THE IMPACT OF DIVERSITY OF BOARD STRUCTURE ON INTELLECTUAL CAPITAL: A RESEARCH ON BIST SUSTAINABILITY INDEX FIRMS

Year 2020, Volume: 22 Issue: 2, 823 - 854, 05.06.2020

Zekiye Aktaş Mustafa Özgün Atalay

https://doi.org/10.16953/deusosbil.544999

Cited By: 2

Abstract

With the emergence of the knowledge economy, intellectual capital has become an important factor for firms to achieve both sustainable competitive advantage and company value. The boards of directors are seen as important structures that manage and develop the intellectual capital of the companies by the policies they implement and the strategies they follow. Although a number of studies examining the relationship between intellectual capital with board structure diversity in literature, the subject in Turkey has not been observed in any study. It is thought that the study will provide a significant contribution to the literature.
The aim of the study is to investigate the effect of diversity of board structure on intellectual capital. The present study covers the data of the companies included in the BIST Sustainability Index for the period of 2013-2017. Intellectual capital, which is the dependent variable of the study, was calculated by using the intellectual value-added coefficient method. The independent variables of the study are the sub-factors that determine the diversity of the board structure. These are the size of the board of directors, the duality of the CEO, the ratio of female members, the ratio of foreign members and the ratio of independent members. Also in the study, three control variables has been used. These are company size, return on assets and return on equity. Multiple regression analysis has been used to determine the relationship between variables. As a result of the analysis, it has been determined that the female member ratio and the independent member ratio has a significant negative impact on intellectual capital. In addition, no statistically significant cause-effect relationship was found between board size, foreign member ratio, CEO duality, firm size, return on assets and return on equity on intellectual capital.

Keywords

Board Structure, Intellectual Capital, BIST Sustainability Index, Resource Dependency Theory

YÖNETİM KURULU YAPISI ÇEŞİTLİLİĞİNİN ENTELEKTÜEL SERMAYE ÜZERİNDEKİ ETKİSİ: BİST SÜRDÜRÜLEBİLİRLİK ENDEKSİ FİRMALARI ÜZERİNE BİR ARAŞTIRMA

Abstract

Bilgi ekonomisinin ortaya çıkışı ile birlikte entelektüel sermaye, firmalar için hem sürdürülebilir rekabet avantajı elde etme hem de firma değerinin artırılması noktasında önemli bir unsur haline gelmiştir. Yönetim kurulları ise uyguladıkları politikalar ve izledikleri stratejilerle, firmaların entelektüel sermayesini yöneten ve geliştiren önemli yapılar olarak görülmektedir. Yabancı literatürde yönetim kurulu yapısı çeşitliliği ile entelektüel sermaye arasındaki ilişkiyi inceleyen çok sayıda çalışma olmasına rağmen, Türkiye’de konu ile ilgili yapılmış herhangi bir çalışmaya rastlanılmamıştır. Bu yönü ile özgün olan çalışmanın literatüre önemli bir katkı sağlayacağı düşünülmektedir.
Çalışmanın amacı, yönetim kurulu yapısı çeşitliliğinin entelektüel sermaye üzerindeki etkisini araştırmaktır. Çalışma, günümüz itibariyle BİST Sürdürülebilirlik Endeksi’nde yer alan firmaların 2013-2017 zaman aralığındaki verilerini kapsamaktadır. Çalışmanın bağımlı değişkeni olan entelektüel sermaye, entelektüel katma değer katsayısı yöntemi kullanılarak hesaplanmıştır. Çalışmanın bağımsız değişkenleri ise yönetim kurulu yapısı çeşitliliğini belirleyen alt faktörlerdir. Bunlar; yönetim kurulu büyüklüğü, CEO ikiliği, kadın üye oranı, yabancı üye oranı ve bağımsız üye oranıdır. Ayrıca çalışmada; firma büyüklüğü, aktif karlılık oranı ve özsermaye karlılık oranı olmak üzere üç adet kontrol değişkeni kullanılmıştır. Değişkenler arasındaki ilişkinin belirlenmesinde, çoklu regresyon analizinden yararlanılmıştır. Yapılan analiz sonucunda, kadın üye oranı ile bağımsız üye oranının entelektüel sermaye üzerinde anlamlı-negatif etkisi olduğu tespit edilmiştir. Ayrıca, yönetim kurulu büyüklüğü, CEO ikiliği, yabancı üye oranı, aktif karlılık oranı, firma büyüklüğü ve özsermaye karlılık oranı ile entelektüel sermaye arasında istatistikî olarak anlamlı bir neden-sonuç ilişkisi bulunamamıştır.

Keywords

Yönetim Kurulu Yapısı, Entelektüel Sermaye, BİST Sürdürülebilirlik Endeksi, Kaynak Bağımlılığı Teorisi

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