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

Gökhan Özer İlhan Çam

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

Keywords

Innovation Capital, Human Capital, Moderating Effect, Ohlson Model, Value Relevance

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

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.

Keywords

Yenilik Sermayesi, İnsan Sermayesi, Ilımlaştırıcı Etki, Ohlson Modeli, Değer İlişkisi

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