THE RELATIONSHIP BETWEEN MARKET PERFORMANCE MEASURES AND ECONOMIC VALUE-ADDED (EVA): EVIDENCE FROM BIST FINANCIAL INDEX

Abstract

The objective of financial management theory is to maximize the wealth of shareholders. To analyze how effectively the firm is contributing wealth to its shareholders is not only important for management of the firm but also for the other financial information users. In order to evaluate the financial performance of the firm, a variety of financial performance measures such as economic value added (EVA) are used. Since the early 1990s, EVA has been known as the crucial important management tool for valuing investments and assessing corporate performance. The purpose of this study is to determine the relationship between financial market performance measurements and EVA in the BIST financial institutions. In this study is used Panel Regression models for a sample of 122 Turkish financial industries operated from the BIST financial institution index for the period of 2008-2017. Our study findings suggest that EVA is significantly association link earnings per share and TOBINQ from market performances measure. In addition, our findings result show that EVA is significant and positive effect between earnings per share and market value by divided book value ratio during the global financial crisis period, while EVA is significant and negative effect on TOBINQ.

Keywords

• EVA
• Market Performance
• Financial Crisis

EKONOMİK KATMA DEĞER (EVA) İLE BORSA PERFORMANS ÖLÇÜTLERİ ARASINDAKİ İLİŞKİ: BİST FİNANSAL ENDEKSİNE YÖNELİK BULGULAR

Abstract

Finansal yönetim teorisinin amacı, hissedarların servetini en üst düzeye çıkarmaktır. Firmanın ortaklarına servet katkısının ne kadar etkili olduğunu analiz etmek sadece firmanın yönetimi için değil diğer finansal bilgi kullanıcıları için de önemlidir. Firmanın finansal performansını değerlendirmek için Ekonomik Katma Değer (EVA) gibi çeşitli finansal performans ölçütleri kullanılmaktadır. 1990'ların başından beri EVA, yatırımları ve kurumsal performansı değerlendirmek için çok önemli bir yönetim aracı olarak bilinmektedir. Bu çalışmanın amacı, BIST Finansal Endeksinde yer alan şirketlerin EVA değerleri ile borsa performans oranları arasındaki ilişkinin tespit edilmesidir. Bu çalışmada, 2008-2017 dönemi için BIST finans sektörü endeksinde faaliyet gösteren 122 Türk finans işletmesi örneği için panel regresyon modeli kullanılmıştır. Çalışma bulgularımız; EVA'nın borsa performans oranlarından Hisse Başı Kazanç ve TOBINQ ile anlamlı bir ilişki olduğunu göstermektedir. Ayrıca, araştırma bulgularımız küresel kredi krizi dönemlerinde EVA, Hisse Başı Kazanç ile Piyasa Değeri/Defter Değeri oranına pozitif yönde katkı sağlamakta iken, TOBINQ değerine ise negatif etki yaptığını göstermektedir.

Keywords

• EVA
• Piyasa Performansı
• Finansal Kriz

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