INTELLECTUAL CAPITAL AND FIRM PERFORMANCE: EXPLORING THE EFFECTS OF FINANCIAL LEVERAGE IN VIETNAM
DOI:
https://doi.org/10.33736/ijbs.12813.2026Keywords:
financial leverage, firm performance, intellectual capital, VietnamAbstract
This study explores the relationship among intellectual capital (IC), financial leverage, and firm performance using data on Vietnam’s top 200 firms (2015–2021). Results show that intellectual capital positively affects firm performance. We also find that the positive relationship is less prominent in firms with higher financial leverage, indicating a negative moderating effect. This conclusion applies to long- and short-term debts. Our study highlights the crucial role of IC in enhancing firm performance, while also indicating the negative moderating effect of financial leverage on this relationship. Findings offer practical insights for firms and policymakers, emphasizing that investing in IC and maintaining optimal leverage can enhance firm performance and sustainable value creation in Vietnam.
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