Table 2 Variables.
Variable | Label | Measurement |
|---|---|---|
Dependent Variable | ||
Financial Performance | FP | Measured using Return on Assets (ROA): Profit before tax / Total assets. |
Independent Variable | ||
Value-Added Intellectual Coefficient | VAIC | Sum of Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE). |
Human Capital Efficiency | HCE | Value Added (VA) / Human Capital (HC). |
Structural Capital Efficiency | SCE | Structural Capital (SC) / Value Added (VA). |
Capital Employed Efficiency | CEE | Value Added (VA) / Capital Employed (CE). |
Mediating Variable | ||
Financial Innovation | FI | Measured through inputs (R&D investments) and outputs (patents filed). |
Innovation Input | InnIn | The ratio of R&D expenditure to operating revenue. |
Innovation Output | InnOut | Natural logarithm of the number of patents filed in the current year + 1. |
Variable | Label | Measurement |
|---|---|---|
Control Variables | ||
Club Size | CSize | Natural logarithm of total assets. |
Financial Leverage | Lev | The ratio of total liabilities to total assets. |
Tangibility | TANG | The ratio of fixed assets to total assets. |
Club Age | AGE | Natural logarithm of Years since the club’s foundation. |
Current Assets Ratio | CATA | The ratio of current assets to total assets. |
