EKONOMİK KATMA DEĞERİN DİĞER PERFORMANS ÖLÇÜLERİNE GÖRECELİ ÜSTÜNLÜĞÜ; TÜRKİYE ÖRNEĞİ

Yıl 2008, Sayı: 25, 83 - 100, 01.05.2008

Sezgin Demir

Öz

Bu çalışmada işletme performansının ölçüsü olarak Ekonomik Katma Değer EKD ile diğer performans ölçülerinin, hisse senedi getirilerini ve Piyasa Katma Değerini PKD açıklamadaki güçleri karşılaştırılmıştır.IMKB’de işlem gören 116 şirketin 2002–2006 yılları arasındaki verilerinden yararlanılarak yatay kesit analizi vepanel veri analizi uygulanmıştır. Elde edilen sonuçlar, EKD’nin hisse senedinin getirisini açıklamada muhasebetabanlı ölçülerden daha üstün olduğu, PKD’nin açıklanmasında ise daha zayıf olduğunu göstermektedir. Hissesenedi getirisini açıklamada, EKD ile benzer hesaplama yöntemini kullanan Artık Kar % 9,45 ile en iyi açıklayıcı değişkendir. Diğer performans ölçüleri için elde edilen sonuçlar istatistiksel olarak anlamsızdır. PKD’ninaçıklanmasında ise Net Kar belirgin bir üstünlüğe sahiptir

Anahtar Kelimeler

Ekonomik Katma Değer (EKD), Piyasa Katma Değeri (PKD), Hisse Senedi Getirisi, Artık Kar

THE RELATIVE SUPERIORITY OF ECONOMIC VALUE ADDED TO OTHER PERFORMANCE MEASUREMENTS; AN EXAMPLE OF TURKEY

Öz

In this study, the explanatory powers of the Economic Added Value EKD as a measurement of a company’sperformance and other performance measurements in explaining stock returns and the Market Added Value PKD are compared. Using the data between 2002 and 2006 from 116 companies operating at the IMKB crosssectional and panel data analyses are applied. The results show that the EKD performed better than measurements based on accounting in explaining stock returns, but performed weaker in explaining the PKD. In explaining stock returns, the Surplus Profit that uses similar measurement method with the EKD is the best explanatory variable with 9.45 percent. The results for other performance measurements are not statistically significant.In the explanation of the PDK, Net Profit has a clear superiority

Anahtar Kelimeler

Economic Value Added (EVA), Market Value Added (MVA), Stock Returns, Residual Income

Kaynakça

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