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HUMAN CAPITAL AND PROFITABILITY: CASE of TURKISH BANKING SECTOR

Yıl 2024, Cilt: 17 Sayı: 4, 1073 - 1088, 10.10.2024
https://doi.org/10.25287/ohuiibf.1563328

Öz

This study aims to examine the effect of human capital on profitability of Turkish banking sector by a panel data covering 2009.q1-2022.q4. Throughout this aim, a research model based on a dependent variable as return on equity is set up. The independent variable to be focused is the Human Capital Efficiency Coefficient -mostly considered as the most significant sub-coefficient of the Value-Added Intellectual Coefficient Methodology developed by Ante Pulic (2004)- to measure intellectual capital efficiency. Besides, three control variables are included in the model to proxy balance sheet structure, assets quality and liquidity. Levin-Lin-Chu (LLC), Im-Pesaran-Shin (IPS) and Augmented Dickey Fuller (ADF) Fisher panel unit root tests, and Pedroni (1999) panel co-integration test are conducted in the econometric analyses to test the stationarity and co-integration among the series. Long term co-integration coefficients are estimated by Fully Modified Ordinary Least Squares (FMOLS) methodology proposed by Pedroni (2000). The empirical findings indicate the existence of a statistically significant and positive relationship between human capital and profitability; and statistically significant and negative relationships among human capital and assets quality, and human capital and liquidity. Another finding is that there exists no statistically significant relationship between human capital and balance sheet structure.Levin-Lin-Chu (LLC), Im-Pesaran-Shin (IPS) and Augmented Dickey Fuller (ADF) Fisher panel unit root tests, and Pedroni (1999) panel co-integration test are conducted in the econometric analyses to test the stationarity and co-integration among the series. Long term co-integration coefficients are estimated by Fully Modified Ordinary Least Squares (FMOLS) methodology proposed by Pedroni (2000). The empirical findings indicate the existence of a statistically significant and positive relationship between human capital and profitability; and statistically significant and negative relationships among human capital and assets quality, and human capital and liquidity. Another finding is that there exists no statistically significant relationship between human capital and balance sheet structure.

Kaynakça

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İNSAN SERMAYESİ ve KÂRLILIK: TÜRK BANKACILIK SEKTÖRÜ ÜZERİNE BİR UYGULAMA

Yıl 2024, Cilt: 17 Sayı: 4, 1073 - 1088, 10.10.2024
https://doi.org/10.25287/ohuiibf.1563328

Öz

Bu çalışmanın amacı; 2009.q1-2022.q4 dönemini kapsayan panel veri seti kullanılarak, insan sermayesinin Türk bankacılık sektörünün kârlılığı üzerindeki olası etkisinin irdelenmesidir. Bu amaç doğrultusunda, kârlılığın bağımlı değişken olarak özsermaye getirisi ile test edildiği bir araştırma modeli oluşturulmuştur. Modelin temel bağımsız değişkeni Ante Pulic (2004) tarafından geliştirilen ve entelektüel sermaye etkinliğini ölçmede kullanılan Entelektüel Katma Değer Katsayısı (Intellectual Value Added Coefficient-VAIC) Yöntemi’nin en önemli alt bileşeni olan İnsan Sermayesi Etkinliği (Human Capital Efficiency-HCE) Katsayısı’dır. Ayrıca, araştırma modeline kontrol değişkenleri olarak ilgili bankanın bilanço yapısı, aktif kalitesi ve likidite değişkenleri dâhil edilmiştir. Çalışmanın ekonometrik metodolojisi kapsamında, modele dâhil edilen değişkenlerin durağanlık ve eş-bütünleşme düzeylerinin tespit edilmesinde Levin-Lin-Chu (LLC), Im-Pesaran-Shin (IPS) ve Augmented Dickey Fuller (ADF) Fisher panel birim kök testleri ile Pedroni (1999) panel eş-bütünleşme testi kullanılmaktadır. Uzun dönem eş- bütünleşme katsayıları ise Pedroni (2000) tarafından önerilen (tam Modifiye Edilmiş En Küçük Kareler (Fully Modified Ordinary Least Squares-FMOLS) yöntemi ile tespit edilmektedir. Elde edilen ampirik bulgular, insan sermayesi etkinliğinin kârlılık üzerindeki etkisinin pozitif; buna karşın aktif kalitesinin ve likiditenin finansal performans üzerindeki etkilerinin negatif yönlü olduğunu göstermektedir. Elde edilen bir diğer ampirik bulgu ise kontrol değişkenlerinden olan bilanço yapısı değişkeninin, kârlılık üzerinde istatistiksel olarak anlamlı bir etkisinin bulunmadığıdır.Çalışmanın ekonometrik metodolojisi kapsamında, modele dâhil edilen değişkenlerin durağanlık ve eş-bütünleşme düzeylerinin tespit edilmesinde Levin-Lin-Chu (LLC), Im-Pesaran-Shin (IPS) ve Augmented Dickey Fuller (ADF) Fisher panel birim kök testleri ile Pedroni (1999) panel eş-bütünleşme testi kullanılmaktadır. Uzun dönem eş-bütünleşme katsayıları ise Pedroni (2000) tarafından önerilen (tam Modifiye Edilmiş En Küçük Kareler (Fully Modified Ordinary Least Squares-FMOLS) yöntemi ile tespit edilmektedir. Elde edilen ampirik bulgular, insan sermayesi etkinliğinin kârlılık üzerindeki etkisinin pozitif; buna karşın aktif kalitesinin ve likiditenin finansal performans üzerindeki etkilerinin negatif yönlü olduğunu göstermektedir. Elde edilen bir diğer ampirik bulgu ise kontrol değişkenlerinden olan bilanço yapısı değişkeninin, kârlılık üzerinde istatistiksel olarak anlamlı bir etkisinin bulunmadığıdır.

Kaynakça

  • Ahmed, Z. N., & Hussin, M. R. A. (2023). Intellectual capital and firm performance: value-added intellectual coefficient. Journal of Accounting Research, Organization, and Economics, 6(2), 124-137.
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  • Alain, D., Egide, K., & Zhan, S. (2014). Towards a better understanding of intellectual capital in Mexican SMEs. Journal of Intellectual Capital, 15, 316–332.
  • Albertini, E., & Berger-Remy, F. (2019). Intellectual capital and financial performance: a meta-analysis and research agenda. Management, 22(2), 216-249.
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  • Murthy, V., & Mouritsen, J. (2011). The performance of intellectual capital. Accounting, Auditing & Accountability Journal, 24(5), 622-646.
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  • Nimtrakoon, S. (2015). The relationship between intellectual capital, firms’ market value and financial performance: empirical evidence from the ASEAN. Journal of Intellectual Capital, 16(3), 587-618.
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  • Pedro, E., Leitão, J., & Alves, H. (2018), Intellectual capital and performance: taxonomy of components and multi- dimensional analysis axes. Journal of Intellectual Capital, 19(2), 407-452.
  • Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(1), 653-670.
  • Pedroni, P. (2000). Fully-modified OLS for heterogeneous cointegrated panels. Advances in Econometrics, 15, 93- 130.
  • Pedroni, P. (2004). Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20, 597-625.
  • Petty, R., & Guthrie, J. (2000). Intellectual capital literature review: measurement, reporting and management. Journal of Intellectual Capital, 1(2), 155-176.
  • Pfeffer, J. (1994). Competitive advantage through people: unleashing the power of the work force. Boston, MA: Harvard Business School Press.
  • Prahalad, C. K., & Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 68(3), 79-91.
  • Pulic, A. (2000). VAIC an accounting tool for IC management. International Journal of Technology Management. 20(5), 702-714.
  • Pulic, A. (2003). An accounting tool for IC management. www.measuring­ip.at.
  • Pulic, A. (2004). Intellectual capital - does it create or destroy value?. Measuring Business Excellence, 8(1), 62-68.
  • Quintero-Quintero, W., Blanco-Ariza, A., & Garzon-Castrillon, M. (2021). Intellectual capital: a review and bibliometric analysis. Publications, 9 (46) 1-23.
  • Ramanauskaite, A., & Rudzioniene, K. (2013). Intellectual capital valuation: methods and their classification. Ekonomika, 92(2), 79-92.
  • Randa, M., Budiarso, N. S., & Rondonuwu, S. (2023). The effect of intellectual capital on financial performance in non-cyclical consumer sector companies listed in IDX. Journal of Contemporary Accounting, 5(3), 155- 162.
  • Richard, O. (2000). Racial diversity, business strategy, and firm performance: A resource-based view. Academy of Management Journal, 43(2), 164-177.
  • Rodov, I., & Leliaert, P. (2002). FiMIAM: financial method of intangible assets measurement. Journal of Intellectual Capital, 3(3), 323-336.
  • Roos, G., & Roos, J. (1997). Measuring your company’s intellectual performance. Long Range Planning, 30(3), 413-426.
  • Roos, G., Roos, J., Edvinsson, L., & Dragonetti, N. C. (1997). Intellectual capital- navigating in the new business landscape, New York: New York University Press.
  • Rouf, M. A., & Hossan, M.A. (2020), The effects of board size and board composition on CSR disclosure: a study of banking sectors in Bangladesh. International Journal of Ethics and Systems, 37(1), 105-121.
  • Santos-Rodrigues, H., Cranfield, D. J., Faria, J., & Morais, C. (2013). Intellectual capital and innovation: a case study of a public healthcare organisation in Europe. Electronic Journal of Knowledge Management, 11(4), 361-372.
  • Sardo, F., & Serrasqueiro, Z. (2018). Intellectual capital, growth opportunities, and financial performance in European firms: dynamic panel data analysis. Journal of Intellectual Capital, 19(4), 747-767.
  • Sardo, F., Serrasqueiro, Z., & Alves, H. (2018). On the relationship between intellectual capital and financial performance: a panel data analysis on SME hotels. International Journal of Hospitality Management, 75(1), 67–74.
  • Scafarto, V., Dalwai, T., Ricci, F., & della Corte, G. (2023). Digitalization and firm financial performance in healthcare: the mediating role of intellectual capital efficiency. Sustainability, 15(5), 1-17.
  • Sharabati, A.-A. A., Shamari, N. S., Nour, A.-N. I., Durra, A.-B. I. D. & Moghrabi, K. M. (2016). The impact of intellectual capital on business performance in Kuwaiti telecommunication industry. International Journal of Business Performance Management, 17(4), 428-446.
  • Smriti, N., & 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.
  • Soetanto, T., & Liem, P. F. (2019). Intellectual capital in Indonesia: dynamic panel approach. Journal of Asia Business Studies, 13(2), 240–262.
  • Sofian, S., Tayles, M., & Pike, R. (2006). The implications of intellectual capital on performance measurement and corporate performance. Jurnal Kemanusiaan, 8(1), 13-24.
  • Sohel Rana, M., & Hossain, S. Z. (2023). Intellectual capital, firm performance, and sustainable growth: a study on DSE-listed nonfinancial companies in Bangladesh. Sustainability,15(9), 1-23.
  • Stahle, P., Stahle, S., & Aho, S. (2011). Value added intellectual coefficient (VAIC): a critical analysis. Journal of Intellectual Capital, 12(4), 531-551.
  • Stewart, T. A. (1997). Intellectual capital: The new wealth of organizations. Currency Doubleday, New York.
  • Subhash, A., & James, G. (2010). Intellectual capital and the capital market: a review and synthesis. Journal of Human Resource Costing & Accounting, 14(3), 196-226.
  • Sultan, K., Mohammad Ameen, F., Muzammal Murtaza, M., Jafar, R., & Jamal, S. (2021). Human capital as competitive advantage: empirical evidence from entities of Pakistan. Turkish Journal of Computer and Mathematics Education, 12(7), 2176-2184.
  • Sveiby, K.-E. (1997). The intangible assets monitor. Journal of Human Resource Costing & Accounting, 2(1), 73- 97.
  • Sveiby, K.-E. (2001). Methods for measuring intangible assets. www.sveiby.com, (January) http://www.sveiby.com/files/pdf/intangiblemethods.pdf, 1-10.
  • Tan, H. P., Plowman, D., & Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital, 8(1), 76-95.
  • The Banks Association Turkey (2009-2022). Banks in Turkey (2009-2022).
  • Tiwari, R., Vidyarthi, H., & Kumar, A. (2023). Nexus between intellectual capital and bank productivity in India. Journal of Risk and Financial Management, 16(1), 1-17.
  • Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15-29.
  • Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual capital performance of Indonesian banking sector: A modified VAIC (M-VAIC) perspective. Asian Journal of Finance & Accounting, 6(2), 103-123.
  • Vaskeliene, L. (2007). Development of organizational IC measurement methodology: problems and solutions. Economics and Management, 14(1), 165-173.
  • Vincenzo, S., Federica, R., & Francesco, S. (2016). Intellectual capital and firm performance in the global agribusiness industry: the moderating role of human capital. Journal of Intellectual Capital, 17(3), 530- 552.
  • Vishnu, S., & Kumar Gupta, V. (2014). Intellectual capital and performance of pharmaceutical firms in India. Journal of Intellectual Capital, 15(1), 83-99.
  • Vo, D. H., & Tran, N. P. (2023). Measuring national intellectual capital and its effect on country’s competitiveness. Competitiveness Review, 33(4), 820-839.
  • Wang, W.-Y., & Chang, C. (2005). Intellectual capital and performance in causal models: Evidence from the information technology industry in Taiwan. Journal of Intellectual Capital, 6(2), 222-236.
  • Weqar, F., Khan, A. M., Raushan, M. A., & Haque, S. M. (2021). Measuring the impact of intellectual capital on financial performance of the finance sector of India. Journal of Knowledge Economy, 12(3), 1134-1151.
  • Xu, J., & Li, J. S. (2019). The impact of intellectual capital on SME’s performance in China: empirical evidence from non-high-tech vs. high-tech SMEs. Journal of Intellectual Capital, 20(4), 488-509.
  • Xu, J., & Wang, B. (2018). Intellectual capital, financial performance and companies’ sustainable growth: evidence from the Korean manufacturing industry. Sustainability, 10(12), 4651.
  • Xu, J., & Wang, B. (2019). Intellectual capital performance of the textile industry in emerging markets: a comparison with China and South Korea. Sustainability, 11(8), 1-16.
  • Yalama, A. (2013). The relationship between intellectual capital and banking performance in Turkey: evidence from panel data. International Journal of Learning and Intellectual Capital, 10(1), 71-87.
  • Yao, H., Haris, M., Tariq, G., Javaid, H. M., & Khan, M. A. S. (2019). Intellectual capital, profitability, and productivity: evidence from Pakistani financial institutions. Sustainability, 11(2), 1-30.
  • Yarbrough, L., Morgan, N. A., & Vorhies, D. W. (2011). The impact of product market strategy - organizational culture fit on business performance. Journal of the Academy of Marketing Science, 39(4), 555-573.
  • Yeganeh, M. V., Sharahi, B. Y., Mohammadi, E., & Beigi, F. H. (2014). A survey of the relationship between intellectual capital and performance of the private insurance companies of Iran. Procedia – Social and Behavioral Sciences, 114, 699-705.
  • Zhining, W., Nianxin, W., & Huigang, L. (2014). Knowledge sharing, intellectual capital and firm performance. Management Decision, 52(2), 230-258.
Toplam 120 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans ve Yatırım (Diğer)
Bölüm Makaleler
Yazarlar

Hüseyin Nazmi Kartal Demirgüneş 0000-0002-6305-0967

Haluk Bengü 0000-0001-7751-0285

Elif Karakaş 0000-0002-8088-1455

Yayımlanma Tarihi 10 Ekim 2024
Gönderilme Tarihi 8 Ekim 2024
Kabul Tarihi 8 Ekim 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 17 Sayı: 4

Kaynak Göster

APA Demirgüneş, H. N. K., Bengü, H., & Karakaş, E. (2024). HUMAN CAPITAL AND PROFITABILITY: CASE of TURKISH BANKING SECTOR. Ömer Halisdemir Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 17(4), 1073-1088. https://doi.org/10.25287/ohuiibf.1563328
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