Impact of Intellectual Capital to Financial Performance of Multinational Firms in BIST With The Perspective of Resource-Based View and Stakeholder View

According to the resource-based view on the subject, intellectual capital is “the source of the business performance” and “an important key to gain competitive advantage”. The stakeholder view recommends that a better measure of financial performance than accounting profit is the total wealth created or net value added.Accordingly, this study examines the relationship between a return on total assets based on net value added (stakeholder view) and the strategic intangible asset of intellectual capital (resource-based view) on multinationality firms quoted in BIST for the period 2002-2011. The performance of intellectual capital is measured by Valued Added Intellectual Coefficient (VAIC) model which is employed by Ante Pulic. The results using a sample of BIST multinational firms are statistically significant in support of both the resource-based and stakeholder views.