Analysis of the Relationship between TOPSIS Performance Orders and Investor Relations Management Contents
Abstract
Accurate introduction of a company in the capital markets, understanding and appreciation of its potential will only be possible on a platform where intensive and proactive information flow can be achieved and where continuous communication with investors is ensured. When one of the most important goals of the management is thought to be 'creating a shareholder value', the investor relations management unit’s importance is beter understood. Many academic studies show that there is a positive correlation between most stock prices and communication, status studies and/or investor relations management. Many academic studies show that there is a positive correlation between most stock prices and communication, status studies, and investor relations management. Together with efficiency in investor relationship management, success in financial management has an increasing effect in business value.
In this research, since the importance of investor relations management has increased day by day, as an important tool for establishing a healthy communication with the target group, investor relations and company web sites has been entreated. In line with this information, as one of the toolsused in investor relations management, websites of 15 company traded in the Textile Appareland Leather Manufacturing Sector in Borsa Istanbul have been analyzed. After the ranking of the TÜYİD Scorecard Scale scores used in the website analysis was obtained, the relationship between calculated orders according to the TOPSIS multi-criteria decision approach selected for ranking the financial performance analysis of the enterprises was investigated.
Keywords
Investor Relations Management Financial Communication Asymmetric Information Financial Performance
References
- AbuGhazaleh, N. M.,Qasim, A. Ve Haddad, A. E. (2012). Perceptions and attitudes toward corporate website presence and its use in investor relations in the Jordaniancontext. Advances in Accounting, 28(1), 1-10. Aly D.,Simon J. ve Hussainey K. (2010). Determinants of corporate internet reporting: Evidence from Egypt.Managerial Auditing Journal, 25(2), 182-202. Ashbaugh H.,Johnstone K. M. ve Warfield, T. D. (1999). Corporate reporting on the internet. Accounting Horizons, 13(3), 241-257. Durukan M. B. ve Özkan S.(2003) Finansal bilgi sunumunda bir araç olarak internet kullanımı: İMKB’de işlem gören şirketlerin web pageleri üzerine bir araştırma, İktisadi ve İdari Bilimler Dergisi, 17(1-2), 135-153. Ertuğrul, İ. ve Özçil, A. (2014). Çok kriterli karar vermede TOPSIS ve VIKOR yöntemleriyle klima seçimi. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4 (1), 267-282. Ettredge, M.,Richardson, V. J. ve Scholz, S. (2001). The presentation of financial information at corporate web sites. International Journal of Accounting Information Systems, 2(3), 149-168. Feng, C. M. ve Wang, R. T. (2000). Performance evaluation for airlines including the consideration of financial ratios. Journal of Air Transport Management, 6, 133-142. Fisher, R.,Oyelere, P. ve Laswad, F. (2004). Corporate reporting on the internet: Audit issues and content analysis of practices. Managerial Auditing Journal, 19(3), 412-439. Gandia, J. L. (2008). Determinants of internet-based corporate governance disclosure by Spanish listed companies. Online Information Review, 32(6), 791-817. Geerings J, Bollen L. H. H. ve Hassink H. F. D. (2003). Investor relations on the internet: A survey of the Euro nextzone, The European Accounting Review, 12 (3), 567–579. Gowthorpe C. (2004). Asymmetrical dialogue? Corporate financial reporting via the internet, Corporate Communications: An International Journal, 9(4), 283-293. Gruner R. H., (2002). Corporate Disclosure: The Key to Restoring Investor Confidence, Strategic Investor Relations, Summer, 1-4. Hedlin, P. (1999). The internet as a vehicle for investor relations: the Swedish case. European Accounting Review, 8(2), 373-381. IqbalKhadaroo, M. (2005). Business reporting on the internet in Malaysia and Singapore: A comparative study. Corporate Communications: An International Journal, 10(1), 58-68. Karasioğlu F. (2001). İnternet Tabanlı Finansal Raporlama. Ankara: Nobel Yayın Dağıtım. Kelton, S. ve Yang, Y. (2008). The impact of corporate governance on Internet financial reporting. Journal of Accounting and Public Policy, 27 (1), 62-85. Lymer, A., ve Debreceny, R. (2003). The auditor and corporate reporting on the internet: Challenges and institutional responses. International Journal of Auditing, 7(2), 103-120. Opriovic, S. ve Tzeng, G.H. (2004). Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS. European Journal of Operational Research, 156, 445–455. Oyelere, P.,Laswad, F. ve Fisher, R. (2003). Determinants of internet financial reporting by New Zealand companies. Journal of International Financial Management & Accounting, 14(1), 26-63. Saleh Al Arussi, A.,HisyamSelamat, M. Ve MohdHanefah, M. (2009). Determinants of financial and environmental disclosures through the internet by Malaysian companies. Asian Review of Accounting, 17(1), 59-76. Turel, A. (2010). The expectation gap in internet financial reporting: Evidence from an emerging Capital market. Middle Eastern Finance and Economics, 8, 94-107. Uyar, A. (2011). Determinants of corporate reporting on the internet: An analysis of companies listed on the Istanbul Stock Exchange (ISE). Managerial Auditing Journal, 27(1), 87-104. Ünal, M. (2000).İnternet aracılığıyla kamuyu aydınlatma ve halka arz işlemleri. Ankara: SPK Yeterlik Etüdü. Wagenhofer, A. (2003). Economic consequences of internet financial reporting.Schmalenbach Business Review,55, 262-279. Wang, J.J.,Jing, Y.Y., Zhang, C.F. ve Zhao, J.H. (2009). Review on multi-criteria decision analysis aid in sustainable energy decision-making. Renewable and Sustainable Energy Reviews, 13, 2263–2278.
Abstract
Bir şirketin sermaye piyasalarında doğru tanıtılması, potansiyelinin anlaşılması ve önemsenmesi ancak yatırımcılarla sürekli iletişimin sağlandığı, yoğun ve proaktif bilgi akışının gerçekleştirileceği bir platformda mümkün olabilecektir. Şirket yönetiminin en önemli amaçlarından birinin ‘hissedar değeri yaratmak’ olduğu düşünüldüğünde yatırımcı ilişkileri yönetimi biriminin önemi daha iyi anlaşılmaktadır. Pek çok akademik çalışma göstermektedir ki, çoğu hisse senedi fiyatı ile iletişim, statü çalışması ve yatırımcı ilişkileri yönetimi arasında pozitif bir korelasyon vardır. Finansal yönetimdeki başarı, yatırımcı ilişkileri yönetimindeki etkinlik ile birlikte işletme değerini artırıcı bir etkiye sahiptir.
Bu araştırmada yatırımcı ilişkileri yönetiminin öneminin her geçen gün artması sebebi ile hedef kitleyle sağlıklı bir iletişim kurulmasında önemli bir araç olan web siteleri araştırma konusu edilmiştir. Bu bilgiler doğrultusunda, Borsa İstanbul’da Dokuma Giyim Eşyası ve Deri İmalat Sektörü’nde işlem gören 15 işletmenin yatırımcı ilişkileri yönetiminde kullandıkları araçlardan biri olarak web siteleri analiz edilmiştir. Web sitesi analizinde kullanılan TÜYİD Skor Kart ölçeği puanlarının sıralaması elde edildikten sonra işletmelerin finansal performans analizi sıralaması için seçilmiş TOPSIS çok kriterli karar yaklaşımına göre hesaplanmış sıralamalar arasındaki ilişki araştırılmıştır.
References
- AbuGhazaleh, N. M.,Qasim, A. Ve Haddad, A. E. (2012). Perceptions and attitudes toward corporate website presence and its use in investor relations in the Jordaniancontext. Advances in Accounting, 28(1), 1-10. Aly D.,Simon J. ve Hussainey K. (2010). Determinants of corporate internet reporting: Evidence from Egypt.Managerial Auditing Journal, 25(2), 182-202. Ashbaugh H.,Johnstone K. M. ve Warfield, T. D. (1999). Corporate reporting on the internet. Accounting Horizons, 13(3), 241-257. Durukan M. B. ve Özkan S.(2003) Finansal bilgi sunumunda bir araç olarak internet kullanımı: İMKB’de işlem gören şirketlerin web pageleri üzerine bir araştırma, İktisadi ve İdari Bilimler Dergisi, 17(1-2), 135-153. Ertuğrul, İ. ve Özçil, A. (2014). Çok kriterli karar vermede TOPSIS ve VIKOR yöntemleriyle klima seçimi. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4 (1), 267-282. Ettredge, M.,Richardson, V. J. ve Scholz, S. (2001). The presentation of financial information at corporate web sites. International Journal of Accounting Information Systems, 2(3), 149-168. Feng, C. M. ve Wang, R. T. (2000). Performance evaluation for airlines including the consideration of financial ratios. Journal of Air Transport Management, 6, 133-142. Fisher, R.,Oyelere, P. ve Laswad, F. (2004). Corporate reporting on the internet: Audit issues and content analysis of practices. Managerial Auditing Journal, 19(3), 412-439. Gandia, J. L. (2008). Determinants of internet-based corporate governance disclosure by Spanish listed companies. Online Information Review, 32(6), 791-817. Geerings J, Bollen L. H. H. ve Hassink H. F. D. (2003). Investor relations on the internet: A survey of the Euro nextzone, The European Accounting Review, 12 (3), 567–579. Gowthorpe C. (2004). Asymmetrical dialogue? Corporate financial reporting via the internet, Corporate Communications: An International Journal, 9(4), 283-293. Gruner R. H., (2002). Corporate Disclosure: The Key to Restoring Investor Confidence, Strategic Investor Relations, Summer, 1-4. Hedlin, P. (1999). The internet as a vehicle for investor relations: the Swedish case. European Accounting Review, 8(2), 373-381. IqbalKhadaroo, M. (2005). Business reporting on the internet in Malaysia and Singapore: A comparative study. Corporate Communications: An International Journal, 10(1), 58-68. Karasioğlu F. (2001). İnternet Tabanlı Finansal Raporlama. Ankara: Nobel Yayın Dağıtım. Kelton, S. ve Yang, Y. (2008). The impact of corporate governance on Internet financial reporting. Journal of Accounting and Public Policy, 27 (1), 62-85. Lymer, A., ve Debreceny, R. (2003). The auditor and corporate reporting on the internet: Challenges and institutional responses. International Journal of Auditing, 7(2), 103-120. Opriovic, S. ve Tzeng, G.H. (2004). Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS. European Journal of Operational Research, 156, 445–455. Oyelere, P.,Laswad, F. ve Fisher, R. (2003). Determinants of internet financial reporting by New Zealand companies. Journal of International Financial Management & Accounting, 14(1), 26-63. Saleh Al Arussi, A.,HisyamSelamat, M. Ve MohdHanefah, M. (2009). Determinants of financial and environmental disclosures through the internet by Malaysian companies. Asian Review of Accounting, 17(1), 59-76. Turel, A. (2010). The expectation gap in internet financial reporting: Evidence from an emerging Capital market. Middle Eastern Finance and Economics, 8, 94-107. Uyar, A. (2011). Determinants of corporate reporting on the internet: An analysis of companies listed on the Istanbul Stock Exchange (ISE). Managerial Auditing Journal, 27(1), 87-104. Ünal, M. (2000).İnternet aracılığıyla kamuyu aydınlatma ve halka arz işlemleri. Ankara: SPK Yeterlik Etüdü. Wagenhofer, A. (2003). Economic consequences of internet financial reporting.Schmalenbach Business Review,55, 262-279. Wang, J.J.,Jing, Y.Y., Zhang, C.F. ve Zhao, J.H. (2009). Review on multi-criteria decision analysis aid in sustainable energy decision-making. Renewable and Sustainable Energy Reviews, 13, 2263–2278.
Details
| Primary Language | Turkish |
|---|---|
| Subjects | Business Administration |
| Journal Section | Review Article |
| Authors | |
| Publication Date | July 31, 2016 |
| Published in Issue | Year 2016Volume: 8 Issue: 3 |
