The Factors Affecting Firm Performance: The Case of Turkey

Abstract

In this study, there has been intended to analyze the factors affecting the performance of firms. Year end closing price of stocks and rate of stock return were used to measure performance of the firm. There has been analyzed the relationships between the variables of year-end closing price of the stock, rate of stock return and cash dividend payout ratio, return on assets, price/earnings ratio, earnings per share, net profit growth, market to book value ratio, market value and return on equity. In the study, there have been analyzed 16 companies included in ISE 30 Index for 1998-2010 years using the panel regression model. There were created two models in the research and according to this, whereas Closing Price of the Stock (CLS) was increased by the change in Dividend Payout Ratio (DPR) and Earnings Per Share (EPS) in Model 1, it increased the change in Return on Assets (ROA) and it did not affect the Market to Book value (M_B) and Market Value Increase (MVI) and Closing Price of Stock (CLS). In Model 2, there has been observed that whereas Market Value Increase (MVI) and Earnings Per Share (EPS) have increased the Rate of Stock Return (RSR), it has not affected Return on Assets (ROA)

Keywords

• Firm performance, panel regression, closing price of stock, rate of stock return

Firma Performansını Etkileyen Faktörler ve Türkiye Örneği

Abstract

Bu çalışmada, firma performansını etkileyen faktörler incelenmek istenmiştir. Firma performansının ölçülmesinde hisse senedinin yılsonu kapanış fiyatı ve hisse getiri oranı kullanılmıştır. Hisse senedinin yılsonu kapanış fiyatı ve hisse getiri oranı ile nakit kar payı dağıtım oranı, aktif karlılığı, fiyat/kazanç oranı, hisse başına kar, net kar büyümesi, piyasa değeri /defter değeri, piyasa değeri ve özsermaye karlılığı değişkenleri arasındaki ilişki incelenmiştir. Çalışmada, İMKB 30 Endeksine dâhil olan 16 şirket 1998-2010 yılları için panel regresyon modeli ile incelenmiştir. Çalışmada iki model oluşturulmuş ve buna göre, Model 1’de hisse kapanış fiyatını, Temettü Ödeme Oranındaki (DPR) ve Hisse Başına Kardaki (EPS) değişimi artırırken, Aktif Karlılığındaki (ROA) değişimin azalttığı ve Piyasa Değeri Defter Değeri (M_B) ve Piyasa Değeri Artışı (MVI) ise Hisse Kapanış Fiyatını (CLS) etkilemediği sonucuna ulaşılmıştır. Model 2’de ise Hisse Getiri Oranını (RSR), Piyasa Değeri Artışı (MVI) ve Hisse Başına Kar (EPS) artırırken, Aktif Karlılığı (ROA) ise etkilemediği gözlenmiştir

Keywords

• Firma performansı, panel regresyon, hisse kapanış fiyatı, hisse getiri oranı

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