The relationship between intellectual capital, financial performance and the institutional environment: A study on hotels located in istanbul

The fact that the tourism sector has a foreign exchange-generating effect and has a power to increase employment opportunities due to its structure brings this sector to an important position that contributes to the country's economy and has the power to close the foreign trade deficit. The measurement of intangible assets shows that it is a feature that plays a key role in business performance measurements today. For this reason, it can be said that intellectual capital elements, also called intangible assets, are of vital importance for businesses. Financial performance is an important issue that affects the investment capacities of enterprises and is important in determining the market value of my enterprises. The fact that businesses can compete with their competitors and make this situation sustainable is closely related to the fact that businesses know their institutional enviroment very well. The concept of institutional enviroment is described as an important concept in the literature in terms of adapting to the environmental conditions that are constantly changing in terms of businesses. The purpose of this study is to determine the relationship between intellectual capital and financial performance and whether the institutional environment has a moderating role in this relationship. In this direction, the managers of four and five-star hotels operating in the Istanbul hotel sector were reached to collect data in the study. All four and five star hotel businesses operating in Istanbul were contacted via telephone and e-mail regarding the implementation of the surveys, and 255 managers who responded positively to participate in the survey were applied to the surveys. There is a statistically significant relationship between the obtained data and intellectual capital and financial performance and the related hypotheses are supported, there is a statistically significant relationship between the institutional environment and financial performance and the related hypotheses are supported. It has been determined that the "Rulemaker" and "Normative" dimensions of the environment have a moderating effect, but no data showing the existence of the moderating effect of the "Cognitive Dimension" has been reached. This study is important in terms of determining the relationship between these variables, which play a role in the competitiveness of businesses, and suggestions to be developed within this framework. By evaluating the statistical findings and relationships determined as a result of the research, suggestions were made to researchers and businesses for future studies.