The Impact of Strategic Assets on Firm Performance in an Emerging Economy: The Role of Corporate Governance

Syed Abdulla Al Mamun (), Alima Aktar, Narveen Mehroon Jheel and Junayed Ahmad
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Syed Abdulla Al Mamun: BRAC University, Department of Economics and Social Sciences
Alima Aktar: North South University, School of Business and Economics
Narveen Mehroon Jheel: BRAC University, Department of Economics and Social Sciences
Junayed Ahmad: BRAC University, Department of Economics and Social Sciences

A chapter in Business and Sustainable Development in a Globalized and Digitalized Era, 2026, pp 322-339 from Springer

Abstract: Abstract The purpose of this study is to explore the impact of Intellectual Capital (IC) as a strategic asset on the performance of manufacturing companies in an emerging economy, and to investigate how different corporate governance mechanisms moderate this relationship. Based on the unbalanced panel data of 101 listed manufacturing companies from 2018 to 2024, comprising a total of 678 firm-year observations, the study applies a two-step system GMM estimator to examine the relationship and address endogeneity. Findings reveal that the efficiency of strategic assets has a significant positive impact on Return on Assets (ROA), underscoring their role as a key driver of profitability. However, this effect is inconsistent with the Return on Equity (ROE). Furthermore, institutional ownership strengthens firm performance, while board independence negatively moderates the strategic asset-performance linkage. This study extends the scant literature on the strategic role of IC in driving the profitability of manufacturing companies in emerging economies. It contributes to deepening the understanding of managers and policymakers about the role of different corporate governance instruments in the impact of strategic assets on firm performance.

Keywords: Strategic asset; Intellectual capital; Corporate governance; Gender diversity; Firm performance; System GMM; Emerging economy (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-032-29346-6_16

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DOI: 10.1007/978-3-032-29346-6_16

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