THE IMPACT OF INTELLECTUAL CAPITAL ON FINANCIAL PERFORMANCE AND FIRM VALUE IN ISLAMIC COUNTRIES

Year 2021, , 532 - 555, 21.09.2021

İrem Nuhoğlu , Deniz Parlak , Seda Erdoğan

https://doi.org/10.31460/mbdd.830178

Abstract

This study analyzes the effect of intellectual capital (IC) efficiency on firm value and financial performance indicators for companies in Islamic countries. Sample consists of 1,681 firms from eleven Islamic countries, covering eight years between 2010 and 2017. We use value-added intellectual capital (VAIC) methodology and run OLS regressions with panel data. Findings reveal that IC positively affects firm profitability and liquidity, and negatively affects leverage. Furthermore, both IC and the components of IC positively affect firm value. Lastly, Shariah-compliance has a positive impact on firm value, profitability and liquidity and a negative impact on leverage. This is the first study to analyze the effect of IC efficiency on firm value and on financial performance aspects for a very broad sample covering 11 Islamic countries at the same time. Last, this is the first study to investigate the effect of Shariah-compliance on value and financial performance attributes of firms in Islamic countries.

Keywords

Intellectual capital, firm value, Tobin's Q, profitability, EBITDA, liquidity, leverage

İSLAM ÜLKELERİNDE ENTELEKTÜEL SERMAYENİN FİNANSAL PERFORMANS VE FİRMA DEĞERİNE ETKİSİ

Abstract

Bu çalışma, İslam ülkelerindeki şirketler için entelektüel sermaye verimliliğinin firma değeri ve finansal performans göstergeleri üzerindeki etkisini analiz etmektedir. Örneklem, 11 İslam ülkesinde yer alan 1,681 firmadan oluşmakta ve 2010-2017 yılları arasındaki sekiz yılı kapsamaktadır. Bu çalışma kapsamında katma değerli entelektüel sermaye metodolojisi uygulanmış ve sıradan en küçük kareler regresyonları panel veriler ile analiz edilmiştir. Bulgular, entelektüel sermayenin firma karlılığını ve likiditesini olumlu yönde etkilediğini, kaldıraç oranını ise olumsuz etkilediğini ortaya koymaktadır. Ayrıca, hem entelektüel sermaye hem de entelektüel sermayenin bileşenleri firma değerini olumlu yönde etkilemektedir. Son olarak, yapılan çalışma, şeriata uyumun, firma değeri, karlılık ve likidite üzerinde olumlu, kaldıraç üzerinde ise olumsuz bir etkiye sahip olduğunu ortaya koymaktadır. Bu çalışma, aynı anda 11 İslam ülkesini kapsayan çok geniş bir örneklem için entelektüel sermaye verimliliğinin firma değeri ve finansal performans göstergeleri üzerindeki etkisini analiz eden ve şeriata uyumun İslam ülkelerindeki firmaların değer ve mali performans özellikleri üzerindeki etkisini araştıran ilk çalışmadır.

Keywords

Entelektüel sermaye, firma değeri, Tobin's Q, Karlılık, EBITDA, Likidite, Kaldıraç

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