Purpose

The purpose of this study is to evaluate the synergy of corporate governance (CG) with intellectual capital (IC) and to assess the moderating effect of profitability indicator on the aforementioned synergy using agency theory, resource-based view theory and theory of financial ratios as conceptual frameworks.

Design/methodology/approach

The sample includes 72 companies with a six-year data set drawn from the KSE 100 Index companies of Pakistan. In addition, the study adopts Pulic’s model to compute the efficiency of IC. The research uses fixed-effect panel regression for analysis and two-stage least squares regression (2SLS) to address endogeneity issues in the estimation process.

Findings

The results showcased that chief executive officer duality possesses negligible impact on IC efficiency (ICE), while independent directors, audit committees and board size tend to attain a strong association with IC. Moreover, it postulates that the moderation of return on equity strengthens the path between all governance components and ICE significantly.

Originality/value

The research uses a 2SLS regression analysis to explore how CG practices take hold on the effectiveness of IC in Pakistan while taking into account the moderating impact of profitability. The findings add to the body of knowledge on the value that strong governance practices have on businesses and society.

中文翻译：

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智力资本效率：公司治理和盈利能力难题中缺失的一块

目的

本研究的目的是评估公司治理（CG）与智力资本（IC）的协同作用，并利用代理理论、资源基础观理论和财务比率理论来评估盈利指标对上述协同作用的调节作用：概念框架。

设计/方法论/途径

该样本包括 72 家公司，其六年数据集取自巴基斯坦 KSE 100 指数公司。此外，本研究采用Pulic模型来计算IC的效率。该研究使用固定效应面板回归进行分析，并使用两阶段最小二乘回归（2SLS）来解决估计过程中的内生性问题。

发现

结果表明，首席执行官双重身份对 IC 效率（ICE）的影响可以忽略不计，而独立董事、审计委员会和董事会规模往往与 IC 具有很强的关联性。此外，它假设股本回报率的调节显着加强了所有治理组成部分与 ICE 之间的路径。

原创性/价值

该研究使用 2SLS 回归分析来探讨企业治理实践如何影响巴基斯坦 IC 的有效性，同时考虑到盈利能力的调节影响。这些发现丰富了关于强有力的治理实践对企业和社会的价值的知识体系。