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Some empirical studies had been conducted on relationship between intellectual capital and ROA. Abdul Razak et al. (2015) investigated the impact of intellectual capital on ROA in Malaysian banks. They found that intellectual capital had a positive and significant effect on ROA, indicating that the utilization of intellectual capital resources could enhance bank performance. To establish the correlates of ROA, Azizi and Kermani (2017) examined the effect of innovation on ROA in Iranian manufacturing firms. They found that innovation had a positive and significant effect on ROA, suggesting that firms that invest in innovation are likely to achieve higher profitability. Similarly, Murugesan and Bhatt (2018) analyzed the effect of ROA in Indian manufacturing firms. They found that efficient working capital management had a positive impact on ROA, indicating that firms that manage their working capital effectively are likely to achieve higher profitability. Apart from the foregoing, Alnaser and Al-Shattarat (2019) investigated the impact of intellectual capital on ROA in Jordanian service firms. They found that intellectual capital had a positive and significant effect on ROA, indicating that firms that invest in intellectual capital are likely to achieve higher profitability. The reviewed studies suggest that various factors such as corporate governance, financial leverage, intellectual capital, innovation, and working capital management have an impact on ROA in different contexts.
Further more, Kim and Lim (2020) investigated the relationship between research and development (R&D) investment and ROA in Korean manufacturing firms. They found that R&D investment had a positive and significant effect on ROA, indicating that firms that invest in R&D are likely to achieve higher profitability. Martani et al. (2020) investigated the impact of financial technology (fintech) adoption on ROA in Indonesian banks. They found that fintech adoption had a positive and significant effect on ROA, suggesting that banks that adopt fintech are likely to achieve higher profitability. Rashid et al. (2021) examined the effect of corporate social responsibility (CSR) on ROA in Pakistani manufacturing firms. They found that CSR had a positive and significant effect on ROA, indicating that firms that engage in CSR activities are likely to achieve higher profitability. To corroborate the findings of the previous studies, Lim and Yoo (2021) analyzed the impact of intellectual capital on ROA in Korean service firms. They found that intellectual capital had a positive and significant effect on ROA, suggesting that service firms that invest in intellectual capital are likely to achieve higher profitability.
Reflecting on firm-specific factors, Owojori and Adewuyi (2021) investigated the effect of board characteristics on ROA in Nigerian listed firms. They found that board independence had a positive and significant effect on ROA, indicating that firms with independent boards are likely to achieve higher profitability. Related to this study was an empirical study conducted by Kalyanaraman and Gurumurthy (2020), who analyzed the relationship between firm-specific factors and ROA in Indian listed companies. They found that firm size; profitability, liquidity, and leverage had a significant impact on ROA. Similarly, Zaremba and Roszkowska (2020) investigated the relationship between corporate social responsibility (CSR) and ROA in Polish Companies. They found that CSR practices had a positive impact on ROA, suggesting that firms that engage in CSR activities are likely to achieve higher profitability. Kaur and Singh (2021) analysed the impact of macroeconomic factors on ROA in Indian manufacturing firms. They found that GDP growth, inflation, exchange rate, and interest rate had a significant impact on ROA, indicating that macroeconomic factors play an important role in determining firm profitability.