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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
https://doi.org/10.52059/idaacmmd.1317510

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

  • 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.
Year 2024, Volume: 7 Issue: 1, 1 - 14, 26.01.2024
https://doi.org/10.52059/idaacmmd.1317510

Abstract

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.
There are 33 citations in total.

Details

Primary Language Turkish
Subjects Management Accounting
Journal Section Araştırma Makaleleri
Authors

Çağatay Beşoğul 0000-0002-0802-9495

Sinan Aslan 0000-0002-4245-142X

Publication Date January 26, 2024
Published in Issue Year 2024Volume: 7 Issue: 1

Cite

APA Beşoğul, Ç., & Aslan, S. (2024). BORSA İSTANBUL ANA METAL SANAYİ ŞİRKETLERİNİN EKONOMİK KATMA DEĞER MOMENTUM YÖNTEMİ İLE AMPİRİK DEĞERLENDİRİLMESİ. Ida Academia Muhasebe Ve Maliye Dergisi, 7(1), 1-14. https://doi.org/10.52059/idaacmmd.1317510

Gönderim-Kabul Süresi (Ortalama): 42,04 gün (6 hafta)

Makale Kabul Oranı: 0,59

Makale İndirme Sayısı (2018-2020): 18.042