Piyasa Değeri ve Piotroski F Skor İlişkisi: Panel Veri Analizi

Yıl 2024, Cilt: 26 Sayı: 3, 1079 - 1090, 27.09.2024

Sumeyra Uzun , Arif Saldanlı , İbrahim Sırma

https://doi.org/10.32709/akusosbil.1172751

Öz

Bir şirketin piyasa değerindeki artış ve azalış çok sayıda faktörden etkilenir. Halka açık şirketlerin piyasa değerleri ve buna bağlı olarak getirilerinin tahmini finans literatüründe üzerinde çalışılan önemli bir konulardandır. Çünkü şirketlerin değerini doğru bir şekilde belirleyebilmek yatırımcıların kararlarını etkileyecektir. Joseph Piotroski tarafından finans literatürüne kazandırılan F Skoru (0-9 arası) uygulaması zamanla yatırımcılar tarafından pay ve şirket değerlemesi konusunda önemli bir gösterge olarak kabul edilmiştir. Bu çalışmada 2014-2020 yılları arasında Borsa İstanbul Pay Piyasası’nda işlem göre 298 şirketlerin 27 çeyrek dönemlik piyasa değerleri ile F-Skorları arasındaki ilişki gözlemlenmiştir. Çalışma sonucunda F skordaki 1 birimlik artış piyasa değerini yaklaşık %6,14 birim arttırdığı sonucuna ulaşılmıştır. Bu sonuca göre Piotroski F-Skor değerlerinin yatırımcıların pay senedi yatırım kararlarında dikkate alabilecek bir temel analiz göstergesi olduğu sonucuna ulaşılmıştır

Anahtar Kelimeler

Piyasa Değeri, Piotroski F Skoru, Panel Veri Analizi

Relationship Between Market Value And Piotroski F Score:Panel Data Analysis

Öz

The increase or decrease in the market value of a company is affected by many factors. The market values of publicly traded companies and the estimation of their returns are one of the important topics studied in the finance literature. Because being able to accurately determine the value of companies will affect the decisions of investors. The F Score (between 0-9) introduced to the finance literature by Joseph Piotroski has been accepted by investors as an important indicator in terms of share and company valuation over time. In this study, the relationship between 27 quarterly market values and F-Scores of 298 companies traded in Borsa Istanbul Equity Market between 2014-2020 was observed. As a result of the study, it was concluded that 1 unit increase in F score increased the market value by 6.14%. According to this result, it is concluded that Piotroski F-Score values are a fundamental analysis indicator that investors can consider in their stock investment decisions.

Anahtar Kelimeler

Market value, Piotroski F score, Panel Data Analysis

Kaynakça

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