مقاله انگلیسی رایگان در مورد سرمایه فکری و عملکرد مالی: بانکداری ترکیه – الزویر 2017

Societies have experienced four different socio-economic phases throughout history which include primitive society, agricultural society, industrial society, and information society in which we currently live. During these periods, hierarchy among production factors varied from one enterprise to another. While prior to the information society, the focus was on traditional factors (labor, capital, natural resources, and entrepreneurship), knowledge, information technologies and intellectual capital factors took priority after the information society emerged (Kandemir, 2008; Kayacan & Alkan, 2005; Yalama, 2013). Intellectual capital can be defined as the intangible assets which are not listed explicitly on a firm’s balance sheets, but positively impact the performance of it, thereby revealing the relationship between employees, ideas, and information and measure what is not measured (Edvinsson, 1997). It is common knowledge that balance sheets do not attempt to provide information on the actual value of an enterprise; instead, they are prepared for reporting purposes. Moreover, the relationship between the data obtained from financial reports (which are produced in line with the traditional accounting systems) and the value of an enterprise has weakened. In addition, traditional accounting systems fail to reflect intangible assets creating value in enterprises (Canibao, Garcia-Ayuso, & Sanchez, 2000; Lhaopadchan, 2010). Thus, practicality of the accounting data obtained from financial reports has been diminishing (Lev & Zarowin, 1999). In today’s world, sources of economic value and wealth include not only the products manufactured by enterprises but also their intangible assets, i.e. their intellectual capital (Chen, Cheng, & Hwang, 2005; Goldfinger, 1997). It is widely believed that intellectual capital will play a greater role in creating value (Powell, 2003). In the knowledge based socio-economic period where intellectual capital has become one of the production factors, performance measurements for firm may not be possible with traditional accounting practices anymore. Therefore, there is a growing need to develop new methods taking account of the intellectual capital, as well (Berzkalne & Zelgalve, 2014; Gan & Saleh, 2008). After it has been realized that intellectual capital has an impact on creating value and increasing the financial performance of firms, various methods have been developed to measure it (Edvinsson, 1997; Kaplan & Norton, 1996; Roos, Roos, Dragonetti, & Edvinsson, 1997; Steward, 1991; Sveiby, 1997). Most of the recent studies analyzing the relationship between the intellectual capital performance and financial performance of the firms use the value added intellectual coefficient (VAIC) model developed by Pulic (1998, 2004), Chen et al. (2005), Ercan, Oztu € ¨rk, & Demirgu¨nes‚ (2003), Joshi, Cahill, Sidhu, & Kansal (2013), Kayacan & Ozkan (2015), Mondal € & Ghosh (2012), and Yalama (2013). Firer and Williams (2003) state that VAIC is an easily applicable and effective model to measure firms’ intellectual capital performance and make comparisons between firms.