The Effect of Intangible Assets Investments on Firms’ Financial Performance in Turkey

Abstract

The aim of this study is to determine the effect of intangible assets investment on firms’ financial performance. In this study, we analyze the impact of intangible assets on firm performance in Turkey by using Borsa İstanbul (BIST) National All Shares Index (XUTUM) database for the years 2005-2013. Intangibles are classified into three categories; innovative property, computerized information and database, and economic competence. Innovative property includes patents, licences, films, rights, and research and development activities. Computer software, information systems, computer programmes, and customer databases are in the second category. The third group emphasizes the economic impact of the intangibles such as advances given, agreements, and special costs. We apply fixed effects approach in this study to estimate the impact of each intangible component on firm performance. We find out a positive relationship between return on assets and intangible assets. As far as the intangible component that generates an improvement in firm performance is considered, innovation property-especially rights and licencescomes to the fore

Keywords

• Intangible Assets, Financial Performance, R&D

Türkiye’de Maddi Olmayan Varlık Yatırımlarının İşletmelerin Finansal Performansı Üzerine Etkisi

Abstract

Bu çalışmanın amacı maddi olmayan varlıkların işletmelerin finansal performansı üzerindeki etkisini belirlemektir. Borsa İstanbul (BIST) Ulusal Tüm Endeksi’nde (XUTUM) yer alan işletmelere ait maddi olmayan varlıkların gelişimi 2005-2013 yılları esas alınarak ele alınmış ve maddi olmayan varlıklar; yenilikçi varlık, bilgisayarla işlenmiş enformasyon ve ekonomik yetkinlik olmak üzere sınıflandırılmıştır. Yenilikçi varlık kalemi patent ve lisans gibi firmanın teknolojik yenilik faaliyetlerini içermekte iken, bilgisayarla işlenmiş enformasyon veri tabanları ve yazılım gibi varlıklara işaret etmektedir. Ekonomik yetkinlik ise farklı olarak işletmenin örgütsel faaliyetlerini ön plana çıkarmakta ve avans, marka ve müşteri listeleri gibi kalemlere yer vermektedir. Bu sınıflandırmaların işletmelerin finansal performansı üzerindeki etkisi sabit etkiler yöntemi kullanılarak incelenmiştir. Çalışmanın sonuçlarına göre maddi olmayan varlık kalemleri işletmelerin aktif kârlılığını (ROA) artırmada etkilidir. Maddi olmayan varlık kalemlerinden hangisinin kârlılığı artırıcı yönde etkili olduğu incelendiğinde ise büyük oranda kullanım hakları ve lisanslar kalemlerinden oluşan yenilikçi varlık ayrımı dikkat çekmektedir

Keywords

• Maddi Olmayan Varlıklar, Finansal Performans, Ar-Ge

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