THE RELATIONSHIP BETWEEN MARKET PERFORMANCE MEASURES AND ECONOMIC VALUE-ADDED (EVA): EVIDENCE FROM BIST FINANCIAL INDEX

Öz

The objective of financial management theory is to maximize the wealth of shareholders. To analyze how effectively the firm is contributing wealth to its shareholders is not only important for management of the firm but also for the other financial information users. In order to evaluate the financial performance of the firm, a variety of financial performance measures such as economic value added (EVA) are used. Since the early 1990s, EVA has been known as the crucial important management tool for valuing investments and assessing corporate performance. The purpose of this study is to determine the relationship between financial market performance measurements and EVA in the BIST financial institutions. In this study is used Panel Regression models for a sample of 122 Turkish financial industries operated from the BIST financial institution index for the period of 2008-2017. Our study findings suggest that EVA is significantly association link earnings per share and TOBINQ from market performances measure. In addition, our findings result show that EVA is significant and positive effect between earnings per share and market value by divided book value ratio during the global financial crisis period, while EVA is significant and negative effect on TOBINQ.

Anahtar Kelimeler

• EVA
• Market Performance
• Financial Crisis

EKONOMİK KATMA DEĞER (EVA) İLE BORSA PERFORMANS ÖLÇÜTLERİ ARASINDAKİ İLİŞKİ: BİST FİNANSAL ENDEKSİNE YÖNELİK BULGULAR

Öz

Finansal yönetim teorisinin amacı, hissedarların servetini en üst düzeye çıkarmaktır. Firmanın ortaklarına servet katkısının ne kadar etkili olduğunu analiz etmek sadece firmanın yönetimi için değil diğer finansal bilgi kullanıcıları için de önemlidir. Firmanın finansal performansını değerlendirmek için Ekonomik Katma Değer (EVA) gibi çeşitli finansal performans ölçütleri kullanılmaktadır. 1990'ların başından beri EVA, yatırımları ve kurumsal performansı değerlendirmek için çok önemli bir yönetim aracı olarak bilinmektedir. Bu çalışmanın amacı, BIST Finansal Endeksinde yer alan şirketlerin EVA değerleri ile borsa performans oranları arasındaki ilişkinin tespit edilmesidir. Bu çalışmada, 2008-2017 dönemi için BIST finans sektörü endeksinde faaliyet gösteren 122 Türk finans işletmesi örneği için panel regresyon modeli kullanılmıştır. Çalışma bulgularımız; EVA'nın borsa performans oranlarından Hisse Başı Kazanç ve TOBINQ ile anlamlı bir ilişki olduğunu göstermektedir. Ayrıca, araştırma bulgularımız küresel kredi krizi dönemlerinde EVA, Hisse Başı Kazanç ile Piyasa Değeri/Defter Değeri oranına pozitif yönde katkı sağlamakta iken, TOBINQ değerine ise negatif etki yaptığını göstermektedir.

Anahtar Kelimeler

• EVA
• Piyasa Performansı
• Finansal Kriz

Kaynakça

1. Ahmed, H. 2015. “Impact of Firms Earnings and Economic Value Added on the Market Share Value: An Empirical Study on the Islamic Banks in Bangladesh”, Global Journal of Management and Business Research: Accounting and Auditing,
15(2), 1-5. 

2. Akgün, A.İ. 2019. “Ekonomik Katma Değer (EVA) ile İşletme Sermayesi Etkinliği Arasındaki İlişki: 2008 Küresel Finansal Kriz Dönemine İlişkin Bulgular”, Maliye ve Finans Yazıları, 112, 95-118.
3. Akgün, A.İ. ve Şamiloğlu, F. 2017. “Küresel Finansal Krizin Muhasebe ve Değer Esaslı İşletme Performanslarına Etkisi”, Business and Economics Research Journal, 8(3), 453-471.
4. Baltagi, B. 2005. Econometrics Analysis of Panel Data. John Wiley &Sons Inc, England.
5. Bhasin, M. L. 2013. “Economic Value Added and Shareholders’ Wealth Creation: Evidence from a Developing Country”, International Journal of Finance and Accounting, 2(4), 185-198.
6. Berzakova, V., Bartosova, V. ve Kicova, E. 2015. “Modification of EVA in Value Based Management”, 4th World Conference on Business, Economics and Management, WCBEM, Procedia Economics and Finance, 26, 317-324.
7. Biddle, G.C., Bowen, R.M. ve Wallace, J.S. 1997. “Does EVA beat earnings? Evidence on associations with stock returns and firm values”, J. Account. Econ. 24(3), 301-336.

8. Chen, S. ve Dodd, J.L. 1997. “Economic Value Added (EVA): An Empirical Examination of a New Corporate Performance Measure”, Journal of Managerial Issues, 9(3), 318-333. Cipollini, A. ve Fiordelisi, F. 2012. “Economic value, competition and financial distress in the European banking system”, Journal of Banking & Finance, 36, 3101-3109.

9. Dias, A., Rodrigues, L.L. ve Craig, R. 2016. “Global financial crisis and corporate social responsibility disclosure”, Social Responsibility Journal, 12(4), 654-671.

10. Dzuriková, J., Fabinyová, R. ve Mihalová, B. 2015. “The opportunity cost of equity capital”, Procedia Economics and Finance, 23, 1492-1498.
11. Epstein, Mark J. ve Young, S. D. 1999. “Greening” with EVA”, Management Accounting, 80(7), 45-49.
12. Ferguson, R., Rentzler, J. ve Yu, S. 2005. “Does Economic Value Added (EVA) improve stock performance or profitability?”, Journal of Applied Finance 15, 101-113.
13. Fiordelisi, F. ve Molyneux, P. 2010. “The determinants of shareholder value in European banking”, Journal of Banking & Finance, 34, 1189-1200.
14. Fiordelisi, F. 2007. “Shareholder value efficiency in European banking”, Journal of Banking & Finance, 31, 2151-2171.
15. Gupta, V.K. ve Sikarwar, E. 2016. “Value creation of EVA and traditional accounting measures: Indian evidence”, International Journal of Productivity and Performance Management, 65(4), 436-459.

16. Gürbüz, A.O. ve Ergincan, Y. 2004. Şirket Değerlemesi: Klasik ve Modern Yaklaşımlar, İstanbul: Literatür Yayıncılık, Yayın No: 119.
17. Huang, C. ve Wang, M-C. 2008. “The Effects of Economic Value Added and Intellectual Capital on the Market Value of Firms: An Empirical Study”, International Journal of Management, 25 (4), 722-731.
18. Ismail, A. 2006. “Is economic value added more associated with stock return than accounting earnings? The UK evidence”, International Journal of Managerial Finance, 2(4), 343-353.
19. Kara, H. 2005. “Katma Değer Yaratmaya Dayalı Finansal Performans Ölçütü Olarak EVA (Economic Value Added) İMKB Şirketleri Üzerine Bir Uygulama”, Ankara: SPK Yayınları, Yayın No 184.
20. Kestens, K., Cauwenberge, P.V. ve Bauwhede, H.V. 2012. “Trade credit and company performance during the 2008 financial crisis”, Accounting and Finance 52, 1125-1151.
21. Kyriazis, D. ve Anastassis, C. 2007. “The Validity of the Economic Value Added Approach: An Empirical Application”, European Financial Management, 13 (1), 71-100.
22. Lehn, K. ve Makhija, A. K. 1996. “EVA & MVA as performance measures and signals for strategic change”, Strategy and Leadership, 24, 34-38.

23. Lovata, Linda M. ve Costigan, Michael L. 2002. “Empirical analysis of adopters of economic value added”, Management Accounting Research, 13, 215-228.
24. Machuga, Susan M., Pfeiffer, R.J. ve Verma, K. 2002. “Economic Value Added, Future Accounting Earnings, and Financial Analysts’ Earnings Per Share Forecasts”, Review of Quantitative Finance and Accounting, 18, 59-73.
25. Mouritsen, J. 1998. “Driving growth: Economic Value Added versus Intellectual Capital”, Management Accounting Research, 9, 461-482.
26. Rogerson, W.P. 1997. “Intertemporal cost allocation and managerial investment incentives: a theory explaining the use of economic value added as a performance measure”, J. Polit. Econ. 105 (4), 770–795.

27. Roztocki, N., ve Needy, K.L. 1999. “Integrating Activity-Based Costing and Economic Value Added in Manufacturing”, Engineering Management Journal, 11(2), 17-22.
28. Şamiloğlu, F. 2004. “Performans Ölçümünde EVA ve MVA: İstanbul Menkul Kıymetler Borsası’ndaki Şirketlerde Ampirik Bir Uygulama”, H.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi, 22(2), 163-174.
29. Şamiloğlu, F. ve Akgün, A.İ. 2015. Türkiye Finansal Raporlama Standartlarına Uygun Finansal Tablolar Analizi, 2. Baskı, Bursa: Ekin Yayınevi.
30. Shad, M.K., Lai, F-W., Fatt, C.L., Klemes, JJ. ve Bokhari, A. 2019. “Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework”, Journal of Cleaner Production, 208, 415-425.
31. Shen, Y., Zou, L. ve Chen, D. 2015. “Does EVA performance evaluation improve
the value of cash holdings? Evidence from China”, China Journal of Accounting Research, 8, 213–241.
32. Shil, Nikhil C. 2009. “Performance Measures: An Application of Economic Value Added”, International Journal of Business and Management, 4(3), 169-177.
33. Sparling, D. ve Tuvey, C.G. 2003. “Further Thoughts on the Relationship Between Economic Value Added
and Stock Market Performance”, Agribusiness, 19(2), 255-267.
34. Stern, J. ve Stewart, S. 2004. “Corporate governance, EVA, and shareholder value”, Journal of Applied Corporate Finance, 16 (2–3), 91–99.

35. Stern, J.M., Stewart, G.B. ve Chew, D.H. 1995. “The EVA® financial management system”, Journal of Applied Corporate Finance, 8 (2), 32-46.

36. Stewart, G. B., III. 1991. The quest for value: The EVA management guide. Harper Business, New York.
37. Stewart, G.B. 1994. “EVA: Fact and Fantasy”, Journal of Applied Corporate Finance, 7(2), 71-84.
38. Tatoğlu, Yerdelen F. 2016. Panel Veri Ekonometrisi. Beta Yayıncılık, İstanbul.
39. Tortella, Bartolome D. ve Brusco, S. 2003. “The Economic Value Added (EVA): An Analysis of Market Reaction”, Advances in Accounting, 20, 265-290.
40. Tuvey, C.G., Lake, L., van Duren, E. ve Sparling, D. 2000. “The Relationship Between Economic Value Added and the Stock Market Performance of Agribusiness Firms”, Agribusiness, 16(4), 399-416.
41. Ünlü, U. ve Saygın, O. 2014. “Arındırılmış Ekonomik Katma Değer (REVA) Yöntemiyle Performans Ölçümü: Turizm Sektörü Uygulaması”, Muhasebe ve Finansman Dergisi, Temmuz 2014, 139-150.
42. O’Byrne, S.F. ve Stewart, S. 1996. “EVA® and Market Value”, Journal of Applied Corporate Finance, 9(1), 116-125.
43. Rajesh, M., Reddy, N.V.R.R. ve Reddy, T.N. 2012. “An Empirical Study on Eva and Mva Approach, International Journal of Marketing”, Financial Services & Management Research, 1(3), 87-97.
44. Xine, Z., Ting, W. ve Yuan, Z. 2012. “Economic Value Added for Performance Evaluation: a Financial Engineering”, Systems Engineering Procedia, 5, 379-387.
45. Watson, D. ve Head, A. 2007. Corporate Finance: Principles & Practice, Harlow: Pearson Education Limited, Financial Times Management.
46. Wet, J. H. de, ve Hall, J.H. 2004. “The relationship between EVA, MVA and leverage”, Meditari Accountancy Research, 12(1), 39-59.
47. Worthington, A. ve West, T. 2004. “Australian Evidence Concerning the Information Content of Economic Value-Added”, Australian Journal of Management, 29(2), 201-224.
48. Wooldridge, Jeffey M. 2002. Econometric Analysis of Cross Section and Panel Data”, The MIT Press, Cambridge