INVESTIGATION OF THE PREFERRED METHODS FOR THE EVALUATION OF INVESTMENT PROJECTS: EXAMPLE OF TURKEY'S TOP 500 INDUSTRIAL ENTERPRISES

Öz

Business managers evaluate investment projects using a variety of techniques. Various factors play a role in the selection of these methods. Therefore, the purpose of this study is to identify the preferred methods used by Turkey's Top 500 Industrial Enterprises and to explore the relationships between those preferred methods and factors such as education, exports, the industry in which they operate, firm age, firm size, and financial risk by using Chi-Square and Kruskal Wallis tests. The study utilized a survey to gather data, and the survey questions were then applied to Turkey's 500 Largest Industrial Enterprises, which the Istanbul Chamber of Industry declared in 2018, in 2020. The investigation has shown that the net present value method is the most preferred capital budgeting approach when assessing the investment projects of Turkey's Top 500 Industrial Enterprises. In addition, while a significant relationship could not be determined between the preferred methods and the education level of the managers, the sector in which they operate and financial risk, a significant relationship was found between firm size, export, and firm age.

Anahtar Kelimeler

• Evaluation of Investment Projects
• Capital Budgeting Techniques
• Turkey

YATIRIM PROJELERİNİN DEĞERLENDİRİLMESİNDE TERCİH EDİLEN YÖNTEMLERİN İNCELENMESİ: TÜRKİYE’NİN 500 BÜYÜK SANAYİ KURULUŞU ÖRNEĞİ

Öz

İşletme yöneticilerinin yatırım projelerini değerlendirirken kullandıkları pek çok yöntem bulunmaktadır. Bu yöntemlerin seçilmesinde çeşitli faktörler rol oynamaktadır. Dolayısıyla yapılan bu çalışmanın amacı, Türkiye’nin 500 Büyük Sanayi Kuruluşunun tercih ettiği yöntemlerin belirlenmesi ve tercih edilen yöntemler ile eğitim, ihracat, faaliyette bulunduğu sektör, firma yaşı, firma büyüklüğü ve finansal risk arasındaki ilişkinin Ki-Kare ve Kruskal Wallis testleriyle ortaya konulmasıdır. Çalışmada veri toplama yöntemi olarak anket kullanılmış ve anket soruları İstanbul Sanayi Odası tarafından 2018 yılında ilan edilen Türkiye’nin 500 Büyük Sanayi Kuruluşuna 2020 yılında uygulanmıştır. Yapılan analizler sonucunda, Türkiye’nin 500 Büyük Sanayi Kuruluşunun yatırım projelerini değerlendirirken en fazla tercih ettiği sermaye bütçelemesi yönteminin net bugünkü değer yöntemi olduğu tespit edilmiştir. Ayrıca tercih edilen yöntemler ile yöneticilerin eğitim durumu, faaliyette bulunduğu sektör ve finansal risk arasında anlamlı bir ilişki tespit edilemezken firma büyüklüğü, ihracat ve firma yaşı arasında anlamlı bir ilişki tespit edilmiştir

Anahtar Kelimeler

• yatırım projelerinin değerlendirilmesi
• sermaye bütçelemesi yöntemleri
• Türkiye'nin 500 büyük sanayi kuruluşu

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