Entelektüel Sermaye Firma Performansını Nasıl Etkiler? Gelişmekte Olan Ülkelerden Güncel Kanıtlar

Abstract

Bu çalışma, Brezilya, Hindistan, Endonezya, Güney Afrika ve Türkiye'den 2.619 halka açık imalat firmasının verilerini kullanarak 2010-2020 döneminde entelektüel sermaye ile firma performansı arasındaki ilişkiyi incelemektedir. Çalışmanın literatüre ilk katkısı, gelişmiş ülkelere ait veriler yerine, gelişmekte olan ülkeler arasında en hassas ekonomiler olan “kırılgan beşli” ülkelerinin verilerinin kullanılmasıdır. İkinci olarak, entelektüel sermaye yoğun oldukları sezgisel olarak anlaşılabilecek bankacılık, teknoloji ve hizmetler gibi sektörler yerine fiziksel ve finansal sermaye yoğun olarak bilinen imalat sektörü firmaları incelenmektedir. Son olarak ise verinin özelliğine en uygun ekonometrik yöntem tespit edilerek uygulanmaktadır. Çalışmanın bulguları, kullanılan sermaye etkinliğinin, tüm ülkelerde firma performansı üzerinde pozitif bir etkiye sahip olduğunu göstermektedir. Entelektüel sermayenin önemli bir bileşeni olan beşeri sermaye etkinliğine ilişkin sonuçlar, gelişmekte olan ülkelerde beşeri sermayenin halen önemsenmediğini ve beşeri sermayeye gerekli yatırım yapılmadığından firma performansı üzerindeki etkisinin gözlemlenemediğini işaret etmektedir. Entelektüel sermayenin yapısal sermaye bileşeninin ise gelişmekte olan ülkelerde farkına varılan ve yatırım yapılan bir unsur olduğu gözlemlenmektedir.

Keywords

• Entelektüel Sermaye
• Firma Performansı
• Kırılgan Beşli
• EKDK

How does the Intellectual Capital Affect the Firm Performance? Current Evidence from Developing Countries

Abstract

This study investigates the relationship between intellectual capital and firm performance in the period of 2010-2020 using the data of 2.619 listed manufacturing firms from Brasil, India, Indonesia, South Africa, and Turkey. The first contribution of the study to the literature is the use of data from “fragile five” countries, which are the most delicate economies among developing countries, rather than the data from developed countries. Secondly, instead of sectors such as banking, technology, and services, which can be understood intuitively as being intellectual capital intensive, the manufacturing sector firms, which are known as physical and financial capital intensive, are examined. Finally, the most appropriate econometric method for the characteristics of the data is determined and applied. The findings of the study show that the capital employed efficiency has a positive effect on firm performance in all countries. The results regarding human capital efficiency, which is an important component of intellectual capital, point out that human capital is still underestimated in developing countries, and its effect on firm performance cannot be observed due to the lack of necessary investment in human capital. It is observed that the structural capital component of intellectual capital is an element that has been recognized and invested in developing countries.

Keywords

• Intellectual Capital
• Firm Performance
• Fragile Five
• VAIC

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