ENTELEKTÜEL SERMAYENİN HAYAT DIŞI SİGORTA ŞİRKETLERİNİN FİNANSAL PERFORMANSINA ETKİSİ

Year 2022, Volume: 14 Issue: 26, 209 - 228, 31.01.2022

Elif Sarışın Nasıf Özkan

https://doi.org/10.14784/marufacd.1055217

Cited By: 3

Abstract

Bu çalışmanın amacı, 2004-2018 yılları arasında Türkiye’de faaliyet gösteren otuz sekiz hayat dışı sigorta şirketinin entelektüel sermaye etkinliği ile finansal performansı arasındaki ilişkiyi incelemektir. Hayat dışı sigorta şirketlerinin entelektüel sermaye etkinliği, entelektüel katma değer katsayısı (VAIC) modeli kullanılarak belirlenmiştir. VAIC ve bileşenlerinin (CEE, HCE ve SCE), hayat dışı sigorta şirketlerinin finansal performansı (aktif karlılığı – ROA) üzerindeki etkileri tesadüfi etkiler modeli kullanılarak tahmin edilmiştir. Elde edilen sonuçların sağlamlığının test edilmesinde ise sabit etkiler modeli kullanılmıştır. Hayat dışı sigorta şirketlerinin entelektüel katma değer katsayısını oluşturan en önemli entelektüel sermaye bileşeni insan sermayesi etkinlik katsayısıdır (HCE). Analize dâhil edilen şirketlerin yaklaşık %40’ı, ortalama VAIC değerinden (3,9557) daha yüksek VAIC değerine sahiptir. VAIC’in sigorta şirketlerinin finansal performansı üzerinde istatistiksel olarak anlamlı pozitif bir etkisi vardır. VAIC bileşenlerine ayrıldığında ise kullanılan sermaye etkinlik katsayısının (CEE) ve insan sermayesi etkinlik katsayısının (HCE) hayat dışı sigorta şirketlerinin finansal performansını sırasıyla negatif ve pozitif yönde etkilediği görülmektedir. Bu bulgu, hayat dışı sigorta şirketleri için insan sermayesinin, şirketlerin finansal veya fiziksel varlıklarına göre daha önemli olduğunu kanıtlamaktadır. Diğer taraftan, yapısal sermaye etkinlik katsayısının (SCE) ise sigorta şirketlerinin finansal performansı üzerinde istatistiksel olarak anlamlı bir etkisi yoktur.

Keywords

VAIC, İnsan Sermayesi Etkinliği, Kullanılan Sermaye Etkinliği, Aktif Karlılığı, Sigortacılık Sektörü

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