THE EFFECT OF INTANGIBLE FIXED ASSETS ON FIRM VALUE FINANCIAL POLICY AND FINANCIAL PERFORMANCE: A STUDY ON FIRMS LISTED IN BIST TECHNOLOGY INDEX

This study investigates the effects of Intangible Fixed Assets (IFA) on firm value (FIRVE), financial policy (FINPO), and financial performance (FINPER) for 12 firms consistently listed in the BIST Technology Index from 2006 to 2023. Using panel data analysis, the Market Value/Book Value (MV/BV) ratio represents firm value, the Total Debt/Total Equity (FINPO) ratio represents financial policy, and the Return on Assets (ROA) ratio represents financial performance. IFA is the independent variable, while Firm Size (FS) and Net Sales (NS) serve as control variables. The findings indicate that IFA positively and significantly affects firm value, but negatively impacts financial policy and financial performance. Firm size negatively affects firm value, yet shows a positive and significant relationship with both FINPO and FINPER. Moreover, net sales positively influence FIRVE and FINPER, but negatively affect FINPO. These results highlight the varying influence of IFA and firm-specific factors on key financial metrics.