GOVERNANCE-DRIVEN FORMATION OF INTELLECTUAL CAPITAL THROUGH IMMERSIVE LEARNING: AN EMPIRICAL STRUCTURAL EQUATION MODEL

Abstract

This study examines the role of governance in the formation of intellectual capital through immersive learning in higher education contexts. Grounded in a structural equation modeling approach, the research analyzes how institutional governance influences immersive learning environments and, in turn, how these environments contribute to the development of human, structural, and relational capital. Data were collected using a structured questionnaire applied to participants involved in immersive learning initiatives. The findings demonstrate that governance exerts a significant direct effect on immersive learning and a substantial indirect effect on intellectual capital formation. Immersive learning functions as a key mediating mechanism, translating governance arrangements into measurable knowledge-based assets. The results confirm that effective governance is essential for maximizing the strategic value of immersive learning and for strengthening intellectual capital in technology-mediated learning systems. This study contributes an integrated empirical model that advances theoretical understanding and provides practical guidance for institutions seeking to align governance, learning innovation, and knowledge development.