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

Yıl 2022, Cilt: 31 Sayı: 2, 604 - 623, 29.10.2022
https://doi.org/10.35379/cusosbil.1141191

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

Destekleyen Kurum

Çukurova Üniversitesi

Proje Numarası

SDK-2019-11901

Teşekkür

Bu çalışma SDK-2019-11901 numaralı proje kapsamında Çukurova Üniversitesi Bilimsel Araştırma Fonu tarafından desteklenmiştir.

Kaynakça

  • Ahmed, I. E. (2013). Factors determining the selection of capital budgeting techniques. Journal of Finance and Investment Analysis, 2(2), 77-88.
  • Akgüç, Ö. (2017). Finasal yönetim. İstanbul: Avcıol Basım Yayın.
  • Alleyne, P., Armstrong, S., & Chandler, M. (2018). A survey of capital budgeting practices used by firms in Barbados. Journal of Financial Reporting and Accounting. 16(4), 564-584.
  • Andor, G., Mohanty, S. K., & Toth, T. (2015). Capital budgeting practices: A survey of Central and Eastern European firms. Emerging Markets Review, 23, 148-172.
  • Andres, P., Fuente, G., & Martin, P. S. (2015). Capital budgeting practices in Spain. Business Research Quarterly, 18, 37–56.
  • Armaneri, Ö., Özdağoğlu, G., ve Yalçınkaya, Ö. (2008). Proje risk düzeyinin belirlenmesi için simülasyonu ve bulanık kümeler teorisini temel alan bütünleşik bir yaklaşım. Anadolu Unıversity Journal Of Science And Technology 9(2), 223-239.
  • Arnold, G. C., & Hatzopoulos, P. D. (2000). The theory‐practice gap in capital budgeting: evidence from the United Kingdom. Journal of business finance & Accounting, 27(5‐6), 603-626.
  • Baker, H. K., Dutta, S., & Saadi, S. (2010). Management views on real options in capital budgeting. Journal of Applied Finance, Forthcoming Erişim: SSRN: https://ssrn.com/abstract=1617927
  • Batra, R., & Verma, S. (2017). Capital budgeting practices in Indian companies. LIMB Management Review, 29, 29-44.
  • Brealey, R. A., Myers, S. C., & Marcus, A. J. (2019). Fundamentals of corporation finance 10th New York: Mcgraw-Hill.
  • Brigham, E. F., & Ehrhardt, M. C. (2013). Financial Management: Theory & Practice (Book Only). Cengage Learning.
  • Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management: Concise. Cengage Learning.
  • Brooks. R. (2016). Financial management: Core concepts. Pearson Education Limited.
  • Brounen, D., De Jong, A., & Koedijk, K. (2004). Corporate finance in Europe: Confronting theory with practice. Financial management, 71-101.
  • Ceylan A., ve Korkmaz, T. (2015). İşletmelerde finansal yönetim. Ekin Yayıncılık.
  • Correia, C., & Cramer, P. (2008). An analysis of cost of capital, capital structure and capital budgeting practices: a survey of South African listed companies. Meditari: Research Journal of the School of Accounting Sciences, 16(2), 31-52.
  • Cox, J. C., Ross, S. A., & Rubinstein, M. (1979). Option pricing: A simplified approach. Journal of financial Economics, 7(3), 229-263.
  • Daunfeldt, S. O., & Hartwig, F. (2014). What determines the use of capital budgeting methods? Evidence from Swedish listed companies. Journal of Finance and Economics, 2(4), 101-112.
  • Dayananda, D., Irons, R., Harrison, S., Herbohn, J., & Rowland, P. (2002). Capital budgeting: financial appraisal of investment projects. Cambridge University Press.
  • Ergün, M. (2008). Sermaye bütçelemesi ve Türk sanayi işletmelerinde uygulaması. [Yüksek Lisans Tezi, Çukurova Üniversitesi].
  • Fabozzi, F. J., & Peterson, P. P. (2003). Financial management and analysis (Vol. 132). John Wiley & Sons.
  • Francis, J. Clark (1991). Investments: Analysis and Management. 5. Edition, McGraw Hill.
  • Gallagher, T., Miao, H., & Ryan, P. (2017). Implied risk adjusted discount rates and certainty equivalence in capital budgeting. Global Journal of Accounting and Finance, 1(2), 25-30.
  • Goel, S. (2015). Capital budgeting. Business Expert Press.
  • Gürbüz, Ş. ve Şahin. F. (2016). Sosyal bilimlerde araştırma yöntemleri. Seçkin Yayıncılık.
  • Hermes, N., Smid, P., & Yao, L. (2007). Capital budgeting practices: A comparative study of the Netherlands and China. International Business Review, 16(5), 630-654.
  • Higgins, C. R. (2016). Analysis for financial management. Mc-Graw Hill Education.
  • Holmen, M., & Pramborg, B. (2009). Capital budgeting and political risk: Empirical evidence. Journal of International Financial Management & Accounting, 20(2), 105-134.
  • Horn, A., Kjarland, F., Molnar, P., & Steen, B. W. (2015). The use of real option theory in Scandinavia's largest companies. International Review of Financial Analysis, 41, 74-81.
  • Imegi, J. C., & Nwokoye, G. A. (2015). The Effectiveness of capital budgeting techniques in evaluating projects’ profitability. African Research Review, 9(2), 166-188.
  • Kalaycı, Ş. (2014). SPSS uygulamalı çok değişkenli istatistik teknikleri. Asil Yayın Dağıtım.
  • Kanat, S. (1995). Yatırım projelerinin değerlendirilmesi ve bir uygulama. [Yüksek Lisans Tezi, İstanbul Teknik Üniversitesi].
  • Karan, B. (2013). Yatırım analizi ve portföy yönetimi. Gazi Kitabevi.
  • Kılıç, S. (2016). Ki-Kare testi. Journal of Mood Disorders, 6(3), 180-183.
  • Leon, F. M., Isa, M., & Kester, G. W. (2008). Capital budgeting practices of listed Indonesian companies. AJBA, 1(2), 175-192.
  • Ma’aji, M. M., & Barnett, C. (2019). Determinants of capital budgeting practices and risks adjustment among Cambodian companies. Archives of Business Research, 7(3), 171-182.
  • Maquieira, C. P., Preve, L. A., & Sarria-Allende, V. (2012). Theory and practice of corporate finance: Evidence and distinctive features in Latin America. Emerging markets review, 13(2), 118-148.
  • Mollah, M. A. S., Rouf, M. A., & Rana, S. S. (2021). A study on capital budgeting practices of some selected companies in Bangladesh. PSU Research Review.
  • Moyer, R. C., McGuigan, J. & Kretlow, W. (1995). Contemporary financial management. 6th Edition. West Publishing Company.
  • Newbold, P., Carlson, W. L., & Thorne, B. M. (2013). Statistics for business and economics (8th Edi). Pearson Education Limited.
  • Nguyen, D. (2019). Application of capital budgeting methods in small and medium-sized enterprises: case studies of SMEs in Vietnam. [Bitirme tezi, Turku Üniversitesi Uygulamalı Bilimler].
  • Öker, F. (1995). Capital budgeting evaluation methods and relationship the size large industrial companies in Turkey [Doktora Tezi, Marmara Üniversitesi].
  • Öztürk, Z., Top, M. ve Pehlevan, O. (2015). Sağlık sektöründe yatırım projelerinin değerlendirilmesi. Uluslararası Sağlık Yönetimi ve Stratejileri Araştırma Dergisi, 1(2), 18-38.
  • Payne, J. D., Heath, W. C., & Gale, L. R. (1999). Comparative financial practice in the US and Canada: Capital budgeting and risk assessment techniques. Financial Practice and Education, 9, 16-24.
  • Pike, R., Neale, B. & Linsley, P. (1993). Corporate finance and investment: Decisions & strategies. Pearson Education.
  • Rossi, M. (2014). Capital budgeting in Europe: Confronting theory with practice. International Journal of Managerial and Financial Accounting, 6(4), 341-356.
  • Ryan, P. A., & Ryan, G. P. (2002). Capital budgeting practices of the Fortune 1000: how have things changed. Journal of business and management, 8(4), 355-364.
  • Sandahl, G., & Sjögren, S. (2003). Capital budgeting methods among Sweden's largest groups of companies. The state of the art and a comparison with earlier studies. International Journal of Production Economics, 84(1), 51-69.
  • Sarıaslan, H. (2014). Yatırım projelerinin hazırlanması ve değerlendirilmesi planlama-analiz-fizibilite. Turhan Kitabevi Yayınları.
  • Sayılgan, G. (2017). Soru ve yanıtlarıyla işletme finansmanı. Siyasal Kitabevi.
  • Scott Jr, D. F., & Petty, J. W. (1984). Capital budgeting practices in large American firms: A retrospective analysis and synthesis. Financial Review, 19(1), 111-123.
  • Seitz, N., & Ellison, M. (2005). Capital budgeting and long-term financing decisions. Thomson South-Western.
  • Singh, S., Jain, P. K., & Yadav, S. S. (2012). Capital budgeting decisions: Evidence from India. Journal of Advances in Management Research. 9(1), 96-112.
  • Smith, D. J. (1994). Incorporating risk into capital budgeting decisions using simulation. Management decision. 32(9), 20-26.
  • Souza, P. D., & Lunkes, R. J. (2016). Capital budgeting practices by large Brazilian companies. Contaduría y administración, 61(3), 514-534.
  • Su, S. H., Lee, H. L., Chou, J. J., Yeh, J. Y., & Thi, M. H. V. (2018). Application and effects of capital budgeting among the manufacturing companies in Vietnam. International Journal of Organizational Innovation (Online), 10(4), 111-120.
  • Tecer, M. (2020). Yönetsel kararlarda duyarlık analizi, https://docplayer.biz.tr/12164077-Yonetsel-kararlardaduyarlilik-analizi.html Erişim (17.06.2020)
  • Titman, S., Keown, A. J. & Martin, J. (2018). Financial management: Principles and applications. Pearson Education, Inc.
  • Truong, G., Partington, G., & Peat, M. (2008). Cost-of-capital estimation and capital-budgeting practice in Australia. Australian Journal of Management, 33(1), 95-121.
  • Usta, Ö. (2014). Yatırım projelerinin değerlendirilmesi. Detay Yayıncılık.
  • Van Horne, J. C. (1983). Financial management and policy (No. Ed. 6). Prentice-Hall, Inc.
  • Van Horne, J. C., & Wachowicz, J. M. (2005). Fundamentals of financial management. Pearson Education.

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

Yıl 2022, Cilt: 31 Sayı: 2, 604 - 623, 29.10.2022
https://doi.org/10.35379/cusosbil.1141191

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.

Proje Numarası

SDK-2019-11901

Kaynakça

  • Ahmed, I. E. (2013). Factors determining the selection of capital budgeting techniques. Journal of Finance and Investment Analysis, 2(2), 77-88.
  • Akgüç, Ö. (2017). Finasal yönetim. İstanbul: Avcıol Basım Yayın.
  • Alleyne, P., Armstrong, S., & Chandler, M. (2018). A survey of capital budgeting practices used by firms in Barbados. Journal of Financial Reporting and Accounting. 16(4), 564-584.
  • Andor, G., Mohanty, S. K., & Toth, T. (2015). Capital budgeting practices: A survey of Central and Eastern European firms. Emerging Markets Review, 23, 148-172.
  • Andres, P., Fuente, G., & Martin, P. S. (2015). Capital budgeting practices in Spain. Business Research Quarterly, 18, 37–56.
  • Armaneri, Ö., Özdağoğlu, G., ve Yalçınkaya, Ö. (2008). Proje risk düzeyinin belirlenmesi için simülasyonu ve bulanık kümeler teorisini temel alan bütünleşik bir yaklaşım. Anadolu Unıversity Journal Of Science And Technology 9(2), 223-239.
  • Arnold, G. C., & Hatzopoulos, P. D. (2000). The theory‐practice gap in capital budgeting: evidence from the United Kingdom. Journal of business finance & Accounting, 27(5‐6), 603-626.
  • Baker, H. K., Dutta, S., & Saadi, S. (2010). Management views on real options in capital budgeting. Journal of Applied Finance, Forthcoming Erişim: SSRN: https://ssrn.com/abstract=1617927
  • Batra, R., & Verma, S. (2017). Capital budgeting practices in Indian companies. LIMB Management Review, 29, 29-44.
  • Brealey, R. A., Myers, S. C., & Marcus, A. J. (2019). Fundamentals of corporation finance 10th New York: Mcgraw-Hill.
  • Brigham, E. F., & Ehrhardt, M. C. (2013). Financial Management: Theory & Practice (Book Only). Cengage Learning.
  • Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management: Concise. Cengage Learning.
  • Brooks. R. (2016). Financial management: Core concepts. Pearson Education Limited.
  • Brounen, D., De Jong, A., & Koedijk, K. (2004). Corporate finance in Europe: Confronting theory with practice. Financial management, 71-101.
  • Ceylan A., ve Korkmaz, T. (2015). İşletmelerde finansal yönetim. Ekin Yayıncılık.
  • Correia, C., & Cramer, P. (2008). An analysis of cost of capital, capital structure and capital budgeting practices: a survey of South African listed companies. Meditari: Research Journal of the School of Accounting Sciences, 16(2), 31-52.
  • Cox, J. C., Ross, S. A., & Rubinstein, M. (1979). Option pricing: A simplified approach. Journal of financial Economics, 7(3), 229-263.
  • Daunfeldt, S. O., & Hartwig, F. (2014). What determines the use of capital budgeting methods? Evidence from Swedish listed companies. Journal of Finance and Economics, 2(4), 101-112.
  • Dayananda, D., Irons, R., Harrison, S., Herbohn, J., & Rowland, P. (2002). Capital budgeting: financial appraisal of investment projects. Cambridge University Press.
  • Ergün, M. (2008). Sermaye bütçelemesi ve Türk sanayi işletmelerinde uygulaması. [Yüksek Lisans Tezi, Çukurova Üniversitesi].
  • Fabozzi, F. J., & Peterson, P. P. (2003). Financial management and analysis (Vol. 132). John Wiley & Sons.
  • Francis, J. Clark (1991). Investments: Analysis and Management. 5. Edition, McGraw Hill.
  • Gallagher, T., Miao, H., & Ryan, P. (2017). Implied risk adjusted discount rates and certainty equivalence in capital budgeting. Global Journal of Accounting and Finance, 1(2), 25-30.
  • Goel, S. (2015). Capital budgeting. Business Expert Press.
  • Gürbüz, Ş. ve Şahin. F. (2016). Sosyal bilimlerde araştırma yöntemleri. Seçkin Yayıncılık.
  • Hermes, N., Smid, P., & Yao, L. (2007). Capital budgeting practices: A comparative study of the Netherlands and China. International Business Review, 16(5), 630-654.
  • Higgins, C. R. (2016). Analysis for financial management. Mc-Graw Hill Education.
  • Holmen, M., & Pramborg, B. (2009). Capital budgeting and political risk: Empirical evidence. Journal of International Financial Management & Accounting, 20(2), 105-134.
  • Horn, A., Kjarland, F., Molnar, P., & Steen, B. W. (2015). The use of real option theory in Scandinavia's largest companies. International Review of Financial Analysis, 41, 74-81.
  • Imegi, J. C., & Nwokoye, G. A. (2015). The Effectiveness of capital budgeting techniques in evaluating projects’ profitability. African Research Review, 9(2), 166-188.
  • Kalaycı, Ş. (2014). SPSS uygulamalı çok değişkenli istatistik teknikleri. Asil Yayın Dağıtım.
  • Kanat, S. (1995). Yatırım projelerinin değerlendirilmesi ve bir uygulama. [Yüksek Lisans Tezi, İstanbul Teknik Üniversitesi].
  • Karan, B. (2013). Yatırım analizi ve portföy yönetimi. Gazi Kitabevi.
  • Kılıç, S. (2016). Ki-Kare testi. Journal of Mood Disorders, 6(3), 180-183.
  • Leon, F. M., Isa, M., & Kester, G. W. (2008). Capital budgeting practices of listed Indonesian companies. AJBA, 1(2), 175-192.
  • Ma’aji, M. M., & Barnett, C. (2019). Determinants of capital budgeting practices and risks adjustment among Cambodian companies. Archives of Business Research, 7(3), 171-182.
  • Maquieira, C. P., Preve, L. A., & Sarria-Allende, V. (2012). Theory and practice of corporate finance: Evidence and distinctive features in Latin America. Emerging markets review, 13(2), 118-148.
  • Mollah, M. A. S., Rouf, M. A., & Rana, S. S. (2021). A study on capital budgeting practices of some selected companies in Bangladesh. PSU Research Review.
  • Moyer, R. C., McGuigan, J. & Kretlow, W. (1995). Contemporary financial management. 6th Edition. West Publishing Company.
  • Newbold, P., Carlson, W. L., & Thorne, B. M. (2013). Statistics for business and economics (8th Edi). Pearson Education Limited.
  • Nguyen, D. (2019). Application of capital budgeting methods in small and medium-sized enterprises: case studies of SMEs in Vietnam. [Bitirme tezi, Turku Üniversitesi Uygulamalı Bilimler].
  • Öker, F. (1995). Capital budgeting evaluation methods and relationship the size large industrial companies in Turkey [Doktora Tezi, Marmara Üniversitesi].
  • Öztürk, Z., Top, M. ve Pehlevan, O. (2015). Sağlık sektöründe yatırım projelerinin değerlendirilmesi. Uluslararası Sağlık Yönetimi ve Stratejileri Araştırma Dergisi, 1(2), 18-38.
  • Payne, J. D., Heath, W. C., & Gale, L. R. (1999). Comparative financial practice in the US and Canada: Capital budgeting and risk assessment techniques. Financial Practice and Education, 9, 16-24.
  • Pike, R., Neale, B. & Linsley, P. (1993). Corporate finance and investment: Decisions & strategies. Pearson Education.
  • Rossi, M. (2014). Capital budgeting in Europe: Confronting theory with practice. International Journal of Managerial and Financial Accounting, 6(4), 341-356.
  • Ryan, P. A., & Ryan, G. P. (2002). Capital budgeting practices of the Fortune 1000: how have things changed. Journal of business and management, 8(4), 355-364.
  • Sandahl, G., & Sjögren, S. (2003). Capital budgeting methods among Sweden's largest groups of companies. The state of the art and a comparison with earlier studies. International Journal of Production Economics, 84(1), 51-69.
  • Sarıaslan, H. (2014). Yatırım projelerinin hazırlanması ve değerlendirilmesi planlama-analiz-fizibilite. Turhan Kitabevi Yayınları.
  • Sayılgan, G. (2017). Soru ve yanıtlarıyla işletme finansmanı. Siyasal Kitabevi.
  • Scott Jr, D. F., & Petty, J. W. (1984). Capital budgeting practices in large American firms: A retrospective analysis and synthesis. Financial Review, 19(1), 111-123.
  • Seitz, N., & Ellison, M. (2005). Capital budgeting and long-term financing decisions. Thomson South-Western.
  • Singh, S., Jain, P. K., & Yadav, S. S. (2012). Capital budgeting decisions: Evidence from India. Journal of Advances in Management Research. 9(1), 96-112.
  • Smith, D. J. (1994). Incorporating risk into capital budgeting decisions using simulation. Management decision. 32(9), 20-26.
  • Souza, P. D., & Lunkes, R. J. (2016). Capital budgeting practices by large Brazilian companies. Contaduría y administración, 61(3), 514-534.
  • Su, S. H., Lee, H. L., Chou, J. J., Yeh, J. Y., & Thi, M. H. V. (2018). Application and effects of capital budgeting among the manufacturing companies in Vietnam. International Journal of Organizational Innovation (Online), 10(4), 111-120.
  • Tecer, M. (2020). Yönetsel kararlarda duyarlık analizi, https://docplayer.biz.tr/12164077-Yonetsel-kararlardaduyarlilik-analizi.html Erişim (17.06.2020)
  • Titman, S., Keown, A. J. & Martin, J. (2018). Financial management: Principles and applications. Pearson Education, Inc.
  • Truong, G., Partington, G., & Peat, M. (2008). Cost-of-capital estimation and capital-budgeting practice in Australia. Australian Journal of Management, 33(1), 95-121.
  • Usta, Ö. (2014). Yatırım projelerinin değerlendirilmesi. Detay Yayıncılık.
  • Van Horne, J. C. (1983). Financial management and policy (No. Ed. 6). Prentice-Hall, Inc.
  • Van Horne, J. C., & Wachowicz, J. M. (2005). Fundamentals of financial management. Pearson Education.
Toplam 62 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Süreyya Yılmaz 0000-0003-4150-4101

Hatice Düzakın 0000-0002-8840-1815

Proje Numarası SDK-2019-11901
Yayımlanma Tarihi 29 Ekim 2022
Gönderilme Tarihi 8 Temmuz 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 31 Sayı: 2

Kaynak Göster

APA Yılmaz, S., & Düzakın, H. (2022). YATIRIM PROJELERİNİN DEĞERLENDİRİLMESİNDE TERCİH EDİLEN YÖNTEMLERİN İNCELENMESİ: TÜRKİYE’NİN 500 BÜYÜK SANAYİ KURULUŞU ÖRNEĞİ. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 31(2), 604-623. https://doi.org/10.35379/cusosbil.1141191