epf journal Ekonomi Politika ve Finans Araştırmaları Dergisi 2587-151X Economic and Financial Research Association 10.30784/epfad.1777160 Econometric and Statistical Methods Cross-Sectional Analysis Ekonometrik ve İstatistiksel Yöntemler Yatay Kesit Analizi Entelektüel Sermayenin Finansal Performans ve Piyasa Değeri Üzerindeki Gecikmeli Etkilerinin Yol Analizi Path Analysis of the Lagged Effects of Intellectual Capital on Financial Performance and Market Value https://orcid.org/0000-0002-3203-0373 Sahin Serap KIRIKKALE ÜNİVERSİTESİ 03 31 2026 11 1 236 270 09 03 2025 03 17 2026 Copyright © 2016, Journal of Research in Economics Politics and Finance 2016 Journal of Research in Economics Politics and Finance

Günümüzün hızlı değişen, sürekli yenilenen ve yoğun rekabetin hâkim olduğu ekonomik ortamında, entelektüel sermayenin ölçülmesi ve firma değerine etkisinin analiz edilmesi, akademik literatürde giderek daha fazla ilgi çeken bir araştırma alanı haline gelmiştir. Bu çalışma, Borsa İstanbul’da işlem gören imalat sektörü şirketlerinde entelektüel sermayenin firma değeri üzerindeki etkisini, finansal performans aracılığıyla incelemektedir. 2022 yılına ait Katma Değer Entelektüel Katsayısı ( ) verileri ile 2023 yılına ait firma değeri Piyasa Değeri/Defter Değeri (PD/DD) oranı arasında bir yıl gecikmeli model kurulmuş; aracı değişken olarak 2022 yılına ait Varlık Getirisi (ROA), kontrol değişkenleri olarak 2022 yılına ait kaldıraç oranı (LEV) ve firma büyüklüğü (LnAktifler) modele dahil edilmiştir. Logaritmik dönüşüm uygulanan değişkenlerle oluşturulan 113 firma verisi, Yol Analizi tekniği kullanılarak test edilmiştir. İlk modelde anlamlı bulunmayan ROA–firma büyüklüğü (LnAktifler) yolu modelden çıkarılarak sadeleştirilmiş model kurulmuş ve mükemmel uyum değerleri elde edilmiştir (CFI=1.000, RMSEA=0.000, p=0.652). Bulgular, ’in firma değerine doğrudan etkisinin sınırlı olduğunu, ancak ROA aracılığıyla dolaylı ve anlamlı etkisinin bulunduğunu göstermektedir. Sonuçlar, entelektüel sermayenin piyasa değeri üzerinde finansal performans üzerinden etkili olduğu yönündeki literatürle tutarlıdır.

In today's rapidly changing, constantly renewing, and highly competitive economic environment, measuring intellectual capital and analyzing its impact on firm value has become an increasingly prominent research area in academic literature. This study examines the impact of intellectual capital on firm value through financial performance in manufacturing companies traded on Borsa Istanbul. A one-year lagged model was established between the 2022 Value Added Intellectual Coefficient ( ) data and the 2023 Price-to-Book (P/B) ratio; Return on Assets (ROA) for 2022 was included as the mediator variable, while the leverage ratio (LEV) and firm size (LnAssets) for 2022 were included as control variables. Data from 113 firms, created with logarithmically transformed variables, were tested using the Path Analysis technique. A simplified model was developed by removing the non-significant ROA-firm size (LnAssets) path from the initial model, resulting in excellent fit indices (CFI=1.000, RMSEA=0.000, p=0.652). The findings indicate that has a limited direct effect on firm value but exerts a significant indirect effect through ROA. The results are consistent with the literature, suggesting that intellectual capital influences market value through financial performance.

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