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

Bahadır Uysal; Evren Yanya

doi:10.37880/cumuiibf.1606972

TR EN

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

Öz

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.

Anahtar Kelimeler

The Impact of Intellectual Capital on Financial Performance in the Turkish Banking Sector: A Research with MVAIC Method

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

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
Tiwari, R., & Vidyarthi, H. (2018). Intellectual capital and corporate performance: a case of Indian banks. Journal of Accounting in Emerging Economies, 8(1), 84-105. https://doi:10.1108/JAEE-07-2016-0067
Topaloğlu, E. E., & Bayrakdaroğlu, A. (2012). Entelektüel sermayenin Türk bankacılık sektörü üzerindeki etkisini belirlemeye yönelik bir alan araştırması. Elektronik Sosyal Bilimler Dergisi, 11(41), 332-352.
Topaloğlu, E. E., & Bayrakdaroğlu, A. (2024). Entelektüel sermaye ve finansal performans: Bankacılık sektörü üzerine bir araştırma. Bulletin of Economic Theory and Analysis, 9(1), 297-327.
Tran, N. P., & Vo, D. H. (2022). Do banks accumulate a higher level of intellectual capital? Evidence from an emerging market. Journal of Intellectual Capital, 23(2), 439-457. https://doi:10.1108/JIC-03-2020-0097
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. https://doi:10.5296/ajfa.v6i2.5246
Wang, J.-C. (2008). Investigating market value and intellectual capital for S&P500. Journal of Intellectual Capital, 9(4), 546-563. https://doi:10.1108/14691930810913159
Weqar, F., Khan, A. M., & Haque, S. M. (2020). Exploring the effect of intellectual capital on financial performance: a study of Indian banks. Measuring Business Excellence, 24(4), 511-529. https://doi:10.1108/MBE-12-2019-0118
Yalama, A., & Coşkun, M. (2007). Intellectual Capital Performance of Quoted Banks on the Istanbul Stock Exchange Market. Journal of Intellectual Capital, 8(2), 256-271. https://doi:10.1108/14691930710742835
Yörük, N., & Erdem, N. S. (2008). Entelektüel sermaye ve unsurlarının, İMKB’de işlem gören otomotiv sektörü firmalarının finansal performansı üzerine etkisi. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 22(2), 397-413

Details

Primary Language

Turkish

Subjects

Finance

Journal Section

Research Article

Authors

Bahadır Uysal
0000-0002-6670-644X
Türkiye

Evren Yanya ^*
0000-0001-5275-833X
Türkiye

Publication Date

April 30, 2025

Submission Date

December 25, 2024

Acceptance Date

February 18, 2025

Published in Issue

Year 2025 Volume: 26 Number: 2

DOI

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

IZ

https://izlik.org/JA42BX24ZF

Cite

RIS / Bibtex

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