Abstract
Kurumların yönetim kararları ile performansları arasındaki bir bağlantıyı ortaya çıkaran, yönetim kararlarının hisse senedi değerlerini etkileme seviyesinin tespiti, bu çalışmanın hedefidir. Daha belirgin bulgular elde etmek için en kurumsal firmalar seçilmeye çalışılmıştır. Borsa İstanbul-30 (BIST-30) Endeksi’nde 11 sektör ve sektör lideri kurum vardır. Bu kurumlar, 6 bağımsız değişken (ödenmiş sermaye miktarları, dağıtılan kâr payları, pazarlama giderleri, genel yönetim giderleri, araştırma geliştirme giderleri, çalışan sayıları) ve 1 bağımlı değişken (hisse senedi değerleri) açısından ele alınmıştır. Veriler on yıllık bir süreç için üçer aylık dönemler şeklinde oluşturulmuştur. Araştırmada edinilen bulgular arasında en çarpıcı olanlardan biri, ödenmiş sermaye ve araştırma geliştirme giderlerinin, diğer değişkenlere oranla daha etkili ve istikrarlı bir şekilde hisse senedi değerlerini etkilemesidir. Diğer önemli tespit ise BIST-30’daki liderlerin yönetim kararlarının hisse senedi değerlerini etkilediğini gösteren ilişkinin varlığıdır. Bahsi geçen ilişki, 2’si çok güçlü, 8’i güçlü ve 1’i orta seviyede açıklayıcılık gücü olan 11 şirket için kurulan 11 modelin tamamında kendini göstermektedir
Keywords
References
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- MURPHY, James Joseph, (1999), Technical Analysis of the Fi- nancial Markets: A Comprehensive Guide to Trading Methods and Applications, New York Finans Enstitüsü, 2’nci Baskı, New York, ABD.
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- İstanbul, Okan Üniversitesi Doktora Tezi. RICHARD, Pierre J. ve Diğerleri, (2009), “Measuring Organi- zational Performance: Towards Methodological Best Practice”
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The Analysis of the Effects of Management Decisions on Share Price Values in Large Corporations in Turkey
Abstract
The determination of how much management decisions affect share values in large corporations is the purpose of the study. We have selected the most recognizable corporations to have more specific findings. There are 11 sectors and sector-leader corporations in Borsa İstanbul-30 (BIST- 30) Index. These corporations are evaluated in terms of 6 independent variab les (paid capital, dividend disbursements, marketing expenses, management ex penses, research expenses, worker numbers) and 1 dependent variable (share values). We have used ten year quarterly data. A striking result in the study is that paid capital and research expenses are observed to be consistent and effective independent variables to explain share values. Another important result is that there is a significant relationship between management decisions and share values of large corporations. This result is demonstrated in 2 strong and 9 very strong expository models out of the entire 11 models
References
- BERK, Jonathan and Peter DeMARZO, (2007), Corporate Fi- nance, Pearson Uluslararası Baskısı, ABD.
- BHAT, Subhindra, (2008), Financial Management. Excel Kitapları, Hindistan.
- CHANDRA, Prasanna, (2008), Financial Management CFM
- McGraw-Hill Professional Series in Finance, Tata McGraw-Hill Education. Finansal Muhasebe Standartları Kurulu, (2009), FASB State- ments of Concepts.
- FREEMAN, Richard Barry and Daniel GOROFF, (2009), Sci- ence and Engineering Careers in the United States: An Analy- sis of Markets and Employment, Chicago Üniversitesi Baskısı, Chicago, ABD.
- HAWKINS, David F, (2001), A Conceptual Framework for fi- nancial Reporting. Harvard Business School, Sınıf Tartışma Notları.
- HAWKINS, David F, (2002), Financial Statements. Harvard Business School, Sınıf Tartışma Notları. HICKS, Organisations:Theory and Behavior, Mc Graw-Hill Company, Singapur. Ray GULLETT, (1975)
- HONGREN, Charles, Madhav DATAR and George FOSTER, (2006), Cost Accounting: A Managerial Emphasis, Pearson
- Prentice Hall, 12th edition, New Jersey, ABD. KIRKPATRICK, Durham, (2006), Technical Analysis: The Complete Resource for Financial Market Technician, Financial Times Press.
- LAWRENCE, Paul and Jay LORSCH, (1976), Organization and Environment, Harvard Üniversitesi, Boston, ABD, 65-69.
- LEVY, Dennis M, (2002), “Research and Development”, Library of Economics and Liberty, 50-57.
- James MARCH and Herbert SIMON, (1958), Organization, Wiley, New York, ABD.
- MINTZBERG, Henry, Duru RAISINGHANI and Andre THEO- RET, (1976), “The Structure of “Unstructured” Decision Pro- cesses”, Administrative Science Quarterly, 21(2), 246-275.
- MURPHY, James Joseph, (1999), Technical Analysis of the Fi- nancial Markets: A Comprehensive Guide to Trading Methods and Applications, New York Finans Enstitüsü, 2’nci Baskı, New York, ABD.
- ÖZKAN, Mehmet Serhan, (2015), The Analysis of the Effects of Management Decisions on Firm Performances in Large Cor- porations: Applıcations Regarding 11 Sector Leaders in Borsa
- İstanbul, Okan Üniversitesi Doktora Tezi. RICHARD, Pierre J. ve Diğerleri, (2009), “Measuring Organi- zational Performance: Towards Methodological Best Practice”
- Journal of Management, 15, 46-49. TANENBAUM, Robert, (1950), The Managerial Decision-Mak- ing, The Journal of Business of the University of Chicago, Chi- cago, ABD.
- Uluslararası Muhasebe Standartları Kurulu, (2001), IASB Statements of Concepts. WEB_1, (2015), BIST İnternet Sayfası, http://www.borsaistan- bul.com, 2015.
- WEB_2, (2014), BIST-30 Index İnternet Sayfası, http://www. ist30.com/sayfa/ist30-bist30-fonu-portfoy-dagilimi, 2014.
- WEB_3, (2015), The Public Disclosure Platform İnternet Sayfası, http://www.kap.gov.tr, 2015.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Research Article |
| Authors | |
| Publication Date | October 1, 2016 |
| Published in Issue | Year 2016 Issue: 620 |