Table 1 Summary of the definitions of... | Emerald Publishing

Table 1

Summary of the definitions of variables

Variable	Acronym	Operational definition and sources	Pointer	Data source
Intellectual capital	IC (VAIC^TM)	This study adopts the value-added intellectual coefficient – (VAIC^TM)^a as proposed by Pulic (2004, 2008) to measure IC of the selected banks. The VAIC has been widely used in the literature to measure IC (Chen et al., 2014; Goh, 2005). Further details on its computations is in Appendix 3 of this study	Value creation performance	Bank annual financial report – Computations from Bankscope
Board size	BODSIZE	The number of directors who serve on the board of a bank (Abeysekera, 2010; Naimi et al., 2010)	Good corporate Governance	Bank annual financial report – Computations from Bankscope
Board independence/Composition	BODIND	The proportion of independent non-executive directors on the board; that is, the number of independent non-executive directors to the total number of directors on the board (Kusi et al., 2018; Duru et al., 2016)	Good corporate Governance	Bank annual financial report – Computations from Bankscope
Board diversity	BODGEN	The proportion of directors on the board that is female; that is, the number of female directors to the total number of directors on the board (see Kusi et al., 2018; Duru et al., 2016)	Good corporate Governance	Bank annual financial report – Computations from Bankscope
Bank size	BSIZE	A natural logarithm of the bank's fiscal year-end total assets (Asare et al., 2017; Al-Ghanem and Hegazy, 2011)	Size	Bank annual financial report – Computations from Bankscope
Banking market structure	CLR5	The ratio of the total loan assets of the five largest banks to total industry loan assets (Alhassan and Asare, 2016; Al-Musalli and Ismail, 2012)	Market concentration	Bank annual financial report – Computations from Bankscope
Gross domestic product per capita growth rate	GDPpcg	GDP per capita growth is incorporated as justification for differences in macroeconomic environments of the countries (Asare, 2018). Growth rate of real GDP per capita	Macroeconomic stability	World development indicators–database published by World bank

Variable	Acronym	Operational definition and sources	Pointer	Data source
Intellectual capital	IC (VAIC^TM)	This study adopts the value-added intellectual coefficient – (VAIC^TM)^a as proposed by Pulic (2004, 2008) to measure IC of the selected banks. The VAIC has been widely used in the literature to measure IC (Chen et al., 2014; Goh, 2005). Further details on its computations is in Appendix 3 of this study	Value creation performance	Bank annual financial report – Computations from Bankscope
Board size	BODSIZE	The number of directors who serve on the board of a bank (Abeysekera, 2010; Naimi et al., 2010)	Good corporate Governance	Bank annual financial report – Computations from Bankscope
Board independence/Composition	BODIND	The proportion of independent non-executive directors on the board; that is, the number of independent non-executive directors to the total number of directors on the board (Kusi et al., 2018; Duru et al., 2016)	Good corporate Governance	Bank annual financial report – Computations from Bankscope
Board diversity	BODGEN	The proportion of directors on the board that is female; that is, the number of female directors to the total number of directors on the board (see Kusi et al., 2018; Duru et al., 2016)	Good corporate Governance	Bank annual financial report – Computations from Bankscope
Bank size	BSIZE	A natural logarithm of the bank's fiscal year-end total assets (Asare et al., 2017; Al-Ghanem and Hegazy, 2011)	Size	Bank annual financial report – Computations from Bankscope
Banking market structure	CLR5	The ratio of the total loan assets of the five largest banks to total industry loan assets (Alhassan and Asare, 2016; Al-Musalli and Ismail, 2012)	Market concentration	Bank annual financial report – Computations from Bankscope
Gross domestic product per capita growth rate	GDPpcg	GDP per capita growth is incorporated as justification for differences in macroeconomic environments of the countries (Asare, 2018). Growth rate of real GDP per capita	Macroeconomic stability	World development indicators–database published by World bank

Note(s): ^aGreater value for the VAIC demonstrates a grander efficiency of the firms' resources in generating value (Pulic, 2008)

Source(s): Authors' estimation, 201