The impact of capital structure, intellectual capital and Covid-19 pandemic on firm performance - empirical evidence from logistics enterprises in asean countries

Abstract

The research is conducted by the authors to analyze the relationship between capital structure, intellectual capital, and performance of logistics enterprises in 6 ASEAN countries including Vietnam, Indonesia, Malaysia, Philippines, Singapore, and Thailand. At the same time, the study is used to examine and evaluate the impact of the Covid-19 pandemic on the performance of these enterprises. The authors use regression estimation methods for panel data including Pooled OLS, Fixed Effect Model, Random Effect Model, Feasible Generalized Least Squares (FGLS) in a sample of 189 logistics enterprises based on NAICS 2007 standard from 2010 to 2021. The research results show that capital structure is expressed through indicators such as the total liabilities to total assets ratio (DA), the short-term liabilities to total assets ratio (SDA), and the long-term liabilities to total assets ratio (LDA), which has a negative impact on return on assets (ROA). Meanwhile, intellectual capital is measured by the value-added intellectual coefficient (VAIC), and components including capital employed efficiency (CEE), structural capital efficiency (SCE), and human capital efficiency (HCE) have a positive effect on ROA. The Covid-19 (COVID) pandemic has a negative impact on the ROA of logistics firms in ASEAN. The Covid-19 pandemic also increases the positive impact of human capital efficiency (HCE), capital employed efficiency (CEE) on ROA, but weakens the positive impact of capital structure efficiency (SCE) on ROA of logistics enterprises in ASEAN. From the results obtained, many recommendations are proposed by the authors to increase the performance of logistics enterprises in ASEAN, such as limiting financing by liabilities, using long-term liabilities instead of short-term liabilities; improving the capital employed efficiency and structural capital efficiency.