Impact of Intellectual Capital on the Profitability of the Real Estate Investment Trusts Listed on Borsa Istanbul
摘要
This study aimed to elucidate the impact of intellectual capital (IC) on the profitability of Real Estate Investment Trusts (REITs) listed on the Borsa Istanbul (BIST). Within this research framework, company performance was gauged through financial metrics, specifically focusing on Return on Assets (ROA). Employing the Hausman test to determine the most appropriate regression model, fixed effect panel data regression was employed to examine the relationship between Value Added Intellectual Coefficient (VAIC) and ROA. The dataset encompassed financial information from 30 companies spanning the years 2018 to 2022. The findings of the study revealed a positive correlation between IC and ROA, suggesting that effective utilization of intellectual capital contributes to enhanced profitability within REITs. Moreover, among the components comprising VAIC, Human Capital Efficiency (HCE) emerged as the most contributing factor to VAIC values for REITs. This research offers valuable insights into the dynamics of intellectual capital within the REIT sector, potentially guiding various stakeholders, including regulators and REIT management, in formulating strategies to cultivate, leverage, and sustain intellectual capital for a more profitable and productive industry.