The moderating role of income diversification on the relationship between intellectual capital and bank performance evidence from Viet Nam

Figures & data

Table 1. The descriptive statistics of variables

Variable	Obs	Mean	Std. Dev.	Min	Max
ROA	378	0.091	0.069	0.001	0.400
ROE	378	0.097	0.084	−0.820	0.363
VAIC	378	4.661	1.925	0.702	12.846
SCE	378	0.672	0.179	−0.202	1.049
HCE	378	3.693	1.804	0.702	12.846
CEE	378	0.307	0.141	0.049	0.696
ID	378	0.997	0.007	0.941	1.000
SIZE	378	32.182	1.327	28.420	35.168
CAP	378	0.097	0.054	0.021	0.462
LATA	378	0.314	0.126	0.049	0.816
LOAN	378	0.560	0.133	0.114	0.852
GDP	378	0.060	0.011	0.029	0.071
INF	378	0.073	0.061	0.006	0.231

Note(s): ROA is the return on the asset, ROE is the return on the equity; VAIC is the value added intellectual coefficient; CEE is the capital employed efficiency; HCE is the human capital efficiency; SCE is the structural capital efficiency; ID is income diversification; SIZE, the natural logarithm/total assets; CAP, the ratio of total equity to total assets; LATA, the ratio of liquid assets/total assets; LOAN, loan to total assets; GDP, the real growth rate of gross domestic products. INF, the inflation rate. Robust standard errors are in parentheses.*,** and *** Significant at 10,5 and 1% levels, respectively.

Table 2. The correlation matrix of variables

	ROA	ROE	VAIC	SCE	HCE	CEE	ID	SIZE	CAP	LATA	LOAN	GDP	INF
ROA	1
ROE	0.765	1
VAIC	0.432	0.486	1
SCE	0.368	0.452	0.803	1
HCE	0.383	0.402	0.991	0.747	1
CEE	0.407	0.747	0.207	0.237	0.104	1
ID	0.069	−0.158	0.015	0.043	0.051	−0.432	1
SIZE	0.085	0.325	−0.059	−0.021	−0.107	0.516	−0.570	1
CAP	0.224	−0.159	0.147	0.181	0.178	−0.462	0.359	−0.646	1
LATA	0.205	0.251	0.175	0.142	0.161	0.041	0.169	−0.156	0.013	1
LOAN	0.027	0.044	−0.220	−0.136	−0.247	0.284	−0.412	0.328	−0.097	−0.714	1
GDP	−0.199	−0.059	0.067	0.039	0.062	0.052	−0.023	−0.045	−0.009	−0.012	0.036	1
INF	0.173	0.198	0.300	0.183	0.295	0.100	−0.118	−0.249	0.175	0.280	−0.272	−0.072	1

Note(s): ROA is the return on the asset, ROE is the return on the equity; VAIC is the value added intellectual coefficient; CEE is the capital employed efficiency; HCE is the human capital efficiency; SCE is the structural capital efficiency; ID is income diversification; SIZE, the natural logarithm/total assets; CAP, the ratio of total equity to total assets; LATA, the ratio of liquid assets/total assets; LOAN, loan to total assets; GDP, the real growth rate of gross domestic products. INF, the inflation rate. Robust standard errors are in parentheses.*,** and *** Significant at 10,5 and 1% levels, respectively.

Table 3. Regression estimates

PE	ROA				ROE
PEt-1	0.468*** (0.111)	0.870*** (0.103)	0.324** (0.134)	0.858*** (0.103)	0.550*** (0.112)	0.171** (0.072)	0.167** (0.070)	0.277*** (0.036)
VAIC	0.100*** (0.033)	0.090* (0.047)			1.261*** (0.380)	2.994*** (0.731)
CEE			3.012*** (0.742)	4.124*** (0.590)			45.497*** (5.995)	48.267*** (4.461)
HCE			0.325*** (0.103)	0.319*** (0.076)			1.782*** (0.449)	4.293*** (1.001)
SCE			3.458*** (1.219)	1.178** (0.472)			6.855* (3.520)	20.257 (5.161)
ID	−31.421*** (5.834)		−35.924** (16.667)		−182.77*** (37.987)		−358.806*** (87.766)
ID*VAIC		−1.978* (0.987)				−65.078** (28.040)
ID*CEE				−4.046 (7.700)				−13.191 (9.146)
ID*HCE				−13.175*** (3.369)				−77.540* (41.024)
ID*SCE				35.124** (14.590)				42.573 (32.357)
SIZE	0.083 (0.052)	0.085 (0.053)	0.383*** (0.098)	0.313*** (0.068)	2.712*** (0.604)	2.367** (0.852)	0.999 (0.593)	0.373 (0.657)
CAP	−1.086 (1.123)	−1.161 (1.124)	13.229*** (3.272)	9.400*** (1.306)	57.249*** (6.718)	−38.520 (33.580)	4.263 (11.646)	−11.213 (26.761)
LATA	1.278** (0.599)	1.279** (0.600)	−1.448 (1.879)	−0.178 (0.453)	13.812*** (7.235)	−3.119 (13.959)	−4.318 (6.156)	4.022 (9.405)
LOAN	3.071*** (0.419)	3.072*** (0.419)	−0.469 (1.155)	2.410** (1.041)	15.528** (5.516)	22.768** (10.605)	−6.016 (5.406)	24.621*** (6.739)
GDP	−3.378** (1.498)	−3.379** (1.499)	−7.517** (2.843)	−5.116** (1.995)	22.351 (13.525)	−30.595 (18.705)	−54.145*** (17.086)	−22.104 (13.451)
INF	1.231*** (0.335)	1.233*** (0.345)	−0.005 (0.773)	1.583*** (0.493)	21.630*** (3.594)	26.910*** (4.969)	3.214 (4.004)	20.209*** (4.202)
Constant	−4.979 (1.910)	−4.980 (1.912)	−11.505 (3.311)	−9.797 (2.131)	−106.429 (20.300)	−88.646 (32.493)	−33.925 (19.425)	−33.352 (21.106)
Observations	347	347	347	347	347	347	347	347
No of groups	30	30	30	30	30	30	30	30
AR(1)(p-value)	0.004	0.005	0.035	0.083	0.013	0.020	0.086	0.007
AR(2) (p-value)	0.121	0.123	0.975	0.412	0.161	0.547	0.638	0.319
Hansen test(p-value)	0.500	0.521	0.972	0.355	0.400	0.253	0.629	0.453

Note(s): ROA is the return on the asset, ROE is the return on the equity; VAIC is the value added intellectual coefficient; CEE is the capital employed efficiency; HCE is the human capital efficiency; SCE is the structural capital efficiency; ID is income diversification; SIZE, the natural logarithm/total assets; CAP, the ratio of total equity to total assets; LATA, the ratio of liquid assets/total assets; LOAN, loan to total assets; GDP, the real growth rate of gross domestic products. INF, the inflation rate. Robust standard errors are in parentheses.*,** and *** Significant at 10,5 and 1% levels, respectively.

Table 4. Robustness test risk talking

ZSCORE
ZSCOREt-1	0.458*** (0.054)	0.447*** (0.045)	0.334*** (0.051)	0.316*** (0.099)
VAIC	0.214*** (0.051)	0.347*** (0.044)
CEE			5.921*** (1.047)	7.762*** (1.434)
HCE			0.235*** (0.045)	0.365** (0.152)
SCE			−1.157 (1.038)	−2.296 (1.921)
ID	−45.288*** (10.296)		−76.010* (44.025)
ID*VAIC		−7.715** (3.314)
ID*CEE				−29.999 (27.670)
ID*HCE				−45.893* (29.087)
ID*SCE				59.327* (28.985)
SIZE	0.193 (0.116)	0.348*** (0.075)	0.282*** (0.079)	0.089 (0.153)
CAP	−2.200 (2.505)	3.422*** (1.167)	11.667*** (1.552)	6.208 (4.400)
LATA	4.319*** (1.328)	2.727*** (0.832)	2.218* (1.120)	−0.926 (2.212)
LOAN	4.476*** (1.357)	3.512*** (1.025)	1.347 (0.955)	0.881 (2.572)
GDP	−5.989* (3.332)	−12.464*** (3.099)	−11.793** (4.451)	−14.131* (7.373)
INF	3.516*** (0.831)	2.301*** (0.483)	0.715 (0.683)	1.450 (1.389)
Constant	−9.570 (4.449)	−14.255 (2.554)	−11.418 (3.039)	−4.367 (5.781)
Observations	341	341	341	341
No of groups	27	27	27	27
AR(1)(p-value)	0.011	0.002	0.008	0.008
AR(2) (p-value)	0.274	0.599	0.420	0.279
Hansen test(p-value)	0.357	0.840	0.999	0.946

Note(s): ZSCORE, the mean returns on assets and the mean standard deviation of ROA over the sample period, combined with the current period value of current period value of EQUITY; VAIC is the value added intellectual coefficient; CEE is the capital employed efficiency; HCE is the human capital efficiency; SCE is the structural capital efficiency; ID is income diversification; SIZE, the natural logarithm/total assets; CAP, the ratio of total equity to total assets; LATA, the ratio of liquid assets/ total assets; LOAN, loan to total assets; GDP, the real growth rate of gross domestic products. INF, the inflation rate. Robust standard errors are in parentheses.*,** and *** Significant at 10,5 and 1% levels, respectively.