This paper aims to investigate the impact of intellectual capital (IC) as a mediator variable on the association between corporate governance (CG) practices and firm performance. This study also examines bi-causality linkages between these variables.,The designated corporate governance index and the value-added intellectual coefficient method were used to assess the level of CG practices and the performance of IC. Tobin’s Q (TQ) and operating efficiency ratio were used to measure firm performance.,The aggregate CG score has a significant positive impact on the IC and the two measures of firm performance. However, the IC has only a partial mediation effect on the relationship between the aggregate corporate governance score and a firm’s operational efficiency ratio. The IC has partial and full mediation effects in the relationship between the sub-dimensions of corporate governance and the performance of Egyptian corporates. Moreover, a bi-causality relationship can be observed between CG and TQ.,Generalizing the obtained results would require the sample size to be extended.,The findings should alert legislative institutions and practitioners of the need to comply with good CG practices and develop the efficiency of IC to elicit a firm’s superior performance.,This study is one of the first attempts to investigate the causality relationships and the mediation impact of IC on the relationship between CG practices and corporate performance in the Egyptian context.

中文翻译：

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智力资本在公司治理和公司绩效关系中的中介作用

本文旨在调查作为中介变量的智力资本（IC）对公司治理（CG）行为与公司绩效之间关系的影响。这项研究还研究了这些变量之间的双向因果关系。指定的公司治理指数和增值智力系数方法用于评估CG实践的水平和IC的性能。使用托宾的Q（TQ）和运营效率比来衡量公司绩效。总CG得分对IC和公司绩效的两项衡量指标均具有显着的积极影响。但是，IC对公司治理总得分与公司运营效率比率之间的关系仅具有部分中介作用。在公司治理的子维度与埃及公司绩效之间的关系中，IC具有部分和全部调解作用。此外，可以发现CG与TQ之间存在双向因果关系。概括得出的结果将需要扩大样本量。研究结果应提醒立法机构和从业人员必须遵守良好CG规范并发展本研究是研究埃及背景下因果关系和IC对CG实践与公司绩效之间关系的中介影响的首次尝试之一。