Abstract
The aim of this study is to empirically analyse the effect of intangible resources, that is, the efficiency of intellectual capital (IC) on the financial performance of the seven largest banking groups operating in Portugal, for the period from 2012 to 2023. The aim is to assess whether factors such as the Value Added Intellectual Coefficient (VAIC™), measured by the efficiency of human capital, structural capital and capital employed, influence bank performance, as measured by return on equity (RoE). To this end, econometric models of strongly balanced panel data were used, using four multiple linear regression models to estimate the results. The results show a significant positive relationship between the value-added intellectual coefficient (VAIC™) and financial performance, as measured by RoE. The results also show a significant positive association between performance and the variables human capital efficiency and capital employed efficiency, suggesting that RoE captures the value-added intellectual coefficient of both human and capital employed. Finally, structural capital shows a negative and insignificant relationship.
Keywords: Performance, banks, intellectual capital, VAIC, panel data