CALCULATING FINANCIAL SUSTAINABILITY IN BUSINESSES

Öz

Financial sustainability in businesses can be measured using four empirically validated key ratios. The aim of this study is to test these four ratios through a sample application and to analyze the findings. For financial sustainability calculations, these four key ratios significantly guide and support the review of the appropriateness and relevance of the planned measures. These four key ratios are: (a) Real Growth Rate in Profit, (b) Financial Stability and Credibility Ratio, (c) Low Earnings Risk Ratio, and (d) Value Creation Ratio for Business Owners. These indicators are based on the classical, well-established principles of proven financial practices and symbolically represent a 'snapshot' of the company's financial sustainability. Empirical studies show that companies meeting these ratios in the past have achieved above-average returns and below-average fluctuations in capital markets. The four financial sustainability indicators enrich the current range of corporate planning tools and, as part of assessing financial sustainability, enable bankruptcy prediction and value creation analysis for companies.

İŞLETMELERDE FİNANSAL SÜRDÜRÜLEBİLİRLİĞİ HESAPLAMA

Öz

İşletmelerde finansal sürdürülebilirlik, ampirik olarak doğrulanmış dört temel oran kullanılarak ölçülebilir. Bu çalışmada amaç, söz konusu dört oranın örnek bir uygulama üzerinden sınanmasını ve bulguların analiz edilmesini esas almaktadır. Finansal sürdürülebilirlik hesaplamaları için, kullanılan bu dört temel oranı, planlanan tedbirlerin uygunluğunun ve yerindeliğinin gözden geçirilmesine çok büyük ölçüde yön ve destek vermektedir. Bu dört temel oran; (a) Kârda Reel (Gerçek) Büyüme Oranı, (b) Finansal İstikrar ve Kredibilite Oranı, (c) Düşük Kazanç Riski Oranı ve (d) İşletme Sahipleri İçin Katma Değer Yaratma Oranı şeklindedir. Bu veriler “iyi”, kanıtlanmış finansal uygulamaların klasik, zaten bilinen mantıklarına dayanmakta ve sembolik olarak şirketin “finansal sürdürülebilirliğine ilişkin küçük resmini” temsil etmektedir. Ampirik çalışmalar, geçmişte bu oranları karşılayan şirketlerin sermaye piyasalarında ortalamanın üzerinde getirilere ve ortalamanın altında dalgalanmalara sahip olduğunu göstermektedir. Dört finansal sürdürülebilirlik göstergesi, mevcut kurumsal planlama araçları yelpazesini zenginleştirmekte ve finansal sürdürülebilirliğin değerlendirilmesinin bir parçası olarak, bir iflas tahmini ve şirketlerin değer yaratma analizini mümkün kılmaktadır.

Anahtar Kelimeler

• Sürdürülebilirlik
• Finansal Sürdürülebilirlik
• Finansal Sürdürülebilirlik Hesaplaması.

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