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THE MODERATING EFFECT OF HUMAN CAPITAL ON INNOVATION CAPITAL AND FIRM MARKET VALUE RELATIONSHIP: AN APPLICATION ON BIST

Year 2017, ICMEB17 Özel Sayısı, 512 - 522, 01.12.2017

Abstract

In today’s world, for wealth creation, capital should be invested in a manner of leading to innovation and human development. This kind of wealth creation, is generally discussed in the concept of intellectual capital IC . There is a widespread belief in the literature that IC is a phenomenon based on interactions and interdependencies among its components. In this paper, it was investigated the impact of innovation capital INVC on firm market value and moderating effect of human capital HC on this relation. Experimental models were based on Ohlson 1995 model. INVC and HC were measured by using proxy variables derived from accounting data. This paper concludes that INVC can be considered to be value-relevant to market participants, and HC augments the role of INVC in reinforcing firm's market value. As a managerial implication, managers should consider the interaction between HC and INVC when developing a strategy of utilizing intangible assets for sustainable performance

References

  • Aiken, L. S., & West, S. G. (1991). Multiple Regression: Testing and Interpreting Interactions, Sage Publications, Newbury Park, CA, USA.
  • Al-Hares, O. M., AbuGhazaleh, N. M., & Haddad, A. E. (2011). The effect of 'other information' on equity valuation: Kuwait evidence, The Journal of Applied Business Research, Vol. 27, No. 6, pp.57-70.
  • Alpkan, L., Bulut, C., Gunday, G., Ulusoy, G., & Kilic, K. (2010). Organizational support for intrapreneurship and its interaction with human capital to enhance innovative performance, Management Decision, Vol. 48, No. 5, pp.732-755.
  • Ballester, M., Livnat, J., & Sinha, N. T. (2002). Labor costs and ınvestments in human capital, Journal of Accounting Auditing & Finance, Vol. 17, No. 4, pp.351–373.
  • Bandeiral, A. M., & Afonso, O. (2010). Value of intangibles arising from R&D activities, Open Business Journal, Vol. 3, pp.30-43.
  • Barth, M. E. (2000). Valuation‐based accounting research: Implications for financial reporting and opportunities for future research, Accounting & Finance, 40 (1), pp.7-32.
  • Barth, M. E., Beaver, W. H., Hand, J. R., & Landsman, W. R. (1999). Accruals, cash flows, and equity values, Review of Accounting Studies, Vol. 4, No. 3-4, pp.205-229.
  • Bellora, L., & Guenther, T. W. (2013). Drivers of innovation capital disclosure in intellectual capital statements: Evidence from Europe, The British Accounting Review, Vol. 45, No. 4, pp.255-270.
  • Bontis, N. (1999). Managing organizational knowledge by diagnosing intellectual capital: Framing and advancing the state of the field, International Journal of Technology Management, Vol. 18, No. 5-8, pp.433-462.
  • Bontis, N. (2004). National intellectual capital index: The benchmarking of Arab countries, Journal of Intellectual Capital, Vol. 5, No. 1, pp.13-39.
  • Bozbura, F. T., & Toraman, A. (2010). Türkiye'de entelektüel sermayenin ölçülmesi ile ilgili model çalışması ve bir uygulama. İTÜDERGİSİ, Vol. 3, No. 1, pp.55-66.
  • Brennan, N., & Connell, B. (2000). Intellectual capital: Current issues and policy implications, Journal of Intellectual Capital, Vol. 1, No. 3, pp.206-240.
  • Bueno, E., Salmador, M. P., Rodríguez, Ó., & Martín De Castro, G. (2006). Internal logic of intellectual capital: A biological approach, Journal of Intellectual Capital, Vol.7, No. 3, pp.394-405.
  • Cabrita, M. D. R., & Bontis, N. (2008). Intellectual capital and business performance in the Portuguese banking industry, International Journal of Technology Management, Vol. 43, No. 1-3, pp.212-237.
  • Cetindamar, D., Gupta, V. K., Karadeniz, E. E., & Egrican, N. (2012). What the numbers tell: The impact of human, family and financial capital on women and men's entry into entrepreneurship in Turkey, Entrepreneurship & Regional Development, Vol. 24, No. (1-2), pp.29-51.
  • Chen, J., Zhu, Z., & Xie, Y. H. (2004). Measuring intellectual capital: A new model and empirical study, Journal of Intellectual capital, Vol. 5, No. 1, pp.195-212.
  • Dechow, P. M., Hutton, A. P., & Sloan, R. G. (1999). An empirical assessment of the residual income valuation model, Journal of Accounting and Economics, Vol. 26, No. 1, pp.1-34.
  • Dumont, M. (2008). Wages and employment by level of education and occupation in Belgium, Federal Planning Bureau, Working Paper 22-08, Brussels, Belgium.
  • Eloff, A. M., & de Villiers, C. (2015). The value-relevance of goodwill reported under IFRS 3 versus IAS 22, South African Journal of Accounting Research, Vol. 29, No. 2, pp.162-176.
  • Fernandez, E., Montes, J. M., & Vázquez, C. J., (2000). Typology and strategic analysis of intangible resources: A resource-based approach, Technovation, Vol. 20, No. 2, pp.81-92.
  • Ferraro, O., & Veltri, S. (2011). The value relevance of intellectual capital on the firm’s market value: An empirical survey on the Italian listed firms, International Journal of Knowledge-Based Development, Vol. 2, No. 1, pp.66-84.
  • Gavious, I., & Russ, M. (2009). The valuation implications of human capital in transactions on and outside the exchange, Advances in Accounting, Vol. 25, No. 2, pp.165-173.
  • Giuliani, M. (2013). Not all sunshine and roses: Discovering intellectual liabilities “in action”, Journal of Intellectual Capital, Vol. 14, No. 1, pp.127-144.
  • Hitt, M. A., Biermant, L., Shimizu, K., & Kochhar, R. (2001). Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective, Academy of Management journal, Vol. 44, No. 1, pp.13-28.
  • Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence, Stata Journal, Vol. 7, No. 3, pp.281.
  • Holthausen, R. W., & Watts, R. L., (2001). The relevance of the value-relevance literature for financial accounting standard setting, Journal of Accounting and Economics, Vol. 31, No. 1, pp.3-75.
  • Hsiao, S. H. (2014). PTE, innovation capital and firm value interactions in the biotech medical industry, Journal of Business Research, Vol. 67, No. 12, pp.2636-2644.
  • Huang, J. C., & Liu, J. C. (2005). Exploration for the relationship between innovation, IT and performance, Journal of Intellectual Capital, Vol. 6, No. 2, pp.237-252.
  • Ince, H., Imamoglu, S. Z., & Turkcan, H. (2016). The effect of technological innovation capabilities and absorptive capacity on firm innovativeness: a conceptual framework, Procedia-Social and Behavioral Sciences, Vol. 235, pp.764-770.
  • Kallunki, J. P., Karjalainen, P., & Martikainen, M. (2005). Investments in human capital in different institutional environments, Advances in International Accounting, Vol. 18, pp.121-140.
  • Kamukama, N., Ahiauzu, A., & Ntayi, J. M. (2010). Intellectual capital and performance: testing interaction effects, Journal of Intellectual Capital, Vol. 11, No. 4, pp.554-574.
  • Khalique, M., Shaari, J. A. N., & Isa, A. H. M. (2011). Intellectual capital and its major components, International Journal of Current Research, Vol. 33, No. 6, pp.343-347.
  • Koroglu, B. A., & Eceral, T. O. (2015). Human capital and innovation capacity of firms in defense and aviation industry in Ankara, Procedia-Social and Behavioral Sciences, Vol. 195, pp. 1583-1592.
  • Kwan, L. Y. Y., & Chiu, C. Y. (2015). Country variations in different innovation outputs: The interactive effect of institutional support and human capital, Journal of Organizational Behavior, Vol. 36, No. 7, pp.1050- 1070.
  • Lajili, K., & Zéghal, D. (2005). Labor cost voluntary disclosures and firm equity values: Is human capital information value-relevant?, Journal of International Accounting, Auditing and Taxation, Vol. 14, No. 2, pp.121-138.
  • Lin, J. Y. (2014). Effects on diversity of R&D sources and human capital on industrial performance, Technological Forecasting and Social Change, Vol. 85, pp.168-184.
  • Martinez, M. G., Zouaghi, F., & Garcia, M. S. (2017). Capturing value from alliance portfolio diversity: The mediating role of R&D human capital in high and low tech industries, Technovation, Vol. 59, pp.55-67.
  • McGuirk, H., Lenihan, H., & Hart, M. (2015). Measuring the impact of innovative human capital on small firms’ propensity to innovate, Research Policy, Vol. 44, No. 4, pp.965-976.
  • Meritum, (2002). MERITUM guidelines for managing and reporting on intangibles (intellectual capital report), TSER http://www.pnbukh.com/site/files/pdf_filer/MERITUM_Guidelines.pdf. European Union, Madrid, Spain. Available at
  • Milgrom, P., & Roberts, J. (1995). Complementarities and fit strategy, structure, and organizational change in manufacturing, Journal of Accounting and Economics, Vol. 19, No. 2, pp.179-208.
  • Mondal, A., & Ghosh, S. K. (2013). The relevance of intellectual capital valuation Indian evidence, International Journal of Financial Management, Vol. 3, No. 2, pp.1-9.
  • Moore, L., & Craig, L. (2008). Intellectual Capital in Enterprise Success: Strategy Revisited, John Wiley & Sons Inc., New Jersey, USA.
  • OECD. (2011). Skills for Innovation and Research. OECD Publishing (downloaded on 31 March 2017 from https://biobs.jrc.ec.europa.eu/sites/default/files/generated/files/policy/OECD%202011%20Skills%20for% 20Innovation%20and%20Research.pdf).
  • Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation, Contemporary Accounting Research, Vol. 11, pp.661–687.
  • Ota, K. (2000). A New Improvement to the Ohlson (1995) model: Empirical evidence from Japan, Available at SSRN: http://ssrn.com/abstract=232672.
  • Öğüt, A. (2009). Bilgi Çağında Yönetim”, Improved Fourth Edition, Çizgi Kitabevi, Konya, Turkey.
  • Pasban, M., & Nojedeh, S. H. (2016). A Review of the role of human capital in the organization, Procedia-Social and Behavioral Sciences, Vol. 230, pp.249-253.
  • Ramezan, M. (2011). Intellectual capital and organizational organic structure in knowledge society: How are these concepts related?, International Journal of Information Management, Vol. 31, No. 1, pp.88-95.
  • Ramírez, Y. (2010). Intellectual capital models in Spanish public sector, Journal of Intellectual Capital, Vol. 11, No. 2, pp.248-264.
  • Shakina, E., & Barajas, A. (2014). Value creation through intellectual capital in developed European markets, Journal of Economic Studies, Vol. 41, No. 2, pp.272-291.
  • Shakina, E., & Bykova, A. (2011). Intellectual capital evaluation: relationship between knowledge management implementation and company’s performance, In 12th European Conference on Knowledge Management, 1-2 September 2011, Passau, Germany.
  • Starovic, D., & Marr, B. (2003). Understanding corporate value: managing and reporting intellectual capital, Chartered Institute of Management Accountants (CIMA), London, England.
  • Stewart, T. A. (1998). Intellectual Capital – The New Wealth of Organizations, Nicolas Brealey Publishing, London, England.
  • Sydler, R., Haefliger, S., & Pruksa, R. (2014). Measuring intellectual capital with financial figures: Can we predict firm profitability?, European Management Journal, Vol. 32, No. 2, pp.244-259.
  • Tanideh, S. (2013). Relationship between innovation capital and intellectual capital with value and financial performance. Life Science Journal, Vol. 10(10s), pp.251-254.
  • Thacker, C., & Handscombe, B. (2003). Innovation, competitive position and industry attractiveness: A tool to assist SMEs. Creativity and Innovation Management, Vol. 12, No. 4, pp.230-239.
  • Turcotte, J., & Rennison, L. W. (2004). Productivity and wages: measuring the effect of human capital and technology use from linked employer-employee data, Working Paper, No, 2004-01, Department of Finance, Economic and Fiscal Policy Branch, Canada.
  • Wang, J. C. (2008). Investigating market value and intellectual capital for S&P 500, Journal of Intellectual Capital, Vol. 9, No. 4, pp.546-563.
  • Wang, W. Y., & Chang, C. (2005). Intellectual capital and performance in causal models: evidence from the information technology industry in Taiwan, Journal of Intellectual Capital, Vol. 6, No. 2, pp.222-236.
  • Widener, S. K. (2006). Human capital, pay structure, and the use of performance measures in bonus compensation, Management Accounting Research, Vol. 17, No. 2, pp.198-221.
  • Xiangying, M., Yueyan, Z., & Xianhua, W. (2015). Market value of innovation: An empirical analysis on China's stock market, Procedia Computer Science, Vol. 55, pp.1275-1284.
  • Yu, F., & Zhang, L. (2008). Does intellectual capital really create value?, Wireless Communications, Networking and Mobile Computing, WiCOM '08, 4th International Conference. Available at [Google Scholar].

İNSAN SERMAYESİNİN İNOVASYON SERMAYESİ VE FİRMA PİYASA DEĞERİ İLİŞKİSİ ÜZERİNDEKİ ILIMLAŞTIRICI ETKİSİ: BİST ÜZERİNE BİR UYGULAMA

Year 2017, ICMEB17 Özel Sayısı, 512 - 522, 01.12.2017

Abstract

Günümüz dünyasında değer yaratımı için sermayenin, yenilikçiliği ve çalışan gelişimini sağlayacak bir şekilde değerlendirilmesi gerekmektedir. Bu tür değer yaratımı genellikle entelektüel sermaye kavramı içerisinde ele alınmaktadır. Literatürde entelektüel sermayenin, bileşenleri arasındaki etkileşimlere ve karşılıklı bağımlılıklara dayalı bir fenomen olduğuna dair yaygın bir görüş bulunmaktadır. Bu çalışmada, yenilik sermayesinin YS firma piyasa değeri üzerindeki etkisi ve insan sermayesinin IS ise bu ilişki üzerindeki ılımlaştırıcı etkisi araştırılmıştır. Deneysel modeller Ohlson 1995 modelini temel almaktadırlar. YS ve IS, muhasebe verilerinden türetilen gösterge değişkenler kullanılarak ölçülmüşlerdir. Elde edilen bulgulara göre YS'nin piyasa oyuncularının kararları üzerinde etkisinin olabileceği ve YS'nin firmaların piyasa değerini artırma rolü üzerinde IS'nin güçlendirici bir etkiye sahip olduğu ile ilgili önemli bulgular ortaya koyulmaktadır. Sonuç olarak yöneticiler, sürdürülebilir bir performans için maddi olmayan duran varlık kullanımı ile ilgili stratejiler geliştirirken IS ile YS arasındaki etkileşimi de göz önüne almalıdırlar.

References

  • Aiken, L. S., & West, S. G. (1991). Multiple Regression: Testing and Interpreting Interactions, Sage Publications, Newbury Park, CA, USA.
  • Al-Hares, O. M., AbuGhazaleh, N. M., & Haddad, A. E. (2011). The effect of 'other information' on equity valuation: Kuwait evidence, The Journal of Applied Business Research, Vol. 27, No. 6, pp.57-70.
  • Alpkan, L., Bulut, C., Gunday, G., Ulusoy, G., & Kilic, K. (2010). Organizational support for intrapreneurship and its interaction with human capital to enhance innovative performance, Management Decision, Vol. 48, No. 5, pp.732-755.
  • Ballester, M., Livnat, J., & Sinha, N. T. (2002). Labor costs and ınvestments in human capital, Journal of Accounting Auditing & Finance, Vol. 17, No. 4, pp.351–373.
  • Bandeiral, A. M., & Afonso, O. (2010). Value of intangibles arising from R&D activities, Open Business Journal, Vol. 3, pp.30-43.
  • Barth, M. E. (2000). Valuation‐based accounting research: Implications for financial reporting and opportunities for future research, Accounting & Finance, 40 (1), pp.7-32.
  • Barth, M. E., Beaver, W. H., Hand, J. R., & Landsman, W. R. (1999). Accruals, cash flows, and equity values, Review of Accounting Studies, Vol. 4, No. 3-4, pp.205-229.
  • Bellora, L., & Guenther, T. W. (2013). Drivers of innovation capital disclosure in intellectual capital statements: Evidence from Europe, The British Accounting Review, Vol. 45, No. 4, pp.255-270.
  • Bontis, N. (1999). Managing organizational knowledge by diagnosing intellectual capital: Framing and advancing the state of the field, International Journal of Technology Management, Vol. 18, No. 5-8, pp.433-462.
  • Bontis, N. (2004). National intellectual capital index: The benchmarking of Arab countries, Journal of Intellectual Capital, Vol. 5, No. 1, pp.13-39.
  • Bozbura, F. T., & Toraman, A. (2010). Türkiye'de entelektüel sermayenin ölçülmesi ile ilgili model çalışması ve bir uygulama. İTÜDERGİSİ, Vol. 3, No. 1, pp.55-66.
  • Brennan, N., & Connell, B. (2000). Intellectual capital: Current issues and policy implications, Journal of Intellectual Capital, Vol. 1, No. 3, pp.206-240.
  • Bueno, E., Salmador, M. P., Rodríguez, Ó., & Martín De Castro, G. (2006). Internal logic of intellectual capital: A biological approach, Journal of Intellectual Capital, Vol.7, No. 3, pp.394-405.
  • Cabrita, M. D. R., & Bontis, N. (2008). Intellectual capital and business performance in the Portuguese banking industry, International Journal of Technology Management, Vol. 43, No. 1-3, pp.212-237.
  • Cetindamar, D., Gupta, V. K., Karadeniz, E. E., & Egrican, N. (2012). What the numbers tell: The impact of human, family and financial capital on women and men's entry into entrepreneurship in Turkey, Entrepreneurship & Regional Development, Vol. 24, No. (1-2), pp.29-51.
  • Chen, J., Zhu, Z., & Xie, Y. H. (2004). Measuring intellectual capital: A new model and empirical study, Journal of Intellectual capital, Vol. 5, No. 1, pp.195-212.
  • Dechow, P. M., Hutton, A. P., & Sloan, R. G. (1999). An empirical assessment of the residual income valuation model, Journal of Accounting and Economics, Vol. 26, No. 1, pp.1-34.
  • Dumont, M. (2008). Wages and employment by level of education and occupation in Belgium, Federal Planning Bureau, Working Paper 22-08, Brussels, Belgium.
  • Eloff, A. M., & de Villiers, C. (2015). The value-relevance of goodwill reported under IFRS 3 versus IAS 22, South African Journal of Accounting Research, Vol. 29, No. 2, pp.162-176.
  • Fernandez, E., Montes, J. M., & Vázquez, C. J., (2000). Typology and strategic analysis of intangible resources: A resource-based approach, Technovation, Vol. 20, No. 2, pp.81-92.
  • Ferraro, O., & Veltri, S. (2011). The value relevance of intellectual capital on the firm’s market value: An empirical survey on the Italian listed firms, International Journal of Knowledge-Based Development, Vol. 2, No. 1, pp.66-84.
  • Gavious, I., & Russ, M. (2009). The valuation implications of human capital in transactions on and outside the exchange, Advances in Accounting, Vol. 25, No. 2, pp.165-173.
  • Giuliani, M. (2013). Not all sunshine and roses: Discovering intellectual liabilities “in action”, Journal of Intellectual Capital, Vol. 14, No. 1, pp.127-144.
  • Hitt, M. A., Biermant, L., Shimizu, K., & Kochhar, R. (2001). Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective, Academy of Management journal, Vol. 44, No. 1, pp.13-28.
  • Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence, Stata Journal, Vol. 7, No. 3, pp.281.
  • Holthausen, R. W., & Watts, R. L., (2001). The relevance of the value-relevance literature for financial accounting standard setting, Journal of Accounting and Economics, Vol. 31, No. 1, pp.3-75.
  • Hsiao, S. H. (2014). PTE, innovation capital and firm value interactions in the biotech medical industry, Journal of Business Research, Vol. 67, No. 12, pp.2636-2644.
  • Huang, J. C., & Liu, J. C. (2005). Exploration for the relationship between innovation, IT and performance, Journal of Intellectual Capital, Vol. 6, No. 2, pp.237-252.
  • Ince, H., Imamoglu, S. Z., & Turkcan, H. (2016). The effect of technological innovation capabilities and absorptive capacity on firm innovativeness: a conceptual framework, Procedia-Social and Behavioral Sciences, Vol. 235, pp.764-770.
  • Kallunki, J. P., Karjalainen, P., & Martikainen, M. (2005). Investments in human capital in different institutional environments, Advances in International Accounting, Vol. 18, pp.121-140.
  • Kamukama, N., Ahiauzu, A., & Ntayi, J. M. (2010). Intellectual capital and performance: testing interaction effects, Journal of Intellectual Capital, Vol. 11, No. 4, pp.554-574.
  • Khalique, M., Shaari, J. A. N., & Isa, A. H. M. (2011). Intellectual capital and its major components, International Journal of Current Research, Vol. 33, No. 6, pp.343-347.
  • Koroglu, B. A., & Eceral, T. O. (2015). Human capital and innovation capacity of firms in defense and aviation industry in Ankara, Procedia-Social and Behavioral Sciences, Vol. 195, pp. 1583-1592.
  • Kwan, L. Y. Y., & Chiu, C. Y. (2015). Country variations in different innovation outputs: The interactive effect of institutional support and human capital, Journal of Organizational Behavior, Vol. 36, No. 7, pp.1050- 1070.
  • Lajili, K., & Zéghal, D. (2005). Labor cost voluntary disclosures and firm equity values: Is human capital information value-relevant?, Journal of International Accounting, Auditing and Taxation, Vol. 14, No. 2, pp.121-138.
  • Lin, J. Y. (2014). Effects on diversity of R&D sources and human capital on industrial performance, Technological Forecasting and Social Change, Vol. 85, pp.168-184.
  • Martinez, M. G., Zouaghi, F., & Garcia, M. S. (2017). Capturing value from alliance portfolio diversity: The mediating role of R&D human capital in high and low tech industries, Technovation, Vol. 59, pp.55-67.
  • McGuirk, H., Lenihan, H., & Hart, M. (2015). Measuring the impact of innovative human capital on small firms’ propensity to innovate, Research Policy, Vol. 44, No. 4, pp.965-976.
  • Meritum, (2002). MERITUM guidelines for managing and reporting on intangibles (intellectual capital report), TSER http://www.pnbukh.com/site/files/pdf_filer/MERITUM_Guidelines.pdf. European Union, Madrid, Spain. Available at
  • Milgrom, P., & Roberts, J. (1995). Complementarities and fit strategy, structure, and organizational change in manufacturing, Journal of Accounting and Economics, Vol. 19, No. 2, pp.179-208.
  • Mondal, A., & Ghosh, S. K. (2013). The relevance of intellectual capital valuation Indian evidence, International Journal of Financial Management, Vol. 3, No. 2, pp.1-9.
  • Moore, L., & Craig, L. (2008). Intellectual Capital in Enterprise Success: Strategy Revisited, John Wiley & Sons Inc., New Jersey, USA.
  • OECD. (2011). Skills for Innovation and Research. OECD Publishing (downloaded on 31 March 2017 from https://biobs.jrc.ec.europa.eu/sites/default/files/generated/files/policy/OECD%202011%20Skills%20for% 20Innovation%20and%20Research.pdf).
  • Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation, Contemporary Accounting Research, Vol. 11, pp.661–687.
  • Ota, K. (2000). A New Improvement to the Ohlson (1995) model: Empirical evidence from Japan, Available at SSRN: http://ssrn.com/abstract=232672.
  • Öğüt, A. (2009). Bilgi Çağında Yönetim”, Improved Fourth Edition, Çizgi Kitabevi, Konya, Turkey.
  • Pasban, M., & Nojedeh, S. H. (2016). A Review of the role of human capital in the organization, Procedia-Social and Behavioral Sciences, Vol. 230, pp.249-253.
  • Ramezan, M. (2011). Intellectual capital and organizational organic structure in knowledge society: How are these concepts related?, International Journal of Information Management, Vol. 31, No. 1, pp.88-95.
  • Ramírez, Y. (2010). Intellectual capital models in Spanish public sector, Journal of Intellectual Capital, Vol. 11, No. 2, pp.248-264.
  • Shakina, E., & Barajas, A. (2014). Value creation through intellectual capital in developed European markets, Journal of Economic Studies, Vol. 41, No. 2, pp.272-291.
  • Shakina, E., & Bykova, A. (2011). Intellectual capital evaluation: relationship between knowledge management implementation and company’s performance, In 12th European Conference on Knowledge Management, 1-2 September 2011, Passau, Germany.
  • Starovic, D., & Marr, B. (2003). Understanding corporate value: managing and reporting intellectual capital, Chartered Institute of Management Accountants (CIMA), London, England.
  • Stewart, T. A. (1998). Intellectual Capital – The New Wealth of Organizations, Nicolas Brealey Publishing, London, England.
  • Sydler, R., Haefliger, S., & Pruksa, R. (2014). Measuring intellectual capital with financial figures: Can we predict firm profitability?, European Management Journal, Vol. 32, No. 2, pp.244-259.
  • Tanideh, S. (2013). Relationship between innovation capital and intellectual capital with value and financial performance. Life Science Journal, Vol. 10(10s), pp.251-254.
  • Thacker, C., & Handscombe, B. (2003). Innovation, competitive position and industry attractiveness: A tool to assist SMEs. Creativity and Innovation Management, Vol. 12, No. 4, pp.230-239.
  • Turcotte, J., & Rennison, L. W. (2004). Productivity and wages: measuring the effect of human capital and technology use from linked employer-employee data, Working Paper, No, 2004-01, Department of Finance, Economic and Fiscal Policy Branch, Canada.
  • Wang, J. C. (2008). Investigating market value and intellectual capital for S&P 500, Journal of Intellectual Capital, Vol. 9, No. 4, pp.546-563.
  • Wang, W. Y., & Chang, C. (2005). Intellectual capital and performance in causal models: evidence from the information technology industry in Taiwan, Journal of Intellectual Capital, Vol. 6, No. 2, pp.222-236.
  • Widener, S. K. (2006). Human capital, pay structure, and the use of performance measures in bonus compensation, Management Accounting Research, Vol. 17, No. 2, pp.198-221.
  • Xiangying, M., Yueyan, Z., & Xianhua, W. (2015). Market value of innovation: An empirical analysis on China's stock market, Procedia Computer Science, Vol. 55, pp.1275-1284.
  • Yu, F., & Zhang, L. (2008). Does intellectual capital really create value?, Wireless Communications, Networking and Mobile Computing, WiCOM '08, 4th International Conference. Available at [Google Scholar].
There are 62 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Research Article
Authors

Gökhan Özer This is me

İlhan Çam This is me

Publication Date December 1, 2017
Submission Date October 17, 2017
Published in Issue Year 2017 ICMEB17 Özel Sayısı

Cite

APA Özer, G., & Çam, İ. (2017). THE MODERATING EFFECT OF HUMAN CAPITAL ON INNOVATION CAPITAL AND FIRM MARKET VALUE RELATIONSHIP: AN APPLICATION ON BIST. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 13(13), 512-522.