Yatırımcı İlişkilerinde Finansal İletişim Yoğunluğu ile Firma Piyasa ve Finansal Performansı Arasındaki İlişki: BIST’da Bir Uygulama

Yıl 2019, Cilt: 23 Sayı: 3, 1345 - 1371, 15.10.2019

Oğuzhan Ece

Öz

Teknolojik
ilerlemeler, keskin rekabet koşulları ve sanayi toplumundan bilgi toplumuna
geçiş yönetim anlayışına finansal iletişim kavramını kazandırmıştır. Bu
araştırma, firmalar için bu teorik gelişimin etkilerinin neler olduğuna dair
ampirik kanıtlar sunmayı amaçlamaktadır.Yapılan değerlendirmeler Türkiye
perspektifinde olup 2007/Q1-2018/Q2 periyoduna sahiptir.Finansal iletişim
yoğunluğu ile firma piyasa ve finansal performansı arasındaki ilişki,
firmaların yapmış olduğu 19765 finansal enformatiğe dayalı olarak
gerçekleştirilmiştir.Firma piyasa performansı Tobin’in Q (PD1), Piyasa
Değerinin doğal logaritması (PD2) ve hisse başına kazanç (PIYPER) vekilliğinde
3 bağımlı değişken ile temsil edilmiştir. Firma finansal performansı ise
sermaye yeterliliği ve karlılık açısından ele alınmış, sermaye yeterlilik oranı
(FINYET), aktif karlılığı (ROA) ve özsermaye karlılığı (ROE) vekilliğinde 3
bağımlı değişken ile temsil edilmiştir. Panel veri metodolojisine dayalı olarak
gerçekleştirilen araştırma sonucunda piyasa değeri perspektifinde negatif,
piyasa performansı ve finansal performansı perspektifinde pozitif yönlü ve
istatistiksel olarak anlamlı sonuçlar kaydedilmiştir.

Anahtar Kelimeler

Finansal iletişim, Yatırımcı İlişkileri, Piyasa Performansı, Finansal Performans

Kaynakça

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