Does corporate governance spur bank intellectual capital in an emerging economy? A system GMM analysis from Ethiopia

Future Business Journal

Table 2 Summary of variables, measurements, conceptions, and sources

No	Variables	Description (proxy measures)	Labels	Source/references
A	Dependent variables
1	Human Capital Efficiency	VA / HC	HCE	[69, 127, 202]
2	Structural Capital Efficiency	SC / VA	SCE	[69, 127, 202]
3	Relational Capital Efficiency	RC / VA	RCE	[69, 127, 202]
4	Modified Value-Added Intellectual Coefficient	\({HCE}_{it}+{SCE}_{it}+{RCE}_{it}+{CEE}_{it}\)	M-VAIC	[69, 127, 202]
B	Independent variables
1	Board size	The logarithm of the number of board members	BS	[52, 114, 117, 180, 184]
2	Board Remuneration	Logarithm of the board members' compensation		[5, 212]
3	Board Gender Diversity	The ratio of female directors in board (women directors/total directors on the board)	BGD	[48, 89, 94, 152, 61, 151, 180]
4	Board meeting frequency	The number of board meetings during a year	BMF	[24, 27, 101, 151]
5	Number of board subcommittees	The number of subcommittees of the board	BSC	[114, 189, 224]
6	Audit committee size	The number of directors in the audit committee	ACS	[48, 77, 118, 180]
7	Audit Committee Meeting frequency	The number of annual meetings the committee holds	ACMF	[31, 34, 77, 81, 168]
C	Control variables
1	Bank Size	Log (Total Assets)	BSIZE	[24, 51, 117, 151]
2	Bank Leverage	Total Liabilities / Total Assets	LEV	[48, 143, 184] 151]
3	Bank Age	The logarithm of the number of years since the incorporation	AGE	[51, 52, 117]

VA = Output (the total of interest income, service charge and commission and other income generated by banks)–Input (Operating expenses (excluding personal costs); HC = Salaries and Benefits; SC = VA– HC; RC = marketing, selling, and advertising expenses and CE is the book value of net assets