The Contribution of Intellectual Capital to Banks' Competitive and Financial Performance: The Evidence from Poland

• Autorzy: Monika Klimontowicz , Justyna Majewska
• Języki publikacji: EN

Abstrakty

EN

PURPOSE: The paper aims to investigate the contribution of intellectual capital to banks' competitive and financial performance. METHODOLOGY: The paper uses data retrieved from a research survey. The questionnaire on IC contribution to banks' competitive performance was applied to executive managers of retail banks operating in the Polish banking market. The data collected for the assessment of financial performance were retrieved from banks' annual reports and referred to each year from 2012 to 2019. The data were analyzed by Principal Axis Factor Analysis (PAF) and Partial Least Squares Structural Equation Modelling (PLS-SEM). FINDINGS: The results revealed that banks' competitive and financial performance depends on both the intellectual capital and environmental factors. The relation between financial performance and intellectual capital is positively mediated by competitive performance, and environmental factors can affect the strength of this relationship. The findings show that applying the resource-based theory might not be sufficient to gain a competitive advantage and sustainable market position in the case of banks. IMPLICATIONS: The results develop IC knowledge and prove the necessity to conduct systematic research on their importance for creating value for customers and gaining competitive advantage. They also provide direction for banks' decision-makers concerning factors that should be taken into account to create competitive advantage, market performance, and efficiency. The Polish banking market has transformed from undeveloped and non-competitive into a developed and competitive one during the last few decades. Thus, the results also have implications for other companies operating in transition markets as their competitiveness depends on understanding which factors should be the foundation for their market strategy and their competitiveness and efficiency to become a developed one. ORIGINALITY AND VALUE: The majority of the IC research concentrate on developed countries, and very little is known about developing and transition countries that were successful on their journey. Most of the research has focused on identifying and measuring IC components and the relationship between them. Usually, the research presents the state of the art and it is based on financial reports. However, the extent to which IC impacts competitive and financial performance in banking markets has been relatively rare. To the authors' best knowledge, this is the first study to examine empirically the relationship between intellectual capital, environment, competitive performance, and efficiency in a transformed banking market in Europe, which analyses the IC contribution over a few years' perspectives. (original abstract)

CEL: Celem artykułu jest zbadanie wpływu kapitału intelektualnego na konkurencyjność i efektywność banków. METODYKA: W artykule wykorzystano dane pozyskane w wyniku badań ankietowych przeprowadzonych wśród kadry zarządzającej banków detalicznych działających na polskim rynku bankowym oraz danych wtórnych publikowanych przez NBP. Dane zostały przeanalizowane z wykorzystaniem analizy czynnikowej (Principal Axis Factor Analysis - PAF) i modelowania równań strukturalnych (Partial Least Squares Structural Equation Modeling - PLS-SEM). WYNIKI: Przeprowadzone analizy wykazały, że konkurencyjność i efektywność rynkowa banku zależy zarówno od kapitału intelektualnego, jak i czynników środowiskowych. Związek między efektywnością działania a jego kapitałem intelektualnym jest pozytywnie moderowany przez pozycję konkurencyjną banku, przy czy otoczenie konkurencyjne może wpływać na siłę tego związku. Uzyskane wyniki pokazują, że w przypadku banków oparcie budowania przewagi konkurencyjnej i trwałej pozycji rynkowej jedynie na zasobach banku może nie być wystarczające ze względu na specyfikę otoczenie rynkowego. IMPLIKACJE: Wyniki przeprowadzonych badań wskazują zarządzającym bankami jakie czynniki powinny być brane pod uwagę w procesie tworzenia przewagi konkurencyjnej, osiągania satysfakcjonujących wyników rynkowych i efektywności. W ciągu ostatnich kilkudziesięciu lat polski rynek bankowy stał się bardzo konkurencyjny, co może być inspiracją dla innych banków działających na rynkach wschodzących Ich konkurencyjność zależy bowiem od zrozumienia, jakie czynniki powinny stanowić podstawę ich strategii rynkowej oraz ich konkurencyjności i efektywności. ORYGINALNOŚĆ I WARTOŚĆ: Większość badań dotyczących kapitału intelektualnego prowadzonych jest w krajach rozwiniętych. Natomiast stosunkowo niewiele wiadomo na temat krajów rozwijających się i przechodzących transformację. Ponadto większość z nich skupia się na identyfikacji i pomiarze komponentów IC oraz relacji między nimi. Badanie w jakim stopniu kapitał intelektualny wpływa na wyniki i efektywność działania banków na wschodzących rynkach bankowych są stosunkowo rzadkie. Według najlepszej wiedzy autorów jest to pierwsze badanie przeprowadzone na jednym z europejskich rynków bankowych, w którym empirycznie zbadano związek między kapitałem intelektualnym, otoczeniem konkurencyjnym oraz wynikami i efektywnością działania na przestrzeni kilku lat. (abstrakt oryginalny)

Słowa kluczowe

EN

Intellectual capital; Banks' efficiency; Factor analysis; Structural Equation Modeling; Banks' competitiveness

PL

Kapitał intelektualny; Efektywność banków; Analiza czynnikowa; Modelowanie równań strukturalnych; Konkurencyjność banków

• Czasopismo: Journal of Entrepreneurship, Management and Innovation (JEMI)
• Rocznik: 2022
• Tom: 18
• Numer: nr 2 Quantitative Research in Economics and Management Sciences
• Strony: 105--136

Twórcy

autor

Monika Klimontowicz

• University of Economics in Katowice, Poland

autor

Justyna Majewska

• University of Economics in Katowice, Poland

Bibliografia

• Acur, N., & Bititci, U. (2004). A balanced approach to strategy process. International Journal of Operations & Production Management, 24(4), 388-408. https://doi.org/10.1108/01443570410524659
• Ahuja, B. R., & Ahuja, N. L. (2012). Intellectual capital approach to performance evaluation: A case study of the banking sector in India. International Research Journal of Finance and Economics, 93(1), 110-122.
• Alhassan, A. L., & Asare, N. (2016). Intellectual capital and bank productivity in emerging markets: Evidence from Ghana. Management Decision, 54(3), 589-609. https://doi.org/10.1108/MD-01-2015-0025
• Al-Musali, M. A. K., & Ismail, K. N. I. K. (2014). Intellectual capital and its effect on financial performance of banks: Evidence from Saudi Arabia, Procedia - Social and Behavioural Sciences, 164, 201-207. https://doi.org/10.1016/j.sbspro.2014.11.068
• Anderson, J. C., & Gerbing, D. W. (1988). Structural equation modelling in practice: A review and recommended two-step approach. Psychological bulletin, 103(3), 411-423. https://doi.org/10.1037/0033-2909.103.3.411
• Anielak-Sobczak, K. (2022). A bank's intellectual capital and its importance in building competitiveness on the example of Polish listed banks. Ekonomia i Prawo. Economics and Law, 21(1), 5-24. https://doi.org/10.12775/EiP.2022.001
• Barclay, D., Higgins, C., & Thompson, R. (1995). The partial least squares approach to causal modeling: Personal computer adoption and use as an illustration. Technology Studies: Special Issue on Research Methodology, 2(2), 284-324.
• Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
• Battagello, F. M., Grimaldi, M., & Cricelli, L. (2015). A rational approach to identify and cluster intangible assets: A relational perspective of the strategic capital. Journal of Intellectual Capital, 16(4), 809-834. https://doi.org/10.1108/JIC-06-2015-0050
• Birchall, D.W., & Tovstiga, G. (1999). The strategic potential of a firm's knowledge portfolio. Journal of General Management, 25(1), 1-16. https://doi.org/10.1177/030630709902500101
• BMO Wealth Institute. (2014). Getting ahead: The financial challenges for generations X and Y. BMP Wealth Institute Report, The U.S Edition. Retrieved from https://www.bmo.com/privatebank/pdf/Q1-Wealth-Institute-Report-Getting-Ahead.pdf
• Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management Decisions, 36(2), 63-76. https://doi.org/10.1108/00251749810204142
• Branco, M. C., Delgado, C., Sousa, C., & Sá, M. (2011). Intellectual capital disclosure media in Portugal. Corporate Communications: An International Journal, 16(1), 38-52. https://doi.org/10.1108/13563281111100962
• Cabrita, M. D. R., & Bontis, N. (2008). Intellectual capital and business performance in the Portuguese banking industry. International Journal of Technology Management, 43(1-3), 212-237. https://doi.org/10.1504/IJTM.2008.019416
• Cabrita, M. D. R., & Vaz, J. L. (2006). Intellectual capital and value creation: Evidence from the Portuguese banking industry. Electronic Journal of Knowledge Management, 4(1), 11-20. Retrieved from www.ejkm.com
• Chan, K. H. (2009). Impact of intellectual capital on organisational performance: An empirical study of companies in the Hang Seng Index (Part 1). The Learning Organisation, 16(1), 22-39. https://doi.org/10.1108/09696470910927650
• Chan, S. G., Koh, E. H., & Kim, Y. C. (2016). Effect of foreign shareholdings and originating countries on banking sector efficiency. Emerging Markets Finance and Trade, 52(9), 2018-2042. https://doi.org/10.1080/1540496X.2016.1142231
• Cheng, M. Y., Lin, J. Y., Hsiao, T. Y., & Lin, T. W. (2010). Invested resource, competitive intellectual capital, and corporate performance. Journal of intellectual capital, 11(4), 433-450. https://doi.org/10.1108/14691931011085623
• Chowdhury, L. A. M., Rana, T., & Azim, M. I. (2019). Intellectual capital efficiency and organisational performance: In the context of the pharmaceutical industry in Bangladesh. Journal of Intellectual Capital, 20(6), 784-806. https://doi.org/10.1108/JIC-10-2018-0171
• Cohen, J. (1992). Statistical power analysis. Current Directions in Psychological Science, 1(3), 98-101. https://doi.org/10.1111/1467-8721.ep10768783
• Constantine, G. (2010). Tapping into Generation Y: Nine ways community financial institutions can use technology to capture young customers. A First Data White Paper. Retrieved from firstdata.com
• Curado, C. (2008). Perceptions of knowledge management and intellectual capital in the banking industry. Journal of Knowledge Management, 12(3), 141-155. https://doi.org/10.1108/13673270810875921
• Davenport, T., & Pruzac, L. (2000). Working Knowledge: How Organisations Manage What They Know. Boston, United States: Harvard Business Scholl Press.
• Deshpandé, R., Farley, J. U., & Webster Jr, F. E. (1993). Corporate culture, customer orientation, and innovativeness in Japanese firms: A quadrad analysis. Journal of Marketing, 57(1), 23-37. https://doi.org/10.2307/1252055
• Drew, S. A. (1997). From knowledge to action: the impact of benchmarking on organisational performance. Long Range Planning, 30(3), 427-441. https://doi.org/10.1016/S0024-6301(97)90262-4
• Dzinkowski, R. (2000). The measurement and management of intellectual capital: An introduction. Management Accounting, 78(2), 32-36.
• Edvinsson, L. (1997). Developing intellectual capital at Skandia. Long Range Planning, 30(3), 366-373. https://doi.org/10.1016/S0024-6301(97)00016-2
• Edvinsson, L., & Malone, M. S. (1997). Intellectual Capital: Realising Your Company's True Value by Finding Its Hidden Brainpower. London, England: Piatkus.
• El-Bannany, M. (2008). A study of determinants of intellectual capital performance in banks: The UK case. Journal of Intellectual Capital, 9(3), 487-498. https://doi.org/10.1108/14691930810892045
• El-Bannany, M. (2015). Explanatory study about the intellectual capital performance of banks in Egypt. International Journal of Learning and Intellectual Capital, 12(3), 270-286. https://doi.org/10.1504/IJLIC.2015.070167
• Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
• Goh, P.C. (2005). Intellectual capital performance of commercial banks in Malaysia. Journal of Intellectual Capital, 6(3), 385-396. https://doi.org/10.1108/14691930510611120.
• Goodhue, D. L., Lewis, W., & Thompson, R. (2012). Does PLS have advantages for small sample size or non-normal data?. MIS Quarterly, 36(3), 981-1001. https://doi.org/10.2307/41703490
• Haffer, R., & Kristensen, K. (2010). People management as indicator of business excellence: The Polish and Danish perspectives. The TQM Journal, 22(4), 386-398. https://doi.org/10.1108/17542731011053316
• Hair Jr, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106-121. https://doi.org/10.1108/EBR-10-2013-0128
• Hair, J., Hult, G., Tomas, M., Ringle, C., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (3rd ed.). Thousand Oaks, United States: Sage Publications Inc.
• Hair, J., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139-152. https://doi.org/10.2753/MTP1069-6679190202
• Hamel, G., & Prahalad, C. K. (1990). The core competence of corporation. Harvard Business Review, 68(3), 79-91.
• Hayes, A. F. (2013). Introduction to Mediation, Moderation, and Conditional Process Analysis: A Regression-Based Approach. New York, United States: Guilford.
• Holland, J. (2010). Banks, knowledge and crisis: A case of knowledge and learning failure. Journal of Financial Regulation and Compliance, 18(2), 87-105. https://doi.org/10.1108/13581981011033961
• Hosseini, M., & Owlia, M. S. (2016). Designing a model for measuring and analysing the relational capital using factor analysis: Case study, Ansar bank. Journal of Intellectual Capital, 17(4), 734-757. https://doi.org/10.1108/JIC-04-2016-0042
• Joia, L. A. (2000). Measuring intangible corporate assets: Linking business strategy with intellectual capital. Journal of Intellectual Capital, 1(1), 68-84. https://doi.org/10.1108/14691930010371636
• Joshi, M., Cahill, D., & Sidhu, J. (2010). Intellectual capital performance in the banking sector: An assessment of Australian owned banks. Journal of Human Resource Costing & Accounting, 14(2), 151-170. https://doi.org/10.1108/14691931311323887
• Kasman, A. (2010). Consolidation and competition in the banking industries of the EU member and candidate countries. Emerging Markets Finance and Trade, 46(6), 121-139. https://doi.org/10.2753/REE1540-496X460608.
• Kehelwalatenna, S., & Premaratne, G. (2014). Intellectual capital performance and its long-run behavior: The US banking industry case. New Zealand Economic Papers, 48(3), 313-333. https://doi.org/10.1080/00779954.2013.867796
• Kianto, A., Andreeva, T., & Pavlov, Y. (2013). The impact of intellectual capital management on company competitiveness and financial performance. Knowledge Management Research & Practice, 11(2), 112-122. https://doi.org/10.1057/kmrp.2013.9
• Klein, D. A., & Prusak, L. (1994). Characterising Intellectual Capital. Cambridge, MA: Centre for Business Innovation, Ernst and Young.
• Klimontowicz, M. (2013). Aktywa niematerialne jako źródło przewagi konkurencyjnej banku (Intangibles as a source of competitive advantage). Warszawa, Poland: CeDeWU.
• klimontowicz, m. (2016). Knowledge as a foundation of resilience on Polish banking market. Electronic Journal of Knowledge Management, 14(1), 58-72. Retrieved from www.ejkm.com
• Kujansivu, P., & Lönnqvist, A. (2007). Investigating the value and efficiency of intellectual capital. Journal of Intellectual Capital, 8(2), 272-287. https://doi.org/10.1108/14691930710742844
• Lee, H., & Choi, B. (2003). Knowledge management enablers, processes, and organisational performance: An integrative view and empirical examination. Journal of Management Information Systems, 20(1), 179-228. https://doi.org/ 10.1080/07421222.2003.11045756
• Lev, B. (2001). Intangibles: Management, Measurement, and Reporting. Washington DC, USA: The Brookings Institution.
• Łupina-Wegener, A. A. (2013). Human resource integration in subsidiary mergers and acquisitions: Evidence from Poland. Journal of Organizational Change Management, 26(2), 286-304. https://doi.org/10.1108/09534811311328353
• MacKinnon, D. P. (2008). Introduction to Statistical Mediation Analysis. Mahwah, United States: Earlbaum.
• Mavridis, D. G., & Kyrmizoglou, P. (2005). Intellectual capital performance drivers in the Greek banking sector. Management Research News, 28(5), 43-62. https://doi.org/10.1108/01409170510629032
• McElroy, M. (2002). The new knowledge management. In M. W. McElroy (Ed.) Complexity, Learning and Sustainable Innovation (pp. 3-13). Burlington, United Kingdom: Butterworth-Heineman.
• McFerrin, L. (2013). HDMD: Statistical analysis tools for High Dimension Molecular Data (HDMD). Retrieved from https://CRAN.R-project.org/package=HDMD
• Mention, A. L., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286-309. https://doi.org/10.1108/14691931311323896
• Mohammed, A. A., & Irbo, M. M. (2018). Intellectual capital and firm performance nexus: Evidence from Ethiopian private commercial banks. International Journal of Learning and Intellectual Capital, 15(3), 189-203. https://doi.org/10.1504/IJLIC.2018.094723
• Mondal, A., & Ghosh, S. K. (2012). Intellectual capital and financial performance of Indian banks. Journal of Intellectual Capital, 13(4), 515-530. https://doi.org/10.1108/14691931211276115
• Murthy, V., & Mouritsen, J. (2011). The performance of intellectual capital: Mobilising relationships between intellectual and financial capital in a bank. Accounting, Auditing & Accountability Journal, 24(5), 622-646. https://doi.org/10.1108/09513571111139120
• Nawaz, T., & Ohlrogge, O. (2022). Clarifying the impact of corporate governance and intellectual capital on financial performance: A longitudinal study of Deutsche bank (1957-2019). International Journal of Finance and Economics, 21 April 2022. https://doi.org/10.1002/ijfe.2620
• NBP (2007-2020), Rozwój system finansowego w Polsce (The development of Polish financial system). National Bank of Poland. Retrieved from https://www.nbp.pl/home.aspx?f=/systemfinansowy/rozwoj.html
• Neves, E., & Proença, C. (2021). Intellectual capital and financial performance: Evidence from Portuguese banks. International Journal of Learning and Intellectual Capital, 18(1), 93-108. https://doi.org/10.1504/IJLIC.2021.113658
• Obłój, K. (2007). Strategia organizacji (Organisation strategy). Warszawa, Poland: Polskie Wydawnictwo Ekonomiczne.
• OECD. (1996). The knowledge-based economy. Retrieved from https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=OCDE/GD%2896%29102&docLanguage=En
• Özkan-Günay, E. N., Günay, Z. N., & Günay, G. (2013). The impact of regulatory policies on risk taking and scale efficiency of commercial banks in an emerging banking sector. Emerging Markets Finance and Trade, 49(sup5), 80-98. https://doi.org/10.2753/REE1540-496X4905S505
• Petty, R., & Guthrie, J. (2000). Intellectual capital literature review: measurement, reporting and management. Journal of Intellectual Capital, 1(2), 155-176. https://doi.org/10.1108/14691930010348731
• Phusavat, K., & Kanchana, R. (2007). Competitive priorities of manufacturing firms in Thailand. Industrial Management & Data Systems, 107(7), 979-996. https://doi.org/10.1108/02635570710816702
• Poh, L. T., Kilicman, A., & Ibrahim, S. N. I. (2018). On intellectual capital and financial performances of banks in Malaysia. Cogent Economics and Finance, 6(1), 1-15. https://doi.org/10.1080/23322039.2018.1453574
• Porter, M. E. (1990). The Competitive Advantage of Nations. New York, United States: Free Press.
• Rehman, A. U., Aslam, E., & Iqbal, A. (2022). Intellectual capital efficiency and bank performance: Evidence from Islamic banks. Borsa Istanbul Review, 22(1), 113-121. https://doi.org/10.1016/j.bir.2021.02.004
• Revelle, W. (2013). Procedures for Personality and Psychological Research. Retrieved from http://personality-project.org/r/psych-manual.pdf
• Roldán, J. L., & Sánchez-Franco, M. J. (2012). Variance-based structural equation modeling: Guidelines for using partial least squares in information systems research. In M. Mora, O. Gelman, A. Steenkamp, & M. Raisinghani (Eds.), Research Methodologies, Innovations and Philosophies in Software Systems Engineering and Information Systems. Hershey: IGI Global.
• Roos, G., & Roos, J. (1997). Measuring your company's intellectual performance. Long Range Planning, 30(3), 413-426. https://doi.org/10.1016/S0024-6301(97)90260-0
• Roos, G., Bainbridge, A., & Jacobsen, K. (2001). Intellectual capital analysis as a strategic tool. Strategy Leadership, 29(4), 21-28. https://doi.org/10.1108/10878570110400116
• Rumelt, R. P. (1991). How much does industry matter?. Strategic Management Journal, 12(3), 167-185. https://doi.org/10.1002/smj.4250120302
• Saymeh, A., Arikat, H., Hashem, F., & Al-Khalieh, A. (2021). Intellectual capital effectiveness of Jordanian banks financial performance. WSEAS Transactions on Business and Economics, 18, 552-568. https://doi.org/10.37394/23207.2021.18.56
• Schiavone, F., Meles, A., Verdoliva, V., & Del Giudice, M. (2014). Does location in a science park really matter for firms' intellectual capital performance?. Journal of Intellectual Capital, 15(4), 497-515. https://doi.org/10.1108/JIC-07-2014-0082
• Schiuma, G., & Lerro, A. (2008). Intellectual capital and company's performance improvement. Measuring Business Excellence, 12(2), 3-14. https://doi.org/10.1108/13683040810881153
• Shaikh, J. M. (2004). Measuring and reporting of intellectual capital performance analysis. Journal of American Academy of Business, 4(1/2), 439-448.
• Shih, K. H. (2008). Is e-banking a competitive weapon? A causal analysis. International Journal of Electronic Finance, 2(2), 180-196. https://doi.org/10.1504/IJEF.2008.017539
• Shih, K. H., Chang, C. J., & Lin, B. (2010). Assessing knowledge creation and intellectual capital in banking industry. Journal of Intellectual Capital, 11(1), 74-89. https://doi.org/10.1108/14691931011013343
• Shiu, H. J. (2006). The application of the value added intellectual coefficient to measure corporate performance: evidence from technological firms. International Journal of Management, 23(2), 356-365.
• Singh, S., Sidhu, J., Joshi, M., & Kansal, M. (2016). Measuring intellectual capital performance of Indian banks: A public and private sector comparison. Managerial Finance, 42(7), 635-655. https://doi.org/10.1108/MF-08-2014-0211
• Skowron, L., & Kristensen, K. (2012). The impact of the recent banking crisis on customer loyalty in the banking sector: Developing versus developed countries. The TQM Journal, 24(6), 480-497. https://doi.org/10.1108/17542731211270052
• Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: An empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085-1106. https://doi.org/10.1108/JIC-09-2019-0225
• Stewart, T. A. (1997). Intellectual Capital: The New Wealth of Organizations. New York, United States: Doubleday/Curency.
• Subramanian, A., & Nilakanta, S. (1996). Organisational innovativeness: Exploring the relationship between organisational determinants of innovation, types of innovations, and measures of organisational performance. Omega, 24(6), 631-647. https://doi.org/10.1016/S0305-0483(96)00031-X
• Tseng, K. A., Lan, Y. W., Lu, H. C., & Chen, P. Y. (2013). Mediation of strategy on intellectual capital and performance. Management Decision, 51(7), 1488-1509. https://doi.org/10.1108/MD-03-2012-0143
• Umanto, Wijaya, C., & Atmoko, A. W. (2018). Intellectual capital performance of regional development banks in Indonesia. Banks and Bank Systems, 13(3), 36-47. https://doi.org/10.21511/bbs.13(3).2018.04
• Walsh, K., Enz, C. A., & Canina, L. (2008). The impact of strategic orientation on intellectual capital investments in customer service firms. Journal of Service Research, 10(4), 300-317. https://doi.org/10.1177/1094670508314285
• Williams, K. C., & Page, A. R. (2011). Marketing to generations. Journal of Behavioural Studies in Business, 3(1), 37-53. Retrieved from http://www.aabri.com/jbsb.html
• Xu, J., Haris, M., & Yao, H. (2019). Should listed banks be concerned with intellectual capital in emerging Asian markets? A comparison between China and Pakistan. Sustainability, 11(23), 6582. https://doi.org/10.3390/su11236582
• Yaseen, H., & Al-Amarneh, A. (2021). Intellectual capital and financial performance: Case of the emerging market banks. Journal of Governance and Regulation, 10(1), 35-41. https://doi.org/10.22495/jgrv10i1art4
• Zineldin, M. (1996). Bank strategic positioning and some determinants of bank selection. International Journal of Bank Marketing, 14(6), 12-22. https://doi.org/10.1108/02652329610130136
• Zubac, A., Hubbard, G., & Johnson, L. W. (2010). The RBV and value creation: A managerial perspective. European Business Review, 22(5), 515-538. https://doi.org/10.1108/09555341011068921

Identyfikatory

DOI

https://doi.org/10.7341/20221824