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

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

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

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

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