How to cite this paper
Wardani, M., Wiagustini, N., Candraningrat, I & Artini, L. (2025). The effect of intellectual capital on competitive advantage and financial performance.Uncertain Supply Chain Management, 13(1), 35-46.
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Bandyopadhyay, A. (2022). Bank Financial Performance and its Linkage with Capital: A Dynamic Panel Data Analysis of Public Sector Banks in India. The Indian Economic Journal, 70(3), 437–451. doi:10.1177/00194662221104752.
Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. doi:10.1177/014920639101700108.
Cahyaningrum, A.D., & Atahau, A.D.R. (2021). Intellectual Capital and Financial Performance: Banks’ Risk As the Mediating Variable. Jurnal Manajemen dan Kewirausahaan, 22(1), 21–32. doi:10.9744/jmk.22.1.21-32.
Cao, D., Berkeley, N., & Finlay, D. (2014). Measuring sustained competitive advantage from resource-based view: Survey of Chinese clothing industry. Journal of Sustainable Development, 7(2), 89–104. doi:10.5539/jsd.v7n2p89.
Chahal, H., & Bakshi, P. (2014). Effect of intellectual capital on competitive advantage and business performance: Role of innovation and learning culture. International Journal of Learning and Intellectual Capital, 11(1), 52–70. doi:10.1504/IJLIC.2014.059227.
Chen, Y. L., Chuang, Y. W., Huang, H. G., & Shih, J. Y. (2020). The value of implementing enterprise risk management: Evidence from Taiwan’s financial industry. The North American Journal of Economics and Finance, 54, 100926. doi:10.1016/j.najef.2019.02.004.
Clarke, T., & Gholamshahi, S. (2017). Developing human capital for knowledge based economies. Innovation in the Asia Pacific: From Manufacturing to the Knowledge Economy, 247–270. doi:10.1007/978-981-10-5895-0_12.
Derbali, A. (2021). Determinants of the performance of Moroccan banks. Journal of Business and Socio-economic Development, 1(1), 102–117. doi:10.1108/jbsed-01-2021-0003.
Dzenopoljac, V., Yaacoub, C., Elkanj, N., & Bontis, N. (2017). Impact of intellectual capital on corporate performance: evidence from the Arab region. Journal of intellectual capital, 18(4), 884-903. doi:10.1108/JIC-01-2017-0014.
Hamdan, A. (2018). Intellectual capital and firm performance: Differentiating between accounting-based and market-based performance. International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 139–151. doi:https://doi.org/10.1108/IMEFM-02-2017-0053.
Haris, M., Yao, H., Tariq, G., Malik, A., & Javaid, H. M. (2019). Intellectual capital performance and profitability of banks: Evidence from Pakistan. Journal of Risk and Financial Management, 12(2), 56. doi:10.3390/jrfm12020056.
Haseeb, M., Hussain, H. I., Kot, S., Androniceanu, A., & Jermsittiparsert, K. (2019). Role of social and technological challenges in achieving a sustainable competitive advantage and sustainable business performance. Sustainability, 11(14), 3811. doi:10.3390/su11143811.
Jain, P., Vyas, V., & Roy, A. (2017). Exploring the mediating role of intellectual capital and competitive advantage on the relation between CSR and financial performance in SMEs. Social Responsibility Journal, 13(1), 1–23. doi:10.1108/SRJ-04-2015-0048.
Kanuri, S., & McLeod, R.W. (2016). Sustainable Competitive Advantage And Stock Performance: The Case For Wide Moat Stocks. Applied Economics, 48(52), 5117–5127. doi:10.1080/00036846.2016.1170938.
Kaupelytė, D., & Kairytė, D. (2016). Intellectual Capital Efficiency Impact on European Small and Large Listed Banks Financial Performance. International Journal of Management, Accounting and Economics, 3(6), 367–377.
Kazbekova, K., Adambekova, A., Baimukhanova, S., Kenges, G., & Bokhaev, D. (2020). Bank risk management in the conditions of financial system instability. Entrepreneurship and Sustainability Issues, 7(4), 3269. doi:10.9770/jesi.2020.7.4(46).
Kehelwalatenna, S., & Premaratne, G. (2014). Intellectual capital performance and its long-run behavior: The US banking industry case. New Zealand Economic Papers, 48(3), 313–333. doi:10.1080/00779954.2013.867796.
Khan, S.Z., Yang, Q., & Waheed, A. (2019). Investment in intangible resources and capabilities spurs sustainable competitive advantage and firm performance. Corporate Social Responsibility and Environmental Management, 26(2), 285–295. doi:10.1002/csr.1678.
Kim, J. H., Seok, B. I., Choi, H. J., Jung, S. H., & Yu, J. P. (2020). Sustainable management activities: A study on the relations between technology commercialization capabilities, sustainable competitive advantage, and business performance. Sustainability, 12(19), 7913. doi:10.3390/su12197913.
Lippman, S.A., & Rumelt, R.P. (1982). Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency under Competition. The Bell Journal of Economics, 13(2), 418. doi:10.2307/3003464.
Mahanavami, G. A., Wiksuana, W., Purbawangsa, I. B. A., & Rahyuda, H. (2019). Role of Relational Capital and Social Capital in Mediating the Effect of Asta-Brata-Based Human Capital in Financial Performance. Opción: Revista de Ciencias Humanas y Sociales, (21), 548-566.
Mahaputra, I. N. K. A., Wiagustini, N. L. P., Yadnyana, I. K., & Artini, N. L. G. S. (2021). Organization behavior, intellectual capital, and performance: A case study of microfinance institutions in Indonesia. The Journal of Asian Finance, Economics and Business, 8(4), 549-561. doi:10.13106/jafeb.2021.vol8.no4.0549.
Mehralian, G., Rajabzadeh, A., Reza Sadeh, M., & Reza Rasekh, H. (2012). Intellectual capital and corporate performance in Iranian pharmaceutical industry. Journal of intellectual capital, 13(1), 138-158. doi:10.1108/14691931211196259.
Meles, A., Porzio, C., Sampagnaro, G., & Verdoliva, V. (2016). The impact of the intellectual capital efficiency on commercial banks performance: Evidence from the US. Journal of Multinational Financial Management, 36, 64-74. doi:10.1016/j.mulfin.2016.04.003.
Mollah, M.A.S., & Rouf, M.A. (2022). The impact of intellectual capital on commercial banks’ performance: evidence from Bangladesh. Journal of Money and Business, 2(1), 82–93. doi:10.1108/jmb-07-2021-0024.
Mutuku, M.K., Muathe, S., & James, R. (2019). Mediating Effect of Competitive Advantage on the Relationship Between E-commerce Capability and Performance: Empirical Evidence from Commercial Banks in Kenya. European Journal of Business and Management, 11(17), 48–57. doi:10.7176/EJBM/11-17-06.
Nawaz, T., & Haniffa, R. (2017). Determinants of financial performance of Islamic banks: an intellectual capital perspective, Journal of Islamic Accounting and Business Research, 8(2), 130–142. doi:10.1108/JIABR-06-2016-0071.
Newbert, S.L. (2008). Value, Rareness, Competitive Advantage, And Performance: A Conceptual-Level Empirical Investigation Of The Resource-Based View Of The Firm. Strategic Management Journal, 29, 745–768. doi:10.1002/smj.686.
O’Connell, M. (2022). Bank-specific, industry-specific and macroeconomic determinants of bank profitability: evidence from the UK. Studies in Economics and Finance, 40(1), 155-174. doi:10.1108/SEF-10-2021-0413.
Obeidat, U., Obeidat, B., Alrowwad, A., Alshurideh, M., Masadeh, R., & Abuhashesh, M. (2021). The effect of intellectual capital on competitive advantage: The mediating role of innovation. Management Science Letters, 11(4), 1331-1344. doi:10.5267/j.msl.2020.11.006.
Örnek, A.Ş., & Ayas, S. (2015). The Relationship between Intellectual Capital, Innovative Work Behavior and Business Performance Reflection. Procedia - Social and Behavioral Sciences, 195(July), 1387–1395. doi:10.1016/j.sbspro.2015.06.433.
Ousama, A.A., Hammami, H., & Abdulkarim, M. (2020). The association between intellectual capital and financial performance in the Islamic banking industry: An analysis of the GCC banks. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 75–93. doi:10.1108/IMEFM-05-2016-0073.
Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190–198. doi:10.1016/j.bir.2016.03.001.
Sadiq, R., & Nosheen, S. (2020). Determining the Impact of Intangible Assets on Intellectual Capital and Competitive Advantage in Banking. Lahore Journal of Business, 9(1), 105–144. doi:10.35536/ljb.2020.v9.i1.a5.
Sardo, F., & Serrasqueiro, Z. (2017). A European empirical study of the relationship between firms’ intellectual capital, financial performance and market value. Journal of Intellectual Capital, 18(4), 771–788. doi:https://doi.org/10.1108/JIC-10-2016-0105.
Shahzad, F., Hussain Baig, M., Rehman, I. U., Latif, F., & Sergi, B. S. (2020). What drives the impact of women directors on firm performance? Evidence from intellectual capital efficiency of US listed firms. Journal of intellectual capital, 21(4), 513-530. doi:10.1108/JIC-09-2019-0222.
Singh, S., Sidhu, J., Joshi, M., & Kansal, M. (2016). Measuring intellectual capital performance of Indian banks: A public and private sector comparison. Managerial Finance, 42(7), 635-655. doi:10.1108/MF-08-2014-0211.
Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: an empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. doi:10.1108/JIC-09-2019-0225.
Sveiby, K.E. (1997). The Intangible Assets Monitor. Journal of Human Resource Costing & Accounting, 2(1), 73–97. doi:10.1108/eb029036.
Tegegne, H.G. (2022). The Effect of Intellectual Capital Effciency on the Financial Performance of Commercial Banks in Ethiopia, Research Square [Preprint]. Available at: https://doi.org/10.21203/rs.3.rs-1501116/v1.
Tiwari, R., & Vidyarthi, H. (2018). Intellectual capital and corporate performance: a case of Indian banks. Journal of Accounting in Emerging Economies, 8(1), 84–105. doi:10.1108/JAEE-07-2016-0067.
Udriyah, U., Tham, J., & Azam, S. J. M. S. L. (2019). The effects of market orientation and innovation on competitive advantage and business performance of textile SMEs. Management Science Letters, 9(9), 1419-1428. doi:10.5267/j.msl.2019.5.009.
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. doi:10.5296/ajfa.v6i2.5246.
Wang, Z., Wang, N., & Liang, H. (2014). Knowledge sharing, intellectual capital and firm performance. Management Decision, 52(2), 230–258. doi:10.1108/MD-02-2013-0064.
Yaseen, S.G., Dajani, D., & Hasan, Y. (2016). The impact of intellectual capital on the competitive advantage: Applied study in Jordanian telecommunication companies. Computers in Human Behavior, 62, 168–175. doi:10.1016/j.chb.2016.03.075.
Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. doi:10.1177/014920639101700108.
Cahyaningrum, A.D., & Atahau, A.D.R. (2021). Intellectual Capital and Financial Performance: Banks’ Risk As the Mediating Variable. Jurnal Manajemen dan Kewirausahaan, 22(1), 21–32. doi:10.9744/jmk.22.1.21-32.
Cao, D., Berkeley, N., & Finlay, D. (2014). Measuring sustained competitive advantage from resource-based view: Survey of Chinese clothing industry. Journal of Sustainable Development, 7(2), 89–104. doi:10.5539/jsd.v7n2p89.
Chahal, H., & Bakshi, P. (2014). Effect of intellectual capital on competitive advantage and business performance: Role of innovation and learning culture. International Journal of Learning and Intellectual Capital, 11(1), 52–70. doi:10.1504/IJLIC.2014.059227.
Chen, Y. L., Chuang, Y. W., Huang, H. G., & Shih, J. Y. (2020). The value of implementing enterprise risk management: Evidence from Taiwan’s financial industry. The North American Journal of Economics and Finance, 54, 100926. doi:10.1016/j.najef.2019.02.004.
Clarke, T., & Gholamshahi, S. (2017). Developing human capital for knowledge based economies. Innovation in the Asia Pacific: From Manufacturing to the Knowledge Economy, 247–270. doi:10.1007/978-981-10-5895-0_12.
Derbali, A. (2021). Determinants of the performance of Moroccan banks. Journal of Business and Socio-economic Development, 1(1), 102–117. doi:10.1108/jbsed-01-2021-0003.
Dzenopoljac, V., Yaacoub, C., Elkanj, N., & Bontis, N. (2017). Impact of intellectual capital on corporate performance: evidence from the Arab region. Journal of intellectual capital, 18(4), 884-903. doi:10.1108/JIC-01-2017-0014.
Hamdan, A. (2018). Intellectual capital and firm performance: Differentiating between accounting-based and market-based performance. International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 139–151. doi:https://doi.org/10.1108/IMEFM-02-2017-0053.
Haris, M., Yao, H., Tariq, G., Malik, A., & Javaid, H. M. (2019). Intellectual capital performance and profitability of banks: Evidence from Pakistan. Journal of Risk and Financial Management, 12(2), 56. doi:10.3390/jrfm12020056.
Haseeb, M., Hussain, H. I., Kot, S., Androniceanu, A., & Jermsittiparsert, K. (2019). Role of social and technological challenges in achieving a sustainable competitive advantage and sustainable business performance. Sustainability, 11(14), 3811. doi:10.3390/su11143811.
Jain, P., Vyas, V., & Roy, A. (2017). Exploring the mediating role of intellectual capital and competitive advantage on the relation between CSR and financial performance in SMEs. Social Responsibility Journal, 13(1), 1–23. doi:10.1108/SRJ-04-2015-0048.
Kanuri, S., & McLeod, R.W. (2016). Sustainable Competitive Advantage And Stock Performance: The Case For Wide Moat Stocks. Applied Economics, 48(52), 5117–5127. doi:10.1080/00036846.2016.1170938.
Kaupelytė, D., & Kairytė, D. (2016). Intellectual Capital Efficiency Impact on European Small and Large Listed Banks Financial Performance. International Journal of Management, Accounting and Economics, 3(6), 367–377.
Kazbekova, K., Adambekova, A., Baimukhanova, S., Kenges, G., & Bokhaev, D. (2020). Bank risk management in the conditions of financial system instability. Entrepreneurship and Sustainability Issues, 7(4), 3269. doi:10.9770/jesi.2020.7.4(46).
Kehelwalatenna, S., & Premaratne, G. (2014). Intellectual capital performance and its long-run behavior: The US banking industry case. New Zealand Economic Papers, 48(3), 313–333. doi:10.1080/00779954.2013.867796.
Khan, S.Z., Yang, Q., & Waheed, A. (2019). Investment in intangible resources and capabilities spurs sustainable competitive advantage and firm performance. Corporate Social Responsibility and Environmental Management, 26(2), 285–295. doi:10.1002/csr.1678.
Kim, J. H., Seok, B. I., Choi, H. J., Jung, S. H., & Yu, J. P. (2020). Sustainable management activities: A study on the relations between technology commercialization capabilities, sustainable competitive advantage, and business performance. Sustainability, 12(19), 7913. doi:10.3390/su12197913.
Lippman, S.A., & Rumelt, R.P. (1982). Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency under Competition. The Bell Journal of Economics, 13(2), 418. doi:10.2307/3003464.
Mahanavami, G. A., Wiksuana, W., Purbawangsa, I. B. A., & Rahyuda, H. (2019). Role of Relational Capital and Social Capital in Mediating the Effect of Asta-Brata-Based Human Capital in Financial Performance. Opción: Revista de Ciencias Humanas y Sociales, (21), 548-566.
Mahaputra, I. N. K. A., Wiagustini, N. L. P., Yadnyana, I. K., & Artini, N. L. G. S. (2021). Organization behavior, intellectual capital, and performance: A case study of microfinance institutions in Indonesia. The Journal of Asian Finance, Economics and Business, 8(4), 549-561. doi:10.13106/jafeb.2021.vol8.no4.0549.
Mehralian, G., Rajabzadeh, A., Reza Sadeh, M., & Reza Rasekh, H. (2012). Intellectual capital and corporate performance in Iranian pharmaceutical industry. Journal of intellectual capital, 13(1), 138-158. doi:10.1108/14691931211196259.
Meles, A., Porzio, C., Sampagnaro, G., & Verdoliva, V. (2016). The impact of the intellectual capital efficiency on commercial banks performance: Evidence from the US. Journal of Multinational Financial Management, 36, 64-74. doi:10.1016/j.mulfin.2016.04.003.
Mollah, M.A.S., & Rouf, M.A. (2022). The impact of intellectual capital on commercial banks’ performance: evidence from Bangladesh. Journal of Money and Business, 2(1), 82–93. doi:10.1108/jmb-07-2021-0024.
Mutuku, M.K., Muathe, S., & James, R. (2019). Mediating Effect of Competitive Advantage on the Relationship Between E-commerce Capability and Performance: Empirical Evidence from Commercial Banks in Kenya. European Journal of Business and Management, 11(17), 48–57. doi:10.7176/EJBM/11-17-06.
Nawaz, T., & Haniffa, R. (2017). Determinants of financial performance of Islamic banks: an intellectual capital perspective, Journal of Islamic Accounting and Business Research, 8(2), 130–142. doi:10.1108/JIABR-06-2016-0071.
Newbert, S.L. (2008). Value, Rareness, Competitive Advantage, And Performance: A Conceptual-Level Empirical Investigation Of The Resource-Based View Of The Firm. Strategic Management Journal, 29, 745–768. doi:10.1002/smj.686.
O’Connell, M. (2022). Bank-specific, industry-specific and macroeconomic determinants of bank profitability: evidence from the UK. Studies in Economics and Finance, 40(1), 155-174. doi:10.1108/SEF-10-2021-0413.
Obeidat, U., Obeidat, B., Alrowwad, A., Alshurideh, M., Masadeh, R., & Abuhashesh, M. (2021). The effect of intellectual capital on competitive advantage: The mediating role of innovation. Management Science Letters, 11(4), 1331-1344. doi:10.5267/j.msl.2020.11.006.
Örnek, A.Ş., & Ayas, S. (2015). The Relationship between Intellectual Capital, Innovative Work Behavior and Business Performance Reflection. Procedia - Social and Behavioral Sciences, 195(July), 1387–1395. doi:10.1016/j.sbspro.2015.06.433.
Ousama, A.A., Hammami, H., & Abdulkarim, M. (2020). The association between intellectual capital and financial performance in the Islamic banking industry: An analysis of the GCC banks. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 75–93. doi:10.1108/IMEFM-05-2016-0073.
Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190–198. doi:10.1016/j.bir.2016.03.001.
Sadiq, R., & Nosheen, S. (2020). Determining the Impact of Intangible Assets on Intellectual Capital and Competitive Advantage in Banking. Lahore Journal of Business, 9(1), 105–144. doi:10.35536/ljb.2020.v9.i1.a5.
Sardo, F., & Serrasqueiro, Z. (2017). A European empirical study of the relationship between firms’ intellectual capital, financial performance and market value. Journal of Intellectual Capital, 18(4), 771–788. doi:https://doi.org/10.1108/JIC-10-2016-0105.
Shahzad, F., Hussain Baig, M., Rehman, I. U., Latif, F., & Sergi, B. S. (2020). What drives the impact of women directors on firm performance? Evidence from intellectual capital efficiency of US listed firms. Journal of intellectual capital, 21(4), 513-530. doi:10.1108/JIC-09-2019-0222.
Singh, S., Sidhu, J., Joshi, M., & Kansal, M. (2016). Measuring intellectual capital performance of Indian banks: A public and private sector comparison. Managerial Finance, 42(7), 635-655. doi:10.1108/MF-08-2014-0211.
Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: an empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. doi:10.1108/JIC-09-2019-0225.
Sveiby, K.E. (1997). The Intangible Assets Monitor. Journal of Human Resource Costing & Accounting, 2(1), 73–97. doi:10.1108/eb029036.
Tegegne, H.G. (2022). The Effect of Intellectual Capital Effciency on the Financial Performance of Commercial Banks in Ethiopia, Research Square [Preprint]. Available at: https://doi.org/10.21203/rs.3.rs-1501116/v1.
Tiwari, R., & Vidyarthi, H. (2018). Intellectual capital and corporate performance: a case of Indian banks. Journal of Accounting in Emerging Economies, 8(1), 84–105. doi:10.1108/JAEE-07-2016-0067.
Udriyah, U., Tham, J., & Azam, S. J. M. S. L. (2019). The effects of market orientation and innovation on competitive advantage and business performance of textile SMEs. Management Science Letters, 9(9), 1419-1428. doi:10.5267/j.msl.2019.5.009.
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. doi:10.5296/ajfa.v6i2.5246.
Wang, Z., Wang, N., & Liang, H. (2014). Knowledge sharing, intellectual capital and firm performance. Management Decision, 52(2), 230–258. doi:10.1108/MD-02-2013-0064.
Yaseen, S.G., Dajani, D., & Hasan, Y. (2016). The impact of intellectual capital on the competitive advantage: Applied study in Jordanian telecommunication companies. Computers in Human Behavior, 62, 168–175. doi:10.1016/j.chb.2016.03.075.