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Şirket Performans Parametreleri Arasındaki İlişkilerin Belirlenmesi: BİST-30 Şirketleri Üzerinde Analitik İnceleme

Year 2023, Volume: 57 Issue: 1, 199 - 210, 31.01.2023
https://doi.org/10.51551/verimlilik.1136897

Abstract

Amaç: Çalışmanın amacı, şirketlerin değer yaratma esasına dayalı önemli finansal performans göstergeleri olan Serbest Nakit Akımı (FCF), Firma Değeri (EV), Firma Değeri/Faiz, Vergi ve Amortisman Öncesi Kar (EV/EBITDA) ve Fiyat/Kazanç (P/E) aralarındaki ilişkilerin belirlenmesi ve yorumlanmasıdır.

Yöntem: Çalışmada BİST 30 şirketlerinin 2015-2021 yıllarında FCF ile EV, P/E ve EV/EBITDA yıllık değerleri arasındaki ilişki panel veri analiz yöntemi ile incelenmiştir.

Bulgular: Yapılan analizler sonucunda FCF ile EV ve P/E aralarında aynı yönlü; FCF ile EV/EBITDA arasında ters yönlü ilişki olduğu belirlenmiştir. Elde edilen bulguların literatürdeki çalışmalarla kısmen uyumlu olduğu belirlenmiştir.

Özgünlük: Çalışmanın BIST-30 endeksindeki kapsamındaki şirketler için değer maksimizasyonunu esas alan şirket performans ölçüm göstergeleri belirlenerek bu göstergeler arasındaki ilişkiler ortaya konulması ve yorumlanması açısından özgün olduğu değerlendirilmektedir. Daha önce literatürde incelenen örneklem ve zaman aralığında herhangi bir çalışma bulunmamaktadır.  

Supporting Institution

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References

  • Abadi, D.R.H., Eghbali, A.R. ve Abadi, S.H. (2014). “The Effects of Product Market Competition on Capital Structure in firms listed in Tehran Stock Exchange, Iran”, Research Journal of Recent Sciences, 3(4), 7-13.
  • Ahn, S.C ve Low, S. (1996). “A Reformulation of the Hausman Test for Regression Models with Pooled Cross-Section-Time-Series Data”, Journal of Econometrics, 71(1-2), 309-319.
  • Baltagi, B.H. (2005). “Econometric Analysis of Panel Data” 3rd Ed., John Wiley & Sons Ltd., West Sussex.
  • Berk, J. ve DeMarzo, P. (2020). “Corporate Finance”, 5th. Ed., Pearson Education Limited, Global Edition.
  • Bodie, Z., Kane, A. ve Marcus, A.J. (2004). “Essentials of Investments”, 5th Ed. McGraw-Hill, New York.
  • Brealey, R.A., Myers, S.C., ve Marcus, A.J. (1997). “Principles of Corporate Finance”, 5th Ed., McGraw-Hill, New York.
  • Breitung, J. (2001), "The Local Power of Some Unit Root Tests for Panel Data", Nonstationary Panels, Panel Cointegration, and Dynamic Panels (Advances in Econometrics, Vol. 15), Editörler: Baltagi, B.H., Fomby, T.B. ve Carter Hill, R., Emerald Group Publishing Limited, Bingley.
  • Demirci, N.S. (2017). “Serbest Nakit Akışlarının Şirket Değerine Etkisi: Serbest Nakit Akış Teorisi Bağlamında BIST 100 Endeksi Üzerine Dinamik Panel Veri Analizi”, Journal of Business Turk, 9(2), 283-299.
  • Driscoll, J.C. ve Kraay, A.C. (1998). “Consistent Covariance Matrix Estimation With Spatially Dependent Panel Data”, Review of Economics and Statistics, 80(4), 549-560.
  • Ehrhardt, M.C. ve Brigham, E.F. (2011). “Financial Management: Theory and Practice”, 13th Ed., Cengage Learning, South-Western.
  • Ekim, N., Acar, M.ve Uçan, O. (2019). “Entelektüel Sermayenin Finans Sektöründe Değer Yaratmadaki Rolü: Türk Bankacılık Sektöründe Bir Araştırma”, Verimlilik Dergisi, 4, 37-63.
  • Erasmus, P.D. (2008). “Value Based Financial Performance Measures: An Evaluation of Relative and Incremental Information Content”, http://virtusinterpress.org/IMG/pdf/10-22495cocv6i1p7.pdf, (Erişim Tarihi: 01.12.2022).
  • Ercan, M.K. ve Ban, Ü. (2018). “Değere Dayalı İşletme Finansı: Finansal Yönetim”, 10. Baskı, Gazi Kitabevi, Ankara.
  • Esen, H. ve Yiğit, V. (2022). “Kamu Hastanelerinde Performans Değerlendirmesi: Veri Zarflama Analitik Hiyerarşi Prosesi (VZAHP) Ve Pabon Lasso Modeli (PLM) Uygulaması”, Verimlilik Dergisi, 2, 231-250.
  • Ghodrati, H. ve Hashemi, A. (2014). “A Study On Relationship Among Free Cash Flow, Firm Value and Investors Cautiousness: Evidence From Tehran Stock Exchange”, Management Science Letters,4, 2001-2010.
  • Hoechle, D. (2007). “Robust Standard Errors For Panel Regressions With Cross-Sectional Dependence”, The Stata Journal, 10(2), 1-31.
  • Javadi, N. ve Hashemi A. (2014). “Assessing the Relationship Between Free Cash Flows, the Real Value of the Company and the Investor Conservatism in Iranian Stock Companies”, Official Accounting, 80-86.
  • Jensen, M. (1986). “Agency Costs of Free Cash Flow, Corporate Finance and Takeovers”, American Economic Review, 76(2), 323-329.
  • Karan, M.B. (2018). “Yatırım Analizi ve Portföy Yönetimi”, 5.Baskı, Gazi Kitabevi, Ankara.
  • Levin, A., Lin C.F., ve Chu C.S.J., (2002). “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties” Journal of Econometrics, 108, 1-24
  • Lm K., Pesaran M.H. ve Shin Y., (2003) “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115, 53-74
  • Lyons, B. (2015). “Valuation Multiples: A Tool for Fundamental & Firm Analysis”, Journal of Higher Education Theory and Practice, 15(2), 19-28.
  • MarketScreener (2022). “BIST 30 Endeks Verileri”, https://www.marketscreener.com/quote/stock/financials., (Erişim Tarihi: 15.05.2022)
  • Pesaran, H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, Cambridge Working Papers in Economics, 60, 13-50.
  • Phillips, P. ve Sul, D. (2003). “Dynamic Panel Estimation and Homogeneity Testing under Cross Section Dependence”, The Econometrics Journal, 6(1), 217-259.
  • Platt, H., Demirkan, S. ve Platt, M. (2010). “Free Cash Flow, Enterprise Value, and Investor Caution”, The Journal of Private Equity, 3(4), 42-50.
  • Tatoğlu, F.Y. (2012), Panel Veri Ekonometrisi, Beta Yayıncılık, İstanbul.
  • Tatoğlu, F.Y. (2013). “Panel Veri Ekonometrisi. İstanbul”, Beta Yayıncılık, İstanbul.
  • Tatoğlu, F.Y. (2017). “Panel Zaman Serileri Analizi”, Beta Yayıncılık, İstanbul.
  • Temür, A.S. (2022). “Borsa İstanbul Turizm Endeksi (XTRZM) Firmalarının Entropi Temelli ARAS, COPRAS ve TOPSIS Yöntemleri ile Finansal Performans Analizi”, Verimlilik Dergisi, 2, 183-212.
  • Titman, S., Keown A.J. ve Martin, J.D. (2011). “Financial Management Principles and Applications”, 11th Ed., Pearson, Londra.
  • Wang, G.Y. (2010). “The Impacts of Free Cash Flows and Agency Costs on Firm Performance”, Journal of Service Science & Management, 3, 408-418.
  • Yudianti, N. (2008). “The Effect of Investment Opportunity Set and Earnings Management to the Relationship Between Free Cash Flow and Shareholder Value”, Journal of Business Research, 193-228.

Determining the Relationships Between Company Performance Parameters: Analytical Analysis on BIST-30 Companies

Year 2023, Volume: 57 Issue: 1, 199 - 210, 31.01.2023
https://doi.org/10.51551/verimlilik.1136897

Abstract

Purpose: The aim of the study is to determine and to interpret the relationship between Free Cash Flow (FCF), Firm Value (EV), Firm Value/Earnings Before Interest, Taxes and Depreciation (EV/EBITDA) and Price/Earnings (P/E) which are important financial performance indicators of companies based on value creation.

Methodology: In the study, the relationship between the annual values of FCF and EV, P/E and EV/EBITDA of BIST 30 companies was examined by panel data analysis method in the years 2015-2021.

Findings: As a result of the analysis; it has been determined that EV and P/E are in the same direction with FCF and there is an inverse relationship between FCF and EV/EBITDA. It was determined that the findings are partially consistent with the studies in the literature.

Originality: The study is original in terms of revealing and interpreting the relationships between performance measurement indicators based on value maximization for the companies within the scope of the BIST-30 index. There is no study using same sample and time period previously in the literature.

Project Number

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References

  • Abadi, D.R.H., Eghbali, A.R. ve Abadi, S.H. (2014). “The Effects of Product Market Competition on Capital Structure in firms listed in Tehran Stock Exchange, Iran”, Research Journal of Recent Sciences, 3(4), 7-13.
  • Ahn, S.C ve Low, S. (1996). “A Reformulation of the Hausman Test for Regression Models with Pooled Cross-Section-Time-Series Data”, Journal of Econometrics, 71(1-2), 309-319.
  • Baltagi, B.H. (2005). “Econometric Analysis of Panel Data” 3rd Ed., John Wiley & Sons Ltd., West Sussex.
  • Berk, J. ve DeMarzo, P. (2020). “Corporate Finance”, 5th. Ed., Pearson Education Limited, Global Edition.
  • Bodie, Z., Kane, A. ve Marcus, A.J. (2004). “Essentials of Investments”, 5th Ed. McGraw-Hill, New York.
  • Brealey, R.A., Myers, S.C., ve Marcus, A.J. (1997). “Principles of Corporate Finance”, 5th Ed., McGraw-Hill, New York.
  • Breitung, J. (2001), "The Local Power of Some Unit Root Tests for Panel Data", Nonstationary Panels, Panel Cointegration, and Dynamic Panels (Advances in Econometrics, Vol. 15), Editörler: Baltagi, B.H., Fomby, T.B. ve Carter Hill, R., Emerald Group Publishing Limited, Bingley.
  • Demirci, N.S. (2017). “Serbest Nakit Akışlarının Şirket Değerine Etkisi: Serbest Nakit Akış Teorisi Bağlamında BIST 100 Endeksi Üzerine Dinamik Panel Veri Analizi”, Journal of Business Turk, 9(2), 283-299.
  • Driscoll, J.C. ve Kraay, A.C. (1998). “Consistent Covariance Matrix Estimation With Spatially Dependent Panel Data”, Review of Economics and Statistics, 80(4), 549-560.
  • Ehrhardt, M.C. ve Brigham, E.F. (2011). “Financial Management: Theory and Practice”, 13th Ed., Cengage Learning, South-Western.
  • Ekim, N., Acar, M.ve Uçan, O. (2019). “Entelektüel Sermayenin Finans Sektöründe Değer Yaratmadaki Rolü: Türk Bankacılık Sektöründe Bir Araştırma”, Verimlilik Dergisi, 4, 37-63.
  • Erasmus, P.D. (2008). “Value Based Financial Performance Measures: An Evaluation of Relative and Incremental Information Content”, http://virtusinterpress.org/IMG/pdf/10-22495cocv6i1p7.pdf, (Erişim Tarihi: 01.12.2022).
  • Ercan, M.K. ve Ban, Ü. (2018). “Değere Dayalı İşletme Finansı: Finansal Yönetim”, 10. Baskı, Gazi Kitabevi, Ankara.
  • Esen, H. ve Yiğit, V. (2022). “Kamu Hastanelerinde Performans Değerlendirmesi: Veri Zarflama Analitik Hiyerarşi Prosesi (VZAHP) Ve Pabon Lasso Modeli (PLM) Uygulaması”, Verimlilik Dergisi, 2, 231-250.
  • Ghodrati, H. ve Hashemi, A. (2014). “A Study On Relationship Among Free Cash Flow, Firm Value and Investors Cautiousness: Evidence From Tehran Stock Exchange”, Management Science Letters,4, 2001-2010.
  • Hoechle, D. (2007). “Robust Standard Errors For Panel Regressions With Cross-Sectional Dependence”, The Stata Journal, 10(2), 1-31.
  • Javadi, N. ve Hashemi A. (2014). “Assessing the Relationship Between Free Cash Flows, the Real Value of the Company and the Investor Conservatism in Iranian Stock Companies”, Official Accounting, 80-86.
  • Jensen, M. (1986). “Agency Costs of Free Cash Flow, Corporate Finance and Takeovers”, American Economic Review, 76(2), 323-329.
  • Karan, M.B. (2018). “Yatırım Analizi ve Portföy Yönetimi”, 5.Baskı, Gazi Kitabevi, Ankara.
  • Levin, A., Lin C.F., ve Chu C.S.J., (2002). “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties” Journal of Econometrics, 108, 1-24
  • Lm K., Pesaran M.H. ve Shin Y., (2003) “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115, 53-74
  • Lyons, B. (2015). “Valuation Multiples: A Tool for Fundamental & Firm Analysis”, Journal of Higher Education Theory and Practice, 15(2), 19-28.
  • MarketScreener (2022). “BIST 30 Endeks Verileri”, https://www.marketscreener.com/quote/stock/financials., (Erişim Tarihi: 15.05.2022)
  • Pesaran, H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, Cambridge Working Papers in Economics, 60, 13-50.
  • Phillips, P. ve Sul, D. (2003). “Dynamic Panel Estimation and Homogeneity Testing under Cross Section Dependence”, The Econometrics Journal, 6(1), 217-259.
  • Platt, H., Demirkan, S. ve Platt, M. (2010). “Free Cash Flow, Enterprise Value, and Investor Caution”, The Journal of Private Equity, 3(4), 42-50.
  • Tatoğlu, F.Y. (2012), Panel Veri Ekonometrisi, Beta Yayıncılık, İstanbul.
  • Tatoğlu, F.Y. (2013). “Panel Veri Ekonometrisi. İstanbul”, Beta Yayıncılık, İstanbul.
  • Tatoğlu, F.Y. (2017). “Panel Zaman Serileri Analizi”, Beta Yayıncılık, İstanbul.
  • Temür, A.S. (2022). “Borsa İstanbul Turizm Endeksi (XTRZM) Firmalarının Entropi Temelli ARAS, COPRAS ve TOPSIS Yöntemleri ile Finansal Performans Analizi”, Verimlilik Dergisi, 2, 183-212.
  • Titman, S., Keown A.J. ve Martin, J.D. (2011). “Financial Management Principles and Applications”, 11th Ed., Pearson, Londra.
  • Wang, G.Y. (2010). “The Impacts of Free Cash Flows and Agency Costs on Firm Performance”, Journal of Service Science & Management, 3, 408-418.
  • Yudianti, N. (2008). “The Effect of Investment Opportunity Set and Earnings Management to the Relationship Between Free Cash Flow and Shareholder Value”, Journal of Business Research, 193-228.
There are 33 citations in total.

Details

Primary Language Turkish
Journal Section Araştırma Makalesi
Authors

Yaşar Köse 0000-0003-0073-2095

Emre Yılmaz 0000-0002-6875-8403

Project Number ----
Publication Date January 31, 2023
Submission Date June 28, 2022
Published in Issue Year 2023 Volume: 57 Issue: 1

Cite

APA Köse, Y., & Yılmaz, E. (2023). Şirket Performans Parametreleri Arasındaki İlişkilerin Belirlenmesi: BİST-30 Şirketleri Üzerinde Analitik İnceleme. Verimlilik Dergisi, 57(1), 199-210. https://doi.org/10.51551/verimlilik.1136897

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