Entelektüel Sermayenin Finansal Performans ve Piyasa Değeri Üzerindeki Gecikmeli Etkilerinin Yol Analizi

Yıl 2026, Cilt: 11 Sayı: 1 , 236 - 270 , 31.03.2026

Serap Sahin

https://doi.org/10.30784/epfad.1777160

https://izlik.org/JA24DN94XX

Öz

Günümüzün hızlı değişen, sürekli yenilenen ve yoğun rekabetin hâkim olduğu ekonomik ortamında, entelektüel sermayenin ölçülmesi ve firma değerine etkisinin analiz edilmesi, akademik literatürde giderek daha fazla ilgi çeken bir araştırma alanı haline gelmiştir. Bu çalışma, Borsa İstanbul’da işlem gören imalat sektörü şirketlerinde entelektüel sermayenin firma değeri üzerindeki etkisini, finansal performans aracılığıyla incelemektedir. 2022 yılına ait Katma Değer Entelektüel Katsayısı ( ) verileri ile 2023 yılına ait firma değeri Piyasa Değeri/Defter Değeri (PD/DD) oranı arasında bir yıl gecikmeli model kurulmuş; aracı değişken olarak 2022 yılına ait Varlık Getirisi (ROA), kontrol değişkenleri olarak 2022 yılına ait kaldıraç oranı (LEV) ve firma büyüklüğü (LnAktifler) modele dahil edilmiştir. Logaritmik dönüşüm uygulanan değişkenlerle oluşturulan 113 firma verisi, Yol Analizi tekniği kullanılarak test edilmiştir. İlk modelde anlamlı bulunmayan ROA–firma büyüklüğü (LnAktifler) yolu modelden çıkarılarak sadeleştirilmiş model kurulmuş ve mükemmel uyum değerleri elde edilmiştir (CFI=1.000, RMSEA=0.000, p=0.652). Bulgular, ’in firma değerine doğrudan etkisinin sınırlı olduğunu, ancak ROA aracılığıyla dolaylı ve anlamlı etkisinin bulunduğunu göstermektedir. Sonuçlar, entelektüel sermayenin piyasa değeri üzerinde finansal performans üzerinden etkili olduğu yönündeki literatürle tutarlıdır.

Anahtar Kelimeler

Entelektüel Sermaye , VAIC , Firma Performansı , Firma Değeri , Yol Analizi

Path Analysis of the Lagged Effects of Intellectual Capital on Financial Performance and Market Value

https://izlik.org/JA24DN94XX

Öz

In today's rapidly changing, constantly renewing, and highly competitive economic environment, measuring intellectual capital and analyzing its impact on firm value has become an increasingly prominent research area in academic literature. This study examines the impact of intellectual capital on firm value through financial performance in manufacturing companies traded on Borsa Istanbul. A one-year lagged model was established between the 2022 Value Added Intellectual Coefficient ( ) data and the 2023 Price-to-Book (P/B) ratio; Return on Assets (ROA) for 2022 was included as the mediator variable, while the leverage ratio (LEV) and firm size (LnAssets) for 2022 were included as control variables. Data from 113 firms, created with logarithmically transformed variables, were tested using the Path Analysis technique. A simplified model was developed by removing the non-significant ROA-firm size (LnAssets) path from the initial model, resulting in excellent fit indices (CFI=1.000, RMSEA=0.000, p=0.652). The findings indicate that  has a limited direct effect on firm value but exerts a significant indirect effect through ROA. The results are consistent with the literature, suggesting that intellectual capital influences market value through financial performance.

Anahtar Kelimeler

Intellectual Capital , VAIC , Firm Performance , Firm Value , Path Analysis

Kaynakça

• Altman, E.I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. Retrieved from https://www.jstor.org/
• Andreeva, T. and Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from Russian context. Journal of Intellectual Capital, 17(2), 397–412. https://doi.org/10.1108/JIC-07-2015-0062
• Anik, S., Chariri, A. and Isgiyarta, J. (2021). The effect of intellectual capital and good corporate governance on financial performance and corporate value: A case study in Indonesia. Journal of Asian Finance, Economics and Business, 8(4), 391–402. https://doi.org/10.13106/jafeb.2021.vol8.no4.0391
• Ardi, S. and Murwaningsari, E. (2018). Financial performance determination, earnings quality, intellectual capital and company value. South East Asia Journal of Contemporary Business, Economics and Law, 15(5), 1–16. Retrieved from https://seajbel.com/
• Aybars, A. and Öner, M. (2022). The impact of intellectual capital on firm performance and application of MVAIC on firms listed in Borsa Istanbul. Gazi İktisat ve İşletme Dergisi, 8(1), 47–60. https://doi.org/10.30855/gjeb.2022.8.1.004
• Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
• Barney, J., Wright, M. and Ketchen, D.J. Jr. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27(6), 625–641. https://doi.org/10.1177/014920630102700601
• Baron, R.M. and Kenny, D.A. (1986). The moderator–mediator distinction in social psychological research. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
• Baxter, R. and Matear, S. (2003). Measuring intangible value in business-to-business buyer-seller relationships: An intellectual capital perspective. Industrial Marketing Management, 33(6), 491–500. https://doi.org/10.1016/j.indmarman.2004.01.008
• Bayraktaroglu, A.E., Calisir, F. and Baskak, M. (2019). Intellectual capital and firm performance: An extended VAIC model. Journal of Intellectual Capital, 20(3), 406–425. https://doi.org/10.1108/JIC-12-2017-0184
• Beaver, W.H. (1966). Financial ratios as predictors of failure. Journal of Accounting Research, 4, 71–111. https://doi.org/10.2307/2490171
• Bollen, L., Vergauwen, P. and Schnieders, S. (2005). Linking intellectual capital and intellectual property to company performance. Management Decision, 43(9), 1161–1185. https://doi.org/10.1108/00251740510626254
• Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management Decision, 36(2), 63–76. https://doi.org/10.1108/00251749810204142
• Bontis, N., Keow, W.C.C. and Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1(1), 80–100. https://doi.org/10.1108/14691930010324188
• Boonchukham, P., Pholkaew, C. and Dampitakse, K. (2023). Investigation of intellectual capital and firm performance in Thailand: Mediating role of earning quality. Asian Economic and Financial Review, 13(11), 832–850. https://doi.org/10.55493/5002.v13i11.4868
• Byrne, B.M. (2010). Structural equation modeling with AMOS: Basic concepts, applications and programming (2nd ed.). New York: Routledge.
• Chen, J., Zhu, Z. and Xie, H.Y. (2004). Measuring intellectual capital: A new model and empirical study. Journal of Intellectual Capital, 5(1), 195–212. https://doi.org/10.1108/14691930410513003
• 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, 6(2), 159–176. https://doi.org/10.1108/14691930510592771
• Cheng, M.-Y., Lin, J.-Y., Hsiao, T.-Y. and Lin, T.W. (2010). Invested resource, competitive intellectual capital and corporate performance. Journal of Intellectual Capital, 11(4), 433–450. https://doi.org/10.1108/14691931011085623
• Choirunnisyah, J. and Aisyah, E.N. (2022). Intellectual capital and firm value: The role of financial performance as intervening variable. Journal of Economics, Finance and Management Studies, 5(5), 1300–1308. https://doi.org/10.47191/jefms/v5-i5-11
• Clarke, M., Seng, D. and Whiting, R.H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505–530. https://doi.org/10.1108/14691931111181706
• Crema, M. and Verbano, C. (2016). Managing intellectual capital in Italian manufacturing SMEs. Creativity and Innovation Management, 25(3), 408–421. https://doi.org/10.1111/caim.12074
• Edvinsson, L. and Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal, 14(4), 356–364. https://doi.org/10.1016/0263-2373(96)00022-9
• Ermawati, Y., Noch, M.Y., Zakaria, Ikhsan, A. and Khaddafi, M. (2017). Reconstruction of financial performance to manage gap between value added intellectual coefficient (〖VAIC〗^TM) and value of company in banking company listed in Indonesia stock exchange. International Journal of Economics and Financial Issues, 7(4), 537–549. Retrieved from http://www.econjournals.com
• Fama, E.F. (1978). The effects of a firm’s investment and financing decisions on the welfare of its security holders. The American Economic Review, 68(3), 272–284. Retrieved from https://www.aeaweb.org/
• Fauziah, S., Eliza, A. and Sisdianto, E. (2022). The effect of intellectual capital on firm value with profitability as intervening variable: Study on manufacturing companies registered at ISSI 2016-2020 (pp. 244–255). Paper presented at the 3rd Annual International Conference on Islamic Economics and Business, Salatiga: UIN Salatiga. Retrieved from https://conferences.uinsalatiga.ac.id/index.php/aicieb/article/view/178/186
• Firer, S. and Williams, S.M. (2003). Intellectual capital and traditional measures of corporate performance, Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806
• Forte, W., Matonti, G. and Nicolo, G. (2019). The impact of intellectual capital on firms’ financial performance and market value: Empirical evidence from Italian listed firms. African Journal of Business Management, 13(5), 147–159. https://doi.org/10.5897/AJBM2018.8725
• Frank, M.Z. and Goyal, V.K. (2007). Capital structure decisions: Which factors are reliably important? (SSRN Working Paper No. 567650). http://doi.org/10.2139/ssrn.567650
• Genç, A.K. (2020). Entelektüel sermaye: Türkiye’de bir uygulama. Ekonomi, Politika ve Finans Araştırmaları Dergisi, 5(3), 595–619. https://doi.org/10.30784/epfad.755698
• Grant, R.M. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, 17(Winter Special Issue), 109–122. https://doi.org/10.1002/smj.4250171110
• Hartati, N. and Hadiwidjaja, R.D. (2017). Relationships among intellectual capital, financial performance and market value: A case study from Indonesia. International Journal of Globalization and Small Business, 9(1), 29–45. https://doi.org/10.1504/IJGSB.2017.084708
• Hayes, A.F. (2009). Beyond Baron and Kenny; Statistical mediation analysis in the millennium. Communication Monographs, 76(4), 408–420. https://doi.org/10.1080/03637750903310360
• Hermawan, S., Hanun, N.R., Nirwana, N.Q.S. and Candrawati, C.I. (2021). Intellectual capital, market value and financial performance Indonesia and Malaysia’s banking companies. Journal of Accounting and Strategic Finance, 4(2), 135–151. https://doi.org/10.33005/jasf.v4i2.142
• Indrawati, N.K., Djazuli, A. and Salim, U. (2022). The mediation and moderation role of knowledge assets in relationship between intellectual capital dimension and company performances. Holistica Journal of Business and Public Administration, 13(2), 9–24. https://doi.org/10.2478/hjbpa-2022-0012
• Jensen, M.C. and Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. http://doi.org/10.1016/0304-405X(76)90026-X
• Joshi, M., Cahill, D., Sidhu, J. and Kansal, M. (2013). Intellectual capital and financial performance: An evaluation of the Australian financial sector. Journal of Intellectual Capital, 14(2), 264–285. https://doi.org/10.1108/14691931311323887
• Kamath, G.B. (2015). Impact of intellectual capital on financial performance and market valuation. International Letters of Social and Humanistic Sciences, 48, 107–122. https://doi.org/10.18052/www.scipress.com/ILSHS.48.107
• Karaömer, Y., Kakilli Acaravcı, S. ve Telek, A. (2023). Entelektüel sermaye bileşenlerinin firma performansına etkisi: Borsa İstanbul’da işlem gören teknoloji firmaları üzerine bir uygulama. Artuklu Kaime Uluslararası İktisadi ve İdari Araştırma Dergisi, 6(1), 20–43. https://doi.org/10.55119/artuklu.1276884
• Kline, R.B. (2016). Principles and practice of structural equation modelling (4th ed.). New York: The Guilford Press.
• Kristandl, G. and Bontis, N. (2007). Constructing a definition for intangibles using the resource-based view of the firm. Management Decision, 45(9), 1510–1524. https://doi.org/10.1108/00251740710828744
• Kweh, Q.L., Ting, I.W.K., Hanh, L.T.M. and Zhang, C. (2019). Intellectual capital, governmental presence, and firm performance of publicly listed companies in Malaysia. International Journal of Learning and Intellectual Capital, 16(2), 193–211. https://doi.org/10.1504/IJLIC.2019.098932
• Lev, B. and Radhakrishnan, S. (2003). The measurement of firm-specific organization capital (NBER Working Paper No. 9581). Retrieved from https://www.nber.org/papers/w9581
• Liu, L., Zhang, J., Xu, J. and Wang, Y. (2022). Intellectual capital and financial performance of Chinese manufacturing SMEs: An analysis from the perspective of different industry types. Sustainability, 14, 1–17. https://doi.org/10.3390/su141710657
• Lonial, S.C. and Carter, R.E. (2015). The impact of organizational orientations on medium and small firm performance: A resource-based perspective. Journal of Small Business Management, 53(1), 94–113. https://doi.org/10.1111/jsbm.12054
• Maditinos, D., Chatzoudes, D., Tsairidis, C. and Theriou, G. (2011). The impact of intellectual capital on firms’ market value and financial performance. Journal of Intellectual Capital, 12(1), 132–151. https://doi.org/10.1108/14691931111097944
• Marr, B., Gray, D. and Neely, A. (2003). Why do firm measure their intellectual capital? Journal of Intellectual Capital, 4(4), 441–464. https://doi.org/10.1108/14691930310504509
• Milanda, S., Halim, E. and Savitri, E. (2022). The effect of debt-to-equity ratio, earning per share and company size on market value of equity with intellectual capital as moderating variable. Indonesian Journal of Economics, Social and Humanities, 4(1), 41–54. https://doi.org/10.31258/ijesh.4.1.41-54
• Modigliani, F. and Miller, M.H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–296. Retrieved from http://www.aeaweb.org/journals/aer
• Mohammad, H.S. and Bujang, I. (2019). Firms’ size as a contingency approach in the relationships of intellectual capital, capital structure and financial performance. International Journal of Academic Research in Business and Social Sciences, 9(3), 268–277. http://doi.org/10.6007/IJARBSS/v9-i3/5676
• Nafiroh, S. and Nahumury, J. (2016). The influence of intellectual capital on company value with financial performance as an intervening variable in financing institution in Indonesia. The Indonesian Accounting Review, 6(2), 159–170. https://doi.org/10.14414/tiar.v6i2.604
• Nazari, J.A. and Herremans, I.M. (2007). Extended VAIC model: Measuring intellectual capital components. Journal of Intellectual Capital, 8(4), 595–609 https://doi.org/10.1108/14691930710830774
• Newbert, S.L. (2008). Value, rareness, competitive advantage and performance: A conceptual-level empirical investigation of the resource-based view of the firm. Strategic Management Journal, 29, 745–768. https://doi.org/10.1002/smj.686
• Octavia, S., Fathoni, A.F. and Efni, Y. (2019). Influence of intellectual capital and structure of the company value through financial performance as an intervening variable. AFEBI Economic and Financial Review, 4(02), 101–112. Retrieved from https://journal.aefr.afebi.org/
• Osinski, M., Selig, P.M., Matos, F. and Roman, D.J. (2017). Methods of evaluation of intangible assets and intellectual capital. Journal of Intellectual Capital, 18(3), 470–485. https://doi.org/10.1108/JIC-12-2016-0138
• Ozkan, N., Cakan, S. and Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish banking sector. Borsa İstanbul Review, 17(3), 190–198. https://doi.org/10.1016/j.bir.2016.03.001
• Pasaribu, H., Purnamasari, D.I. and Hapsari, I.T. (2012). The role of corporate intellectual capital. American International Journal of Contemporary Research, 2(9), 162–171. Retrieved from https://aijcr.thebrpi.org/
• Peteraf, M.A. (1993). The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14(3), 179–191. Retrieved from https://onlinelibrary.wiley.com/journal/10970266
• Preacher, K.J. and Hayes, A.F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879–891. https://doi.org/10.3758/brm.40.3.879
• Pulic, A. (2000). VAIC™ an accounting tool for IC management. International Journal of Technology Management, 20(5-8), 702–714. https://doi.org/10.1504/IJTM.2000.002891
• Pulic, A. (2004). Intellectual capital – Does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
• Pulic, A. and Bornemann, M. (1999). The physical and intellectual capital of Austrian banks. Retrieved from https://www.researchgate.net/
• Razafindrambinina, D. and Anggreni, T. (2011). Intellectual capital and corporate financial performance of selected listed companies in Indonesia. Malaysian Journal of Economic Studies, 48(1), 61–77. Retrieved from https://mjes.um.edu.my
• Riahi-Belkaoui, A. (2002). Intellectual capital and firm performance of U.S. multinational firms: A study of the resource-based and stakeholder views. Journal of Intellectual Capital, 4, 215–226. https://doi.org/10.1108/14691930310472839
• Ross, S.A. (1977). The determination of financial structure: The incentive-signaling approach. The Bell Journal of Economics, 8(1), 23 – 40. Retrieved from https://www.jstor.org/stable/3003485
• Ross, S.A. (1978). Some notes on financial incentive-signaling models, activity choice and risk preferences. The Journal of Finance, 33(3), 777–792. Retrieved from https://www.jstor.org/stable/2326485
• Sarwono, J. (2022). Path analysis: Data analysis application (2nd ed.). Independently Published Amazon.
• Sharabati, A.-A.A., Jawad, S.N. and Bontis, N. (2010). Intellectual capital and business performance in the pharmaceutical sector of Jordan. Management Decision, 48(1), 105–131. https://doi.org/10.1108/00251741011014481
• Smriti, N. and Das, N. (2018). The impact of intellectual capital on firm performance: A study of Indian firms listed in COSPI. Journal of Intellectual Capital, 19(5), 935–964. https://doi.org/10.1108/JIC-11-2017-0156
• Soewarno, N. and Tjahjadi, B. (2020). Measures that matter: An empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085 – 1106. https://doi.org/10.1108/JIC-09-2019-0225
• Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. Retrieved from https://doi.org/10.2307/1882010
• Spender, J.C. and Grant, R.M. (1996). Knowledge and the firm: Overview. Strategic Management Journal, 17(S2), 5–9. https://doi.org/10.1002/smj.4250171102
• Suripto and Gunawan, J. (2019). Intellectual capital determinant towards company’s competitive advantage and performance and its impact on company’s values. International Journal of Business, Economics and Law, 19(5), 145–163. Retrieved from https://ijbel.com/
• Suroto and Nugraha, C.A. (2022). Intellectual capital effect on financial performance and company value: Empirical study on financial sector companies listed on the Indonesia stock exchange in 2020. International Journal of Business Marketing and Management (IJBMM), 7(1), 65–75. Retrieved from https://www.ijbmm.com/
• Sutisna, E., Pasolo, F., Sutisman, E. and Mariana, L. (2023). The effect of intellectual capital on financial companies: Empirical study from Indonesia. Journal of Humanities and Social Sciences Innovation, 3(1), 139–155. https://doi.org/10.35877/454RI.daengku1347
• Sveiby, K.E. (2001) A knowledge-based theory of the firm to guide in strategy formulation. Journal of Intellectual Capital, 2(4), 344–358. https://doi.org/10.1108/14691930110409651
• Tan, H. P., Plowman, D. and Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital, 8(1), 76–95. https://doi.org/10.1108/14691930710715079
• Tarigan, J., Listijabudhi, S., Hatane, S.E. and Widijaja, D.C. (2019). The impacts of intellectual capital on financial performance: An evidence from Indonesian manufacturing industry. Indonesian Journal of Business and Entrepreneurship, 5(1), 65–76. https://doi.org/10.17358/ijbe.5.1.65
• Titman, S. and Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
• Ulum, I., Kharismawati, N. and Syam, D. (2017). Modified value-added intellectual coefficient (MVAIC) and tradition biggest companies. International Journal of Learning and Intellectual Capital, 14(3), 207–219. https://doi.org/10.1504/IJLIC.2017.086390
• Vishnu, S. and Gupta, V.K. (2014). Intellectual Capital and Performance of Firms in India. Journal of Intellectual Capital, 15(1), 83–99. https://doi.org/10.1108/JIC-04-2013-0049
• Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
• Xu, J. and Li, J. (2019). The impact of intellectual capital on SMEs’ performance in China. Journal of Intellectual Capital, 20(4), 448–509. https://doi.org/10.1108/JIC-04-2018-0074
• Xu, J. and Li, J. (2020). The interrelationship between intellectual capital and firm performance: Evidence from China’s manufacturing sector. Journal of Intellectual Capital, 23(2), 313–341. https://doi.org/10.1108/JIC-08-2019-0189
• Xu, J. and Wang, B. (2018). Intellectual capital, financial performance and companies’ sustainable growth: Evidence from the Korean manufacturing industry. Sustainability, 10(12), 4651. https://doi.org/10.3390/su10124651
• Yiğit, F. (2021). Entelektüel sermaye firma performansını nasıl etkiler? Gelişmekte olan ülkelerden güncel kanıtlar. Gümüşhane Üniversitesi Sosyal Bilimler Enstitüsü Elektronik Dergisi, 12(2), 679–696. Erişim adresi: https://dergipark.org.tr/tr/pub/gumus/