The Nexus Between Intangible Assets and Firm Performance: Evidence From A Developing Economy
Özet
The global economic crisis significantly increased the importance of intangible assets. Intangible assets are considered a crucial component of firm reserves. The aim of this book chapter is to investigate whether intangible assets have an impact on financial performance using a panel of non-financial firms listed in the Istanbul Stock Exchange 30. The results of the panel data analysis reveal a statistically significant and positive relationship between intangible assets, return on equity, and financial performance.
Küresel ekonomik ortamda, maddi olmayan varlıkların önemi büyük ölçüde arttı. Maddi olmayan varlıklar firma bilançolarının önemli bir bileşeni olarak görülmektedir. Bu kitap bölümünün amacı, Borsa İstanbul 30 endeksinde yer alan finansal olmayan firmaları içeren bir örneklem kullanarak, maddi olmayan varlıkların finansal performans üzerindeki etkilerini araştırmaktır. Panel veri analizinin sonuçları, maddi olmayan varlıklar ile özsermaye karlılığı ile ölçülen finansal performans arasında istatiksel olarak anlamlı ve pozitif bir ilişki olduğunu ortaya koymaktadır.
Referanslar
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Bhatia, A., & Aggarwal, K. (2018). Impact of investment in intangible assets on corporate performance in India. International Journal of Law and Management, 60(5), 1058-1073.
Bollen, L., Vergauwen, P., & Schnieders, S. (2005). Linking intellectual capital and intellectual property to company performance. Management Decision, 43(9), 1161-1185.
Chareonsuk, C., & Chansa‐ngavej, C. (2008). Intangible asset management framework for long‐term financial performance. Industrial Management & Data Systems, 108(6), 812-828.
Duho, K. C. T. (2022). Intangibles, Intellectual Capital, and the Performance of Listed Non-Financial Services Firms in West Africa: A Cross-Country Analysis. Merits, 2(3), 101-125.
Gligor, D., Pantea, M., & Anis, C. (2014). Economic determinants of Romanian firms’ financial performance. Procedia-Social and Behavioral Sciences, 124, 272-281.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2016). Intermediate Accounting. John Wiley & Sons.
Lev, B., Radhakrishnan, S., & Zhang, W. (2009). Organization capital. Abacus, 45(3), 275-298.
Lopes, F. C., & Carvalho, L. (2021). Intangible assets and business performance in Latin America. RAUSP Management Journal, 56, 408-424.
Low, J. M., & Lee, B. K. (2014). Effects of internal resources on airline competitiveness. Journal of Air Transport Management, 36, 23-32.
Makrominas, M. (2017). Recognized intangibles and the present value of growth options. Review of Quantitative Finance and Accounting, 48, 311-329.
Nagaraja, N., & Vinay, N. (2016). The effect of intangible assets on the firm value. International Journal of Engineering and Management Research (IJEMR), 6(1), 307-315.
Penman, S. H. (2009). Accounting for intangible assets: There is also an income statement. Abacus, 45(3), 358-371.
Roulstone, D. T. (2011). Discussion of “intangible investment and the importance of firm-specific factors in the determination of earnings”. Review of Accounting Studies, 16, 574-586.
Salamudin, N., Bakar, R., Kamil Ibrahim, M., & Haji Hassan, F. (2010). Intangible assets valuation in the Malaysian capital market. Journal of Intellectual Capital, 11(3), 391-405.
Sayed, E., Mansour, K., & Hussainey, K. (2022). Intangible investment and non-financial performance of Egyptian firms: the moderating role of the COVID-19 pandemic. Journal of Financial Reporting and Accounting.
Schnorrenberger, D. (2005). Identificando, avaliando e gerenciando os recursos organizacionais tangíveis e intangíveis por meio de uma metodologia construtivista (MCDA): uma ilustração na área econômico-financeira.
Seo, H. S., & Kim, Y. (2020). Intangible assets investment and firms’ performance: Evidence from small and medium-sized enterprises in Korea. Journal of Business Economics and Management, 21(2), 421-445.
St‐Pierre, J., & Audet, J. (2011). Intangible assets and performance: Analysis on manufacturing SMEs. Journal of Intellectual Capital, 12(2), 202-223.
Subaida, I. (2021). Intangible Assets, Research & Development Intensity, and Firm Value with Firm Performance as an Intervening Variable. In Proceedings of the 7th Regional Accounting Conference (KRA 2020) (Vol. 173, pp. 9-15). Atalantis Press.
Uddin, M. R., Hasan, M. M., & Abadi, N. (2022). Do intangible assets provide corporate resilience? New evidence from infectious disease pandemics. Economic Modelling, 110, 105806.
Yang, C. H., & Chen, K. H. (2009). Are small firms less efficient? Small Business Economics, 32, 375-395.
Zanni, L., Pucci, T.,& Simoni, C. (2015). Measuring the relationship between marketing assets, intellectual capital and firm performance. Journal of Management & Governance, 19, 589-616.
Referanslar
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Bhatia, A., & Aggarwal, K. (2018). Impact of investment in intangible assets on corporate performance in India. International Journal of Law and Management, 60(5), 1058-1073.
Bollen, L., Vergauwen, P., & Schnieders, S. (2005). Linking intellectual capital and intellectual property to company performance. Management Decision, 43(9), 1161-1185.
Chareonsuk, C., & Chansa‐ngavej, C. (2008). Intangible asset management framework for long‐term financial performance. Industrial Management & Data Systems, 108(6), 812-828.
Duho, K. C. T. (2022). Intangibles, Intellectual Capital, and the Performance of Listed Non-Financial Services Firms in West Africa: A Cross-Country Analysis. Merits, 2(3), 101-125.
Gligor, D., Pantea, M., & Anis, C. (2014). Economic determinants of Romanian firms’ financial performance. Procedia-Social and Behavioral Sciences, 124, 272-281.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2016). Intermediate Accounting. John Wiley & Sons.
Lev, B., Radhakrishnan, S., & Zhang, W. (2009). Organization capital. Abacus, 45(3), 275-298.
Lopes, F. C., & Carvalho, L. (2021). Intangible assets and business performance in Latin America. RAUSP Management Journal, 56, 408-424.
Low, J. M., & Lee, B. K. (2014). Effects of internal resources on airline competitiveness. Journal of Air Transport Management, 36, 23-32.
Makrominas, M. (2017). Recognized intangibles and the present value of growth options. Review of Quantitative Finance and Accounting, 48, 311-329.
Nagaraja, N., & Vinay, N. (2016). The effect of intangible assets on the firm value. International Journal of Engineering and Management Research (IJEMR), 6(1), 307-315.
Penman, S. H. (2009). Accounting for intangible assets: There is also an income statement. Abacus, 45(3), 358-371.
Roulstone, D. T. (2011). Discussion of “intangible investment and the importance of firm-specific factors in the determination of earnings”. Review of Accounting Studies, 16, 574-586.
Salamudin, N., Bakar, R., Kamil Ibrahim, M., & Haji Hassan, F. (2010). Intangible assets valuation in the Malaysian capital market. Journal of Intellectual Capital, 11(3), 391-405.
Sayed, E., Mansour, K., & Hussainey, K. (2022). Intangible investment and non-financial performance of Egyptian firms: the moderating role of the COVID-19 pandemic. Journal of Financial Reporting and Accounting.
Schnorrenberger, D. (2005). Identificando, avaliando e gerenciando os recursos organizacionais tangíveis e intangíveis por meio de uma metodologia construtivista (MCDA): uma ilustração na área econômico-financeira.
Seo, H. S., & Kim, Y. (2020). Intangible assets investment and firms’ performance: Evidence from small and medium-sized enterprises in Korea. Journal of Business Economics and Management, 21(2), 421-445.
St‐Pierre, J., & Audet, J. (2011). Intangible assets and performance: Analysis on manufacturing SMEs. Journal of Intellectual Capital, 12(2), 202-223.
Subaida, I. (2021). Intangible Assets, Research & Development Intensity, and Firm Value with Firm Performance as an Intervening Variable. In Proceedings of the 7th Regional Accounting Conference (KRA 2020) (Vol. 173, pp. 9-15). Atalantis Press.
Uddin, M. R., Hasan, M. M., & Abadi, N. (2022). Do intangible assets provide corporate resilience? New evidence from infectious disease pandemics. Economic Modelling, 110, 105806.
Yang, C. H., & Chen, K. H. (2009). Are small firms less efficient? Small Business Economics, 32, 375-395.
Zanni, L., Pucci, T.,& Simoni, C. (2015). Measuring the relationship between marketing assets, intellectual capital and firm performance. Journal of Management & Governance, 19, 589-616.
