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YURTDIŞINDA SERMAYE BÜTÇELEMESİ UYGULAMALARI: TÜRK İNŞAAT FİRMALARI ÖRNEĞİ

Year 2013, Volume: 27 Issue: 2, 93 - 108, 14.04.2013

Abstract

Bu çalışmanın amacı; yurtdışında faaliyette bulunan Türk inşaat
firmalarının sermaye bütçelemesi sürecindeki tutumlarını araştırmaktır.
Literatürdeki çalışmalar incelenerek önce bir anket formu hazırlanmıştır. Bu
anket formu yurtdışında faaliyette bulunduğu tespit edilen Türkiye Müteahhitler
Birliği’ne kayıtlı 120 firmadan 39’u ile gerçekleştirilmiştir. Çalışmadan elde
edilen verilere göre; söz konusu firmalar arasında yurtdışındaki projelerin
değerlendirmesinde en çok kullanılan yöntem; iç karlılık oranı yöntemidir.
Matematiksel modellerden ise en çok planlı programlama kullanılmaktadır.
Değerlendirmede sermaye maliyeti açısından en çok borç maliyeti dikkate
alınmaktadır. Firmaların yurtdışı projelerde iskonto oranı açısından çoğunlukla
herhangi bir düzeltme yapmadıkları belirlenmiştir. Risk açısından en çok
dikkate alınan yöntem nakit akışlarının düzeltilmesidir. Yurtdışı kazancının
hesaplamasında en çok döviz kuruna bakılmaksızın yurtdışındaki vergi sonrası
net karın; nakit akışı açısından ise döviz kuruna bakılmaksızın bütün vergiler
düşüldükten sonra Türkiye’ye aktarılan kısmın dikkate alındığı belirlenmiştir.

References

  • Alkraan, F. & Northcott, D. (2006). “Strategic capital investment decisionmaking: A role for emergent analysis tools? A study of practice in large UK manufacturing companies”, British Accounting Review, 38:1491
  • Arnold, Glen C. & Hatzopoulos, Panos D. (2000). “The Theory-Practice Gap in Capital Budgeting: Evidence from the United Kingdom”, Journal of Business Finance & Accounting 27(5)&(6), June/July, 603-624.
  • Arslan, Ö. (2003). “Küçük ve Orta Ölçekli İşletmelerde Çalışma Sermayesi ve Bazı Finansal Yönetim Uygulamaları”, Ç. Ü. İktisadi İdari Bilimler Dergisi, Cilt4, sayı 1, 121-135.
  • Bavishi, V.B. (1981). “Capital Budgeting Practices at Multinationals,” Management Accounting, August, 32-35.
  • Block, S. (2000). “Integrating Traditional Capital Budgeting Concepts Into An International Decision-Making Environment” The Engineering Economist, Vol: 45, Number: 4, 309-325.
  • Block, S. (2005). “Are There Differences in Capital Budgeting Procedures Between Industries? An Empirical Study”, The Engineering Economist, 50, 55-76.
  • Bruner, R. F.; Eades, Kenneth M.; Harris, Robert. S.; Higgins, Robert C. (1998). “Best Practice in Estimating the Cost of Capital: Survey and Synthesis”, Financial Practice and Education, Spring/Summer, 13-28.
  • Buckley, A., P. Buckley, P. Langevin, & K. Tse. (1996). “The Financial Analysis of Foreign Investment Decisions by Large UK-Based Companies,” European Journal of Finance, 2, 181-206.
  • Correia C. & Cramer, P. (2008). “An analysis of cost of capital, capital structure and capital budgeting practices: A survey of South African listed companies”, Meditari Accountancy Research, 16(2), 31-52.
  • Çetin, A.C. & Bıtırak, İ.A. (2009). “Antalya İli Küçük ve Orta Ölçekli İşletmelerinde Finansal Yönetim, İşletme Sermayesi ve Yatırım Bütçelemesi Uygulamaları”, Akdeniz Üniversitesi Alanya İşletme Fakültesi Dergisi, Cilt 1 , Sayı 1 , 119-137, Alanya.
  • Dedi, L. & Orsag, S. (2007). ”Capital Budgeting Practices: A Survey of Croatian Firms”, SEE Journal, April, 59-67.
  • Drury, C. & Tayles, M. (1996). “UK Capital Budgeting Practices: Some Additional Survey Evidence”, The European Journal of Finance 2, 3713
  • Farragher, J.Edward; Kleiman, Robert. T. ve Sahu, Anandi. P. (1999). “Current Capital Investment Practices”, The Engineering Economist, Vol.44, Number 2, 137-150.
  • Freeman, M. & Hobbes, G. (1991). “Capital Budgeting: Theory Versus Practice”, Australian Accountant, vol. 61, 36-41.
  • Gitman, Lawrance J. & Forrester, John. R. Jr. (1977). “A Survey of Capital Budgeting Techniques Used by Major U.S. Firms,” Financial Management. 6(3), ss. 66–71.
  • Graham, John R. & Harvey C.R. (2001). “The Theory and Practice of Corporate Finance: Evidence from the Field,” Journal of Financial Economics. 60, 187-2
  • Graham, R. John & Harvey, Campbell. R. (2002). “How do CFOs make Capital Budgeting and Capital Structure Decisions?”, The Journal of Applied Corporate Finance, Vol.15, No.1, 8-23.
  • Hall, J. & Millard, S. (2010). “Capital Budgeting Practices Used by Selected Listed South Afraican Firms”, SAJEMS NS (13), No:1, 85-97.
  • Holman, M. & Pramborg, B. (2005). “Capital Budgeting and Political Risk: Empirical Evidence”, Working Paper Series, February 3, 1-34.
  • Kelly, W.M.E. & G.C. Philippatos. (1982). “Comparative Analysis of The Foreign Investment Evaluation Practices by US-based Manufacturing Multinational Companies,” Journal of International Business Studies, 13(3), 19-42.
  • Kester, G. W.; Chang, Rosito. P. Echanis, Eilinda. S.; Haikal, Shalahuddin; Isa, Mansar. Md.; Skully, Michael; Tsui, Kai-Chang ve Wang, Chi-Jeng. (1999). “Capital Budgeting Practices in the Asia- Pacific Region: Australia, Hong Kong, Indonesia, Malaysia, Philippines, and Singapore”, Financial Practice and Education, 9, 1, 25-33.
  • Kim S., T. Crick & E. Farragher. (1984). “Foreign Capital Budgeting Practices Used by the US and Non-US Multinational Companies,” The Engineering Economist, Vol: 29: 3, 207-216.
  • Kim, S. H. T. Crick, & S.H. Kim (1986). “Do Executives Practice What Academics Preach?” Management Accounting. 49-52.
  • Klammer T. (1972). “Empirical Evidence of The Adoption of Sophisticated Capital Budgeting Techiques”, The Journal of Business, Vol.45, No.3, July, 387-397.
  • Klammer, T. Koch, Bruce; Wilner, Neil. (1991). “Capital Budgeting PracticesA Survey of Corporate Use”, Journal of Management Accounting Research, Fall 1991, 113-130.
  • Kula, V. & Erkan, M. (1999). “Yatırım Proje Hazırlanmasında Gerçekleştirdikleri Finansal Etüdler Açısından KOBİ ve Büyük İşletmelerin Karşılaştırılması”, C.Ü. İktisadi ve İdari Bilimler Dergisi, Cilt 2, Sayı 1, 145-160.
  • Lam, K.C; Wang, Dan; Lam, M.C.K. (2007). “The Capital Budgeting Evaluation Practices of Building Contractors in Hong Kong” International Jourmal of Project Management, 25, 824-834.
  • Lazaridis, Ioannis T. (2004). “Capital Budgeting Practices: A Survey in the Firms in Cyprus” Journal of Small Business Management, 42(4), 4274
  • Leon, Farah M.; Isa, Mansor; Kester, George W. (2008). “Capital Budgeting Practices of Listed Indonesian Companies”, Asian Journal of Business and Accounting, 1(2), 175-192.
  • Oblak, D.J. & R.J. Helm Jr. (1980). “Survey and Analysis of Capital Budgeting Methods Used by Multinationals,” Financial Management, Winter, 37
  • Payne, J.; Heath, W.; Gale, L. J. (1999). “Comparative Financial Practice in the US and Canada: Capital Budgeting and Risk Assessment Techniques”. Financial Practice and Education, Vol. 9, 16-24.
  • Peel, M. J. & Bridge, J. (1998). “How Planning and Capital Budgeting Improve SME Performance”, Long Range Planning, Vol.31, No.6, 848-856.
  • Pereiro, L. E. (2006). “The Practice of Investment Valuation in Emerging Markets: Evidence From Argentina”, Journal of Multinational Financial Management, 16, 160-183.
  • Polk, J.; I. W. Meister; & L. A. Veit. (1966). “Company Investment Criteria.” Chapter 4 in The Conference Board, “U.S. Production Abroad and the Balance of Payments: A Survey of Corporate Investment Experience”. Ross, M. (1986). “Capital Budgeting Practices of Twelve Large Manufacturers”, Financial Management, Winter, Vol.15, Issue 4, 15-24. Ryan, P. A. & Ryan G. P. (2002). “Capital Budgeting Practice of the Fortune 1000: How Have Things Changed?”, Journal of Business and Management, Volume 8, Number 4, Winter, 355,1-15.
  • Sandahl, G. & Sjogren S. (2003). “Capital Budgeting Methods Among Sweden’s Largerst Groups of Companies. The State of the Art and a Corporasion with Earlier Studies”, International Journal of Production Economics, 84, 51-69.
  • Schall, D. Lawrance; Sundam, Gary L.; Geijsbeek, William R. Jr. (1978). “Survey and Analysis of Capital Budgeting Methods”, Journal of Finance, Vol.33, No.1, Mar. 281-287.
  • Shao, L.P. & A.T. Shao. (1993). “Capital Budgeting Practices Employed by European Affiliates of US Transnational Companies,” Journal of International Financial Management, 3(1/2), 95-109
  • Shao, L.P. & Shao, A.T. (1996). “Risk Analysis and Capital Budgeting Techniques of U. S. Multinational Enterprises”. Managerial Finance 22, 41Stanley, M.T. & Block, S.B. (1983). “An Empirical Study of Management and Financial Variables Influencing Capital Budgeting Decisions for Multinational Corporations in the 1980s,” Management International Review, 23(3), 61-72.
  • Stanley, M.T. & Block, S.B. (1984). “A Survey of Multinational Capital Budgeting”. The Financial Review. Vol: 19, 36-54.
  • Stonehill A. & L. Nathanson. (1968), “Capital Budgeting and the Multinational Corporation,” California Management Review, summer, 39-54.
  • Stonehill, A. T. Beekhuisen; R. Wright; L. Remmers; N. Toy; A. Pares; A.Shapiro; D. Egan; & T. Bates. (1975). “Financial Goals and Debt Ratio Determinants: A Survey of Practice in Five Countries.” Financial Management (Autumn 1973), 27-41.
  • Truong, G. Partington G. Peat M. (2008). “Cost of Capital Estimation and Capiatl Budgeting Practice in Australia”, Australian Journal of Management, 33, 95-121.
  • Verma, S. Gupta, S. Batra, R. (2009). “A Survey of Capital Budgeting Practices in Corporate India”, The Journal of Business Perspective, Vol. 13, No. 31, July–September.
  • Yılgör, A. G. & Y. Emel. (2008). “Sermaye Bütçelemesi Kararları: Mersin ve Adana İllerinde Bir Uygulama”, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 17, Sayı 2, 2008, 449-464.
  • Yücel, T. (2001). “Küçük ve Orta Ölçekli İşletmelerde Çalışma Sermayesi ve Finansal Yönetim Uygulamaları”, 1. Orta Anadolu Kongresi, 1-12.

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Year 2013, Volume: 27 Issue: 2, 93 - 108, 14.04.2013

Abstract

The purpose of the study is to analyze the capital budgeting practices of Turkish construction firms which are operating in foreign countries. A survey form has been prepared with caring of the studies in literature. It is applied to 120 firms which are registered to Turkish Contractors Association. In the study, 39 completed survey forms are used. Findings from the study; the most popular project evaluation technique is internal rate of return. Planning programming is the most popular technique in mathematical models. Calculating the cost of capital, firms commonly use cost of debt. It is determined that most of the firms do not make any adjustment in the cost of capital for foreign investments. Considering the risk, adjustment in cash flows is the most popular technique. Measuring earnings from foreign investments, firms commonly use expected accounting profits after foreign taxes, regardless of currency. Furthermore, measuring cash flows, firms commonly use count all expected cash flows to Turkey after domestic and foreign taxes, regardless of currency.

References

  • Alkraan, F. & Northcott, D. (2006). “Strategic capital investment decisionmaking: A role for emergent analysis tools? A study of practice in large UK manufacturing companies”, British Accounting Review, 38:1491
  • Arnold, Glen C. & Hatzopoulos, Panos D. (2000). “The Theory-Practice Gap in Capital Budgeting: Evidence from the United Kingdom”, Journal of Business Finance & Accounting 27(5)&(6), June/July, 603-624.
  • Arslan, Ö. (2003). “Küçük ve Orta Ölçekli İşletmelerde Çalışma Sermayesi ve Bazı Finansal Yönetim Uygulamaları”, Ç. Ü. İktisadi İdari Bilimler Dergisi, Cilt4, sayı 1, 121-135.
  • Bavishi, V.B. (1981). “Capital Budgeting Practices at Multinationals,” Management Accounting, August, 32-35.
  • Block, S. (2000). “Integrating Traditional Capital Budgeting Concepts Into An International Decision-Making Environment” The Engineering Economist, Vol: 45, Number: 4, 309-325.
  • Block, S. (2005). “Are There Differences in Capital Budgeting Procedures Between Industries? An Empirical Study”, The Engineering Economist, 50, 55-76.
  • Bruner, R. F.; Eades, Kenneth M.; Harris, Robert. S.; Higgins, Robert C. (1998). “Best Practice in Estimating the Cost of Capital: Survey and Synthesis”, Financial Practice and Education, Spring/Summer, 13-28.
  • Buckley, A., P. Buckley, P. Langevin, & K. Tse. (1996). “The Financial Analysis of Foreign Investment Decisions by Large UK-Based Companies,” European Journal of Finance, 2, 181-206.
  • Correia C. & Cramer, P. (2008). “An analysis of cost of capital, capital structure and capital budgeting practices: A survey of South African listed companies”, Meditari Accountancy Research, 16(2), 31-52.
  • Çetin, A.C. & Bıtırak, İ.A. (2009). “Antalya İli Küçük ve Orta Ölçekli İşletmelerinde Finansal Yönetim, İşletme Sermayesi ve Yatırım Bütçelemesi Uygulamaları”, Akdeniz Üniversitesi Alanya İşletme Fakültesi Dergisi, Cilt 1 , Sayı 1 , 119-137, Alanya.
  • Dedi, L. & Orsag, S. (2007). ”Capital Budgeting Practices: A Survey of Croatian Firms”, SEE Journal, April, 59-67.
  • Drury, C. & Tayles, M. (1996). “UK Capital Budgeting Practices: Some Additional Survey Evidence”, The European Journal of Finance 2, 3713
  • Farragher, J.Edward; Kleiman, Robert. T. ve Sahu, Anandi. P. (1999). “Current Capital Investment Practices”, The Engineering Economist, Vol.44, Number 2, 137-150.
  • Freeman, M. & Hobbes, G. (1991). “Capital Budgeting: Theory Versus Practice”, Australian Accountant, vol. 61, 36-41.
  • Gitman, Lawrance J. & Forrester, John. R. Jr. (1977). “A Survey of Capital Budgeting Techniques Used by Major U.S. Firms,” Financial Management. 6(3), ss. 66–71.
  • Graham, John R. & Harvey C.R. (2001). “The Theory and Practice of Corporate Finance: Evidence from the Field,” Journal of Financial Economics. 60, 187-2
  • Graham, R. John & Harvey, Campbell. R. (2002). “How do CFOs make Capital Budgeting and Capital Structure Decisions?”, The Journal of Applied Corporate Finance, Vol.15, No.1, 8-23.
  • Hall, J. & Millard, S. (2010). “Capital Budgeting Practices Used by Selected Listed South Afraican Firms”, SAJEMS NS (13), No:1, 85-97.
  • Holman, M. & Pramborg, B. (2005). “Capital Budgeting and Political Risk: Empirical Evidence”, Working Paper Series, February 3, 1-34.
  • Kelly, W.M.E. & G.C. Philippatos. (1982). “Comparative Analysis of The Foreign Investment Evaluation Practices by US-based Manufacturing Multinational Companies,” Journal of International Business Studies, 13(3), 19-42.
  • Kester, G. W.; Chang, Rosito. P. Echanis, Eilinda. S.; Haikal, Shalahuddin; Isa, Mansar. Md.; Skully, Michael; Tsui, Kai-Chang ve Wang, Chi-Jeng. (1999). “Capital Budgeting Practices in the Asia- Pacific Region: Australia, Hong Kong, Indonesia, Malaysia, Philippines, and Singapore”, Financial Practice and Education, 9, 1, 25-33.
  • Kim S., T. Crick & E. Farragher. (1984). “Foreign Capital Budgeting Practices Used by the US and Non-US Multinational Companies,” The Engineering Economist, Vol: 29: 3, 207-216.
  • Kim, S. H. T. Crick, & S.H. Kim (1986). “Do Executives Practice What Academics Preach?” Management Accounting. 49-52.
  • Klammer T. (1972). “Empirical Evidence of The Adoption of Sophisticated Capital Budgeting Techiques”, The Journal of Business, Vol.45, No.3, July, 387-397.
  • Klammer, T. Koch, Bruce; Wilner, Neil. (1991). “Capital Budgeting PracticesA Survey of Corporate Use”, Journal of Management Accounting Research, Fall 1991, 113-130.
  • Kula, V. & Erkan, M. (1999). “Yatırım Proje Hazırlanmasında Gerçekleştirdikleri Finansal Etüdler Açısından KOBİ ve Büyük İşletmelerin Karşılaştırılması”, C.Ü. İktisadi ve İdari Bilimler Dergisi, Cilt 2, Sayı 1, 145-160.
  • Lam, K.C; Wang, Dan; Lam, M.C.K. (2007). “The Capital Budgeting Evaluation Practices of Building Contractors in Hong Kong” International Jourmal of Project Management, 25, 824-834.
  • Lazaridis, Ioannis T. (2004). “Capital Budgeting Practices: A Survey in the Firms in Cyprus” Journal of Small Business Management, 42(4), 4274
  • Leon, Farah M.; Isa, Mansor; Kester, George W. (2008). “Capital Budgeting Practices of Listed Indonesian Companies”, Asian Journal of Business and Accounting, 1(2), 175-192.
  • Oblak, D.J. & R.J. Helm Jr. (1980). “Survey and Analysis of Capital Budgeting Methods Used by Multinationals,” Financial Management, Winter, 37
  • Payne, J.; Heath, W.; Gale, L. J. (1999). “Comparative Financial Practice in the US and Canada: Capital Budgeting and Risk Assessment Techniques”. Financial Practice and Education, Vol. 9, 16-24.
  • Peel, M. J. & Bridge, J. (1998). “How Planning and Capital Budgeting Improve SME Performance”, Long Range Planning, Vol.31, No.6, 848-856.
  • Pereiro, L. E. (2006). “The Practice of Investment Valuation in Emerging Markets: Evidence From Argentina”, Journal of Multinational Financial Management, 16, 160-183.
  • Polk, J.; I. W. Meister; & L. A. Veit. (1966). “Company Investment Criteria.” Chapter 4 in The Conference Board, “U.S. Production Abroad and the Balance of Payments: A Survey of Corporate Investment Experience”. Ross, M. (1986). “Capital Budgeting Practices of Twelve Large Manufacturers”, Financial Management, Winter, Vol.15, Issue 4, 15-24. Ryan, P. A. & Ryan G. P. (2002). “Capital Budgeting Practice of the Fortune 1000: How Have Things Changed?”, Journal of Business and Management, Volume 8, Number 4, Winter, 355,1-15.
  • Sandahl, G. & Sjogren S. (2003). “Capital Budgeting Methods Among Sweden’s Largerst Groups of Companies. The State of the Art and a Corporasion with Earlier Studies”, International Journal of Production Economics, 84, 51-69.
  • Schall, D. Lawrance; Sundam, Gary L.; Geijsbeek, William R. Jr. (1978). “Survey and Analysis of Capital Budgeting Methods”, Journal of Finance, Vol.33, No.1, Mar. 281-287.
  • Shao, L.P. & A.T. Shao. (1993). “Capital Budgeting Practices Employed by European Affiliates of US Transnational Companies,” Journal of International Financial Management, 3(1/2), 95-109
  • Shao, L.P. & Shao, A.T. (1996). “Risk Analysis and Capital Budgeting Techniques of U. S. Multinational Enterprises”. Managerial Finance 22, 41Stanley, M.T. & Block, S.B. (1983). “An Empirical Study of Management and Financial Variables Influencing Capital Budgeting Decisions for Multinational Corporations in the 1980s,” Management International Review, 23(3), 61-72.
  • Stanley, M.T. & Block, S.B. (1984). “A Survey of Multinational Capital Budgeting”. The Financial Review. Vol: 19, 36-54.
  • Stonehill A. & L. Nathanson. (1968), “Capital Budgeting and the Multinational Corporation,” California Management Review, summer, 39-54.
  • Stonehill, A. T. Beekhuisen; R. Wright; L. Remmers; N. Toy; A. Pares; A.Shapiro; D. Egan; & T. Bates. (1975). “Financial Goals and Debt Ratio Determinants: A Survey of Practice in Five Countries.” Financial Management (Autumn 1973), 27-41.
  • Truong, G. Partington G. Peat M. (2008). “Cost of Capital Estimation and Capiatl Budgeting Practice in Australia”, Australian Journal of Management, 33, 95-121.
  • Verma, S. Gupta, S. Batra, R. (2009). “A Survey of Capital Budgeting Practices in Corporate India”, The Journal of Business Perspective, Vol. 13, No. 31, July–September.
  • Yılgör, A. G. & Y. Emel. (2008). “Sermaye Bütçelemesi Kararları: Mersin ve Adana İllerinde Bir Uygulama”, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 17, Sayı 2, 2008, 449-464.
  • Yücel, T. (2001). “Küçük ve Orta Ölçekli İşletmelerde Çalışma Sermayesi ve Finansal Yönetim Uygulamaları”, 1. Orta Anadolu Kongresi, 1-12.
There are 45 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Kemal Eyüboğlu

Hüseyin Dağlı

Kemal Eyüboğlu

Uğur Sevim

Publication Date April 14, 2013
Published in Issue Year 2013 Volume: 27 Issue: 2

Cite

APA Eyüboğlu, K., Dağlı, H., Eyüboğlu, K., Sevim, U. (2013). YURTDIŞINDA SERMAYE BÜTÇELEMESİ UYGULAMALARI: TÜRK İNŞAAT FİRMALARI ÖRNEĞİ. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 27(2), 93-108.

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