Intellectual Capital, Family Management, and the Performance of Listed Manufacturing Firms in Ghana: A Mediation Analysis

This inquiry investigated intellectual capital’s (IC) influence on the performance of all 13 listed manufacturing firms in Ghana, via the mediating role of family management (FM). Using a dynamic panel two-step system-GMM, it addressed endogeneity, simultaneity, reverse causality, heteroskedasticity, small sample and Nickell biases, autocorrelation, and measurement error. Static regression models [fixed (FE) and random (RE)] were utilized to address unobserved heterogeneity and omitted variable bias ensuring the robustness of the study findings. The research analyzed secondary data (financial information) from these manufacturing firms, spanning 2015–2022, yielding 104 balanced panel-firm-year observations. Findings/Results revealed a positive relationship between IC, measured by modified value-added intellectual coefficient (MVAIC) and its components—human capital efficiency (HCE), structural capital efficiency (SCE), relational capital efficiency (RCE), and capital employed efficiency (CEE) and firm performance (FP) proxied by ROA and Tobin’s Q. HCE contributed most to MVAIC, while FM partially and complementarily mediated the IC-performance relationship. Debt-to-equity ratio negatively influenced FP, whereas the other control variables had positive impacts. Recommendations emphasized enhancing human capital (HC) through hiring qualified employees and regular professional development. Theoretical implications underscore IC’s role in FP, highlighting FM’s mediation. Managerial recommendations highlight enhancing human capital and corporate governance for improved performance. Policy suggestions advocate for IC disclosure and monitoring. While the study’s framework is tailored to Ghana, it is applicable to other emerging economies. It integrates previously unchartered IC and FM metrics into the resource-based view theory (RBVT), extending the theory’s scope, making it more rigorous, robust, and generalizable. This theory extension-driven approach offers novel theoretical/conceptual/methodological insights, along with detailed, context-specific, practical/managerial, and policy implications.