EVA VE CFROI YÖNTEMLERİNİN HİSSEDARLARIN DEĞER MAKSİMİZASYONU VE FİNANSAL PERFORMANS TAHMİNİ ÜZERİNE ETKİSİ: AMPİRİK BİR ÇALIŞMA

Year 2022, Volume: 7 Issue: 4, 861 - 871, 31.12.2022

Kemal Yaman Murat Kurtlar

https://doi.org/10.29106/fesa.1202471

Abstract

Hissedar değeri maksimizasyonu, küreselleşme ile artan rekabet nedeniyle şirketler için çok önemli hale gelmiştir. Bir şirketin finansal açıdan temel amacı, hissedarlarının değerini en üst düzeye çıkarmaktır. Ancak geleneksel muhasebe tabanlı performans önlemleri bu konuda yetersizdir. Bu nedenle şirketler, hissedar değerini yansıtan finansal performansı analiz etmek için uygun bir yöntem belirleyebilmelidir. Bu bakış açısından, hissedarların değerini en üst düzeye çıkarmak için Nakit Akışı Yatırım Getirisi (CFROI) ve Ekonomik Katma Değer (EVA) ile performans yöntemlerinin önemini vurgulamayı amaçlanmaktadır. 2015-2021 yılları arasında Borsa İstanbul'da (BIST) işlem gören sağlık sektörü şirketleri analiz edilmektedir. Çalışmada, CFROI ve EVA'nın bu şirketlerin hisse senedi getirileri üzerinde olumlu bir etkisi olduğu sonucuna varılmıştır, ancak CFROI'nin daha büyük etkisi vardır. Dolayısıyla, CFROI tekniği, hissedar değeri için en iyi finansal performans ölçüsüdür.

Keywords

Sağlık Sektörü, Performans, CFROI, EVA, Hisse Senedi Getirisi, Healthcare Sector, Performance, Stock Return

EFFECT OF EVA AND CFROI METHODS ON SHAREHOLDERS VALUE MAXIMIZATION AND FINANCIAL PERFORMANCE ESTIMATION: AN EMPIRICAL STUDY

Abstract

Shareholder value maximisation has become very important for companies due to increased competition with globalization. The main objective of a company in financial terms is to maximize the value of its shareholders. However, traditional accounting-based performance measures are insufficient in this regard. Therefore, companies should be able to determine an appropriate measure to analyze their financial performance that reflects shareholder value. From this point of view, it is aimed to emphasize the importance of the Cash Flow Return on Investment (CFROI) and Economic Value Added (EVA) performance methods in maximisation the value of the shareholders. For the periods including the years 2015-2021 companies in the healthcare sector traded in Stock Exchange Istanbul (BIST) are analyzed. In the study, it is concluded that CFROI and EVA have a positive effect on stock returns of these companies but CFROI has bigger impact. Thus, the CFROI technique is the best measure of financial performance for shareholder value.

Keywords

Healthcare Sector, Performance, Stock Return

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