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Determination of Effect of Intellectual Capital on Firm Value Via Value Added Intellectual Coefficient Methodology: An Empirical Study on ISE-Listed Manufacturing Firms

M. Basaran Ozturk and Kartal Demirgunes

Istanbul Stock Exchange Review, 2007, vol. 10, issue 37, 59-78

Abstract: This study aims to determine the effect of intellectual capital on firm value. The relationships among profitability, productivity and market-to-book value ratio that are considered to be the main performance indicators are analyzed via Value Added Intellectual Capital (VAIC) methodology developed by Ante Pulic within a multiple regression model. The data consists of 30 Istanbul Stock Exchange (ISE) listed manufacturing firms during the period of 2000-2002. In spite of some limitations, the findings of the study shed light on the relationship between intellectual capital and firm value. According to the results, capital employed efficiency (CEE) and structural capital efficiency (SCE) are significantly related to profitability, productivity and market value. However, human capital efficiency (HCE) is significantly related to only market-to-book value ratio.

Keywords: Intellectual Capital; Value Added Intellectual Coefficient; Firm Value. (search for similar items in EconPapers)
Date: 2007
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Handle: RePEc:bor:iserev:v:10:y:2007:i:37:p:59-78