KOBİ’LERDE ENTELEKTÜEL SERMAYENİN FİRMA PERFORMANSI ÜZERİNE ETKİLERİ

Year 2011, Issue: 14, 249 - 268, 01.12.2011

Osman Ayhan M.nurettin Alabay

Abstract

Bu çalışmanın temel amacı, İMKB’ye kayıtlı olan KOBİ’lerin entelektüel sermayelerinin firma performanslarına etkisini araştırmaktır. 2008-2010 yılları arasında İMKB’ye kayıtlı olarak faaliyet gösteren AB kriterlerine göre KOBİ niteliği taşıyan firmaların verileri kullanılmıştır. Bu firmaların raporları bağımsız denetime tabi olduğu için araştırmanın sağlığı açısından güvenilir bulunmuştur. Çalışmada, Ante Pulic tarafından geliştirilen entelektüel sermaye katsayısı (VAIC) yöntemi kullanılmıştır. Firma performans ölçümü için; firma piyasa değeri (MB), verimlilik ölçüsü olarak varlık devir hızı (ATO), kârlılık ölçüleri olarak varlık kârlılığı (ROA) ve öz sermaye kârlılığı (ROE) kabul edilmiştir. İstatistiksel metotolarak çoklu regresyon ve korelasyon kullanılmıştır. Çalışmamızda, KOBİ’lerde VAIC ve bileşenlerinin, performans göstergeleri olan piyasa değeri ve Kârlılık üzerinde önemli etkileri görülmüştür

Keywords

Entelektüel Sermaye, KOBİ, Entelektüel Sermaye katsayısı(VAİC), İMKB

IMPACT OF INTELLECTUAL CAPITAL ON BUSINESS PERFORMANCE OF SME’S

Abstract

The purpose of the paper is to obtain measure of the intellectual capital (IC) performance of SMEs which are quoted firms on the Istanbul Stock Exchange Market (ISE) in Turkey for the period 2008-2010 and test the effect of the intellectual capital on performance of SMEs. Data required for calculating intellectual capital efficiencies were obtained from the ISE according to SME’s definiton of European Union for the period 2008-2010. The authors measured the intellectual capital performance of firms using the

Keywords

İntellectual capital, sme, value added of ıntellectual coefficiency (VAIC), Istanbul stock exchange market (ISE)

References

• ABARNETHY, M., P. Bian chi, A. Del Bello, S. Labory, B. Lev, A. Wyatt and S. Zambon, (2003), Study on the measurement of int an g ib le a s sets and associated reporting practices. Commission of the European Communities Enterprise Directorate General.
• AKGEMCİ, T., (2001), Kobi’lerin temel sorunları ve Sağlanan destekler, KOSGEB, s. 5-7
• AYGEN, F., (2006): “AB’ye Giriş Sürecinde KOBİ’lerin Finansman Sorunları ve Alternatif Finansman Tekniklerinden Yararlanma Dereceleri Sakarya Örneği”, 3. KOBİ’ler ve Verimlilik Kongresi 17- 18 Kasım 2006 (AB’nin KOBİ Finansmanına Getirdiği Yenilikler), Kültür Üniversitesi, İstanbul
• BONTIS, N., Kew, W.C.C. and Richardson, S. (2000), “Intellectual Capital and Business Performance in Malaysian Industries”, Journal of Intellectual Capital, 1, 1, 85-100.
• BONTIS, N. (2001), “Assessing knowledge assets: a review of the models used to measure intellectual capital”, International Journal of Management Reviews, Vol. 39 No. 1, pp. 41-60.
• BONTIS, N. (2004), "National Intellectual Capital Index: A United Nations initiative for the Arab region", Journal of Intellectual Capital, Vol 5, No. 1, pp 13-39
• BORNEMANN, M. (1999), “Potential of value systems according to the VAICTM method”, International Journal of Technology Management, Vol. 18 Nos 5/6/7/8, pp. 463-75.
• BROOKING, A. (1996), Intellectual Capital, International Thomson Business Press, London.
• CHEN, J., Z. Zhu and H.Y. Xie. (2004), “Measuring Intellectual Capital: A New Model and Empirical Study”, Journal of Intellectual Capital, 5(1), 195–212.
• CHEN, M.-C., Cheng, S.-J. and Hwang, Y. (2005), “An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance”, Journal of Intellectual Capital, Vol. 6 No. 2, pp. 159-76.
• EDVINSSON, L. (1997) "Developing capital at Skandia", Long Range Planning, Vol 30, No. 3, pp 366-73.
• EDVINSSON, L. and Malone, M. (1997), Intellectual Capital: Realizing Your Company's True Value by Finding its Hidden Brainpower, Harper Collins, New York.
• ENGSTROM, T.J., P. W. and S. F. Westnes (2003), “Evaluating Intellectual Capital in the Hotel Industry”, Journal of Intellectual Capital, 4(3), 287–303
• ERCAN, M. K., Öztürk, M.Başaran ve K. Demirgüneş .Değere Dayalı Yönetim ve Entellektüel Sermaye.. . Gazi Kitapevi. 2003
• Europe commision: The new SME definition, http://ec.europa.eu/enterprise/ policies/smefiles/sme_definition/sme_user_guide_en.pdf, p. 14-16 (Erişim Tarih: 15 Nisan 2011)
• FIRER, S. and Williams, S. M. (2003), “Intellectual capital and traditional measures of corporate performance”, Journal of Intellectual Capital, Vol 4, No. 3, pp 348-360.
• FRUIN, W.M., (1997). Knowledge works: managing intellectual capital at Toshiba. Oxford University Press, New York.
• GUTHRIE, J. (2000), “Measuring up to change”, Financial Management, December 1, p. 11.
• GÜLER, S., (2010), Süleyman Demirel Üniversitesi İİBF DergisiY.2010, C.15, S.3 s. 353-371
• HO, C. and S. Williams, (2003), “International comparative analysis of the association between board structure and the efficiency of value added by a firm from its physical capital and intellectual capital resources”, International Journal of Accounting 38, pp. 465–491
• İŞEVİ A.S., Çelme B., (2002), “Bilgi Çağında Yeni Hazine: Entellektüel Sermayeyle Rekabeti Yakalamak”, ÜNAK Genel Konferansı ÜNAK2002 19 Mayıs Üniversitesi Samsun 10-12 Ekim.
• JOHNSON, H. T., Kaplan, R. S. (1987), Relevance Lost: The Rise and Fall of Management Accounting, Harvard BusinessSchool Press, Boston.
• KAMATH, G.B. (2008), “The Intellectual Capital Performance of Indian Banking Sector” Journal of Intellectual Capital, 9(4), 684-704.
• KOYUNCUGİL, A. S. ve N. Özgülbaş, (2006), “İMKB’de İşlem Gören KOBİ’lerin Finansal Başarısızlıklarına Etki Eden Faktörlerin Veri Madenciliği ile Belirlenmesi”, 3. KOBİ’ler ve Verimlilik Kongresi, 17-18 Kasım 2006, Kültür Üniversitesi, İstanbul
• MAKKI, M.A. M. and S. A. Lodhi (2009), “ Impact of Intellectual Capital on Return on Investment in Pakistani Corporate Sector”, Australian Journal of Bas ic and Applied Sciences , 3(3): 2995-3007,
• MAVRIDIS, D. (2004), “The intellectual capital performance of the Japanese banking sector”, Journal of Intellectual Capital, Vol. 5 No. 1, pp. 92-111.
• MAVRIDIS, D. (2005), “Intellectual capital performance determinants and globalization status of Greek listed firms”, Journal of Intellectual Capital, Vol. 6 No. 1, p. 127-140.
• MORGAN, M.W., (1998), “Improving business performance: are you measuring up?”, Journal of Management,49(2): 10-12.
• PULIC, A. (1998), "Measuring the performance of intellectual potential in knowledge economy", in 2nd World Congress on Measuring and Managing Intellectual Capital, McMaster University, Hamilton.
• PULIC, A. (2001), “Value Creation Efficiency Analysis of Croatian Banks 1996-2000”, available at: www.vaic-on.net
• PULIC, A. (2008), "The principles of intellectual capital efficiency – a brief description", in Inspired by Knowledge in Organisations: Essays in Honor of Professor Karl-Erik Sveiby on his 60th Birthday 29th June 2008.
• ROOS, G. and Roos, J. (1997), "Measuring Your Company's Intellectual Performance", Long Range Planning, Vol 30, No. 3, pp. 413-26.
• SALEH, N. M., M. R. C. A., M. S. Hassan, (2009), “Ownershıp Structure and Intellectual Capıtal Performance in Malaysıa”, Asian Academy of Management Journal of Accounting & Finance, Vol. 5 Issue 1, p1-29.
• SEETHARAMAN, A., Sooria, H.H.B.Z. and A. S. Saravanan. (2002), “Intellectual Capital Accounting and Reporting in the Knowledge Economy”, Journal of Intellectual Capital, 3(2), 128–148.
• SHIU, H.J., (2006a), “The application of the value added intellectual coefficient to measure corporate performance: evidence from technological firms”, International Journal of Management, 23(2): 356-365.
• SHIU, H.J., (2006b), “Application of the VAIC to measures of corporate performance: A quantile regression approach”, The Journal of American Academy of Business , Cambridge, 8(2): 156-160.
• STEWART, T. A.; Kirsch, s.l. (1991), “Intellectual capital: Brain Power”, Fortune, cilt 11, sayı 123, s. 44-60.
• STEWART, T.A. (1997), Intellectual capital: The new wealth of organizations, Doubleday/ Currency, New York.
• SULLIVAN, P.H. (2000), Value-Driven Intellectual Capital, John Wiley & Sons, New York, NY.
• SVEIBY, K.E. (1997), The New Organizational Wealth: Managing and Measuring Knowledge Based Assets, Berrett-Koehler, San Francisco.
• TAN, H. P., Plowman, D., Hancock, P. (2007), “ Intellectual capital and financial returns of companies”, Journal of Intellectual Capital, 8(1), 76-95.
• TING, W.K.I. and Lean, H.H. (2009), "Intellectual capital performance of financial institutions in Malaysia", Journal of Intellectual Capital, Vol 10, No. 4, pp 588-99.
• TSENG, C., Y.J. Goo, (2005). “Intellectual capital and corporate value in an emerging economy: empirical studies of Taiwanese manufacturers”, R&D Management, 35(2): 187-201.
• VAN den Berg, A.H. (2002), “Models of intellectual capital valuation: a comparative evaluation”, paper presented at the Knowledge Summit Doctoral Consortium 2002, Queen’s Centre for Knowledge-Based Enterprise, Queen’s University School of Business, Ontario,
• WU, Junjie, Jining, S. and C. Zeng (2008), “An Empirical Evidence of Small Business Financing in China”, Management Research News, Volume 31, No:12, s. 959-975
• YALAMA, A. and M. Coskun, (2007), "Intellectual capital performance of quoted banks on the Istanbul stock exchange market", Journal of Intellectual Capital, Vol 8, No. 2, pp. 256-71.
• YU, K. Y., Ng, H. T., Wong, W. K., Chu, K. W. S. and K. H. Chan, (2010), “An Empirical Study of the Impact of Intellectual Capital Performance on Business Performance”, Proceedings of the International Conference on Intellectual Capital, Knowledge Management & Organizational Learning, p. 650-659.
• ZÉGHAL, D. and A. Maaloul, (2010), "Analysing value added as an indicator of intellectual capital and its consequences on company performance", Journal of Intellectual Capital, Vol 11, No. 1, pp 39- 60.
• www.imkb.gov.tr (Erişim Tarih: 15 Nisan 2011)
• www.kap.gov.tr (Erişim Tarih: 15 Nisan 2011)