BORSA İSTANBUL ANA METAL SANAYİ ŞİRKETLERİNİN EKONOMİK KATMA DEĞER MOMENTUM YÖNTEMİ İLE AMPİRİK DEĞERLENDİRİLMESİ
Year 2024,
Volume: 7 Issue: 1, 1 - 14, 26.01.2024
Çağatay Beşoğul
,
Sinan Aslan
Abstract
Finansal performans akademik alanda en çok tartışılan ve şirketlerin de hala zorlandığı en önemli araştırma başlıklarından biridir. EVA Momentum bu yönde literatürde yapılan çalışmaların ve şirketlerin mali başarı ve finansal değerlendirme aracı olarak son yıllarda tercih edilen yöntemlerden biri olmuştur. Değer bazlı finansal yöntemlerin ön plana çıkışı ve dayanağı olan Ekonomik Katma Değer yönetiminin genel kabul görmüş bir yaklaşım olarak dünyada yaygınlaşmasına rağmen Türkiye’de EVA Momentum hakkında yapılmış çalışma bulunmamaktadır. Bu çalışmada, Türkiye’de Borsa İstanbul Ana Metal Sanayi’nde faaliyet gösteren şirketler üzerinde EVA Momentum amprik yöntemler kullanılarak değerlendirilmiştir. Çalışmada kullanılan BİST’a kayıtlı şirketlerin finansal başarı ölçümlerinin tespit edilmesinde EVA Momentum’un belirleyici rolü olmadığı ve diğer geleneksel finansal araçlara nazaran ayrıcalık göstermediği sonucuna ulaşılmıştır. Finans ve muhasebe çevreleri tarafından takdir görse de başta ülkeden ülkeye uygulama kaynaklı farklılıklar içermesi gibi önemli faktörler nedeniyle EVA Momentum yönteminin daha çok geliştirilmesi gerekmektedir.
References
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- Anderson, D. R., Sweeney, D. J., & Williams, T. A. (2008). Statistics for business and economics (9. Baskı).
Thomson South Western.
- Athanassakos, G. (2007). Value based management, eva and stock price performance in Canada.
Management Decision, 45(9), 1397-1411.
- Bacidore, J. M., Boquist, J. A., Milbourn, T. T., & Thakor, A. V. (1997). The search for the best financial
performance measure. Financial Analysts Journal, 53(3), 11-20.
- Ball, R., ve Brown, P. (1968). An emperical evaluation of accounting ıncome numbers. Journal of Accounting
Research, 6(2), 159-178.
- Barker, R., & Imam, S. (2008). Analysts' perceptions of earnings quality. Accounting and Business Research,
38(4), 313-329.
- Berenson, M. L., Levine, D. M., & Krehbiel, T. C. (2012). Basic business statistics: Concepts and applications.
Prentice hall.
- Berk, J. (1995). A critique of size related anomalies. Review of Financial Studies, 8(2), 275-286.
- Bhattacharva, N., Black, E. L., Christensen, T. E., & Larson, C. R. (2003). Assessing the relative ınformativeness
and permanence of proforma earnings and gaap operating earnings. Journal of Accounting and
Economics, 36, 285-319.
- Bowerman, B. L., O'Connell, R. T., Orris, J. B., & Porter, D. C. (2008). Essentials of business statistics. Mcgraw-Hill
Irwin.
- Breton, G., & Taffler, R. J. (2001). Accounting information and analyst stock recommendation decisions: A
content analysis approach. Accounting and Business Research, 31(2), 91-101.
- Colvin, G. (2010). Many performance ratios lie about a company's health. A new metric has emerged that
can't easily be gamed-and savvy investors and managers will check it out. Fortune, 161(1), 1-4.
- DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and the manipulation of accruals. Journal of
Accounting and Economics, 17(1-2), 145-176.
- Ferguson, R., Rentzler, J., & Yu, S. (2005). Does economic value added (eva) improve stock performance
profitability? Journal of Applied Finance, 15(2), 101-113.
- Forker, J., ve Powell, R. (2008). A comparison of error rates for eva, residual income, gaap-earnings and other
metrics using a long window valuation approach. European Accounting Review, 17(3), 471-502.
- Griffith, J. M. (2006). Eva and stock performance. Journal of Investing, 15(2), 75-78.
- Gujarati, D. N., & Porter, D. C. (2020). Temel ekonometri (Ü. Şenesen & G. Günlük Şenesen, Çev.; 5. Basım).
Literatür Yayıncılık. (Orijinal kitap 2009 yılında yayımlanmıştır)
- Hacırüstemoğlu, R. (1999). Maliyet muhasebesi kayıt sistemi. Türmob Yayınları.
- Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard - measures that drive performance. Harvard
Business Review, 70(1), 71-79.
- KAP. (2023). Sektörler. https://www.kap.org.tr/tr/Sektorler
- Kim, H., Gu, Z., & Mattila, A. S. (2002). Hotel real estate investment trusts' risk features and beta determinants.
Journal of hospitality ve tourism research, 26(2), 138-154.
- Lee, S., & Kim, W. G. (2009). Eva refined eva, mva or traditional performance measures for the hospitality
ındustry? International Journal of Hospitality Management, 28, 439-445.
- Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment.
American Economic Review, 48(3), 261-297.
- Nakhaei, H., & Nakhaei, G. (2016, May, 58-65). Analyzing the relationship between economic value added, eva
momentum and accounting criteria with stock return in Malaysian firms. 6th annual International
Conference on Accounting and Finance, Global Science ve Technology Forum, https://doi.org/10.5176/2251-
1997_AF16.23
- Newbold, P., Carlson, W. L., & Thorne, B. M. (2013). Statistics for business and economics. Pearson Education.
- Peasnell, K. V., Pope, P. F., & Young, S. (2005). Board monitoring and earnings management: do outside
directors influence abnormal accruals? Journal of Business Finance and Accounting, 32(7-8), 1311-1346.
- Previts, G. J., Bricker, R. J., & Robinson, T. R. (1994). A content analysis of sell-side financial analyst company
reports. Accounting Horizons, 8(2), 55-70.
- Roodposhti, F. R., Ahmadvand, M., & Sadehvand, M. J. (2016). Examining the ability of eva momentum, eva
spread ve conventional performance measures to predict stock return. Doa Journal, 18(2), 307-330.
- Singh, J. (1986). Performance slack and risk taking in organization decision making. Academy of
Management Journal, 29(3), 562-585.
- Stewart, G. B. (1991). The quest for value: A guide for senior managers. Harper Business.
- Stewart, G. B. (2009). Eva momentum: The one ratio that tells the whole story. Journal of Applied Corporate
Finance, 21(2), 74-86.
- Tully, S. (1993). The real key to creating wealth. Fortune, 128(6), 38-45.
- Van horne, J C., & Wachowicz, J. M. (2001). Fundamentals of Financial Management. Prentice Hall.
Year 2024,
Volume: 7 Issue: 1, 1 - 14, 26.01.2024
Çağatay Beşoğul
,
Sinan Aslan
References
- Abate, J. A., Grant, J. L., & Stewart, G. B. (2004). The eva style of investing: emphasizing the fundamentals of wealth creation. Journal of Portfolio Management, 30(4), 61-72.
- Anderson, D. R., Sweeney, D. J., & Williams, T. A. (2008). Statistics for business and economics (9. Baskı).
Thomson South Western.
- Athanassakos, G. (2007). Value based management, eva and stock price performance in Canada.
Management Decision, 45(9), 1397-1411.
- Bacidore, J. M., Boquist, J. A., Milbourn, T. T., & Thakor, A. V. (1997). The search for the best financial
performance measure. Financial Analysts Journal, 53(3), 11-20.
- Ball, R., ve Brown, P. (1968). An emperical evaluation of accounting ıncome numbers. Journal of Accounting
Research, 6(2), 159-178.
- Barker, R., & Imam, S. (2008). Analysts' perceptions of earnings quality. Accounting and Business Research,
38(4), 313-329.
- Berenson, M. L., Levine, D. M., & Krehbiel, T. C. (2012). Basic business statistics: Concepts and applications.
Prentice hall.
- Berk, J. (1995). A critique of size related anomalies. Review of Financial Studies, 8(2), 275-286.
- Bhattacharva, N., Black, E. L., Christensen, T. E., & Larson, C. R. (2003). Assessing the relative ınformativeness
and permanence of proforma earnings and gaap operating earnings. Journal of Accounting and
Economics, 36, 285-319.
- Bowerman, B. L., O'Connell, R. T., Orris, J. B., & Porter, D. C. (2008). Essentials of business statistics. Mcgraw-Hill
Irwin.
- Breton, G., & Taffler, R. J. (2001). Accounting information and analyst stock recommendation decisions: A
content analysis approach. Accounting and Business Research, 31(2), 91-101.
- Colvin, G. (2010). Many performance ratios lie about a company's health. A new metric has emerged that
can't easily be gamed-and savvy investors and managers will check it out. Fortune, 161(1), 1-4.
- DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and the manipulation of accruals. Journal of
Accounting and Economics, 17(1-2), 145-176.
- Ferguson, R., Rentzler, J., & Yu, S. (2005). Does economic value added (eva) improve stock performance
profitability? Journal of Applied Finance, 15(2), 101-113.
- Forker, J., ve Powell, R. (2008). A comparison of error rates for eva, residual income, gaap-earnings and other
metrics using a long window valuation approach. European Accounting Review, 17(3), 471-502.
- Griffith, J. M. (2006). Eva and stock performance. Journal of Investing, 15(2), 75-78.
- Gujarati, D. N., & Porter, D. C. (2020). Temel ekonometri (Ü. Şenesen & G. Günlük Şenesen, Çev.; 5. Basım).
Literatür Yayıncılık. (Orijinal kitap 2009 yılında yayımlanmıştır)
- Hacırüstemoğlu, R. (1999). Maliyet muhasebesi kayıt sistemi. Türmob Yayınları.
- Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard - measures that drive performance. Harvard
Business Review, 70(1), 71-79.
- KAP. (2023). Sektörler. https://www.kap.org.tr/tr/Sektorler
- Kim, H., Gu, Z., & Mattila, A. S. (2002). Hotel real estate investment trusts' risk features and beta determinants.
Journal of hospitality ve tourism research, 26(2), 138-154.
- Lee, S., & Kim, W. G. (2009). Eva refined eva, mva or traditional performance measures for the hospitality
ındustry? International Journal of Hospitality Management, 28, 439-445.
- Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment.
American Economic Review, 48(3), 261-297.
- Nakhaei, H., & Nakhaei, G. (2016, May, 58-65). Analyzing the relationship between economic value added, eva
momentum and accounting criteria with stock return in Malaysian firms. 6th annual International
Conference on Accounting and Finance, Global Science ve Technology Forum, https://doi.org/10.5176/2251-
1997_AF16.23
- Newbold, P., Carlson, W. L., & Thorne, B. M. (2013). Statistics for business and economics. Pearson Education.
- Peasnell, K. V., Pope, P. F., & Young, S. (2005). Board monitoring and earnings management: do outside
directors influence abnormal accruals? Journal of Business Finance and Accounting, 32(7-8), 1311-1346.
- Previts, G. J., Bricker, R. J., & Robinson, T. R. (1994). A content analysis of sell-side financial analyst company
reports. Accounting Horizons, 8(2), 55-70.
- Roodposhti, F. R., Ahmadvand, M., & Sadehvand, M. J. (2016). Examining the ability of eva momentum, eva
spread ve conventional performance measures to predict stock return. Doa Journal, 18(2), 307-330.
- Singh, J. (1986). Performance slack and risk taking in organization decision making. Academy of
Management Journal, 29(3), 562-585.
- Stewart, G. B. (1991). The quest for value: A guide for senior managers. Harper Business.
- Stewart, G. B. (2009). Eva momentum: The one ratio that tells the whole story. Journal of Applied Corporate
Finance, 21(2), 74-86.
- Tully, S. (1993). The real key to creating wealth. Fortune, 128(6), 38-45.
- Van horne, J C., & Wachowicz, J. M. (2001). Fundamentals of Financial Management. Prentice Hall.