Abstract:

The objective of this study is to determine if there is a meaningful relationship between the VAIC™ (Value Added Intellectual Coefficient: a tool to analyze the value creation efficiency of firms) values and MV/BV (Market Value/Book Value) ratios of Turkish Banks, of which stocks are exchanged at the İstanbul Stock Market (İMKB).The paper starts with the introduction of the concepts intellectual capital, company performance, and VAIC™. Then, the association between VAIC™ values and MV/BV ratios of those twelve banks is empirically explored for the years between and including the years 1998 and 2001.According to the data of these four years, there has been no meaningful relationship between the dependent variable MV/BV and the independent variables VACA (Value added Capital Coefficient) STVA (Structural Capital Value Added Coefficient), and VAHU (Value Added Human Capital Coefficient), the three sub-components VAIC™ consists of.

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