Intellectual Capital and Performance Among Listed Non-Financial Firms in West Africa

Dataking Working Paper Series N° WP2021-03-02

11 Pages Posted: 15 Mar 2021

Date Written: March 11, 2021


The purpose of this study is to examine the impact of intellectual capital on the performance of listed non-financial firms in West Africa. The study used the Value Added Intellectual Coefficient (VAIC™) to measure intellectual capital performance while return on asset measures profitability. We used the panel-corrected standard error regression on the data from 2007 to 2018 to assess the nexus while controlling for some firm-specific and country-specific factors. The findings indicate that structural capital efficiency is a major driver of profitability. On the contrary, human capital efficiency and capital employed efficiency do not have a significant impact on profitability among non-financial firms. Intellectual capital has an inverted U-shaped nexus with performance. This differs from the findings in the financial sector which emphasize human capital. In the non-financial sector, structural capital like production infrastructure, production processes, formulas, databases and designs play a significant role in driving performance. The study adds to various voices calling for the inclusion of intellectual capital valuation and metrics in all corporate analysis.

Keywords: intellectual capital, stock market, West Africa, performance, IAS 38, emerging technologies

JEL Classification: E22, L25, O34, O16, N27

Suggested Citation

Duho, King Carl Tornam and Agomor, Philip Elikplim, Intellectual Capital and Performance Among Listed Non-Financial Firms in West Africa (March 11, 2021). Dataking Working Paper Series N° WP2021-03-02, Available at SSRN: or

King Carl Tornam Duho (Contact Author)

Dataking Consulting ( email )

Accra, +233
+233 (Fax)

Philip Elikplim Agomor

Dataking Consulting ( email )

Accra, Volta Region +233
+233 (Fax)

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