Measuring Intellectual Capital: How to Manage Modified Value Wadded Intellectual Coefficient in Islamic Banking?
Keywords:
Intellectual Capital (M-VAIC), Firm Value (Tobin's Q), Profitability (ROA), Islamic Banking, Relational Capital, Moderating Regression Analysis
Abstract
Background: This study aims to examine the impact of Intellectual Capital (M-VAIC) and its components Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Relational Capital Efficiency (RCE) on firm value (Tobin’s Q), with profitability (ROA) serving as a moderating variable, in Islamic banking companies.
Method: This study employs purposive sampling to select data samples, focusing on Islamic banking companies, including Bank Umum Syariah (BUS) and Unit Usaha Syariah (UUS), listed on the stock exchange during the period from 2019 to 2023. Data analysis is performed using Panel Data Regression and Moderating Regression Analysis with the aid of Stata 17.
Results: The results indicate a significant effect of IC, SCE, and RCE on firm value, while CEE and HCE do not have a significant impact. Additionally, profitability significantly moderates the relationship between intellectual capital and firm value.
Conclusion: The results show that the value of a bank in the eyes of the market is no longer solely determined by its physical assets or financial capital; instead, intangible strengths such as efficient internal systems, reliable technology (Structural Capital), and strong relationships with customers and communities (Relational Capital) are the main drivers of firm value. This study takes a modern and relevant approach by analyzing the most recent period (2019-2023) and specifically incorporating "Relational Capital" into its analysis.
References
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Aprilyani, RVD, Susbiyani, A., & Aspirandi, RM (2020). The Influence of Capital Employed, Human Capital, Structural Capital on Financial Performance in Banking Companies Listed on the IDX in 2017-2020. Journal of Professional Accounting, 11(2), 330–338. https://ejournal.undiksha.ac.id/index.php/JAP/article/view/30693
Asutay, M., & Ubaidillah. (2024). Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks. In Journal of the Knowledge Economy (Vol. 15, Issue 1). Springer US. https://doi.org/10.1007/s13132-023-01114-1
Barney, J. (1991). Firm Resources ad Sustained Competitive Advantege. In Journal of Management (Vol. 17, Issue 1, pp. 99–120).
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Bayraktaroglu, A.E., Calisir, F., & Baskak, M. (2019). Intellectual capital and firm performance: an extended VAIC model. Journal of Intellectual Capital, 20(3), 406–425. https://doi.org/10.1108/JIC-12-2017-0184
Chen, J., & Zhu, Z. (2004). Measuring intellectual capital: A new model and empirical study. Journal of Intellectual Capital, 5(1), 195–212. https://doi.org/10.1108/14691930410513003
Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms' market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771
Clarke, M., Seng, D., & Whiting, R. H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505–530. https://doi.org/10.1108/14691931111181706
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Darmawan. (2020). Basics of Understanding Ratios and Financial Reports. UNY Press.
Dewi, KRP, Negoro, NP, & Rahmawati, Y. (2017). The Role of Human Capital in the Efficiency of Banking Companies in Indonesia. ITS Journal of Science and Arts, 6(1), 24–27.
Diyanty, V., Dwi Restuti, M., Diyanti, V., & R. Shauki, E. (2019). Intellectual Capital and Firm Performance: Applying a Modified Value-Added Coefficient. 89(Apbec 2018), 114–123. https://doi.org/10.2991/apbec-18.2019.16
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Emeka, O., Kelvin, M., & Amara, U. (2023). Intellectual capital efficiency and corporate sustainability growth: The Nigerian Evidence. Management, 11(3), 35–41. https://www.researchgate.net/profile/Omaliko-Emeka-Leonard/publication/375226185_Intellectual_Capital_Efficiency_and_Corporate_ Sustainability_Growth_The_Nigerian_Evidence/links/6543b1ffb6233776b7444239/Intellectual-Capital-Efficiency-and-Corporate-Sustain
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Fatmawati, Khan, MA, Azizah, M., Windarto, & Ullah, S. (2019). A fractional model for the dynamics of competition between commercial and rural banks in Indonesia. Chaos, Solitons and Fractals, 122, 32–46. https://doi.org/10.1016/j.chaos.2019.02.009
Fidhayatin, SK, & Uswati Dewi, NH (2012). Analysis of Company Value, Company Performance and Company Growth Opportunities on Stock Returns in Manufacturing Companies Listed on the IDX. The Indonesian Accounting Review, 2(2), 203–214. https://doi.org/10.14414/tiar.v2i02.96
Firer, S., & Mitchell Williams, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806
Fristiani, NL, Pangastuti, DA, & Harmono, H. (2020). Intellectual Capital and Financial Performance on Firm Value: In the Banking Industry. AFRE (Accounting and Financial Review), 3(1), 35–42. https://doi.org/10.26905/afr.v3i1.4223
Fuad, HA, & Nustini, Y. (2022). The Effect of Modified Value Added Intellectual Capital (M-VAIC) on Financial-Based Performance and Market-Based Performance (A Study on Pharmaceutical Companies Listed on the Indonesia Stock Exchange). Proceeding of National Conference on Accounting & Finance, 4, 256–266. https://doi.org/10.20885/ncaf.vol4.art32
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IDX. (2024b). Sharia Stock Index. Https://Www.Idx.Co.Id/Id/Idx-Syariah/Indeks-Saham-Syariah.
Krisyadia, R., Chandra, B., & Excelt, A. (2022). The Effect of MVAIC on the Operational Efficiency of Financial Companies on the Indonesia Stock Exchange for the 2018-2022 Period. Government Accounting Standards and Human Resource Competence on the Quality of Financial Reports, 2(2), 100–109.
Lev, B. (2001). Intangibles: Management, Measurement, and Reporting. Brookings Institution Press.
Mahajan, R., Lim, W.M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. https://doi.org/10.1016/j.jbusres.2023.114104
Maji, S. G., & Goswami, M. (2017). Intellectual capital and firm performance in India: A comparative study between original and modified value added intellectual coefficient model. International Journal of Learning and Intellectual Capital, 14(1), 76–89. https://doi.org/10.1504/IJLIC.2017.080645
Marr, B., Gupta, O., Pike, S., & Roos, G. (2003). Intellectual capital and knowledge management effectiveness. Management Decision, 41(8), 771–781. https://doi.org/10.1108/00251740310496288
Marzo, G. (2022). A theoretical analysis of the value added intellectual coefficient (VAIC). Journal of Management and Governance, 26(2), 551–577. https://doi.org/10.1007/s10997-021-09565-x
Mohammad, HS, & Shairi, SA (2023). Is intellectual capital measurement matters in the profitability of technology firms in Malaysia? Investigating the moderating effect of human capital efficiency. Islamic Research Journal of Emerging Economies & Islamic Research, 11(1), 15–40. http://myjms.mohe.gov.my/index.php/JEEIRwww.jeeir.comhttps://doi.org/10.24191/jeeir.v11i1.20695
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
Momani, KM d. K. Al, Jamaludin, N., & Abdullah, WZW (2021). the Effect of Relational Capital on the Intellectual Capital and Firm Performance Nexus: Evidence From the Jordanian Industrial Sector. Journal of Sustainability Science and Management, 16(5), 307–326. https://doi.org/10.46754/JSSM.2021.07.019
Murniati, S., & Abdul Rahman Mus, H. Baharuddin Semmaila, HANN (2019). Effect of Investment Decisions, Financing Decisions and Dividend Policy on Profitability and Value of the Firm. 2(1), 1–23.
Nisa', J. (2021). The Effect of Company Size, Intangible Asset Value and Intellectual Capital on Company Value with Financial Performance as a Moderating Variable in Companies Listed on ISSI for the 2013-2017 Period. Accounting Global Journal, 5(1), 52–71. https://doi.org/10.24176/agj.v5i1.5754
Nurseha, BP, Afif, MN, & Anwar, S. (2024). The effect of human capital efficiency, structural capital efficiency, relational capital efficiency, capital employed efficiency & rate of growth of intellectual capital on financial performance. The Accounting Journal of Binaniaga, 9(01), 51–64. https://doi.org/10.33062/ajb.v9i01.49
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OJK. (2024b). Sharia Banking Statistics. Sharia Banking Report.
Onumah, J.M., & Duho, KCT (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
Phillips, R. A. (2011). Stakeholder Theory. Edward Elgar Publishing.
Pulic, A. (2000). VAICTM – An Accounting Tool for Intellectual Capital Management. International Journal Technology Management, 20(5/6/7/8), 702–714.
Riahi-Belkaoui, A. (2003). Intellectual capital and firm performance of US multinational firms: A study of the resource-based and stakeholder views. Journal of Intellectual Capital, 4(2), 215–226. https://doi.org/10.1108/14691930310472839
Sawarjuwono, T., & Kadir, A.P. (2003). Intellectual Capital: Treatment, Measurement and Reporting (A Library Research). Journal of Accounting and Finance, 5(1), 35–57. https://doi.org/10.1024/0301-1526.32.1.54
Sayyidah, U., & Saifi, M. (2017). The Influence of Intellectual Capital on Company Value with Profitability as a Moderating Variable (Study on Property and Real Estate Sub-Sector Companies on the Indonesia Stock Exchange for the Period 2013-2015). Business Administration (JAB), 46(1), 46(1), 163–171.
Stulz, R. (2000). Financial structure, Corporate Finance and economic growth. International Review of Finance, 1(1), 11–38. https://doi.org/10.1556/TarsGazd.29.2007.2.4
Taher, M. (2012). Resource-Based View Theory (A Bibliometric Analysis of Articles Citing the Unified Theory of Acceptance and Use of Technology). In Springer (Vol. 28, Issue May). http://www.springer.com/series/6157. https://doi.org/10.1007/978-1-4419-6108-2
Toto Sugihyanto et al. (2022). International Journal of Islamic Education, Research and. 5(1), 279–293.
Ullah, S., Majeed, A., & Popp, J. (2023). Determinants of bank's efficiency in an emerging economy: A data envelopment analysis approach. PLoS ONE, 18(3 March), 1–17. https://doi.org/10.1371/journal.pone.0281663
Ulum, I. (2013). iB-VAIC: Intellectual Capital Performance Measurement Model of Islamic Banking in Indonesia. Inference Journal (Accredited), 26(4), 1–37.
Ulum, I. (2017). Intellectual capital: Measurement Model, Disclosure Framework & Organizational Performance. UMM Press.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6(2), 103. https://doi.org/10.5296/ajfa.v6i2.5246
Ulum, I., Kharismawati, N., & Syam, D. (2017). Modified value-added intellectual coefficient (MVAIC) and traditional financial performance of Indonesia's biggest companies. International Journal of Learning and Intellectual Capital, 14(3), 207–219. https://doi.org/10.1504/IJLIC.2017.086390
Unruh, Gregory Kiron, David Kruschwitz, Nina Reeves, Martin Rubel, Holger Felde, AM zum. (2017). Investing For a Sustainable future. MIT Sloan Management, 85, 42–45.
Wardifa, IKS, & Yanthi, MD (2022). Contribution of Intellectual Capital to Financial Performance, Company Value and Stock Price. Unesa Accounting Journal, 11(1), 11–24. https://journal.unesa.ac.id/index.php/akunesa/index
Wernerfelt, B. (1984). A Resource-Based Theory. Strategic Management Journal, 5(2), 171–180. https://doi.org/https://doi.org/10.4135/9781071923979
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
Anifowose, M., Abdul Rashid, HM, Annuar, HA, & Ibrahim, H. (2018). Intellectual capital efficiency and corporate book value: evidence from the Nigerian economy. Journal of Intellectual Capital, 19(3), 644–668. https://doi.org/10.1108/JIC-09-2016-0091
Aprilyani, RVD, Susbiyani, A., & Aspirandi, RM (2020). The Influence of Capital Employed, Human Capital, Structural Capital on Financial Performance in Banking Companies Listed on the IDX in 2017-2020. Journal of Professional Accounting, 11(2), 330–338. https://ejournal.undiksha.ac.id/index.php/JAP/article/view/30693
Asutay, M., & Ubaidillah. (2024). Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks. In Journal of the Knowledge Economy (Vol. 15, Issue 1). Springer US. https://doi.org/10.1007/s13132-023-01114-1
Barney, J. (1991). Firm Resources ad Sustained Competitive Advantege. In Journal of Management (Vol. 17, Issue 1, pp. 99–120).
Barney, J. B., & Arikan, A. M. (2005). The Resource‐based View. The Blackwell Handbook of Strategic Management, 1, 123–182. https://doi.org/10.1111/b.9780631218616.2006.00006.x
Bayraktaroglu, A.E., Calisir, F., & Baskak, M. (2019). Intellectual capital and firm performance: an extended VAIC model. Journal of Intellectual Capital, 20(3), 406–425. https://doi.org/10.1108/JIC-12-2017-0184
Chen, J., & Zhu, Z. (2004). Measuring intellectual capital: A new model and empirical study. Journal of Intellectual Capital, 5(1), 195–212. https://doi.org/10.1108/14691930410513003
Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms' market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771
Clarke, M., Seng, D., & Whiting, R. H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505–530. https://doi.org/10.1108/14691931111181706
Damodaran, A. (2014). Applied Corporate Finance (4th ed.). Wiley.
Darmawan. (2020). Basics of Understanding Ratios and Financial Reports. UNY Press.
Dewi, KRP, Negoro, NP, & Rahmawati, Y. (2017). The Role of Human Capital in the Efficiency of Banking Companies in Indonesia. ITS Journal of Science and Arts, 6(1), 24–27.
Diyanty, V., Dwi Restuti, M., Diyanti, V., & R. Shauki, E. (2019). Intellectual Capital and Firm Performance: Applying a Modified Value-Added Coefficient. 89(Apbec 2018), 114–123. https://doi.org/10.2991/apbec-18.2019.16
El Tawy, N., & Tollington, T. (2012). Intellectual capital: Literature review. International Journal of Learning and Intellectual Capital, 9(3), 241–259. https://doi.org/10.1504/IJLIC.2012.047286
Emeka, O., Kelvin, M., & Amara, U. (2023). Intellectual capital efficiency and corporate sustainability growth: The Nigerian Evidence. Management, 11(3), 35–41. https://www.researchgate.net/profile/Omaliko-Emeka-Leonard/publication/375226185_Intellectual_Capital_Efficiency_and_Corporate_ Sustainability_Growth_The_Nigerian_Evidence/links/6543b1ffb6233776b7444239/Intellectual-Capital-Efficiency-and-Corporate-Sustain
Faruq, M.O., Akter, T., & Mizanur Rahman, M. (2023). Does intellectual capital drive banks' performance in Bangladesh? Evidence from static and dynamic approaches. Heliyon, 9(7), e17656. https://doi.org/10.1016/j.heliyon.2023.e17656
Fatmawati, Khan, MA, Azizah, M., Windarto, & Ullah, S. (2019). A fractional model for the dynamics of competition between commercial and rural banks in Indonesia. Chaos, Solitons and Fractals, 122, 32–46. https://doi.org/10.1016/j.chaos.2019.02.009
Fidhayatin, SK, & Uswati Dewi, NH (2012). Analysis of Company Value, Company Performance and Company Growth Opportunities on Stock Returns in Manufacturing Companies Listed on the IDX. The Indonesian Accounting Review, 2(2), 203–214. https://doi.org/10.14414/tiar.v2i02.96
Firer, S., & Mitchell Williams, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806
Fristiani, NL, Pangastuti, DA, & Harmono, H. (2020). Intellectual Capital and Financial Performance on Firm Value: In the Banking Industry. AFRE (Accounting and Financial Review), 3(1), 35–42. https://doi.org/10.26905/afr.v3i1.4223
Fuad, HA, & Nustini, Y. (2022). The Effect of Modified Value Added Intellectual Capital (M-VAIC) on Financial-Based Performance and Market-Based Performance (A Study on Pharmaceutical Companies Listed on the Indonesia Stock Exchange). Proceeding of National Conference on Accounting & Finance, 4, 256–266. https://doi.org/10.20885/ncaf.vol4.art32
IDX. (2024a). Islamic Banking Data. www.idx.com
IDX. (2024b). Sharia Stock Index. Https://Www.Idx.Co.Id/Id/Idx-Syariah/Indeks-Saham-Syariah.
Krisyadia, R., Chandra, B., & Excelt, A. (2022). The Effect of MVAIC on the Operational Efficiency of Financial Companies on the Indonesia Stock Exchange for the 2018-2022 Period. Government Accounting Standards and Human Resource Competence on the Quality of Financial Reports, 2(2), 100–109.
Lev, B. (2001). Intangibles: Management, Measurement, and Reporting. Brookings Institution Press.
Mahajan, R., Lim, W.M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. https://doi.org/10.1016/j.jbusres.2023.114104
Maji, S. G., & Goswami, M. (2017). Intellectual capital and firm performance in India: A comparative study between original and modified value added intellectual coefficient model. International Journal of Learning and Intellectual Capital, 14(1), 76–89. https://doi.org/10.1504/IJLIC.2017.080645
Marr, B., Gupta, O., Pike, S., & Roos, G. (2003). Intellectual capital and knowledge management effectiveness. Management Decision, 41(8), 771–781. https://doi.org/10.1108/00251740310496288
Marzo, G. (2022). A theoretical analysis of the value added intellectual coefficient (VAIC). Journal of Management and Governance, 26(2), 551–577. https://doi.org/10.1007/s10997-021-09565-x
Mohammad, HS, & Shairi, SA (2023). Is intellectual capital measurement matters in the profitability of technology firms in Malaysia? Investigating the moderating effect of human capital efficiency. Islamic Research Journal of Emerging Economies & Islamic Research, 11(1), 15–40. http://myjms.mohe.gov.my/index.php/JEEIRwww.jeeir.comhttps://doi.org/10.24191/jeeir.v11i1.20695
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
Momani, KM d. K. Al, Jamaludin, N., & Abdullah, WZW (2021). the Effect of Relational Capital on the Intellectual Capital and Firm Performance Nexus: Evidence From the Jordanian Industrial Sector. Journal of Sustainability Science and Management, 16(5), 307–326. https://doi.org/10.46754/JSSM.2021.07.019
Murniati, S., & Abdul Rahman Mus, H. Baharuddin Semmaila, HANN (2019). Effect of Investment Decisions, Financing Decisions and Dividend Policy on Profitability and Value of the Firm. 2(1), 1–23.
Nisa', J. (2021). The Effect of Company Size, Intangible Asset Value and Intellectual Capital on Company Value with Financial Performance as a Moderating Variable in Companies Listed on ISSI for the 2013-2017 Period. Accounting Global Journal, 5(1), 52–71. https://doi.org/10.24176/agj.v5i1.5754
Nurseha, BP, Afif, MN, & Anwar, S. (2024). The effect of human capital efficiency, structural capital efficiency, relational capital efficiency, capital employed efficiency & rate of growth of intellectual capital on financial performance. The Accounting Journal of Binaniaga, 9(01), 51–64. https://doi.org/10.33062/ajb.v9i01.49
OJK. (2023). Report on the Development of Indonesian Islamic Finance. Financial Services Authority, 1–23.
OJK. (2024a). Sharia Banking Statistics Total Sharia Banking Assets. Www.Ojk.Co.Id.
OJK. (2024b). Sharia Banking Statistics. Sharia Banking Report.
Onumah, J.M., & Duho, KCT (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
Phillips, R. A. (2011). Stakeholder Theory. Edward Elgar Publishing.
Pulic, A. (2000). VAICTM – An Accounting Tool for Intellectual Capital Management. International Journal Technology Management, 20(5/6/7/8), 702–714.
Riahi-Belkaoui, A. (2003). Intellectual capital and firm performance of US multinational firms: A study of the resource-based and stakeholder views. Journal of Intellectual Capital, 4(2), 215–226. https://doi.org/10.1108/14691930310472839
Sawarjuwono, T., & Kadir, A.P. (2003). Intellectual Capital: Treatment, Measurement and Reporting (A Library Research). Journal of Accounting and Finance, 5(1), 35–57. https://doi.org/10.1024/0301-1526.32.1.54
Sayyidah, U., & Saifi, M. (2017). The Influence of Intellectual Capital on Company Value with Profitability as a Moderating Variable (Study on Property and Real Estate Sub-Sector Companies on the Indonesia Stock Exchange for the Period 2013-2015). Business Administration (JAB), 46(1), 46(1), 163–171.
Stulz, R. (2000). Financial structure, Corporate Finance and economic growth. International Review of Finance, 1(1), 11–38. https://doi.org/10.1556/TarsGazd.29.2007.2.4
Taher, M. (2012). Resource-Based View Theory (A Bibliometric Analysis of Articles Citing the Unified Theory of Acceptance and Use of Technology). In Springer (Vol. 28, Issue May). http://www.springer.com/series/6157. https://doi.org/10.1007/978-1-4419-6108-2
Toto Sugihyanto et al. (2022). International Journal of Islamic Education, Research and. 5(1), 279–293.
Ullah, S., Majeed, A., & Popp, J. (2023). Determinants of bank's efficiency in an emerging economy: A data envelopment analysis approach. PLoS ONE, 18(3 March), 1–17. https://doi.org/10.1371/journal.pone.0281663
Ulum, I. (2013). iB-VAIC: Intellectual Capital Performance Measurement Model of Islamic Banking in Indonesia. Inference Journal (Accredited), 26(4), 1–37.
Ulum, I. (2017). Intellectual capital: Measurement Model, Disclosure Framework & Organizational Performance. UMM Press.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6(2), 103. https://doi.org/10.5296/ajfa.v6i2.5246
Ulum, I., Kharismawati, N., & Syam, D. (2017). Modified value-added intellectual coefficient (MVAIC) and traditional financial performance of Indonesia's biggest companies. International Journal of Learning and Intellectual Capital, 14(3), 207–219. https://doi.org/10.1504/IJLIC.2017.086390
Unruh, Gregory Kiron, David Kruschwitz, Nina Reeves, Martin Rubel, Holger Felde, AM zum. (2017). Investing For a Sustainable future. MIT Sloan Management, 85, 42–45.
Wardifa, IKS, & Yanthi, MD (2022). Contribution of Intellectual Capital to Financial Performance, Company Value and Stock Price. Unesa Accounting Journal, 11(1), 11–24. https://journal.unesa.ac.id/index.php/akunesa/index
Wernerfelt, B. (1984). A Resource-Based Theory. Strategic Management Journal, 5(2), 171–180. https://doi.org/https://doi.org/10.4135/9781071923979
Published
2025-10-03
How to Cite
Baroroh, H., Muna, N., & Maulydha Pambudi, N. (2025). Measuring Intellectual Capital: How to Manage Modified Value Wadded Intellectual Coefficient in Islamic Banking?. Sharia Economic and Management Business Journal (SEMBJ), 6(3), 142-154. https://doi.org/10.62159/sembj.v6i3.2190
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Copyright (c) 2025 Hilmy Baroroh, Navisatul Muna, Nurhalyza Maulydha Pambudi
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Jurnal Ekonomi dan Bisnis Manajemen Syariah (SEMB-J), Yayasan Darussalam Bengkulu is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Based on a work at https://siducat.org/index.php/sembj/.
