sufian, F. (2013). Economic freedom and bank efficiency nexus. International Journal of Monetary Economics and Finance, 6(2-3), 150-185. https://doi.org/10.1504/ijmef.2013.056395
- Sufian, F., & Shah Habibullah, M. (2014). Economic freedom and bank efficiency: Does ownership and origins matter? Journal of Financial Regulation and Compliance, 22(3), 174–207. https://doi.org/10.1108/jfrc-01-2013-0001
- Sufian, F., & Zulkhibri, M. (2015). The nexus between economic freedom and Islamic bank profitability in the MENA banking sectors. Global Business Review, 16(5_suppl), 58S-81S. https://doi.org/10.1177/0972150915601256
- Sutrisno, & Widarjono, A. (2018). Maqasid sharia index, banking risk and performance cases in Indonesian Islamic banks. Asian Economic and Financial Review, 8(9), 1175–1184. https://doi.org/10.18488/journal.aefr.2018.89.1175.1184
- Taylor, D., Sarpong, B., & Cudjoe, E. Y. (2022). Cost-efficiency and bank profitability during health crisis. Applied Economics Letters, 31(8), 732–737. https://doi.org/10.1080/13504851.2022.2146644
- Ting, I. W. K., Chen, F. C., Kweh, Q. L., Sui, H. J., & Le, H. T. M. (2022). Intellectual capital and bank branches’ efficiency: An integrated study. Journal of Intellectual Capital, 23(4), 840–863. https://doi.org/10.1108/JIC-07-2020-0245
- Tran, S., Nguyen, D., & Nguyen, L. (2022). Concentration, capital, and bank stability in emerging and developing countries. Borsa Istanbul Review, 22(6), 1251-1259. https://doi.org/10.1016/j.bir.2022.08.012
- Ulum, I. (2013). Model pengukuran kinerja intellectual capital dengan iB-VAIC di perbankan syariah. INFERENSI: Jurnal Penelitian Sosial Keagamaan, 7(1), 185-206. https://doi.org/10.18326/infsl3.v7i1.185-206
- Ulum, I., Kharismawati, N., & Syam, D. (2017). Modified value-added intellectual coefficient (MVAIC) and traditional financial performance of Indonesian biggest companies. International Journal of Learning and Intellectual Capital, 14(3), 207–219. https://doi.org/10.1504/IJLIC.2017.086390
- Ur Rehman, A., Aslam, E., & Iqbal, A. (2022). Intellectual capital efficiency and bank performance: Evidence from Islamic banks. Borsa Istanbul Review, 22(1), 113–121. https://doi.org/10.1016/j.bir.2021.02.004
- Vidyarthi, H. (2019). Dynamics of intellectual capitals and bank efficiency in India. Service Industries Journal, 39(1), 1–24. https://doi.org/10.1080/02642069.2018.1435641
- Vidyarthi, H., & Tiwari, R. (2020). Cost, revenue, and profit efficiency characteristics, and intellectual capital in Indian banks. Journal of Intellectual Capital, 21(1), 1–22. https://doi.org/10.1108/JIC-05-2019-0107
- Vishnu, S., & Gupta, V. K. (2014). Intellectual capital and performance of pharmaceutical firms in India. Journal of Intellectual Capital, 15(1), 83–99. https://doi.org/10.1108/JIC-04-2013-0049
- Wang, X., Sadiq, R., Khan, T. M., & Wang, R. (2021). Industry 4.0 and intellectual capital in the age of FinTech. Technological Forecasting and Social Change, 166, 120598. https://doi.org/10.1016/j.techfore.2021.120598
- Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51. https://doi.org/https://doi.org/10.1016/j.jeconom.2004.02.005
- Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. https://doi.org/https://doi.org/10.1016/j.jfineco.2012.03.005
References
Adesina, K. S. (2019). Bank technical, allocative and cost efficiencies in Africa: The influence of intellectual capital. The North American Journal of Economics and Finance, 48, 419-433. https://doi.org/10.1016/j.najef.2019.03.009
Ahmad, K. (2007). Management from Islamic perspective: Principles & practices. Research Centre, IIUM.
Akkas, E., & Asutay, M. (2023). The impact of intellectual capital formation and knowledge economy on banking performance: a case study of GCC’s conventional and Islamic banks. Journal of Financial Reporting and Accounting, 21(5), 1149-1170. https://doi.org/10.1108/JFRA-08-2021-0251
Archer, T. S. (2010). The efficiency theory: Improving society by eliminating wasteful programs, restructuring the economy, and fixing education. CreateSpace Independent Publishing Platform.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
Ascarya, A., & Yumanita, D. (2008). Comparing the efficiency of Islamic banks in Malaysia and Indonesia. Bulletin of Monetary Economics and Banking, 11(2), 95-119. https://doi.org/10.21098/bemp.v11i2.237
Aslam, E., Rehman, A. U., & Iqbal, A. (2024). The mediating role of intellectual capital in corporate governance and financial efficiency of Islamic banks. Corporate Governance: The International Journal of Business in Society, 24(1), 19-40. https://doi.org/10.1108/CG-06-2022-0276
Asutay, M., & Ubaidillah. (2023). Examining the impact of intellectual capital performance on financial performance in Islamic banks. Journal of the Knowledge Economy, 1-33. https://doi.org/10.1007/s13132-023-01114-1
Barney, J. B. (2001). Is the resource-based “view” a useful perspective for strategic management research? Yes. Academy of Management Review, 26(1), 41-56. https://doi.org/10.5465/AMR.2001.4011938
Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management decision, 36(2), 63-76. https://doi.org/10.1108/00251749810204142
Bontis, N., Chua Chong Keow, W., & Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1(1), 85–100. https://doi.org/10.1108/14691930010324188
Buallay, A., Hamdan, A. M., Reyad, S., Badawi, S., & Madbouly, A. (2020). The efficiency of GCC banks: The role of intellectual capital. European Business Review, 32(3), 383–404. https://doi.org/10.1108/EBR-04-2019-0053
Campanella, F., Serino, L., Battisti, E., Giakoumelou, A., & Karasamani, I. (2023). FinTech in the financial system: Towards a capital-intensive and high competence human capital reality? Journal of Business Research, 155, 113376. https://doi.org/10.1016/j.jbusres.2022.113376
Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429–444. https://doi.org/10.1016/0377-2217(78)90138-8
Farooque, O. Al, Al Obaid, R. O. H., & Khan, A. A. (2023). Does intellectual capital in Islamic banks outperform conventional banks? Evidence from GCC countries. Asian Review of Accounting, 31(5), 805–831. https://doi.org/10.1108/ARA-12-2022-0298
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society: Series A (General), 120(3), 253-281. https://doi.org/10.2307/2343100
Gupta, K., & Raman, T. V. (2021). Intellectual capital: a determinant of firms’ operational efficiency. South Asian Journal of Business Studies, 10(1), 49–69. https://doi.org/10.1108/SAJBS-11-2019-0207
Klimontowicz, M., & Majewska, J. (2022). The contribution of intellectual capital to banks’ competitive and financial performance: The evidence from Poland. Journal of Entrepreneurship, Management and Innovation, 18(2), 105–136. https://doi.org/10.7341/20221824
Kozlenkova, I. V, Samaha, S. A., & Palmatier, R. W. (2013). Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), 1–21. https://doi.org/10.1007/s11747-013-0336-7
Kweh, Q. L., Lu, W. M., Tone, K., & Nourani, M. (2022). Risk-adjusted banks' resource-utilization and investment efficiencies: Does intellectual capital matter? Journal of Intellectual Capital, 23(3), 687-712. https://doi.org/10.1108/JIC-03-2020-0106
Le, T. D., Ho, T. N., Nguyen, D. T., & Ngo, T. (2022). Intellectual capital–bank efficiency nexus: Evidence from an emerging market. Cogent Economics & Finance, 10(1), 2127485. https://doi.org/10.1080/23322039.2022.2127485
Lotto, J. (2019). Evaluation of factors influencing bank operating efficiency in Tanzanian banking sector. Cogent Economics & Finance, 7(1), 1664192. https://doi.org/10.1080/23322039.2019.1664192
Maji, S. G., & Hussain, F. (2021). Technical efficiency, intellectual capital efficiency and bank performance in emerging markets: The case of India. Journal of Advances in Management Research, 18(5), 708–737. https://doi.org/10.1108/JAMR-09-2020-0218
Masrizal, Sukmana, R., Fianto, B. A., & Gultom, R. Z. (2023). Does economic freedom fosters Islamic rural banks efficiency? Evidence from Indonesia. International Journal of Productivity and Performance Management, 72(9), 2538-2558. https://doi.org/10.1108/IJPPM-11-2021-0660
Mention, A. L., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309. https://doi.org/10.1108/14691931311323896/FULL/PDF
Mohapatra, S., Jena, S. K., Mitra, A., & Tiwari, A. K. (2019). Intellectual capital and firm performance: Evidence from Indian banking sector. Applied Economics, 51(57), 6054–6067. https://doi.org/10.1080/00036846.2019.1645283
Nadeem, M., Gan, C., & Nguyen, C. (2017). Does intellectual capital efficiency improve firm performance in BRICS economies? A dynamic panel estimation. Measuring Business Excellence, 21(1), 65–85. https://doi.org/10.1108/MBE-12-2015-0055
Onumah, J. M., & Duho, K. C. T. (2020). Impact of intellectual capital on bank efficiency in emerging markets: Evidence from Ghana. International Journal of Banking, Accounting and Finance, 11(4), 435–460. https://doi.org/10.1504/IJBAAF.2020.110303
Paradi, J., C., S. R., & . H. Z. (2011). Two-stage evaluation of bank branch efficiency using data envelopment analysis. Omega, 39(1), 99–109. https://doi.org/10.1016/j.omega.2010.04.002
Poh, L. T., Kilicman, A., & Ibrahim, S. N. I. (2018). On intellectual capital and financial performances of banks in Malaysia. Cogent Economics & Finance, 6(1), 1453574. https://doi.org/10.1080/23322039.2018.1453574
Prasojo, P., Yadiati, W., Fitrijanti, T., & Sueb, M. (2023). Exploring the relationship between intellectual capital and maqasid sharia-based performance: The moderating role of sharia governance. Journal of Islamic Marketing, 14(8), 2130-2146. https://doi.org/10.1108/JIMA-07-2021-0226
Pratama, B. C., & Innayah, M. N. (2021). Can family ownership strengthen the relationship between intellectual capital and performance in ASEAN high-tech firms? International Journal of Business and Society, 22(3), 1102–1122. https://doi.org/10.33736/ijbs.4286.2021
Pulic, A. (2000). VAIC™–an accounting tool for IC management. International Journal of Technology Management, 20(5-8), 702-714. https://doi.org/10.1504/ijtm.2000.002891
Rani, L. N., Laila, N., Rahman, A. A., Bayuny, A. F. R., Filianti, D., & Purbasari, L. T. (2024). The effects macroeconomic on corporate sukuk Ijarah returns: Evidence from Indonesia. Migration Letters, 21(3), 632–652. https://migrationletters.com/index.php/ml/article/view/6760
Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136. https://doi.org/10.1177/1536867x0900900106
Shah, S. A. A., Sukmana, R., & Fianto, B. A. (2021). Efficiencies in Islamic banking: A bibliometric and theoretical review. International Journal of Productivity and Quality Management, 32(4), 458–501. https://doi.org/10.1504/IJPQM.2021.114268
Sufian, F. (2013). Economic freedom and bank efficiency nexus. International Journal of Monetary Economics and Finance, 6(2-3), 150-185. https://doi.org/10.1504/ijmef.2013.056395
Sufian, F., & Shah Habibullah, M. (2014). Economic freedom and bank efficiency: Does ownership and origins matter? Journal of Financial Regulation and Compliance, 22(3), 174–207. https://doi.org/10.1108/jfrc-01-2013-0001
Sufian, F., & Zulkhibri, M. (2015). The nexus between economic freedom and Islamic bank profitability in the MENA banking sectors. Global Business Review, 16(5_suppl), 58S-81S. https://doi.org/10.1177/0972150915601256
Sutrisno, & Widarjono, A. (2018). Maqasid sharia index, banking risk and performance cases in Indonesian Islamic banks. Asian Economic and Financial Review, 8(9), 1175–1184. https://doi.org/10.18488/journal.aefr.2018.89.1175.1184
Taylor, D., Sarpong, B., & Cudjoe, E. Y. (2022). Cost-efficiency and bank profitability during health crisis. Applied Economics Letters, 31(8), 732–737. https://doi.org/10.1080/13504851.2022.2146644
Ting, I. W. K., Chen, F. C., Kweh, Q. L., Sui, H. J., & Le, H. T. M. (2022). Intellectual capital and bank branches’ efficiency: An integrated study. Journal of Intellectual Capital, 23(4), 840–863. https://doi.org/10.1108/JIC-07-2020-0245
Tran, S., Nguyen, D., & Nguyen, L. (2022). Concentration, capital, and bank stability in emerging and developing countries. Borsa Istanbul Review, 22(6), 1251-1259. https://doi.org/10.1016/j.bir.2022.08.012
Ulum, I. (2013). Model pengukuran kinerja intellectual capital dengan iB-VAIC di perbankan syariah. INFERENSI: Jurnal Penelitian Sosial Keagamaan, 7(1), 185-206. https://doi.org/10.18326/infsl3.v7i1.185-206
Ulum, I., Kharismawati, N., & Syam, D. (2017). Modified value-added intellectual coefficient (MVAIC) and traditional financial performance of Indonesian biggest companies. International Journal of Learning and Intellectual Capital, 14(3), 207–219. https://doi.org/10.1504/IJLIC.2017.086390
Ur Rehman, A., Aslam, E., & Iqbal, A. (2022). Intellectual capital efficiency and bank performance: Evidence from Islamic banks. Borsa Istanbul Review, 22(1), 113–121. https://doi.org/10.1016/j.bir.2021.02.004
Vidyarthi, H. (2019). Dynamics of intellectual capitals and bank efficiency in India. Service Industries Journal, 39(1), 1–24. https://doi.org/10.1080/02642069.2018.1435641
Vidyarthi, H., & Tiwari, R. (2020). Cost, revenue, and profit efficiency characteristics, and intellectual capital in Indian banks. Journal of Intellectual Capital, 21(1), 1–22. https://doi.org/10.1108/JIC-05-2019-0107
Vishnu, S., & Gupta, V. K. (2014). Intellectual capital and performance of pharmaceutical firms in India. Journal of Intellectual Capital, 15(1), 83–99. https://doi.org/10.1108/JIC-04-2013-0049
Wang, X., Sadiq, R., Khan, T. M., & Wang, R. (2021). Industry 4.0 and intellectual capital in the age of FinTech. Technological Forecasting and Social Change, 166, 120598. https://doi.org/10.1016/j.techfore.2021.120598
Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51. https://doi.org/https://doi.org/10.1016/j.jeconom.2004.02.005
Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. https://doi.org/https://doi.org/10.1016/j.jfineco.2012.03.005