THE EFFECT OF INTANGIBLE FIXED ASSETS ON FIRM VALUE FINANCIAL POLICY AND FINANCIAL PERFORMANCE: A STUDY ON FIRMS LISTED IN BIST TECHNOLOGY INDEX

Abstract

This study investigates the effects of Intangible Fixed Assets (IFA) on firm value (FIRVE), financial policy (FINPO), and financial performance (FINPER) for 12 firms consistently listed in the BIST Technology Index from 2006 to 2023. Using panel data analysis, the Market Value/Book Value (MV/BV) ratio represents firm value, the Total Debt/Total Equity (FINPO) ratio represents financial policy, and the Return on Assets (ROA) ratio represents financial performance. IFA is the independent variable, while Firm Size (FS) and Net Sales (NS) serve as control variables. The findings indicate that IFA positively and significantly affects firm value, but negatively impacts financial policy and financial performance. Firm size negatively affects firm value, yet shows a positive and significant relationship with both FINPO and FINPER. Moreover, net sales positively influence FIRVE and FINPER, but negatively affect FINPO. These results highlight the varying influence of IFA and firm-specific factors on key financial metrics.

Keywords

• Intangible Fixed Assets
• Firm Value
• Financial Policy
• Financial Performance
• Panel Data Analysis

THE EFFECT OF INTANGIBLE FIXED ASSETS ON FIRM VALUE FINANCIAL POLICY AND FINANCIAL PERFORMANCE: A STUDY ON FIRMS LISTED IN BIST TECHNOLOGY INDEX

Abstract

Bu çalışma, 2006-2023 yılları arasında BIST Teknoloji Endeksi'nde sürekli olarak yer alan 12 şirket için maddi olmayan duran varlıkların (IFA) şirket değeri (FIRVE), finansal politika (FINPO) ve finansal performans (FINPER) üzerindeki etkilerini incelemektedir. Panel veri analizi kullanılarak, Piyasa Değeri/Defter Değeri (MV/BV) oranı şirket değerini, Toplam Borç/Toplam Özkaynak (FINPO) oranı finansal politikayı ve Varlık Getirisi (ROA) oranı finansal performansı temsil etmektedir. IFA bağımsız değişken iken, Şirket Büyüklüğü (FS) ve Net Satışlar (NS) kontrol değişkenleri olarak kullanılmaktadır. Bulgular, IFA'nın şirket değerini olumlu ve önemli ölçüde etkilediğini, ancak finansal politika ve finansal performansı olumsuz etkilediğini göstermektedir. Şirket büyüklüğü, şirket değerini olumsuz etkilemekte, ancak hem FINPO hem de FINPER ile olumlu ve önemli bir ilişki göstermektedir. Ayrıca, net satışlar FIRVE ve FINPER'i olumlu etkilemekte, ancak FINPO'yu olumsuz etkilemektedir. Bu sonuçlar, IFA ve şirkete özgü faktörlerin temel finansal göstergeler üzerindeki değişken etkisini vurgulamaktadır. Translated with DeepL.com (free version)

Keywords

• Maddi Olmayan Duran Varlık
• Firma Değeri
• Finansal Politika
• Finansal Performans
• Panel Veri Analizi

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