The paper aims to measure, using the VAIC model, the impact of intellectual capital and its elements on the financial performance and sustainable growth of Turkish ICT companies listed on the Istanbul Stock Exchange (ISE). Panel data regression was used to analyse 31 Turkish ICT companies’ activity for 2019-2022. To measure the relationships between financial performance, sustainable growth and its determinants, sixteen functional models were developed, the formation of which was based on the following types of used dependent variables – Return on Assets, Return on Equity, Return on Sales, Sustainable Growth Rate. Ten independent variables were used, such as VAIC, Modified VAIC, Capital Employed Efficiency, Human Capital Efficiency, Structural Capital Efficiency, Research and Development Capital Efficiency, Relational Capital Efficiency, Leverage, Size, and Dummy Variable for Subbranch. The findings expand the understanding of the importance of intellectual capital management in generating enterprise value and providing sustainable advantages by high-tech companies in the context of forming a knowledge-based economy. The regression analysis of the impact of VAIC and its structural components on Turkish ICT companies’ financial performance and sustainable growth showed rather contradictory results. The most significant effects on the financial performance of Turkish ICT companies and sustainable development are Return on Assets – VAIC, Modified VAIC, Human Capital Efficiency, Research and Development Capital Efficiency, Leverage, Dummy Variable for Subbranch; Return on Equity – Human Capital Efficiency, Leverage; Return on Sales – Human Capital Efficiency, Leverage, Structural Capital Efficiency, Size; and Sustainable Growth Rate – Research and Development Capital Efficiency, Capital Employed Efficiency, Leverage. The expediency of increasing investments in the development of experience and professional skills of employees of Turkish ICT companies, as well as strengthening their innovative activities, which will ensure the growth of their profitability in the short term, have been substantiated.
Amaç –Çalışmada, sürdürülebilirlik raporlarının okunabilirliği ölçülerek, okunabilirlik ile şirket performansı arasındaki ilişkiyi ampirik olarak incelemek amaçlanmaktadır.Yöntem –Sürdürülebilirlik raporları hazırlayan ve Borsa İstanbul’da işlem gören 20 şirketin 2007-2020 yılları arasındaki 162 firma/yıl verisi kullanılmıştır. Analizin ilk bölümünde, sürdürülebilirlik raporlarındaki yönetim kurulu veya CEO mesajlarının okunabilirliği Ateşman Okunabilirlik Endeksi ile analiz edilmiştir. İkinci bölümde ise, elde edilen okunabilirlik değerleri üzerinde şirket performansının bir etkisinin bulunup bulunmadığı panel veri analizi yöntemi ile incelenmiştir.Bulgular –Analiz sonucunda Ateşman Okunabilirlik Endeksi ile elde edilen okunabilirlik değerlerinin, sürdürülebilirlik raporlarının okunabilirliği açısından genellikle “Zor” ve “Çok Zor” kategorilerinde yer aldığı belirlenmiştir. Ayrıca, finansal performans göstergeleri olan varlık karlılığı, özkaynak karlılığı ve net kar marjı ile okunabilirlik değerleri arasında istatistiksel olarak anlamlı bir ilişki bulunmuştur.Tartışma –Analiz sonuçlarına göre, performansı iyi olan şirketler daha okunabilir raporlar hazırlarken performansı kötü olan şirketler okunabilirliği manipüle ederek daha az okunabilir raporlar sunabilmektedir. Kötü performansa sahip şirketler okunabilirliği manipüle ederek şirket hakkında şeffaf ve doğru bilgi paylaşımından kaçınmaktadır. Firma performansı ve okunabilirlik değerleri arasındaki pozitif ilişkinin paydaşların şirketlere olan güvenilirliğin azalmasındaki nedeni ortaya koymaktadır. Bu durum şirketlerin paydaşlarla olan iletişimini negatif yönde etkilemektedir. Çalışma sonuçları, okunabilirlik değerlerinin manipüle edilmesinin önüne geçilmesi gerektiğini göstermektedir.
Research background: Various sources of information are available to assess possible and future financial results for stakeholders. The annual reports of companies should also include information on the risks of the environment in which the company operates and doing business. Textual analysis of annual reports can assess behavioral aspects of accounting as a source of information for decision-making. Purpose of the article: With the growing range of annual reports being observed, or the growing interest of investors or analysts in the non-financial information from annual reports stakeholders find annual reports in support of their decisions. Methods: For the purposes of comparison, we selected companies from the growing economy of the Slovak Republic, Turkey and country at war, Ukraine. In our paper we examined whether the tone and structure of language applied in annual reports changed over time alongside the changing economic growth in the country and whether there are any differences in narrative disclosure between Slovak, Turkish and Ukrainian companies. Then we compared the results obtained in order to propose reliable recommendations and tested whether it is possible to detect uncertainty of business environment in annual reports or companies by textual analysis. Findings & Value added: Based on our results we conclude that non-financial “narrative” data could also correlate with changing GDP growth of the country. The annual reports are to point out the reality without distortion, which was confirmed to us in the analysis.
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