Abstract
This study examined the effect of ownership structure on intellectual capital efficiency of listed firms on Borsa Istanbul. Data covering the 2005-2015 period is gathered from the FINNET database and companies’ financial statements to compute VAIC, and from the ISO500 website to obtain the ownership structures of the companies. The ownership structure is divided into five different categories; government, family, institutional, individual, and foreign, while the efficiency of intellectual capital is measured using Public’s model Value Added Intellectual Coefficient (VAIC). This measure is composed of three main components, Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE). In general, we find that family and foreign ownership structures have a significant negative impact on intellectual capital efficiency, while government, institutional, and individual ownership structures have a negative impact on intellectual capital efficiency. It seems that in this setting, all ownership structures have a negative impact on intellectual capital.
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