Author(s): ?. Emre GKTRK* H. Serdar YALINKAYA

Purpose of this study is to investigate and to discuss the methods to distinguish the intellectual capital, one of the important structures of market value of enterprises, from its market value which will occur in a speculative way. When we mention about the firm value, we face with very different value concepts. For example: book value, market price, and specified value (theoretical value) etc. These value concepts contain very different meanings. For an investor operating in the capital markets, these concepts have rather a complex structure. What underlies these concepts? Also where does intellectual capital start and end? Are the prices forming in the stock markets true? How are they speculative? In order to answer to these questions, these concepts will be explored; also intellectual capital and its speculative value will be determined based on data of elected enterprises operating at Istanbul Stock Exchange (BIST). General behaviors of investors gr (reel FCFE growth rate) and gi (theoretical FCFE constant growth rate) became different according to data of Arçelik I.C. Investors generally perceive the future as either very optimistic or very pessimistic. Investor and theoretical values became close to each other only in 2012 year. In particular, the investors showed a quite pessimistic approach in and after 2008 and until 2012. It is believed that mortgage crisis that occurred in 2008 causes that. Even if the firm has a good FCFE performance in this period, the investors have estimated a lower growth rate even a negative growth rate.


You can send your paper at https://www.scholarscentral.org/submissions/international-social-research.html

  • The Journal of International Social Research / Uluslararas覺 Sosyal Arat覺rmalar Dergisi ISSN: 1307-9581, an international, peer-reviewed, on the web publication, from 2007 will be issued least four times annualy.
  • Our journal is an independent academic publication based on research in social sciences, contributing to its field and trying to publish scientific articles that will bring innovation to the original and social sciences.
  • The journal has got an international editorial board and referee board, mainly embodied from the each individually professional on the social research fields.
  • Uluslararas覺 Sosyal Arat覺rmalar Dergisi / The Journal of International Social Research became a member of Cross Reff since 2014 and started to assign DOI numbers to the articles. image
Google scholar citation report
Citations : 27

The Journal of International Social Research received 27 citations as per google scholar report

The Journal of International Social Research peer review process verified by publons
Get the App