Influence of Corporate Governance and Corporate Social Responsibility on Firm Performance: Mediating Role of Intellectual Capital
Keywords:
Corporate governance, Intellectual capital, Corporate social responsibility, Firm performanceAbstract
This study investigates the effects of corporate governance (CG) and corporate social responsibility (CSR) on firm performance, with a particular focus
on the mediating role of intellectual capital (IC). Drawing upon the resource-based theory, the research employs secondary data obtained from financial and annual reports of non-financial firms listed on the Stock Exchange of Thailand (SET)
during 2016–2017. To analyze the relationships among the constructs, partial least squares structural equation modeling (PLS-SEM) was applied. The findings indicate that both CG and CSR exert an indirect positive influence on firms’ financial and
marketing performance through IC. This underscores the critical role of IC as a strategic asset that enables organizations to translate good governance practices and CSR initiatives into tangible performance outcomes. The study contributes to the
growing body of literature highlighting the importance of leveraging intellectual
capital in achieving sustainable competitive advantage. It also offers practical implications for corporate leaders and policymakers aiming to enhance firm performance through integrated governance, social responsibility, and
knowledge-based assets. Future research should expand the scope by evaluating performance through environmental and social dimensions to provide a more holistic view of corporate sustainability.
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