Intellectual Capital Research Articles

Pengaruh Sustainability Reporting, Intellectual Capital Terhadap Nilai Perusahaan Dengan Komite Audit Sebagai Moderasi

This study aims to analyze the effect of sustainability reporting and intellectual capital on firm value with the audit committee as a moderating variable. The population in this study consists of mining companies in the energy sector listed on the Indonesia Stock Exchange in 2020-2023. With the purposive sampling method, a sample of 32 companies (128 observation data) was obtained. The analysis method used is multiple linear regression using the SmartPLS 4 Program. The results of this study indicate that sustainability reporting significant negative effect on firm value, intellectual capital has an insignificant effect on firm value, the audit committee is unable to moderate the relationship between sustainability reporting and intellectual capital on firm value.

The Impact of Technological, Individual, and Community Factors in Driving Organizational Social Intellectual Capital in Higher Education: A Path Analysis

The Impact of Technological, Individual, and Community Factors in Driving Organizational Social Intellectual Capital in Higher Education: A Path Analysis

Influence of Intellectual Capital on Job Satisfaction in Selected Food Manufacturing Firms in Kenya

Aim: This study aimed to determine the relationship between intellectual capital and job satisfaction in selected food manufacturing firms in Kenya. Methods: The study adopted an explanatory research design with a stratified sampling technique. A sample of 370 respondents was obtained, using Yamane’s (1967) formula, from a target population of 11456 employees from 45 firms. A pilot study was conducted covering 40 respondents from 8 firms. Data were collected through a 5-point Likert-scale questionnaire using a drop-and-collect approach and analyzed in SPSS v24 for both descriptive and inferential statistics. Results: The findings indicate a statistically significant positive relationship between intellectual capital and job satisfaction at tcal=15.262>tcrit=1.96 at p=0.000. Therefore, the null hypothesis that intellectual capital has no significant effect on job satisfaction was rejected. The regression outcome of β=0.678, p=0.000 indicated that a unit enhancement in intellectual capital results in job satisfaction enhancement by 0.678 units. Conclusion: These results highlight the strategic role of intellectual capital in shaping workforce satisfaction, reinforcing the need for targeted investment in knowledge-based resources in the manufacturing sector. Recommendations: To optimize job satisfaction at the firm level, human resource and ICT managers should consistently ensure the adequacy of human and structural capital. The head of marketing, in collaboration with production portfolio managers, must address relational capital needs, while the head of finance secures budgetary allocations for the acquisition, installation, and maintenance of activities supporting intellectual capital. Additionally, the HR head, together with portfolio managers, should facilitate targeted employee training and development to promote career growth, enhance job satisfaction, and ensure the effective and efficient use of intellectual capital, ultimately boosting organizational productivity and performance.

The Influence of Intellectual Capital and Profitability on Company Value (Empirical Study on Telecommunication and Banking Companies Listed on the Indonesia Stock Exchange in 2018-2022)

Advances in technology and science make competition between one company and another more competitive. Intellectual Capital (IC) is an intangible asset that can make a company superior if the company is able to utilize Intellectual Capital properly and efficiently. Profitability is used as an illustration of the company's financial condition with analytical tools to see whether the profitability of a company is good or bad. The success of a company is not only seen from the profitability of a company, but also can be seen from the resources in a company. The view that Intellectual Capital can affect company profitability and provide value to the company states that companies that are able to manage knowledge resources well, companies can compete competitively and have competitive advantages that affect profitability (resource based theory).

THE PLACE OF FINANCIAL INSTRUMENTS IN THE INTELLECTUAL CAPITAL MANAGEMENT SYSTEM OF AN ENTERPRISE

The article examines the place and role of financial instruments in the intellectual capital management system at a modern industrial enterprise in the conditions of the transformational economy of Ukraine. The aim is to attempt to assess the impact of financial instruments on the system of managerial decision-making regarding the development of intellectual capital using the example of modern industrial enterprises of Ukraine, as well as to identify the most effective of them in the context of supporting the knowledge component of the economy. Based on theoretical principles and analysis of empirical data, a full-fledged multifactor correlation regression study was conducted. As part of the study, a system of dependent variables was formed that represent key aspects of the intellectual capital of the enterprise: R&D costs, the number of implemented innovations, the level of automation, the number of employees with higher education and investments in personnel training. The results of the analysis showed that the greatest positive impact on intellectual capital is exerted by tax benefits, state support and foreign direct investment. Instead, bank lending and leasing have a less pronounced or indirect effect.

Балалар философиясы: практикалық-философиялық ойлау дағдыларын қалыптастыруға бағытталған жаһандық қозғалыс

Children have long developed critical and creative thinking through reading and writing. In today’s rapidly changing world, it is important to make reasoning accessible through philosophy. Modern children are not only capable of engaging in philosophy, they also need it. Gifted children represent the intellectual capital of the state and the driving force of societal progress. The current secondary education system is not sufficient to quickly master and develop advanced technologies. There is a growing need to support and expand children’s worldview, foster logical thinking, and help them justify their ideas. Every decision made at the state level impacts future generations. Philosophy for children offers a way to involve them in this process and helps them understand their own needs. The saying, “If you’re so smart, why are you poor?” reflects the American idea that intelligence leads to wealth. Similarly, the phrase “America doesn’t do anything - Americans do!” highlights the role of personal initiative and consciousness. These ideas underscore the importance of nurturing philosophical thinking from an early age. This article explores strategic and program documents on children’s education and protection, as well as global research and practices in the “Philosophy for Children” program. It promotes using philosophical methods to develop thinking, studying, and differentiation skills.

MODELING THE EDUCATIONAL AND ECONOMIC ECOSYSTEM OF THE DIGITAL UNIVERSITY IN THE CONTEXT OF INTELLECTUAL CAPITAL FORMATION

The article provides theoretical and methodological substantiation for modeling the educational and economic ecosystem of the digital university as a strategic entity of intellectual capital formation in the context of digital transformation. The essence, structural architectonics, and functional relationships of the main subsystems of the digital university ecosystem, which include organizational, infrastructural, innovative, and business process components, are determined. It is argued that the ecosystem approach ensures the integration of educational, economic, and digital components, forming a new format of university interaction in the digital environment. Alternative theoretical and methodological approaches to the study of digital universities are analyzed, and their limitations in covering the system dynamics of educational and economic interaction are determined. The advantages of the ecosystem model as the most relevant to the current challenges of the digital economy, which involves decentralization of management, interdisciplinarity, flexibility, and sustainability of the education system, are emphasized. The research reveals the peculiarities of the formation and development of the digital university as a multi-level open system operating at the local, regional, national, and global levels. The main stages of the educational and economic ecosystem formation are formulated, strategic guidelines for its functioning are determined, and key principles of management based on long-term goals, efficiency assessment, and institutional adaptation are outlined. The research findings show that the digital university as an educational and economic ecosystem can not only provide effective training of specialists for the digital economy but also become a key tool for the sustainable reproduction of intellectual capital. The necessity of strategic rethinking of higher education through the prism of ecosystemicity is substantiated, which allows for increasing the socio-economic efficiency of institutions in the context of digital transformations.

Internal core Competencies and Competitive Advantage in Telecommunication Industry. A case of Mobile Telecommunication Network Rwanda

In the current demanding economic landscape, organizations must consistently reassess and innovate to stay pertinent in their operational sphere, particularly in highly competitive environments. This study aimed to investigate the influence of internal core competencies on organizational competitive advantage, focusing specifically on MTN Rwanda. Guided by three specific objectives, this research assessed the influence of management qualifications, the perception of innovation, and intellectual capital on the organizational competitive advantage of MTN Rwanda PLC. The study employed a descriptive and correlational research design, combining quantitative and qualitative methods. Data were collected through interviews and questionnaires. Key findings indicated that management capabilities, including education level, experience, training, leadership, and decision-making skills, significantly influence MTN Rwanda’s competitive advantage, with means ranging from 3.17 to 3.85 and standard deviations from 0.54 to 0.78. Attitudes towards risk-taking, willingness to adopt new technologies, creativity, problem-solving skills, culture of innovation, and implementation of innovative ideas are crucial factors in MTN Rwanda’s competitive advantage, with mean scores ranging from 4.45 to 4.48 and low standard deviations of 0.70 to 0.71. Intellectual capital, encompassing human, structural, and relational capital, plays a key role in MTN Rwanda’s competitive advantage, with means ranging from 4.55 to 4.58 and standard deviations from 0.63 to 0.64. An ANOVA test revealed a significant difference in competitive advantage between groups (F(0.12) = 474.605, p = .000). Additionally, strong positive correlations were found between management capabilities and competitive advantage (rs = .752, p = .000), innovation capacity and competitive advantage (rs = .904, p = .000), and intellectual capital and competitive advantage (rs = .876, p = .000). The findings emphasize the critical role of internal core competencies in driving competitive advantage. Management capabilities, a proactive approach to risk-taking, innovation, and leveraging intellectual capital are pivotal in shaping MTN Rwanda’s competitive position in the telecommunication industry. Internal core competencies, including management capabilities, innovation, and intellectual capital, significantly influence MTN Rwanda’s competitive advantage. It is recommended that the company prioritize education, training, leadership, risk-taking, and technology adoption while fostering a culture of innovation and leveraging intellectual capital. DOI: https://doi.org/10.59857/IJABS1232

The new Argonaut: unfolding the role of firm coopetition capability and organizational capital to achieve allocation efficiency

PurposeThe goal of this paper is to analyze the impact of organizational capital on firm performance through the lens of firms’ coopetition capability.Design/methodology/approachThis study adopted a quantitative method using survey responses of diversified manufacturing organizations to analyze the influence of firm coopetition capability on the relationship between organizational capital and firm performance. However, Mplus software is used for analysis.FindingsThis study corroborates that in the era of uncertainty (when businesses are struggling to survive), organizational (tangible and intellectual) capital has a potential to enhance firm performance through efficient deployment of resources. Moreover, this can help enhance the resource allocation efficiency (if firms are able to successfully deploy that capital) by managing the coopetition among the business units.Research limitations/implicationsDespite its idiosyncratic contributions to the resource-based theory of a firm’s literature with a new compositional-based theoretical perspective, the current study’s ability to provide a deep understanding of the phenomenon was restricted by little data availability, and self-reporting methods.Practical implicationsPotential applications of the current research exist for manufacturing industry managers and policymakers to achieve efficiency through organizational resources. This study provides evidence about the importance of diversified resources for higher firm performance. At the same time, the current study provides a crucial connotation for managements’ coopetition capabilities for successful resource deployment.Originality/valueThe current study fills out by investigating the influence that organizational capita brings in industrial era 4.0. Moreover, according to researchers’ knowledge, this study is the first to establish and empirically investigate a comprehensive model that includes organizational capital and manager’s coopetition capability using theoretical perspective of resource deployment for achieving efficiency.

Circular causality model: the relationship between GCG, CSR, intellectual capital, financial risk, and Islamic financial performance

Purpose – This study aims to investigate the effects of good corporate governance (GCG), corporate social responsibility (CSR), intellectual capital (IC), financial risk, and sharia financial performance using the circular causality model in Indonesian Islamic banking. Method – The research population consisted of Islamic commercial bank (ICB) published by Bank Indonesia from 2015 to 2020. Purposive sampling was applied to select 48 annual reports from various Islamic banks. These reports were analyzed through the circular causality framework by examining causal relationships between variables using simultaneous equations and the dynamic two-stage least squares (2SLS) method with EViews 9 software. Findings – The results indicate that GCG negatively impacts Islamic financial performance. Similarly, CSR negatively affects financial performance, whereas IC shows no significant effect. No bidirectional influence was found between GCG and IC. Likewise, GCG and CSR do not influence each other. Neither GCG nor financial risk showed mutual effects. CSR and IC were not significantly related, but CSR and financial risk negatively affected each other. There was no influence between IC and financial risk. Implications – This study offers theoretical contributions by applying the circular causation approach (TSR), providing updated methodologies and managerial insights, and supporting FSA in developing performance indices for Islamic finance based on performance size ratios.

The moderation of intellectual capital in the relationship enterprise risk management and CSR toward company value

Purpose – This study aims to find empirical evidence of the influence of enterprise risk management (ERM) and corporate social responsibility (CSR) on company value and the moderating role of intellectual capital. Method – This study uses a quantitative panel data regression method with a causal associative approach. The population in this study was manufacturing companies registered with Indonesian Sharia Stock Index (ISSI) in 2021-2023, totaling 98 companies. The research sample was filtered using a purposive sampling technique with several predetermined criteria to obtain a sample of 58 companies. Panel data collection was obtained from financial reports published through the website www.idx.co.id. Data analysis used multiple regression and moderation regression analysis (MRA) testing with the EViews 12 statistical tool. Findings – The results show that enterprise risk management negatively affects company value, while corporate social responsibility positively affects company value. Intellectual capital strengthens the relationship between enterprise risk management and company value. Intellectual capital weakens the relationship between CSR and company value. Implications – This study can advance the relevance of current theories and become a reference for further research, especially on company value. This research can be a reference for manufacturing companies advancing ERM and CSR best practices to increase company value.

The Influence of Intellectual Capital on Firm Value with Profitability as an Intervening Variable: A Study of Healthcare Companies Listed on the Indonesian Stock Exchange from 2019 to 2023

Historically, economists have focused on physical and human capital as the primary resources enabling companies to drive productive and economic activities. However, over time, knowledge has come to be recognized as a valuable asset, making Intellectual Capital (IC) a crucial determinant of a company’s value. This study aims to evaluate the impact of IC on the value of healthcare companies listed on the Indonesia Stock Exchange, with profitability acting as a mediating variable. The research is explanatory and adopts a quantitative approach, with a sample of nine companies. The exogenous variable, VAICTM, measures IC, while Firm Value is represented by Tobin’s Q as the endogenous variable, and profitability, as measured by Return on Assets (ROA), is the intervening variable. The sampling method used is purposive sampling, covering a 5-year period from 2019 to 2023. Path analysis, facilitated by SPSS for Windows 26, was employed for data analysis. The results suggest that VAICTM has a positive influence on Tobin’s Q, though the impact is not statistically significant, while it significantly impacts ROA in a positive direction. Profitability, represented by ROA, positively and significantly influences Tobin’s Q and serves as a crucial mediator in the relationship between VAICTM and Tobin’s Q.

Unlocking sustainable performance in Ghanaian firms with green human resource management, innovation and intellectual capital

PurposeThe increasing urgency of ensuring sustainability has intensified interest in sustainability research in recent years. Accordingly, this study examines the various components of sustainable performance, with green human resource management serving as a predictor. It also analyzes the mediating roles of green innovation and green intellectual capital. The ability, motivation and opportunity theory is the primary theoretical framework employed.Design/methodology/approachData were collected from 403 managers and human resource managers in Ghana’s manufacturing, mining and transportation sectors and analyzed using structural equation modeling.FindingsThe findings supported all hypotheses. Green human resource management positively affects environmental, economic and social performance. Green intellectual capital and green innovation also partially mediated all the relationships.Practical implicationsActionable insights as practical contributions are made for managers and policymakers, such as embedding green human resource management and sustainability into the organizational strategic framework.Originality/valueThe study contributes to the literature by establishing the role of green innovation and intellectual capital in sustainability and identifying the specific effects of green human resource management on each component of sustainable performance.

Does Size Determine Financial Performance of Advertising and Marketing Companies? Evidence from Western Europe on SDGs

The relationship between firm size and the financial performance of advertising and marketing companies remains understudied in the academic literature, including in the regional context. Using a panel data methodology, this study analyzes the impact of three proxies for firm size (total assets, number of employees, and sales) on the financial performance (return on assets and profit margin) of the 500 most profitable advertising and marketing companies from 16 Western European countries over the period 2019–2023. Weighted least squares regression analysis revealed statistically significant negative effects of all three proxies for firm size on financial performance, with the strongest negative effects on total assets on return on assets and sales on profit margin, which is similar to return on sales. Empirical data confirm the inverse relationship between total assets and their profitability; this indicates the advantages of resource-optimized business models with high management flexibility and effective use of intellectual capital compared to material-intensive structures. The inverse relationship between the number of employees and financial performance is due to higher operating personnel costs and the difficulty of effectively managing human resources as the number of employees increases. Increased sales negatively affect profit margins, demonstrating a decrease in the efficiency of converting revenue into profits as operations expand. These findings are important for developing effective financial management strategies and making investment decisions in the industry under study. The research contributes to SDGs 8, 9, and 12 by demonstrating how resource-optimized structures with higher management flexibility and effective use of intellectual capital can outperform material-intensive structures in the advertising and marketing industry.

The influence disclosure enterprise risk management and intellectual capital to firm value through disclosure of sustainability report as variables intervening

The purpose of this study is to examine the effect of enterprise risk management disclosure and intellectual capital on firm value through sustainability report disclosure as an intervening variable. This research method is quantitative, with a sample size 16 companies listed on the Indonesia Stock Exchange in the LQ 45 index during the period 2019-2023. The data processing used in this study involves Smart PLS data analysis software. The results of direct tests show that enterprise risk management disclosure affect firm value, intellectual capital has no effect on firm value, and sustainability report disclosure affect firm value. Additionally, enterprise risk management disclosure affect sustainability report disclosure, while intellectual capital has no effect on sustainability report disclosure. The results of indirect tests indicate that enterprise risk management and intellectual capital disclosure affect sustainability report disclosure, but they do not affect firm value through sustainability report disclosure, meaning that the company's sustainability report disclosure is not an intervening variable for companies listed on the Indonesia Stock Exchange in the LQ45 index.

FEATURES OF THE FORMATION OF MANAGEMENT CAPITAL IN THE CONDITIONS OF INTELLECTUALIZATION OF SOCIAL-LABOR RELATIONS OF THE MODERN BUSINESS SPACE

The article is devoted to the formation of managerial capital in the modern business space, which plays an important role in the activities of economic entities at the micro and macro levels. The importance of the processes of intellectualization of production relations of economic entities is proved, especially in the context of the formation of competitive human capital. Based on the analysis of theoretical approaches, the essence and main components of managerial capital as the intellectual capital of the management team are outlined. The author analyzes the concept of intellectual capital of business space, which is presented as its intangible asset (values) that can increase the market value and competitiveness of organizations. A modern view of intellectual capital has made it possible to distinguish its three components: human, organizational and client (partner, stakeholder) types of capital. It is proved that intellectualization of the business environment is an objective condition for economic management in the context of finding ways of economic growth through highly professional teamwork of the enterprise's personnel in the context of a professional management system and formation of managerial capital. The author's own vision of the structure of management capital is proposed, consisting of human capital of the management team, its emotional capital and socio-cultural capital (management culture). The human capital of the management team is considered as a system that includes education and experience, health, creativity, corporate knowledge, understanding of external and internal information. Attention is focused on the basic principles of forming the emotional capital of the organization and the management team through the presence of emotional intelligence. The socio-cultural capital is proposed to be considered in the form of managerial culture, which includes the capital of social and labor relations and communication; norms and values; motivation; equality, diversity and inclusiveness of the management team. The author substantiates the impact of managerial capital on the intellectualization of social and labor relations, which provides for the possibility of improving the quality of working life of each employee and achieving success of economic entities in the face of complex transformational challenges. The category of “quality of working life” is considered as the main result of the functioning of a professional management system and the corresponding management capital. The author proposes a system of factors influencing the quality of working life, which are caused by the intellectualization of social and labor relations in the modern business space.

Review of Knowledge Management Integration into Strategic Corporate Decision-Making Processes

In today’s volatile, uncertain, complex, and ambiguous (VUCA) business environment, strategic corporate decision-making is pivotal for organizational resilience and competitive advantage. Knowledge management (KM), the systematic process of capturing, organizing, and utilizing organizational knowledge, has emerged as a transformative tool for enhancing strategic decisions by leveraging intellectual capital. This paper provides a comprehensive review of KM integration into strategic corporate decision-making processes, exploring its theoretical underpinnings, practical applications, and impact on organizational performance across diverse industries. Through a systematic literature review, the study synthesizes insights from management, information systems, organizational behavior, and innovation studies, identifying critical mechanisms such as knowledge sharing, data analytics, collaborative platforms, and adaptive learning systems that enable KM to inform and optimize strategic choices. The review adopts a mixed-method approach, combining qualitative thematic analysis with quantitative evaluation of KM outcomes, such as decision quality, innovation rates, and organizational agility. Key findings reveal that effective KM integration enhances strategic decision-making by fostering a culture of knowledge creation, improving access to actionable insights, and enabling rapid adaptation to market changes. However, challenges like cultural resistance, technological barriers, data silos, and misalignment with corporate objectives hinder successful implementation. A proposed conceptual framework outlines a structured approach to KM integration, emphasizing alignment with strategic goals, stakeholder engagement, and continuous learning to address these challenges. For business leaders, the review offers actionable strategies to design and implement KM systems that support strategic objectives, while policymakers can draw insights into fostering knowledge-driven economies through supportive regulations and infrastructure. The study contributes significantly to management literature by bridging theoretical gaps between KM and strategic decision-making, offering a robust, scalable model for organizations to navigate dynamic markets. By highlighting best practices, addressing implementation barriers, and proposing future research directions such as the role of artificial intelligence in KM and its application in small and medium enterprises (SMEs), this review underscores the transformative potential of KM in shaping strategic corporate decision-making. Ultimately, it positions KM as a cornerstone of organizational success, driving innovation, resilience, and sustainable growth in an increasingly competitive global landscape.

Strategic Knowledge Management for Institutional Effectiveness in Construction Procurement: The Role of Stakeholder Inter-Communication

In the construction industry, knowledge management and knowledge sharing face significant challenges, primarily due to the involvement of diverse stakeholders and the transient nature of work clusters. While technical issues often receive attention, the informal transfer of knowledge from previous projects remains a critical gap, as the preservation of intellectual capital is essential for organizational effectiveness. The dynamic nature of construction projects, with their numerous stakeholders, further complicates the development of efficient knowledge-sharing practices. As a result, construction organizations often struggle to retain valuable insights from past projects, leading to inefficiencies and a lack of continuity in decision-making. To address these challenges, various knowledge management strategies are being explored. This research paper specifically examines knowledge management within construction procurement in Morocco's public sector, presenting a comprehensive and integrated framework validated by industry experts. The proposed framework is designed to empower procurement teams to effectively leverage organizational knowledge, thereby promoting more efficient and informed decision-making and enhancing overall institutional effectiveness. The framework also emphasizes the role of effective inter-communication among stakeholders, which is crucial for fostering a culture of knowledge sharing and ensuring that all parties can contribute to the continuous improvement of procurement practices.

Assessing the Impact of Intellectual Capitals towards Business and Stock Market Performance for Indonesian Consumer Goods Industries Post AFCTA using VAIC™ Method Ergo Number

This study investigates the influence of Intellectual Capital (IC) on the profitability and market valuation of consumer goods companies listed on the Indonesia Stock Exchange (IDX) during the 2012–2018 period. In the era of globalization and increased competition under free trade agreements like the ACFTA, firms are compelled to innovate and strategically utilize their intangible assets to gain competitive advantage. Using the Value Added Intellectual Coefficient (VAIC™) model developed by Pulic (2000), this research measures IC efficiency through components of human capital, structural capital, and capital employed. Employing panel data regression to analyze firm-level financial data, this study replicates the approach of Sardo et al. (2018), combining time-series and cross-sectional analysis to minimize omitted-variable bias. The results reveal mixed but noteworthy associations between components of IC and firm performance, indicating that effective IC management may enhance profitability and investor confidence. However, the impact varies across components and years, suggesting that the dynamic use of IC remains underutilized in Indonesia’s consumer goods sector. This research contributes to the growing discourse on IC by applying the VAIC™ model in a Southeast Asian context and offers strategic insights for firms to optimize intangible resources for long-term value creation. Implications of the findings encourage firms to invest in knowledge-based assets and recommend policymakers to incorporate IC considerations in corporate governance frameworks.

Index of financing constraints, intellectual capital, and total factor productivity in manufacturing enterprises: evidence from China

ABSTRACT This study aims to explain the continuous growth of total factor productivity (TFP) despite the significant negative impact of financial constraints. Adopting an intellectual capital (IC) perspective, this study decomposes TFP and incorporates it as a threshold variable to examine how its varying levels influence the relationship between financial constraints and productivity. TFP is estimated using the Olley – Pakes and Levinsohn – Petrin methods, employing panel data sourced from Chinese listed manufacturing firms from 2007 to 2016. A financial constraint index was constructed using a binary logistic regression model based on six financial indicators, including the debt-to-equity ratio. Subsequently, the Hansen threshold panel regression was applied to identify the threshold effects of IC and assess variations in the impact of financial constraints across different knowledge capital intervals. The findings reveal a clear non-linear relationship; the effect of financial constraints on TFP depends significantly on the development stage of knowledge capital. IC mitigates the negative impact of financial constraints only after the critical threshold levels are surpassed. These results offer novel theoretical insights into the industrial life cycle and highlight the stage-specific moderating role of IC in promoting productivity.