Future area of research Further research is needed to investigate whether these findings generalize to other countries and other industries

Future area of research
Further research is needed to investigate whether these findings generalize to other countries and other industries. Future study could include extending the IC approach to all the listed companies in Bangladesh while focusing on the impact of IC efficiency on future financial performance. Comparing other measures of IC efficiency (e.g. Economic Value added model, Balance Scorecard) with the VAIC model, so as to generate more valuable conclusions. Researchers can use the structural equation modelling technique in order to better understand the interrelationships between different components of IC and their cumulative impact on various dependent variables (financial performance, market valuation, productivity, etc.).