Intellectual Capital in Asia Stock Market: A Systematic Literature Review and Research Agenda

Abstract

In some severe global economic conditions like the Corona Virus Disease (COVID-19) pandemic in 2019, most of the economic sectors and stock market have dropped significantly. However, not all of the investors had overreacted and carried out panic selling during the severe condition, because they believed in their analysis either using financial and non-financial literacy such as intellectual capital (IC). As non-financial information, the existence of IC is undeniable to support better quality from the company itself and its stock return in the market. The purpose of this research is to provide valid and reliable information for future studies and to become a guidance to help researcher in analysing and mapping data comprehensively from the research problems. In this paper, it will discuss the three main research questions. Firstly, how is IC implemented in Asia public listed companies towards the reaction on stock market? Secondly, what are the syntheses and limitations of IC work in three different perspectives, consist of: the empirical findings, theories, and methodological specifications? Third, what are the recommendations for future research agenda on intellectual capital in Asia stock market? In this research, the method used was the systematic literature review (SLR), and carried out analysis from three different perspectives: empirical, theoretical, and methodological frameworks. The research result shows that the author can provide 14 past studies, four main theories, and two methodological recommendations to be added for future studies to examine the sustainable power of IC performance in dealing with the stock price movement. Also, all of the findings may be useful to help other authors in addressing the research gaps found and exposing more suitable theories and reliable methodological framework.