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This study investigates the relationship between intellectual capital and firm performance in the period of 2010-2020 using the data of 2.619 listed manufacturing firms from Brasil, India, Indonesia, South Africa, and Turkey. The first contribution of the study to the literature is the use of data from "fragile five" countries, which are the most delicate economies among developing countries, rather than the data from developed countries. Secondly, instead of sectors such as banking, technology, and services, which can be understood intuitively as being intellectual capital intensive, the manufacturing sector firms, which are known as physical and financial capital intensive, are examined. Finally, the most appropriate econometric method for the characteristics of the data is determined and applied. The findings of the study show that the capital employed efficiency has a positive effect on firm performance in all countries. The results regarding human capital efficiency, which is an important component of intellectual capital, point out that human capital is still underestimated in developing countries, and its effect on firm performance cannot be observed due to the lack of necessary investment in human capital. It is observed that the structural capital component of intellectual capital is an element that has been recognized and invested in developing countries. [ABSTRACT FROM AUTHOR]