The Effects of International and Industrial Diversification on Firm Value: Evidence from Turkey

Abstract

This study determined that international diversification does not have significant effect on the value of the firms operating in manufacturing sector among the firms listed in the Borsa Istanbul Equity Market; however, that the industrial diversification increases the firm value by using the “Excess Value Methodology” developed by Berger and Ofek (1995) and modified by Fauver et al (2004). Acquired diversification premiums were also observed to continue in case of control of institutional investors’ share ownership; in addition, a positive relation was found between institutional investors’ share ownership and firm value at low share ownership, while it is negative in high ownership rates.

Keywords

• International Diversification
• Industrial Diversification
• Firm Value
• Institutional Investors’ Share Ownership

Uluslararası ve Endüstriyel Çeşitlendirmenin Firma Değeri Üzerindeki Etkileri: Türkiye Örneği

Abstract

Bu çalışma, Berger ve Ofek (1995) tarafından geliştirilen ve Fauver vd. (2004) tarafından modifiye edilen “Artık Değer Metodolojisi”ni kullanarak, Borsa İstanbul Pay Piyasası’nda işlem gören firmalardan İmalat Sektöründe yer alan firmalar için uluslararası çeşitlendirmenin firma değeri üzerinde herhangi bir anlamlı etkiye sahip olmadığını bununla birlikte endüstriyel çeşitlendirmenin firma değerlerini artırdığını tespit etmiştir. Elde edilen çeşitlendirme priminin, firmaların kurumsal yatırımcılarının sahiplik yapısı paylarının kontrol edilmesi durumunda da devam ettiği gözlenmiş; bununla birlikte, kurumsal yatırımcıların firma değeri ile düşük sahiplik oranlarında pozitif, yüksek sahiplik oranlarında ise negatif ilişkili olduğu belirlenmiştir.

Keywords

• Uluslararası Çeşitlendirme
• Endüstriyel Çeşitlendirme
• Firma Değeri
• Kurumsal Yatırımcıların Pay Sahipliği

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