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Türk Bankacılık Sektöründe Entelektüel Sermayenin Finansal Performansa Etkisi: MVAIC Yöntemi ile Bir Araştırma

Year 2025, Volume: 26 Issue: 2, 269 - 286, 30.04.2025

Bahadır Uysal , Evren Yanya

https://doi.org/10.37880/cumuiibf.1606972

Abstract

Hizmet sektörü niteliği itibari ile insan sermayesi, ilişki sermayesi, bilgi teknolojileri gibi soyut varlıkların faaliyet sürecine en yoğun katkı sağladığı sektördür. Bu anlamda, soyut varlıkların hizmet sektörünün finansal performansına katkısının somut varlıklardan daha fazla olması beklenmektedir. İşletmenin bünyesinde yer alan soyut varlıkların tümü esas itibariyle entelektüel sermaye olarak ifade edilmektedir. Bu çalışma Türk bankacılık sektöründe entelektüel sermayenin bankaların finansal performanslarına etkisini Düzeltilmiş Entelektüel Sermaye Katma Değer Katsayısı (MVAIC) yöntemi ile araştırmayı amaçlamaktadır. MVAIC’e göre entelektüel sermaye insan sermayesi etkinliği, yapısal sermaye etkinliği, ilişkisel sermaye etkinliği ve kullanılan sermaye etkinliği olmak üzere dört temel unsurdan oluşmaktadır. Bu çalışma, Türkiye'de bankacılık sektöründe faaliyet gösteren 28 ticari bankanın 2018 yılı 1. çeyreği ile 2023 yılı 3. çeyreği arasındaki üç aylık verilerini kullanarak, entelektüel sermaye ve onu oluşturan unsurların bir finansal kurumun aktif kârlılığı üzerindeki etkisini incelemektedir. Panel veri analizi sonuçlarına göre entelektüel sermaye ile aktif karlılığı arasında pozitif ve anlamlı bir ilişki tespit edilmiştir. Buna karşılık, artan ilişkisel sermaye etkinliği, yapısal sermaye etkinliği ve kullanılan sermaye etkinliği aktif karlılığı üzerinde anlamlı ve pozitif bir etkiye sahiptir. İnsan sermayesi ile aktif karlılığı arasında anlamlı bir ilişki yoktur.

Keywords

Entelektüel Sermaye Düzeltilmiş Entelektüel Sermaye Katma Değer Katsayısı (MVAIC) Bankacılık Panel Veri

References

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  • Asteriou, D., & Hall, S. G. (2021). Applied econometrics. London: Red Globe Press.
  • Asutay, M., & Ubaidillah. (2023). Examining the impact of intellectual capital performance on financial performance in Islamic banks. Journal of the Knowledge Economy. https://doi:10.1007/s13132-023-01114-1
  • Barak, M., & Sharma, R. K. (2024). Does intellectual capital impact the financial performance of Indian public sector banks? An empirical analysis using GMM. Humanities and Social Sciences Communications, 11(208). https://doi:10.1057/s41599-024-02702-5
  • Bayraktar, Y., & Atasel, O. Y. (2022). Değiştirilmiş entelektüel katma değer katsayısı ile finansal performans arasındaki ilişkinin incelenmesi: BIST banka endeksi’nde bir araştırma. Muhasebe Enstitüsü Dergisi - Journal of Accounting Institute, 67, 27-55. https://doi:10.26650/MED.1117773
  • Bayraktaroğlu, A. E., Çalışır, F., & Baskak, M. (2019). Intellectual capital and firm performance: An extended VAIC model. Journal of Intellectual Capital, 20(3), 406-425. https://doi:10.1108/JIC-12-2017-0184
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533-549.
  • Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management Decision, 36(2), 63-76. https://doi:10.1108/00251749810204142
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Buallay, A. (2019). Intellectual capital and performance of Islamic and conventional banking. Journal of Management Development, 38(7), 518-537. https://doi:10.1108/JMD-01-2019-0020
  • Cameron, A. C., & Triverdi, P. K. (2009). Microeconometrics using stata. The United States of America: A Stata Press Publication.
  • Das, P. (2019). Econometrics in theory and practice: Analysis of cross section, time series and panel data with stata 15.1. Singapore: Springer. https://doi:10.1007/978-981-32-9019-8
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), 549-560.
  • Drucker, P. F. (1999). Knowledge-worker productivity: The biggest challenge. California Management Review, 41(2), 79-94.
  • Dzenopoljac, V., Yaacoub, C., Elkanj, N., & Bontis, N. (2017). Impact of intellectual capital on corporate performance: evidence from the Arab region. Journal of Intellectual Capital, 18(4), 884-903. https://doi:10.1108/JIC-01-2017-0014
  • Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal, 14(4), 356-364. https://doi:10.1016/0263-2373(96)00022-9
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  • Farooque, O. A., AlObaid, R. O., & Khan, A. A. (2023). Does intellectual capital in Islamic banks outperform conventional banks? Evidence from GCC countries. Asian Review of Accounting, 31(5), 805-831. https://doi:10.1108/ARA-12-2022-0298
  • Faruq, M. O., Akter, T., & Rahman, M. M. (2023). Does intellectual capital drive bank’s performance in Bangladesh? Evidence from static and dynamic approach. Heliyon, 9(7). https://doi:10.1016/j.heliyon.2023.e17656
  • Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348-360. https://doi:10.1108/14691930310487806
  • Gama, A. W., Wiagustini, N. L., Sedana, I. B., & Purbawangsa, I. B. (2020). Intellectual capital and financial performance of Indonesian banks. Quality - Access to Success, 21(177), 9-14.
  • Goh, P. C. (2005). Intellectual capital performance of commercial banks in Malaysia. Journal of Intellectual Capital, 6(3), 385-396. https://doi:10.1108/14691930510611120
  • Hausman, J. A. (1978). Specification test in econometrics. Econometrica, 46(6), 1251-1271.
  • İşseveroğlu, G., & Ercan, C. (2019). Entelektüel sermaye bileşenlerinin teknoloji şirketleri üzerine etkisi: BIST’ de ampirik bir uygulama. Muhasebe ve Finansman Dergisi(83), 111-130. https://doi:10.25095/mufad.579827
  • Itami, H. (1987). Mobilizing invisible assets . United State of America: Harvard University Press.
  • Kandil Göker, İ. E. (2017). Bilişim Sektöründe entelektüel sermaye ile finansal performans ilişkisinin belirlenmesine yönelik bir araştırma. Journal of Academic Value Studies(14), 78-86. https://doi:10.23929/javs.529
  • Karacan, S., & Ergin, E. (2011). Bankaların Entelektüel sermayesi ile finansal performansı arasındaki ilişki. Business and Economics Research Journal, 2(4), 73-88.
  • Kızıl, C. (2010). Entelektüel sermaye analizleri. İstanbul: Derin Yayınları.
  • Kutbay, A. Y. (2024). Entelektüel sermaye bileşenlerinin karlılık ile ilişkisi: Bankacılık sektörü üzerinde ampirik bir araştırma. Journal of Yasar University, 19(73), 23-29.
  • Laing, G., Dunn, J., & Hughes-Lucas, S. (2010). Applying the VAIC model to Australian hotels. Journal of Intellectual Capital, 11(3), 269-283. https://doi:10.1108/14691931011064545
  • Marr, B., & Moustaghfir, K. (2005). Defining intellectual capital: a three-dimensional approach. Management Decision, 43(9), 1114-1128. https://doi:10.1108/00251740510626227
  • Mavridis, D. G. (2004). The intellectual capital performance of the Japanese banking sector. Journal of Intellectual Capital, 5(1), 92-115. https://doi:10.1108/14691930410512941
  • Mavridis, D. G., & Kyrmizoglou, P. (2005). Intellectual capital performance drivers in the Greek banking sector. Management Research News, 28(5), 43-62. https://doi:10.1108/01409170510629032
  • Mention, A.-L., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286-309. https://doi:10.1108/14691931311323896
  • Mouritsen, J. (2009). Classification, measurement and the ontology of intellectual capital entities. Journal of Human Resource Costing & Accounting, 13(2), 154-162. https://doi:10.1108/14013380910968665
  • Özkan, N., Çakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190-198. https://doi:10.1016/j.bir.2016.03.001
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No.0435. University of Cambridge, Faculty of Economics and Politics.
  • Pilatin, A., Ayaydın, H., & Barut, A. (2023). Does intellectual capital affect financial performance and non-performing loans? Evidence from the banking sector in Turkey. BDDK Bankacılık Ve Finansal Piyasalar Dergisi, 17(1), 39-64. https://doi:10.46520/bddkdergisi.1348086
  • Pulic, A. (1998). Measuring the performance of intellectual potential in the knowledge economy. 19th Annual National Business Conference. Hamilton, Kanada: McMaster University, Michael G. DeGroote School of Business.
  • Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology, 20(5-8), 702-714. https://doi: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:10.1108/13683040410524757
  • Pulic, A., & Bornemann, M. (1999). The physical and intellectual capital of Austrian banks.
  • Pulic, A., & Kolakovic, M. (2005). Value creation efficiency in the new economy. Global Business and Economics Review, 5(1), 111-128. https://doi:10.1504/GBER.2003.006201
  • Riahi-Belkaoui, A. (2003). Intellectual capital and firm performance of US performance of US: A study of the resource-based and stakeholder views. Journal of Intellectual Capital, 4(2), 215-226. https://doi:10.1108/14691930310472839
  • Roos, G., & Roos, J. (1997). Measuring your Company’s Intellectual Performance. Long Range Planning, 30(3), 413-426. https://doi:10.1016/S0024-6301(97)90260-0
  • S.Mohammad, H., & Bujang, I. (2019). Performance of Malaysian financial firms: An intellectual capital perspective using MVAIC model. Asian Economic and Financial Review, 9(7), 752-765. https://doi:10.18488/journal.aefr.2019.97.752.765
  • Saruchi, S. A., Zamil, N. A., Basiruddin, R., Rasid, S. Z., & Ahmad, N. F. (2019). Empirical linkage of intellectual capital and performance of Islamic banks. International Conference on Recents Advancements in Engineering and Technology (ICRAET-18). 8, s. 677-684. Telangana, India: Blue Eyes Intelligence Engineering & Sciences Publication. https://doi:10.35940/ijeat.E1095.0585C19
  • Stewart, T. A. (1991). Brainpower: How intellectual capital is becoming America’s most valuable asset. Fortune.
  • Stewart, T. A. (2001). The wealth of knowledge: Intellectual capital and the twenty-first century organization. NewYork: Doubleday/Currency.
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The Impact of Intellectual Capital on Financial Performance in the Turkish Banking Sector: A Research with MVAIC Method

Year 2025, Volume: 26 Issue: 2, 269 - 286, 30.04.2025

Bahadır Uysal , Evren Yanya

https://doi.org/10.37880/cumuiibf.1606972

Abstract

Due to its nature, the service sector is the sector where intangible assets such as human capital, relationship capital and information technologies contribute most intensively to the operating process. In this sense, the contribution of intangible assets to the financial performance of the services sector is expected to be greater than that of tangible assets. All intangible assets within an organisation are essentially called intellectual capital. This study aims to investigate the effect of intellectual capital on the financial performance of banks in the Turkish banking sector by using the Adjusted Value Added Coefficient of Intellectual Capital (MVAIC) method. According to MVAIC, intellectual capital consists of four basic elements: human capital efficiency, structural capital efficiency, relational capital efficiency and utilised capital efficiency. This study examines the influence of intellectual capital and its constituent elements on a financial institution's return on assets, utilising quarterly data from 28 commercial banks operating within Turkey’s banking sector between the 1st quarter of 2018 and the 3rd quarter of 2023. According to the results of the panel data analysis, a positive and significant relationship was found between intellectual capital and return on assets. In contrast, increasing relational capital efficiency, structural capital efficiency and used capital efficiency have a significant and positive impact upon the return on assets. There is no significant relationship between human capital and the return on assets.

Keywords

Intellectual Capital Modified Value-Added Intellectual Coefficient (MVAIC) Banking Panel Data

References

  • Ahuja, B. R., & Ahuja, N. L. (2012). Intellectual capital approach to performance evaluation: A case study of the banking sector in India. International Research Journal of Finance and Economics, (93), 110-122.
  • Asteriou, D., & Hall, S. G. (2021). Applied econometrics. London: Red Globe Press.
  • Asutay, M., & Ubaidillah. (2023). Examining the impact of intellectual capital performance on financial performance in Islamic banks. Journal of the Knowledge Economy. https://doi:10.1007/s13132-023-01114-1
  • Barak, M., & Sharma, R. K. (2024). Does intellectual capital impact the financial performance of Indian public sector banks? An empirical analysis using GMM. Humanities and Social Sciences Communications, 11(208). https://doi:10.1057/s41599-024-02702-5
  • Bayraktar, Y., & Atasel, O. Y. (2022). Değiştirilmiş entelektüel katma değer katsayısı ile finansal performans arasındaki ilişkinin incelenmesi: BIST banka endeksi’nde bir araştırma. Muhasebe Enstitüsü Dergisi - Journal of Accounting Institute, 67, 27-55. https://doi:10.26650/MED.1117773
  • Bayraktaroğlu, A. E., Çalışır, F., & Baskak, M. (2019). Intellectual capital and firm performance: An extended VAIC model. Journal of Intellectual Capital, 20(3), 406-425. https://doi:10.1108/JIC-12-2017-0184
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533-549.
  • Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management Decision, 36(2), 63-76. https://doi:10.1108/00251749810204142
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Buallay, A. (2019). Intellectual capital and performance of Islamic and conventional banking. Journal of Management Development, 38(7), 518-537. https://doi:10.1108/JMD-01-2019-0020
  • Cameron, A. C., & Triverdi, P. K. (2009). Microeconometrics using stata. The United States of America: A Stata Press Publication.
  • Das, P. (2019). Econometrics in theory and practice: Analysis of cross section, time series and panel data with stata 15.1. Singapore: Springer. https://doi:10.1007/978-981-32-9019-8
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), 549-560.
  • Drucker, P. F. (1999). Knowledge-worker productivity: The biggest challenge. California Management Review, 41(2), 79-94.
  • Dzenopoljac, V., Yaacoub, C., Elkanj, N., & Bontis, N. (2017). Impact of intellectual capital on corporate performance: evidence from the Arab region. Journal of Intellectual Capital, 18(4), 884-903. https://doi:10.1108/JIC-01-2017-0014
  • Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal, 14(4), 356-364. https://doi:10.1016/0263-2373(96)00022-9
  • Ekim, N., Acar, M., & Uçan, O. (2019). Entelektüel sermayenin finans sektöründe değer yaratmadaki rolü: Türk bankacılık sektöründe bir araştırma. Verimlilik Dergisi(4), 37-63.
  • Farooque, O. A., AlObaid, R. O., & Khan, A. A. (2023). Does intellectual capital in Islamic banks outperform conventional banks? Evidence from GCC countries. Asian Review of Accounting, 31(5), 805-831. https://doi:10.1108/ARA-12-2022-0298
  • Faruq, M. O., Akter, T., & Rahman, M. M. (2023). Does intellectual capital drive bank’s performance in Bangladesh? Evidence from static and dynamic approach. Heliyon, 9(7). https://doi:10.1016/j.heliyon.2023.e17656
  • Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348-360. https://doi:10.1108/14691930310487806
  • Gama, A. W., Wiagustini, N. L., Sedana, I. B., & Purbawangsa, I. B. (2020). Intellectual capital and financial performance of Indonesian banks. Quality - Access to Success, 21(177), 9-14.
  • Goh, P. C. (2005). Intellectual capital performance of commercial banks in Malaysia. Journal of Intellectual Capital, 6(3), 385-396. https://doi:10.1108/14691930510611120
  • Hausman, J. A. (1978). Specification test in econometrics. Econometrica, 46(6), 1251-1271.
  • İşseveroğlu, G., & Ercan, C. (2019). Entelektüel sermaye bileşenlerinin teknoloji şirketleri üzerine etkisi: BIST’ de ampirik bir uygulama. Muhasebe ve Finansman Dergisi(83), 111-130. https://doi:10.25095/mufad.579827
  • Itami, H. (1987). Mobilizing invisible assets . United State of America: Harvard University Press.
  • Kandil Göker, İ. E. (2017). Bilişim Sektöründe entelektüel sermaye ile finansal performans ilişkisinin belirlenmesine yönelik bir araştırma. Journal of Academic Value Studies(14), 78-86. https://doi:10.23929/javs.529
  • Karacan, S., & Ergin, E. (2011). Bankaların Entelektüel sermayesi ile finansal performansı arasındaki ilişki. Business and Economics Research Journal, 2(4), 73-88.
  • Kızıl, C. (2010). Entelektüel sermaye analizleri. İstanbul: Derin Yayınları.
  • Kutbay, A. Y. (2024). Entelektüel sermaye bileşenlerinin karlılık ile ilişkisi: Bankacılık sektörü üzerinde ampirik bir araştırma. Journal of Yasar University, 19(73), 23-29.
  • Laing, G., Dunn, J., & Hughes-Lucas, S. (2010). Applying the VAIC model to Australian hotels. Journal of Intellectual Capital, 11(3), 269-283. https://doi:10.1108/14691931011064545
  • Marr, B., & Moustaghfir, K. (2005). Defining intellectual capital: a three-dimensional approach. Management Decision, 43(9), 1114-1128. https://doi:10.1108/00251740510626227
  • Mavridis, D. G. (2004). The intellectual capital performance of the Japanese banking sector. Journal of Intellectual Capital, 5(1), 92-115. https://doi:10.1108/14691930410512941
  • Mavridis, D. G., & Kyrmizoglou, P. (2005). Intellectual capital performance drivers in the Greek banking sector. Management Research News, 28(5), 43-62. https://doi:10.1108/01409170510629032
  • Mention, A.-L., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286-309. https://doi:10.1108/14691931311323896
  • Mouritsen, J. (2009). Classification, measurement and the ontology of intellectual capital entities. Journal of Human Resource Costing & Accounting, 13(2), 154-162. https://doi:10.1108/14013380910968665
  • Özkan, N., Çakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190-198. https://doi:10.1016/j.bir.2016.03.001
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No.0435. University of Cambridge, Faculty of Economics and Politics.
  • Pilatin, A., Ayaydın, H., & Barut, A. (2023). Does intellectual capital affect financial performance and non-performing loans? Evidence from the banking sector in Turkey. BDDK Bankacılık Ve Finansal Piyasalar Dergisi, 17(1), 39-64. https://doi:10.46520/bddkdergisi.1348086
  • Pulic, A. (1998). Measuring the performance of intellectual potential in the knowledge economy. 19th Annual National Business Conference. Hamilton, Kanada: McMaster University, Michael G. DeGroote School of Business.
  • Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology, 20(5-8), 702-714. https://doi: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:10.1108/13683040410524757
  • Pulic, A., & Bornemann, M. (1999). The physical and intellectual capital of Austrian banks.
  • Pulic, A., & Kolakovic, M. (2005). Value creation efficiency in the new economy. Global Business and Economics Review, 5(1), 111-128. https://doi:10.1504/GBER.2003.006201
  • Riahi-Belkaoui, A. (2003). Intellectual capital and firm performance of US performance of US: A study of the resource-based and stakeholder views. Journal of Intellectual Capital, 4(2), 215-226. https://doi:10.1108/14691930310472839
  • Roos, G., & Roos, J. (1997). Measuring your Company’s Intellectual Performance. Long Range Planning, 30(3), 413-426. https://doi:10.1016/S0024-6301(97)90260-0
  • S.Mohammad, H., & Bujang, I. (2019). Performance of Malaysian financial firms: An intellectual capital perspective using MVAIC model. Asian Economic and Financial Review, 9(7), 752-765. https://doi:10.18488/journal.aefr.2019.97.752.765
  • Saruchi, S. A., Zamil, N. A., Basiruddin, R., Rasid, S. Z., & Ahmad, N. F. (2019). Empirical linkage of intellectual capital and performance of Islamic banks. International Conference on Recents Advancements in Engineering and Technology (ICRAET-18). 8, s. 677-684. Telangana, India: Blue Eyes Intelligence Engineering & Sciences Publication. https://doi:10.35940/ijeat.E1095.0585C19
  • Stewart, T. A. (1991). Brainpower: How intellectual capital is becoming America’s most valuable asset. Fortune.
  • Stewart, T. A. (2001). The wealth of knowledge: Intellectual capital and the twenty-first century organization. NewYork: Doubleday/Currency.
  • Sveiby, K.-E. (2010). Methods for measuring intangible assets. http://www.sveiby.com/articles/IntangibleMethods. Erişim tarihi: 10.06.2024
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There are 59 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Makaleler
Authors

Bahadır Uysal 0000-0002-6670-644X

Evren Yanya 0000-0001-5275-833X

Publication Date April 30, 2025
Submission Date December 25, 2024
Acceptance Date February 18, 2025
Published in Issue Year 2025 Volume: 26 Issue: 2

Cite

APA Uysal, B., & Yanya, E. (2025). Türk Bankacılık Sektöründe Entelektüel Sermayenin Finansal Performansa Etkisi: MVAIC Yöntemi ile Bir Araştırma. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 26(2), 269-286. https://doi.org/10.37880/cumuiibf.1606972
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