Öz
Bir firmanın geçmiş ve mevcut mali durumunu
değerlendirmek ve gelecekteki mali durumunu öngörmek için finansal performansın
ölçülmesi farklı menfaat gurupları için son derece önemlidir. Finans, finansal
performansı ölçmek için oldukça fazla sayıda metodoloji kullanmakla birlikte,
nasıl ölçülmesi gerektiği ve doğru ölçütlerin neler olması gerektiği konusu
tartışılmaktadır. Bu tartışmalar ve ekonomideki değişimler değere dayalı
yönetim anlayışının gelişmesine ve buna bağlı olarak da hissedar değerinin ön
plana çıkmasına sebep olmuştur. Firmanın hissedar değeri oluşturma kabiliyeti
firma performansının ana göstergesi olarak görülmektedir. Finansal performansın
değere dayalı ölçülmesinde kullanılan yaklaşımlardan birisi de hissedar katma
değeri (SVA-Shareholder Value Added)’dir. Firmanın değer yaratan ve yaratmayan
unsurlarının belirlenmesine yardımcı olan SVA, hissedar değeri yaratmak için,
yönetici kararları ve stratejilerine ilişkin bir çerçeve sunmakta ve
yöneticilerin kısa vadeli karlılık yerine hissedarlara değer yaratan
faaliyetlere konsantre olmalarına yardımcı olmaktadır. Yönetici ücretlerinin
belirlenmesinde de kullanılabilen SVA, hissedarların yaptıkları yatırımlarından
elde edebilecekleri getiriyi tahmini olarak göstermektedir.
Anahtar Kelimeler
Finansal Performans Hissedar Katma Değeri Değere Dayalı Yönetim
Kaynakça
- Abdulkadir, H., , Reza M., Nasim R. (2011) , Long-Term Effects of Bank Consolidation Program in a Developing Economy, Journal of Asia Pacific Business Innovation and Technology Management, Volume 1, No. 1, pp., 20-30.
- Agrawal, A.K. (2012). Corporate governance objectives of labor union shareholders: Evidence from proxy voting. Review of Financial Studies, 25(1), pp., 187-226.
- Elali, W., (2007). EVA and Shareholder Value Creation: An Empirical Study, Yayımlanmamış Doktora Tezi, University of Westminster, London, England.
- Fernandez, P. A, (2002). Definition of Shareholder Value Creation, Reseacrh Division IESE, University of Navarra.
- Giurca, Laura. (2007). New Approaches On Shareholders Value Of A Firm, Faculty of Economy and Business Administration, University of Craiova, ss., 1-5.
- Hajiabbasi, M., Meysam K., Navid S. L., Mahmoud S. L., Hamzeh M. (2012). Comparison of İnformation Content Value Creation Measures (EVA, REVA, MVA, SVA, CSV and CVA) and Accounting Measures (ROA, ROE, EPS, CFO) in Predicting The Shareholder Return (SR) Evidence from Iran Stock Exchange, ARPN Journal of Science and Technology, VOL. 2, NO. 5, June 2012, pp., 517-521.
- Shukla, H. J. (2009). Creating and Measuring Shareholder Value: A Study of Cadila Healthcare Limited, Paradigm l, Vol. XIII, No. 1, January - June, 2009, pp., 66-72
- Largani, M. S., Meysam K., Amirreza A. (2012), A Review of The Application of The Concept of Shareholder Value Added (SVA) in Financial Decisions, Procedia - Social and Behavioral Sciences, pp., 490 – 497
- Maditinos, D. I., Željko Š., Nikolaos G. T., (2006). Economic Value Added (EVA®). Is it really the best performance measure? A Review of the Theoretical and Empirical Literature. The case of Athens Stock Exchange (ASE), Review of Economic Sciences, TEI of Epirus, Forthcoming, pp., 6-7
- Panigrahi, S. K., Yuserrie Z., Azzlina A. (2014) Comparing Traditional and Economic Performance Measures for Creating Shareholder’s Value: a Perspective from Malaysia, International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol. 4, No.4, October 2014, pp. 280–289)
- Rappaport, A. (1998). Creating Shareholder Value: A Guide for Managers and Investors. New York: The Free Press.
- Rappaport, A. (1999). Shareholder Value: Ein Handbuch fur Manager und Investoren, 2. Auflage, Shaeffer/Poeshel, Stuttgart.
- Sahoo, B. B., Alok K. P. (2016). Economic Value Added: A Better Technique for Performance Measurement, International Journal of Advances in Management and Economics, Nov.-Dec. 2016, Vol.5, Issue 6|.
- Soros, G., (2000). Open Society: Reforming Global Capitalism. London: Little, Brown and Company.
- Starovic, D., Cooper, S., Davis, M., (2004), Maximising Shareholder Value Achieving Clarity in Decision Making, CIMA Technical Report.
- Venanzi, D. (2010) Financial Performance Measures and Value Creation: A Review Working Paper – December 27, 10
Öz
Kaynakça
- Abdulkadir, H., , Reza M., Nasim R. (2011) , Long-Term Effects of Bank Consolidation Program in a Developing Economy, Journal of Asia Pacific Business Innovation and Technology Management, Volume 1, No. 1, pp., 20-30.
- Agrawal, A.K. (2012). Corporate governance objectives of labor union shareholders: Evidence from proxy voting. Review of Financial Studies, 25(1), pp., 187-226.
- Elali, W., (2007). EVA and Shareholder Value Creation: An Empirical Study, Yayımlanmamış Doktora Tezi, University of Westminster, London, England.
- Fernandez, P. A, (2002). Definition of Shareholder Value Creation, Reseacrh Division IESE, University of Navarra.
- Giurca, Laura. (2007). New Approaches On Shareholders Value Of A Firm, Faculty of Economy and Business Administration, University of Craiova, ss., 1-5.
- Hajiabbasi, M., Meysam K., Navid S. L., Mahmoud S. L., Hamzeh M. (2012). Comparison of İnformation Content Value Creation Measures (EVA, REVA, MVA, SVA, CSV and CVA) and Accounting Measures (ROA, ROE, EPS, CFO) in Predicting The Shareholder Return (SR) Evidence from Iran Stock Exchange, ARPN Journal of Science and Technology, VOL. 2, NO. 5, June 2012, pp., 517-521.
- Shukla, H. J. (2009). Creating and Measuring Shareholder Value: A Study of Cadila Healthcare Limited, Paradigm l, Vol. XIII, No. 1, January - June, 2009, pp., 66-72
- Largani, M. S., Meysam K., Amirreza A. (2012), A Review of The Application of The Concept of Shareholder Value Added (SVA) in Financial Decisions, Procedia - Social and Behavioral Sciences, pp., 490 – 497
- Maditinos, D. I., Željko Š., Nikolaos G. T., (2006). Economic Value Added (EVA®). Is it really the best performance measure? A Review of the Theoretical and Empirical Literature. The case of Athens Stock Exchange (ASE), Review of Economic Sciences, TEI of Epirus, Forthcoming, pp., 6-7
- Panigrahi, S. K., Yuserrie Z., Azzlina A. (2014) Comparing Traditional and Economic Performance Measures for Creating Shareholder’s Value: a Perspective from Malaysia, International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol. 4, No.4, October 2014, pp. 280–289)
- Rappaport, A. (1998). Creating Shareholder Value: A Guide for Managers and Investors. New York: The Free Press.
- Rappaport, A. (1999). Shareholder Value: Ein Handbuch fur Manager und Investoren, 2. Auflage, Shaeffer/Poeshel, Stuttgart.
- Sahoo, B. B., Alok K. P. (2016). Economic Value Added: A Better Technique for Performance Measurement, International Journal of Advances in Management and Economics, Nov.-Dec. 2016, Vol.5, Issue 6|.
- Soros, G., (2000). Open Society: Reforming Global Capitalism. London: Little, Brown and Company.
- Starovic, D., Cooper, S., Davis, M., (2004), Maximising Shareholder Value Achieving Clarity in Decision Making, CIMA Technical Report.
- Venanzi, D. (2010) Financial Performance Measures and Value Creation: A Review Working Paper – December 27, 10
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Konular | Ekonomi |
| Bölüm | olgu sunumları |
| Yazarlar | |
| Yayımlanma Tarihi | 4 Temmuz 2018 |
| Gönderilme Tarihi | 27 Mart 2018 |
| Kabul Tarihi | 11 Temmuz 2018 |
| Yayımlandığı Sayı | Yıl 2018 Cilt: 2 Sayı: 1 |
