The Effect of Intellectual Capital on Banking Stability in Countries ASEAN-5
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ABSTRACT: Banking stability remains a critical concern in ASEAN countries amid increasing global economic uncertainty and financial sector competition. This study investigates the impact of intellectual capital on banking stability in ASEAN-5 countries (Indonesia, Malaysia, Singapore, Thailand, and the Philippines). Intellectual capital is measured using the Value Added Intellectual Coefficient (VAIC), comprising Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). Banking stability is proxied by the Z-score. Using panel data from commercial banks over the period 2019–2024 and applying a Fixed Effect Model (FEM), the results show that intellectual capital significantly affects banking stability. Empirically, VACA and STVA exhibit a negative effect on bank stability, while VAHU has a positive and significant effect. These findings support Resource-Based Theory, emphasizing the strategic role of human capital in enhancing banking resilience and financial stability in ASEAN economies.
KEYWORDS – Intellectual Capital, VAIC, Banking Stability, Z-score, ASEAN-5