OTAKE Toshitsugu    Department   Ritsumeikan Asia Pacific University  College of International Management    Position   Professor
Language	English
Publication Date	2026/03
Type	Research paper
Peer Review	Peer reviewed
Title	The Impact of Intellectual Capital Efficiency on Firm Performance in the MENAT Region: Does R&D Intensity Matter?
Contribution Type	Joint Work
Journal	Journal of Financial Reporting and Accounting
Journal Type	Another Country
Publisher	Emerald Group Publishing Limited
Volume, Issue, Page	1(1)
Details	The purpose of this study is to investigate empirical results of the moderating effect of research and development (R&D) intensity on the relationship between intellectual capital (IC) efficiency and firm performance. It also examines the direct impact of IC efficiency and its components, human capital efficiency (HCE), capital employed efficiency (CEE), and structural capital efficiency (SCE), on firm business performance. Additionally, the study explored the direct relationship between R&D intensity and firm performance using quantitative data from listed companies in the Middle East, North Africa, and Turkey (MENAT) region. The data had been accessed via the Bloomberg terminal for the period from 2015 to 2024 for 525 non-financial firms in the MENAT region. The Panel Least Squares, with fixed effects regression analysis, was utilized via EViews software to investigate the empirical results for the study variables. The results showed a positive association between Value Added Intellectual Capital (VAIC) and HCE with firm performance. However, a significant negative relationship is found between R&D intensity and firm performance. On the other hand, the study explored no moderation effect for the IC efficiency and firm performance.
DOI	10.1108/JFRA-10-2025-0863