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MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY OPEN UNIVERSITY TRAN PHU NGOC INTELLECTUAL CAPITAL AND ITS EFFECTS ON THE PERFORMANCE OF FIRMS, SECTORS AND NATIONS SUMMARY OF DOCTORAL DISSERTATION IN BUSINESS ADMINISTRATION HO CHI MINH CITY – 2024 i MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY OPEN UNIVERSITY TRAN PHU NGOC INTELLECTUAL CAPITAL AND ITS EFFECTS ON THE PERFORMANCE OF FIRMS, SECTORS AND NATIONS Majors: BUSINESS ADMINISTRATION Code: 9340101 SUMMARY OF DOCTORAL DISSERTATION IN BUSINESS ADMINISTRATION rvisors: Supervisors: 1. Vo Hong Duc 2. Van Thi Hong Loan HO CHI MINH CITY – 2024 ii CHAPTER 1 INTRODUCTION 1.1 Research problems Previous studies have confirmed the role of creating competitive advantages and improving firm's performance (Bayraktaroglu et al., 2019; Xu and Wang, 2019; Chen et al. However, previous studies have neglected to measure intellectual capital at the sector and country level, and examine its role in the performance of sector and nation.

Hence, this study is conducted to measure intellectual capital and examines its effect on the performance of firms, sectors and nations.1 The main objective This study has the overarching objective of measuring intellectual capital at the firm, sector and nation levels. In addition, this dissertation also examines the impacts of intellectual capital on the performance of firms and sectors; and on national performance, which is effectively the economic performance of the countries.2 Specific objectives The objectives of this study are summarized as follows: 1) To measure intellectual capital for firms, sectors and nations. 3 2) To examine the effects of intellectual capital on the performance of firms, and sectors, and nations.3 Research questions In achieving the research objectives, this dissertation attempts to answer the following research questions: 1) What are the differences in intellectual capital level between financial and non-financial firms in Vietnam? And what are potential advancements in measuring intellectual capital at the sectors and nations’ levels? 2) What are the effects of intellectual capital on the performance of firms and sectors in Vietnam; and on performance of nations? 1.4 Research subject and scope Measuring intellectual capital and the effects of intellectual capital on the performance of firms, sectors and nations are the subjects of the dissertation. For a research scope for firms and sectors, the research scope covers 150 listed firms on the Vietnam’s stock market in the period 2011-2018.

For the nations, the scope of the study covers 104 countries in the 2000-2018 period.5 Contributions of the study This study contributes to the existing literature on intellectual capital in the following respects. 4 - First, this dissertation investigates the differences in intellectual capital efficiency between the financial and non-financial sectors in Vietnam. The effects of intellectual capital on firm’s performance in Vietnam are then examined. Vietnam is an emerging market in the Southeast Asia, one of the most dynamic economies in the region and the world.

Managerial implications are important for the intellectual capital community, including academics, policymakers, and practitioners. This dissertation provides the bridge to fill the current gap. - Second, this study extends the current literature by developing a new measure of intellectual capital at the sector level - a new sectoral intellectual capital index (SICI). The SICI can now be used to investigate various aspects of the sectors with intellectual capital efficiency in Vietnam.

- Third, a new index of the national intellectual capital (INIC), one of the first of its kind, is developed to measure the different levels of intellectual capital across nations globally. This new index includes the following fundamental attributes: (i) simplicity - a new index should be simple to calculate; (ii) quantification – a new index should be easily quantifiable without using judgments; (iii) market relevance – a new index should be able to 5 reflect the prevailing market and economy conditions; and (iv) international comparison – a new index should be practically implemented for comparison purposes across countries regardless of the level of national performance and development.6 Research framework and steps Based on the theoretical foundations and empirical research conducted in relation to the field of study, the analytical framework is proposed. Research data will be collected and analysis will be performed. The research process is described specifically as follows: Research problems Review of the theoretical foundation and previous studies Collect data Analyze and interpret data Conclusions and implications Source: Author's synthetic Figure 1.1 Research process 6 • First, research needs to conduct a rigorous theoretical overview to find (i) the theory of intellectual capital and its measurements; factors affect the performance of firms, sectors and nations (ii) variables commonly used in research models in the world, and (iii) research gaps academic.

• After identifying the above factors, the second step of the study is to determine the data set to be used to ensure the feasibility of the project. Research to collect annual data on intellectual capital at firm, sector and nation. These figures are publicly announced in the annual reports of the firms. In addition, the data on the new national intellectual capital index is extracted from the source of the World Bank Development Indicators.

• Third, this study uses panel data to conduct the study. With the data collected and through the theoretical review, this study intends to use econometric methods suitable for the data set in order to solve potential problems (unit root, autocorrelation…), to obtain the best estimate results. • Fourth, after achieving the experimental results, the research needs to explain, discuss the results. • Last but not least, the study concludes on intellectual capital measurements and the effects on performance of 7 firms, sectors and nation.

Along with that, the study proposes solutions to promote efficiency in the use of intellectual capital, contributing to increase the efficiency of firm, sectors and countries. The core of this research is intellectual capital. As shown in Figure 1.4, I consider intellectual capital from two perspectives: measuring intellectual capital and examining the effect of intellectual capital on performance. In addition, this dissertation also considers at all 3 levels: firm, sector and nation.

• For the measure of intellectual capital: I use the structural model and the MVAIC method to measure intellectual capital at the firm level, and compare the difference in intellectual capital between financial and non-financial firms. At the sectoral and national level, I propose new intellectual capital measurement, namely sectoral intellectual capital index (SICI) and index of national intellectual capital (INIC). • For examining the effects of intellectual capital on performance, this dissertation uses two common measures, return on assets (ROA) and return on equity (ROE), to measure performance at the firm and sector levels. As for the country level, I use GDP per capita as a measure of national performance.

8 Intellectual capital Intellectual capital The effects of intellectual measurements capital on performance Modified value-added Firm level - Return on assets (ROA) intellectual coefficient - Return on equity (ROE) (MVAIC) model Sectoral intellectual - Return on assets (ROA) capital index (SICI) Sector level - Return on equity (ROE) Index of national Economic growth intellectual capital (INIC) National level Source: Author's synthetic Figure 1.2 Research framework 9 CHAPTER 2 LITERATURE REVIEW 2.1 Definitions and classifications Various models have been used to classify intellectual capital, including: 2.1 Saint-Onge’s model: proposed by Westberg and Sullivan (1998) 2.2 Sveiby’s model: introduced by Sveiby (1997) 2.3 Skandia intellectual capital value scheme: proposed by Edvinsson and Malone (1997).4 Sullivan’s model: introduced by Sullivan (2000) 2.1 Resource-based theory The resource-based view (Wernerfelt, 1984; Barney, 1991) states that in order to achieve and maintain a competitive advantage, firm’s resources play a crucial role. A firm will be successful if it equips the resources that are best suited to the business and its strategy.2 The knowledge-based theory Knowledge-based theory is a recent extension of resource-based theory. Knowledge-based theory considers firms possessing heterogeneous resources of knowledge (Hoskisson et al., 1999), 10 including knowledge-based assets (Marr, 2004; Roos et al.3 Performance-based theory Performance measurement has been an integral part of management since its inception. By 1925, many methods and techniques of measuring financial performance continued to be developed such as discounted cash flow method, residual income method, economic value added, or cash flow to invested capital (Chenhall, 1997; Kaplan, 1983).3 Measuring intellectual capital: traditional methods Various methods have been used to measure intellectual capital, including: 2.1 Balanced scorecard: introduced by Kaplan and Norton (1992) 2.2 Technology Broker: proposed by Brooking (1996) 2.3 Intangible assets monitor: developed by Sveiby (1997) 2.4 Skandia navigator: introduced by Edvinssion and Malone (1997) 2.5 Value Added Intellectual Coefficient™ (VAIC™): developed by Pulic (1998) 2.4 Measuring intellectual capital: extended analysis for sectors and nations 2.1 Sectoral intellectual capital measurements 11 Poyhonen and Smedlund (2004) examine region intellectual capital by differentiating three modes of intellectual capital creation, including: production network, innovation network and development network.

In addition, Edvinsson and Bounfour (2004) examine intellectual capital dynamic value (IC-dVAl) approach to measure intellectual capital performance at regional level in France. Xia and Niu (2010) propose a system of 27 indicators to measure regional intellectual capital of 29 provinces and cities of China. Pedro et al. (2018) emphasizes the need to develop a new sector approach to intellectual capital in relation to sector development theories.

Liu et al. (2021) utilize a set of multiple‐criteria decision‐making to evaluate the regional intellectual capital of 31 provinces in China.2 National intellectual capital measurements Bontis (2004) suggests one of the most common indicators designed to evaluate the national intellectual capital, which is named the National Intellectual Capital Index (NICI) using data of 10 Arab countries. Lin and Edvinsson (2011) measure a national intellectual capital as a composite index which includes human capital, market capital, process capital, renewal capital and financial capital. Kapyla et al.

(2012) propose a new structural model of national intellectual capital. This model expands previous models by adding social capital component.5 Measuring performance of firm, sector and nation 12 Several different perspectives are used to measure performance, such as employment, productivity and profitability (Siepel and Dejardin, 2020).6 The effects of intellectual capital on performance of firms, sectors and nations 2.1 Intellectual capital and firm’s performance Previous studies find a positive relationship between intellectual capital and financial performance (Phusavat et al. However, other studies also find a negative relationship between intellectual capital and firm performance (Chan, 2009; Ghosh and Mondal, 2009; Firer and Williams, 2003).2 Intellectual capital and sector performance Various studies have been conducted to investigate the effects of intellectual capital on performance in different sectors, such as banking (Akkas and Asutay, 2022; Soewarno and Tjahjadi, 2020) manufacturing (Xu and Wang, 2019; Vishnu and Gupta, 2014), technology (Nkambule et al., 2022; Xu and Li, 2019). Soewarno and Tjahjadi (2020) affirm the critical role of intellectual capital in the performance of the banking sector.

With the homogenous characteristics of human resources, the effective utilization of human capital (the most critical component of intellectual capital) brings a sustainable competitive advantage to the bank. Xu and Wang (2019) emphasize that intellectual capital contributes positively to the wealth of the manufacturing industry.3 Intellectual capital and national performance Dal Mas (2019) affirms the link between intellectual capital and sustainable competitiveness. Suciu and Nasulea (2019) also state that intellectual capital is crucial for sustainable development competitiveness. Lin (2018) asserts that national intellectual capital contributes to a nation’s wealth.

Carayannis and Grigoroudis (2016) believe that effective management and exploitation of knowledge resources contribute to improving national competitiveness. However, no widely used methodologies or recognized methods have been employed to evaluate intellectual capital across countries to the best of my knowledge.1 Data The data utilized in this study are hand-collected from published annual reports of firm and respective stock exchange at which the company is listed, in line with previous studies (Soetanto and Liem, 2019; Xu and Li, 2019; Tran and Vo, 2018). The author extracts data from the website https://cafef. The firms selected in this study are leaders in their respective businesses in terms of market capitalization and are listed in the Vietnam stock market (Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX)).