Entelektüel sermaye ve finansal performans arasındaki ilişkide kurumsal yönetimin düzenleyici rolüne yönelik bir analiz

Öz

Bu çalışma, Borsa İstanbul'da yer alan imalat sektörü şirketlerinin entellektüel sermaye verimliliği ile finansal performans göstergeleri arasındaki ilişkide kurumsal yönetim mekanizmalarının aracılık rolünü incelemektedir. Araştırma, 2011-2021 yılları arasındaki verileri kapsamaktadır. Panel veri analizi ile modellenen çalışmada, kurumsal yönetimin aracılık etkisinin finansal performans ölçütleri üzerindeki öngörücü marjları tahmin edilmiştir. Bulgular, entelektüel sermaye verimliliği sağlandığında finansal performansta anlamlı bir artış olduğunu ortaya koymaktadır. Sonuçlar, ayrıca, kurumsal yönetim uygulamalarının entelektüel sermaye ile finansal performans arasındaki bağlantı üzerinde de belirgin bir aracılık etkisinin bulunduğunu ortaya koymaktadır. Bu aracılık etkisi, Tobin's Q oranı için daha güçlüdür, bu da güçlü kurumsal yönetim uygulamalarının etkisinin, piyasa bazlı performans göstergesi üzerinde daha etkili olduğunu işaret etmektedir. Bu çalışma, dinamik bir ekonomik yapıya sahip olan Türkiye’deki şirketlerin kurumsal yönetim uygulamalarının, bu şirketlerin entelektüel sermayeleri aracılığıyla değer yaratma yeteneği üzerindeki nicel rolüne dair güçlü ampirik kanıtlar sunmaktadır.

Anahtar Kelimeler

• entellektüel sermaye
• kurumsal yönetim
• finansal performans
• öngörücü marjlar

The moderating role of corporate governance on the relationship between intellectual capital and financial performance

Öz

This study investigates the moderating role of corporate governance mechanisms in the relationship between intellectual capital efficiency and financial performance indicators of Turkish manufacturing firms listed on the Borsa Istanbul Stock Exchange from 2011 to 2021. After the panel regression model, we estimate the predictive margins of the corporate governance moderator on financial performance measures. Findings reveal a significant increase in financial performance when intellectual capital efficiency is achieved. There is also an apparent moderating effect of corporate governance practices on the link between intellectual capital and financial performance. This moderator effect is more substantial for Tobin's Q ratio, indicating that the influence of strong corporate governance practices is more potent on the market-based performance indicator. This study provides strong empirical evidence on the quantitative role of corporate governance in a firm's ability to build value through intellectual capital in a dynamic emerging market, namely, Türkiye.

Anahtar Kelimeler

• intellectual capital
• corporate governance
• financial performance
• predicitve margins

Kaynakça

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