Corporate Governance, CSR and Intellectual Capital Efficiency: Analysis of Panel Data from Vietnamese Joint Stock Commercial Banks

Intellectual capital plays a crucial role in the long-term development of firms operating in the financial industry, especially those focused on the banking sector. The research data was conducted from 28 listed joint stock commercial banks in Vietnam for the period of 2016–2023. The authors employ the Value Added Intellectual Coefficient (VAIC) model to quantify intellectual capital and in order to measure CSR, the authors create a grading system based on GRI 4 criteria according to three declaration points: Environmental declaration score; the labor declaration score and the community service activity declaration score. Besides, the number of directors on the board serves as a proxy for corporate governance. The research results demonstrate that the intellectual capital efficiency is positively influenced by corporate governance and corporate social responsibility, as estimated by the generalized method of moment (GMM). The significant positive relationships between firm size, profitability, leverage and intellectual capital were found; whilst there is no significant relationship between business growth and intellectual capital. This paper enhances the empirical body of knowledge on the correlation between corporate governance and CSR as well as intellectual capital in Vietnamese joint stock commercial banks. These insights provide valuable implications for bank managers aiming to optimize intellectual capital through improved corporate governance and CSR practices, thereby fostering long-term organizational success.