The impact of intellectual capital on firm performance and value: An application of MVAIC on firms listed in Borsa Istanbul

Abstract

This paper attempts to evaluate the impact of intellectual capital (IC) and its components on financial performance and value of listed companies operating in Turkish manufacturing industry. Accordingly; using panel data methodology, this study incorporates data of 75 companies listed in Borsa Istanbul (BIST) and data was extracted from Thomsen Reuters Database and Public Disclosure Platform with a total of 825 firm-year observations for the period between 2009 and 2019, inclusive. The Modified Value Added Intellectual Coefficient (MVAIC) is employed to capture IC efficiency together with its components, namely; Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), Relational Capital Efficiency (RCE), and Capital Employed Efficiency (CEE). The findings fail to provide a significant influence of MVAIC on the selected performance measures. However, as far as additional analysis utilizing the components is concerned, the only contributor to both firm financial performance and value is documented to be CEE while HCE, SCE, and RCE are found to exert no significant impact.

Keywords

• intellectual capital
• MVAIC
• firm performance
• firm value
• panel data analysis

Entelektüel sermayenin firma performansı ve değeri üzerindeki etkisi: Borsa İstanbul’da listelenen firmalar için MVAIC uygulaması

Abstract

Bu çalışma ile entelektüel sermaye ve bileşenlerinin Türk imalat sanayinde faaliyet gösteren halka açık firmaların finansal performansı ve firma değeri üzerindeki etkisini ortaya koymak hedeflenmiştir. Bu amaçla Borsa İstanbul’da (BIST) 2009 - 2019 yılları arasında işlem gören 75 halka açık firmaya ait veriler, Kamuyu Aydınlatma Platformu ve Thomsen Reuters veri tabanlarından alınarak toplam 825 gözleme dayanan panel veri analizi gerçekleştirilmiştir. Entelektüel sermaye etkinliğini ölçmek için Değiştirilmiş Entelektüel Katma Değer Katsayısı (MVAIC) kullanılırken, bileşenlerinin etkinliğini tespit etmek için Beşerî Sermaye Etkinliği (HCE), Yapısal Sermaye Etkinliği (SCE), İlişkisel Sermaye Etkinliği (RCE) ve Kullanılan Sermaye Etkinliği (CEE) kullanılmıştır. Çalışmanın bulguları entelektüel sermayenin seçili performans göstergeleri üzerinde anlamlı bir etkisinin olmadığını göstermiştir. Entelektüel sermaye bileşenleri için yapılan ek analiz sonucuna göre ise sadece Kullanılan Sermaye Etkinliğinin firma karlılığı ve değeri üzerinde pozitif etkisinin olduğu tespit edilmiştir.

Keywords

• entelektüel sermaye
• MVAIC
• firma performansı
• firma değeri
• panel veri analizi

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