Testing the impact of intellectual capital on firm value by Ohlson and Vaic models: An application on BIST 100

The aim of this study is to investigate the effects of traditional valuation metrics, which is used in value relevance, and intellectual capital on firm value. For this purpose, in this study, 'Ohlson model', which was developed by James A. Ohlson in 1995 as value relevance model, and 'Value Added Intellectual Coefficient (VAIC)' model, which was developed by Ante Pulic in 2004, were used together. As a sample, data from 79 firms (632 observations) which are included in BIST 100 index and operating uninterruptedly in Istanbul stock exchange between the years 2010-2018 were analyzed by using panel data analysis method. The results of analysis indicate that book value per share and earning per share, which they are Ohlson model's variables, have positive effect on firm value; capital employed efficiency have positive effect and human capital efficiency have negative effect, which they are sub-components of VAIC model, on firm value. On the other hand; structural capital efficiency, which is another of sub-component of VAIC model, have no statistically significant relationship on firm value.