Purpose The purpose of this paper is to examine the causal effect of intellectual capital (IC) performance on financial performance at Thai listed banks. Design/methodology/approach Data are collected from 16 listed banks in Thailand for the period 1997–2016. This paper uses the value-added intellectual coefficient methodology suggested by Pulic (1998, 2004) to measure IC. This study employs a fixed-effects and random-effects model and generalized method of moments (GMM) estimator to investigate the causal effect of IC on financial performance. Findings The results show that bank profitability is driven mainly by capital employed efficiency to make a profit. However, human capital efficiency marginally reduces bank profitability in the current period but has positive effects on future profitability. Research limitations/implications First, this study does not cover data on foreign banks, which reduces the generalizability of the results. Second, financial statements can be manipulated through accounting adjustments. Lastly, subsequent research should control for more bank characteristics, such as bank ownership, the non-performing loan ratio and R&D expenditure. Practical implications To achieve higher future profitability, banks should not only manage their physical and financial capital effectively but also improve employee efficiency. Originality/value This paper contributes to the literature on IC in the banking sector in emerging countries. Moreover, this paper is the first to employ the GMM method in the banking context to address possible endogeneity problems.

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This study investigates the relationship between women’s education and their level of well-being, using data from the Household, Income and Labor Dynamics in Australia (HILDA). To take into account potential endogeneity, the instrumental variables (IV) approach is employed, with partners’ education as an instrument. The findings show that higher education levels lead to a higher level of eudaimonic well-being, hedonic well-being, positive affect, and reduced psychological distress, highlighting a non-monetary benefit of education. Thus, policymakers should continue to widely promote education, in order for women to achieve higher levels of future well-being. Additionally, the findings show that the connection between education and well-being is mediated by healthy behaviors, such as engaging in physical activity, abstaining from drinking and smoking, social interactivity, and higher income. Therefore, public health campaigns which promote healthy behaviors among women should potentially mitigate gaps in formal education.

Purpose The purpose of this paper is to examine the relationship between education and health amongst Australian women. Design/methodology/approach This study uses the Household, Income and Labour Dynamics in Australia data set. Spouse’s education is employed as an instrument to solve the potential endogeneity of educational attainment. Findings The results indicate that an additional year of schooling can lead to an increase in self-reported health, physical health, mental health and a reduced likelihood of having long-term health conditions. Women who are not in the labour force are likely to enjoy higher benefits of education compared to their employed counterparts. The findings also suggest that the relationship between education and health can be explained by the extent of positive health behaviours and social capital as mediators. Research limitations/implications The conclusion from the results might be different in the case of men, reducing the generalisability of the results. Several objective health variables should be used to provide further aspects of health on which education has an impact. Practical implications As the positive effect of education on women’s health is empirically found, investment in women’s education should be seriously considered and reevaluated. Originality/value This paper focuses on Australian women which not only reduces the heterogeneity between genders but also adds to the rare number of studies on this topic in Australia. This paper also employs a formal mediation analysis to examine what are the mechanisms explaining the relationship between education and health.

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