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All Journal Emerging Science Journal
Dsouza, Suzan
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Environmental Science

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Journal : Emerging Science Journal

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Unveiling the Power of Intellectual Capital in Driving Financial Performance: A Deep Dive into the IT Sector Dsouza, Suzan; Kallach, Layal; Demiraj, Rezart; Zaidi, Syed Faizan Hussain
Emerging Science Journal Vol. 10 No. 1 (2026): February
Publisher : Ital Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/ESJ-2026-010-01-08

Abstract

This study aims to theoretically and empirically investigate the relationship between intellectual capital (IC) and the financial performance of firms in the U.S. information technology (IT) sector, with a particular focus on Return on Assets (ROA) as a key performance indicator. Data were collected from 345 publicly listed IT companies over the period 2011–2022, yielding 1,792 firm-year observations. The research employed descriptive statistics, correlation matrices, box plot analyses, and multiple regression models to examine the effects of IC and its components, human capital efficiency, structural capital efficiency, and capital employed efficiency on financial outcomes. The analysis revealed that, contrary to conventional expectations and prior literature, IC exhibited a negative and statistically significant association with financial performance, highlighting potential inefficiencies in the utilization of intangible assets within the IT industry. These findings underscore the complexity of translating investments in IC into measurable financial gains, suggesting that firms may be overinvesting or misallocating resources in areas that do not yield immediate profitability. The novelty of this research lies in uncovering an unexpected inverse IC-performance link in a knowledge-intensive sector, thereby offering executives and policymakers new insights into how IC strategies should be re-evaluated and aligned with long-term value creation.
Debt by Design: Exploring Market Forces Behind Leverage in Two Economies Habibniya, Houshang; Dsouza, Suzan; Tripathy, Naliniprava
Emerging Science Journal Vol. 10 No. 1 (2026): February
Publisher : Ital Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/ESJ-2026-010-01-013

Abstract

Abstract This study investigates the determinants of capital structure by comparing firms listed on two prominent global stock indices: the S&P 500 (United States) and the NSE CNX 500 (India). Specifically, it examines how firm-specific factors—such as liquidity, asset tangibility, and sustainability practices—influence leverage decisions within differing economic and institutional contexts. Drawing on a comprehensive dataset of 3,575 firm-year observations from 406 S&P 500 companies and 4,180 observations from 419 NSE CNX 500 firms between 2011 and 2021, the analysis employs Two-Stage Least Squares (2SLS) regression, the Generalized Method of Moments (GMM), and a series of diagnostic tests addressing heteroskedasticity and model robustness. The empirical results indicate that liquidity, tangibility, and sustainability performance significantly affect firms’ capital structure decisions. Moreover, growth opportunities and profitability also play key roles. Cross-country differences highlight the influence of macroeconomic conditions and financial system structures on leverage behavior. This research enriches the capital structure literature by offering a comparative, cross-national perspective and provides actionable insights for corporate managers, investors, and policymakers seeking to optimize capital structure in diverse financial environments
Co-Authors Demiraj, Rezart Habibniya, Houshang Kallach, Layal Tripathy, Naliniprava Zaidi, Syed Faizan Hussain