This paper aims to examine the relationship between corporate governance and intellectual capital in the context of Vietnam. In this paper, corporate governance is proxied by various characteristics, including board size, a number of independent members in the board, board remuneration, major shareholder holding more than 20 per cent of the outstanding shares and duality of the CEO. In addition, intellectual capital is measured using the modified value-added intellectual coefficient model (MVAIC).,The study uses data of 45 Vietnamese listed firms during 2011-2018. The MVAIC model is used incorporating four components, namely, human capital, structural capital, capital used and relational capital. In addition, GMM regression technique is used in this paper.,Empirical findings from this paper indicate that key characteristics of corporate governance, except for board remuneration, may provide a negative effect on the efficient use of intellectual capital.,Intellectual capital emerges as a new field of research that has not been widely examined in emerging countries such as Vietnam. As such, there have not been many studies focusing on understanding intellectual capital and its role in the performance of enterprises. Further studies can evaluate the relationship between intellectual capital and corporate performance, capital structure, corporate value and social responsibility. This study is limited to listed companies in Vietnam because of data limitations in an emerging market. Studies in the future should extend the sample and/or compare differences between manufacturing enterprises and financial institutions, or between countries.,Findings from this paper provide a valuable framework for executives, managers and policymakers in managing corporate governance and intellectual capital within the Vietnamese context.,To the best of the authors’ knowledge, this is the first empirical study that has been conducted to examine the relationship between corporate governance and intellectual capital in the context of Vietnam.

中文翻译：

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越南公司治理与知识资本之间的联系

本文旨在考察越南背景下的公司治理与知识资本之间的关系。在本文中，公司治理具有多种特征，包括董事会规模，董事会中的许多独立成员，董事会薪酬，持有超过20％流通股的主要股东以及首席执行官的双重性。此外，智力资本是使用修正后的增值智力系数模型（MVAIC）进行测量的。该研究使用了2011-2018年间45家越南上市公司的数据。MVAIC模型用于合并四个要素，即人力资本，结构资本，已用资本和关系资本。此外，本文还使用了GMM回归技术。本文的实证结果表明，公司治理的主要特征，除董事会薪酬外，可能对智力资本的有效利用产生负面影响。智力资本作为一种新兴的研究领域而兴起，在越南等新兴国家尚未得到广泛研究。因此，没有太多研究集中在理解智力资本及其在企业绩效中的作用。进一步的研究可以评估智力资本与公司绩效，资本结构，公司价值和社会责任之间的关系。由于新兴市场的数据限制，本研究仅限于越南的上市公司。未来的研究应扩大样本和/或比较制造企业与金融机构之间或国家之间的差异。