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Entelektüel Sermaye Etkinliğinin Firma Kârlılığı ve Firma Değerine Etkisi: Borsa İstanbul Bilgi ve İletişim Teknolojileri Firmalarında Bir Araştırma

Year 2023, Issue: 78, 339 - 350, 25.10.2023

İsmail Fatih Ceyhan , Ferhat Demirci

https://doi.org/10.51290/dpusbe.1349946

Abstract

Araştırmanın amacı Borsa İstanbul (BİST) bilgi ve iletişim teknolojileri sektöründe faaliyet gösteren firmaların entelektüel sermaye etkinliklerinin firma kârlılığı ve firma değerine etkisini test etmektir. Araştırma örnekleminin on üç firmadan oluştuğu bu çalışma 2010-2020 arasındaki yılları kapsamaktadır. Entelektüel sermaye bileşenlerinin etkinliği ve firma performansı arasındaki ilişki iki farklı model kurularak ve panel regresyon analiziyle test edilmiştir. Modellerde yer alan bağımlı değişkenler ROA (Varlık Getirisi) ve MTB (Piyasa Değeri / Defter Değeri), bağımsız değişkenler 〖"VAIC" 〗^"TM" (Katma Değerli Entelektüel Sermaye Katsayısı) modelinde yer alan bileşenlere ilişkin etkinlik katsayılarıdır (HCE – beşeri sermaye etkinliği, SCE- yapısal sermaye etkinliği, CEE- işletme sermayesi etkinliği). Araştırma bulgularına göre entelektüel sermaye bileşenlerinin firma performansına etkisi oldukça sınırlı düzeydedir. Entelektüel sermaye etkinlik katsayılarından sadece CEE’nin ROA üzerinde pozitif etkisi vardır. Entelektüel sermaye etkinliği bileşenleri ile MTB arasında herhangi bir ilişki tespit edilmemiştir.

Keywords

Panel veri analizi firma performansı entelektüel sermaye

References

  • Bakhsha, A., Afrazeh, A. ve Esfahanipour, A. (2017). A Criticism on value added ıntellectual coefficient (VAIC ) Model. International Journal of Computer Science and Network Security, 17(6), 59–71.
  • Bansal, D. ve Singh, S. (2020). Impact of intellectual capital on financial performance of the Indian software sector. Asia-Pacific Management Accounting Journal, 15(1), 68–95.
  • Bayraktaroglu, A. E., Calisir, F. ve Baskak, M. (2019). Intellectual capital and firm performance: an extended VAIC model. Journal of Intellectual Capital, 20(3), 406–425. https://doi.org/10.1108/JIC-12-2017-0184.
  • Çam, İ. ve Özer, G. (2022). Intellectual capital and firm value: An investigation of Turkish manufacturing companies. Istanbul Business Research, 51(1), 257–277. https://doi.org/10.26650/ibr.2022.51.879113.
  • Chang, W. S. ve Hsieh, J. J. (2011). Intellectual capital and value creation-Is Innovation capital a missing link? International Journal of Business and Management, 6(2), 3–12. https://doi.org/10.5539/ijbm.v6n2p3.
  • Chowdhury, L. A. M., Rana, T. ve Azim, M. I. (2019). Intellectual capital efficiency and organisational performance: In the context of the pharmaceutical industry in Bangladesh. Journal of Intellectual Capital, 20(6), 784–806. https://doi.org/10.1108/JIC-10-2018-0171
  • Clarke, M., Seng, D. ve Whiting, R. H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505–530. https://doi.org/10.1108/14691931111181706.
  • Daniel, Z. ve Anis, M. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital, 11(1), 39–60. https://doi.org/10.1108/14691931011013325.
  • Daum, J. H. (2001). Value drivers ıntangible assets – Do we need a new approach to financial and management accounting? A Blueprint for an Improved Management System, P, 22.
  • Do Rosário Cabrita, M. ve Bontis, N. (2008). Intellectual capital and business performance in the Portuguese banking industry. International Journal of Technology Management, 43(1–3), 212–237. https://doi.org/10.1504/IJTM.2008.019416.
  • Dumay, J., Bernardi, C., Guthrie, J. ve Demartini, P. (2016). Integrated reporting: A structured literature review. Accounting Forum, 40(3), 166–185. https://doi.org/10.1016/j.accfor.2016.06.001.
  • Dženopoljac, V., Janoševic, S. ve Bontis, N. (2016). Intellectual capital and financial performance in the Serbian ICT industry. Journal of Intellectual Capital, 17(2), 373–396. https://doi.org/10.1108/JIC-07-2015-0068.
  • Edvinsson, L. ve Malone, M. S. (1997). Intellectual capital: realizing your company’s true value by finding its hidden brainpower. Harper Business.
  • Gan, K. ve Saleh, Z. (2008). Intellectual capital and corporate performance of technology-intensive companies: Malaysia evidence. Asian Journal of Business and Accounting, 1(1), 113–130.
  • Ghosh, S. K. ve Maji, S. G. (2015). Empirical validity of value added ıntellectual coefficient model in Indian knowledge-based sector. Global Business Review, 16(6), 947–962. https://doi.org/10.1177/0972150915597597.
  • Görmüş, A. Ş. ve Ceylan, I. E. (2014). Entelektüel sermaye ve unsurlarının finansal performans üzerindeki etkisi: Bilişim sektöründe bir inceleme. Finans Politik ve Ekonomik Yorumlar Dergisi, 51(592), 65–82.
  • Gupta, K., Goel, S. ve Bhatia, P. (2019). An analysis of ıntellectual capital and firms’ profitability: with reference to Indian IT Companies. Nmims Management Review, 37(2), 77–91.
  • Gupta, K. ve Raman, T. V. (2021). Influence of intellectual capital on performance: An analysis of IT and Pharmaceutical Firms. International Journal of Human Capital and Information Technology Professionals, 12(2), 53–71. https://doi.org/10.4018/IJHCITP.2021040104.
  • Iazzolino, G. ve Laise, D. (2013). Value added intellectual coefficient (VAIC): A methodological and critical review. Journal of Intellectual Capital, 14(4), 547–563. https://doi.org/10.1108/JIC-12-2012-0107.
  • Inkinen, H. (2015). Review of empirical research on intellectual capital and firm performance. Journal of Intellectual Capital, 16(3), 518–565. https://doi.org/10.1108/JIC-01-2015-0002
  • İşseveroğlu, G. ve Ercan, C. (2019). Entelektüel sermaye bileşenlerinin teknoloji şirketleri üzerine etkisi: BİST’ de ampirik bir uygulama. ıçinde Muhasebe ve Finansman Dergisi (ss. 111–130). Muhasebe ve Finansman Öğretim Üyeleri Bilim ve Araştırma Derneği. https://doi.org/10.25095/mufad.579827.
  • Kalkan, A., Bozkurt, Ö. Ç. ve Arman, M. (2014). The ımpacts of ıntellectual capital, ınnovation and organizational strategy on firm performance. Procedia - Social and Behavioral Sciences, 150, 700–707. https://doi.org/10.1016/j.sbspro.2014.09.025.
  • Khalique, M., Bontis, N., bin Shaari, J. A. N. ve Isa, A. H. M. (2015). Intellectual capital in small and medium enterprises in Pakistan. Journal of Intellectual Capital, 16(1), 224–238. https://doi.org/10.1108/JIC-01-2014-0014.
  • Lev, B. (2018). The deteriorating usefulness of financial report information and how to reverse it. Accounting and Business Research, 48(5), 465–493. https://doi.org/10.1080/00014788.2018.1470138.
  • Meles, A., Porzio, C., Sampagnaro, G. ve Verdoliva, V. (2016). The impact of intellectual capital efficiency on commercial bank performance: Evidence from the US. Journal of Multinational Financial Management, 36, 64–74. https://doi.org/10.1016/j.mulfin.2016.04.003.
  • Maditinos, D., Chatzoudes, D., Tsairidis, C. ve Theriou, G. (2011). The impact of intellectual capital on firms’ market value and financial performance. Journal of Intellectual Capital, 12(1), 132–151. https://doi.org/10.1108/14691931111097944.
  • Nadeem, M., Gan, C. ve Nguyen, C. (2018). The Importance of Intellectual Capital for Firm Performance: Evidence from Australia. Australian Accounting Review, 28(3), 334–344. https://doi.org/10.1111/auar.12184.
  • Pedro, E., Leitão, J. ve Alves, H. (2018). Back to the future of intellectual capital research: a systematic literature review. Management Decision, 56(11), 2502–2583. https://doi.org/10.1108/MD-08-2017-0807.
  • Pulic, A. (2000). VAIC - an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714. https://doi.org/10.1504/ijtm.2000.002891.
  • Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757.
  • Ståhle, P., Ståhle, S. ve Aho, S. (2011). Value added intellectual coefficient (VAIC): A critical analysis. Journal of Intellectual Capital, 12(4), 531–551. https://doi.org/10.1108/14691931111181715.
  • Stewart, T. A. (1997). The New wealth of organizations. Doubleday, New York, NY.
  • Tran, N. P. ve Vo, D. H. (2020). Human capital efficiency and firm performance across sectors in an emerging market. Cogent Business and Management, 7(1). https://doi.org/10.1080/23311975.2020.1738832.
  • Yıldız, Y. (2018). İhracat yoğunluğu, Ar-Ge yatırımları ve firma performansı: Türkiye örneği. Ege Akademik Bakış, 18(2), 307–319.

The Effect of Intellectual Capital Efficiency on Firm Profitability and Firm Value: A Study on Borsa Istanbul Information and Communication Technology Companies

Year 2023, Issue: 78, 339 - 350, 25.10.2023

İsmail Fatih Ceyhan , Ferhat Demirci

https://doi.org/10.51290/dpusbe.1349946

Abstract

The purpose of the research is to test the effect of intellectual capital efficiency on firm profitability and firm value of firms operating in the information and communication technologies sector in Borsa Istanbul (BIST). The research sample consists of thirteen firms and covers the years between 2010 and 2020. The relationship between the effectiveness of intellectual capital components and firm performance is tested by constructing two different models and panel regression analysis. The dependent variables in the models are ROA (Return on Assets) and MTB (Market Value / Book Value) and the independent variables are the efficiency coefficients of the components in the 〖"VAIC" 〗^"TM" (Value Added Intellectual Capital Coefficient) model (HCE - human capital efficiency, SCE - structural capital efficiency, CEE - working capital efficiency). According to the research findings, the impact of intellectual capital components on firm performance is quite limited. Among the intellectual capital efficiency coefficients, only CEE has a positive effect on ROA. There is no relationship between intellectual capital efficiency components and MTB.The purpose of the research is to test the effect of intellectual capital efficiency on firm profitability and firm value of firms operating in the information and communication technologies sector in Borsa Istanbul (BIST). The research sample consists of thirteen firms and covers the years between 2010 and 2020. The relationship between the effectiveness of intellectual capital components and firm performance is tested by constructing two different models and panel regression analysis. The dependent variables in the models are ROA (Return on Assets) and MTB (Market Value / Book Value) and the independent variables are the efficiency coefficients of the components in the 〖"VAIC" 〗^"TM" (Value Added Intellectual Capital Coefficient) model (HCE - human capital efficiency, SCE - structural capital efficiency, CEE - working capital efficiency). According to the research findings, the impact of intellectual capital components on firm performance is quite limited. Among the intellectual capital efficiency coefficients, only CEE has a positive effect on ROA. There is no relationship between intellectual capital efficiency components and MTB.

Keywords

Panel data regression firm performance intellectual capital

References

  • Bakhsha, A., Afrazeh, A. ve Esfahanipour, A. (2017). A Criticism on value added ıntellectual coefficient (VAIC ) Model. International Journal of Computer Science and Network Security, 17(6), 59–71.
  • Bansal, D. ve Singh, S. (2020). Impact of intellectual capital on financial performance of the Indian software sector. Asia-Pacific Management Accounting Journal, 15(1), 68–95.
  • Bayraktaroglu, A. E., Calisir, F. ve Baskak, M. (2019). Intellectual capital and firm performance: an extended VAIC model. Journal of Intellectual Capital, 20(3), 406–425. https://doi.org/10.1108/JIC-12-2017-0184.
  • Çam, İ. ve Özer, G. (2022). Intellectual capital and firm value: An investigation of Turkish manufacturing companies. Istanbul Business Research, 51(1), 257–277. https://doi.org/10.26650/ibr.2022.51.879113.
  • Chang, W. S. ve Hsieh, J. J. (2011). Intellectual capital and value creation-Is Innovation capital a missing link? International Journal of Business and Management, 6(2), 3–12. https://doi.org/10.5539/ijbm.v6n2p3.
  • Chowdhury, L. A. M., Rana, T. ve Azim, M. I. (2019). Intellectual capital efficiency and organisational performance: In the context of the pharmaceutical industry in Bangladesh. Journal of Intellectual Capital, 20(6), 784–806. https://doi.org/10.1108/JIC-10-2018-0171
  • Clarke, M., Seng, D. ve Whiting, R. H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505–530. https://doi.org/10.1108/14691931111181706.
  • Daniel, Z. ve Anis, M. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital, 11(1), 39–60. https://doi.org/10.1108/14691931011013325.
  • Daum, J. H. (2001). Value drivers ıntangible assets – Do we need a new approach to financial and management accounting? A Blueprint for an Improved Management System, P, 22.
  • Do Rosário Cabrita, M. ve Bontis, N. (2008). Intellectual capital and business performance in the Portuguese banking industry. International Journal of Technology Management, 43(1–3), 212–237. https://doi.org/10.1504/IJTM.2008.019416.
  • Dumay, J., Bernardi, C., Guthrie, J. ve Demartini, P. (2016). Integrated reporting: A structured literature review. Accounting Forum, 40(3), 166–185. https://doi.org/10.1016/j.accfor.2016.06.001.
  • Dženopoljac, V., Janoševic, S. ve Bontis, N. (2016). Intellectual capital and financial performance in the Serbian ICT industry. Journal of Intellectual Capital, 17(2), 373–396. https://doi.org/10.1108/JIC-07-2015-0068.
  • Edvinsson, L. ve Malone, M. S. (1997). Intellectual capital: realizing your company’s true value by finding its hidden brainpower. Harper Business.
  • Gan, K. ve Saleh, Z. (2008). Intellectual capital and corporate performance of technology-intensive companies: Malaysia evidence. Asian Journal of Business and Accounting, 1(1), 113–130.
  • Ghosh, S. K. ve Maji, S. G. (2015). Empirical validity of value added ıntellectual coefficient model in Indian knowledge-based sector. Global Business Review, 16(6), 947–962. https://doi.org/10.1177/0972150915597597.
  • Görmüş, A. Ş. ve Ceylan, I. E. (2014). Entelektüel sermaye ve unsurlarının finansal performans üzerindeki etkisi: Bilişim sektöründe bir inceleme. Finans Politik ve Ekonomik Yorumlar Dergisi, 51(592), 65–82.
  • Gupta, K., Goel, S. ve Bhatia, P. (2019). An analysis of ıntellectual capital and firms’ profitability: with reference to Indian IT Companies. Nmims Management Review, 37(2), 77–91.
  • Gupta, K. ve Raman, T. V. (2021). Influence of intellectual capital on performance: An analysis of IT and Pharmaceutical Firms. International Journal of Human Capital and Information Technology Professionals, 12(2), 53–71. https://doi.org/10.4018/IJHCITP.2021040104.
  • Iazzolino, G. ve Laise, D. (2013). Value added intellectual coefficient (VAIC): A methodological and critical review. Journal of Intellectual Capital, 14(4), 547–563. https://doi.org/10.1108/JIC-12-2012-0107.
  • Inkinen, H. (2015). Review of empirical research on intellectual capital and firm performance. Journal of Intellectual Capital, 16(3), 518–565. https://doi.org/10.1108/JIC-01-2015-0002
  • İşseveroğlu, G. ve Ercan, C. (2019). Entelektüel sermaye bileşenlerinin teknoloji şirketleri üzerine etkisi: BİST’ de ampirik bir uygulama. ıçinde Muhasebe ve Finansman Dergisi (ss. 111–130). Muhasebe ve Finansman Öğretim Üyeleri Bilim ve Araştırma Derneği. https://doi.org/10.25095/mufad.579827.
  • Kalkan, A., Bozkurt, Ö. Ç. ve Arman, M. (2014). The ımpacts of ıntellectual capital, ınnovation and organizational strategy on firm performance. Procedia - Social and Behavioral Sciences, 150, 700–707. https://doi.org/10.1016/j.sbspro.2014.09.025.
  • Khalique, M., Bontis, N., bin Shaari, J. A. N. ve Isa, A. H. M. (2015). Intellectual capital in small and medium enterprises in Pakistan. Journal of Intellectual Capital, 16(1), 224–238. https://doi.org/10.1108/JIC-01-2014-0014.
  • Lev, B. (2018). The deteriorating usefulness of financial report information and how to reverse it. Accounting and Business Research, 48(5), 465–493. https://doi.org/10.1080/00014788.2018.1470138.
  • Meles, A., Porzio, C., Sampagnaro, G. ve Verdoliva, V. (2016). The impact of intellectual capital efficiency on commercial bank performance: Evidence from the US. Journal of Multinational Financial Management, 36, 64–74. https://doi.org/10.1016/j.mulfin.2016.04.003.
  • Maditinos, D., Chatzoudes, D., Tsairidis, C. ve Theriou, G. (2011). The impact of intellectual capital on firms’ market value and financial performance. Journal of Intellectual Capital, 12(1), 132–151. https://doi.org/10.1108/14691931111097944.
  • Nadeem, M., Gan, C. ve Nguyen, C. (2018). The Importance of Intellectual Capital for Firm Performance: Evidence from Australia. Australian Accounting Review, 28(3), 334–344. https://doi.org/10.1111/auar.12184.
  • Pedro, E., Leitão, J. ve Alves, H. (2018). Back to the future of intellectual capital research: a systematic literature review. Management Decision, 56(11), 2502–2583. https://doi.org/10.1108/MD-08-2017-0807.
  • Pulic, A. (2000). VAIC - an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714. https://doi.org/10.1504/ijtm.2000.002891.
  • Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757.
  • Ståhle, P., Ståhle, S. ve Aho, S. (2011). Value added intellectual coefficient (VAIC): A critical analysis. Journal of Intellectual Capital, 12(4), 531–551. https://doi.org/10.1108/14691931111181715.
  • Stewart, T. A. (1997). The New wealth of organizations. Doubleday, New York, NY.
  • Tran, N. P. ve Vo, D. H. (2020). Human capital efficiency and firm performance across sectors in an emerging market. Cogent Business and Management, 7(1). https://doi.org/10.1080/23311975.2020.1738832.
  • Yıldız, Y. (2018). İhracat yoğunluğu, Ar-Ge yatırımları ve firma performansı: Türkiye örneği. Ege Akademik Bakış, 18(2), 307–319.
There are 34 citations in total.

Details

Primary Language Turkish
Subjects Financial Economy
Journal Section RESEARCH ARTICLES
Authors

İsmail Fatih Ceyhan 0000-0002-4314-7374

Ferhat Demirci 0000-0002-6206-1322

Publication Date October 25, 2023
Published in Issue Year 2023 Issue: 78

Cite

APA Ceyhan, İ. F., & Demirci, F. (2023). Entelektüel Sermaye Etkinliğinin Firma Kârlılığı ve Firma Değerine Etkisi: Borsa İstanbul Bilgi ve İletişim Teknolojileri Firmalarında Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(78), 339-350. https://doi.org/10.51290/dpusbe.1349946
AMA Ceyhan İF, Demirci F. Entelektüel Sermaye Etkinliğinin Firma Kârlılığı ve Firma Değerine Etkisi: Borsa İstanbul Bilgi ve İletişim Teknolojileri Firmalarında Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. October 2023;(78):339-350. doi:10.51290/dpusbe.1349946
Chicago Ceyhan, İsmail Fatih, and Ferhat Demirci. “Entelektüel Sermaye Etkinliğinin Firma Kârlılığı Ve Firma Değerine Etkisi: Borsa İstanbul Bilgi Ve İletişim Teknolojileri Firmalarında Bir Araştırma”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 78 (October 2023): 339-50. https://doi.org/10.51290/dpusbe.1349946.
EndNote Ceyhan İF, Demirci F (October 1, 2023) Entelektüel Sermaye Etkinliğinin Firma Kârlılığı ve Firma Değerine Etkisi: Borsa İstanbul Bilgi ve İletişim Teknolojileri Firmalarında Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 78 339–350.
IEEE İ. F. Ceyhan and F. Demirci, “Entelektüel Sermaye Etkinliğinin Firma Kârlılığı ve Firma Değerine Etkisi: Borsa İstanbul Bilgi ve İletişim Teknolojileri Firmalarında Bir Araştırma”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 78, pp. 339–350, October 2023, doi: 10.51290/dpusbe.1349946.
ISNAD Ceyhan, İsmail Fatih - Demirci, Ferhat. “Entelektüel Sermaye Etkinliğinin Firma Kârlılığı Ve Firma Değerine Etkisi: Borsa İstanbul Bilgi Ve İletişim Teknolojileri Firmalarında Bir Araştırma”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 78 (October 2023), 339-350. https://doi.org/10.51290/dpusbe.1349946.
JAMA Ceyhan İF, Demirci F. Entelektüel Sermaye Etkinliğinin Firma Kârlılığı ve Firma Değerine Etkisi: Borsa İstanbul Bilgi ve İletişim Teknolojileri Firmalarında Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2023;:339–350.
MLA Ceyhan, İsmail Fatih and Ferhat Demirci. “Entelektüel Sermaye Etkinliğinin Firma Kârlılığı Ve Firma Değerine Etkisi: Borsa İstanbul Bilgi Ve İletişim Teknolojileri Firmalarında Bir Araştırma”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 78, 2023, pp. 339-50, doi:10.51290/dpusbe.1349946.
Vancouver Ceyhan İF, Demirci F. Entelektüel Sermaye Etkinliğinin Firma Kârlılığı ve Firma Değerine Etkisi: Borsa İstanbul Bilgi ve İletişim Teknolojileri Firmalarında Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2023(78):339-50.
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