PİYASALARIN GENİŞLEME TRENDİ İÇİNE GİRDİĞİ DÖNEMLERDE ENERJİ SEKTÖRÜNDE UYGULANAN YATIRIM STRATEJİLERİNİN FİRMA PERFORMANSINA ETKİSİ

Year 2023, Volume: 4 Issue: 1, 101 - 119, 30.06.2023

Bahan Yenilmez

https://doi.org/10.57085/ufebud.1198998

Abstract

Bu çalışmada, Borsa İstanbul’da yer alan ve enerji sektöründe faaliyet gösteren firmaların uyguladıkları küçülme stratejilerinin ve ana faaliyetle ve çeşitlendirme ile ilgili olan yatırım stratejilerinin firma performansı üzerindeki etkileri incelenmiştir. Bu kapsamda, 2000 ile 2021 yılları arasında Borsa İstanbul 100 endeksinde yer alan enerji sektöründeki şirketlerin piyasaların genişleme trendi içine girmiş oldukları dönemlerinde uyguladıkları küçülme ve yatırım stratejileri belirlenerek ve bu stratejilerin firma performansıyla aralarında anlamlı bir ilişkinin bulunup bulunmadığının belirlenmesi amacıyla analizler yapılarak ve firma performansı üzerinde en fazla performansa sahip olan stratejiler değerlendirilmiştir. Bu çalışmanın diğer çalışmalardan farklı olan yönü henüz Türkiye’de söz konusu stratejilerin üçünün de genişleme dönemleri için bir arada değerlendirildiği ve karşılaştırıldığı çalışma sayısının oldukça sınırlı olmasından kaynaklanmaktadır. Çalışmada, firma performansının ölçülmesinde, borsa kapanış fiyatı, varlıklardaki büyüme oranı, Tobin’s Q, ROA, toplam hissedar getirisi, nakit akışlarının getiri oranı, hisse başına kazanç ve kümülatif performans değişkenleri kullanılmıştır. Yapılan bu çalışma dış geçerlilikle sınırlıdır. Gelecek çalışmalar için veri setinin büyütülmesi ve bu sektörde faaliyet gösteren daha fazla firmanın analizin kapsamına alınması daha doğru ve belirgin sonuçların ortaya çıkmasına imkân verecektir.

Keywords

Firma Performansı, Büyüme Stratejisi, Küçülme Stratejisi, Çeşitlendirme Stratejisi, Enerji Sektörü

THE EFFECT OF INVESTMENT STRATEGIES APPLIED IN EXPANSION PERIODS IN THE ENERGY SECTOR ON FIRM PERFORMANCE

Abstract

This study examines, the effects of growth, diversification and downsizing strategies which implemented of energy companies which are trading in Borsa Istanbul on firm performance were examined comparatively according to each sector for expansion periods. For this purpose, it has been determined which of the growth, diversification and downsizing strategies are implemented in expansion periods by the companies operating in the energy sector in the BIST 100 index between the years 2000-2021, and investigated whether there is a significant relationship between these strategies and firm performance, and the direction and degree of this relationship were analyzed and the strategies with the highest performance were evaluated. The difference of this study from other studies that all three of these strategies haven’t been evaluated together for expansion periods. In this research, the variables of earnings per share, Tobin's Q, ROA, growth rate in assets, total shareholder return, rate of return on cash. This study is limited by external validity. For the future studies enlarging the data set and including more companies operating in this sector in the scope of the analysis will allow more accurate and clear results to emerge.

Keywords

Firm Performance, Growth Strategy, Downsizing Strategy, Diversification Strategy, Energy Sector

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