Özet:

The main purpose of this study is to investigate the relationship between intellectual capital and financial performance of financial companies listed in Borsa Istanbul, using data of 44 listed companies over 2004-2015. Value Added Intellectual Coefficient (VAIC) method is used as a measure of intellectual capital (IC). An OLS regression is utilized to examine the impact of intellectual capital; Human capital efficiency (HCE), Structural capital efficiency (SCE), and Capital employed efficiency (CEE) on market performance, financial performance, and productivity performance. The findings show that HCE has a positive significant relation with ROA after the crisis and with ROE before and after the crisis. SCE show a positive significant relation with PE and ROE after the crisis and a negative significant association with MB after the crisis. Regarding to CEE, the results show that it has only a positive significant impact on MB after the crisis and a negative significant influence on ATO after the crisis. Generally, VAIC has a negative significant relationship with ATO before the crisis and has a positive association with ROA after the crisis, in addition to a positive significant influence of ROE before and after crisis. 

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