The study examines the influence of intellectual capital and its components on
sustainable growth and tests the moderating role of the top management team’s
management experiences for these impacts. Arguments based on Resource-based
Theory and Upper Echelon Theory and using System generalized method of moments
to overcome endogenous problems that previous studies have ignored. Research
results clarify some assumptions that lead to inconsistent results of previous studies.
The analysis of the study was exploited from 148 listed firms on the Vietnamese Stock
Market in six years from 2014 to 2019. The results showed that intellectual capital
and its components, including human capital, employed capital, and structural
capital, positively affect firms’ sustainable growth. The study also found that the top
management team of the firms is highly experienced, the firm’s intellectual capital
increases, and the enterprises’ sustainable growth increases.