Aşırı Büyüme Seviyelerinde Hissedar Değeri Yaratmak: Türkiye Örneği
Öz
Bu çalışmada, hızlı ve makul büyüme oranlarının hissedar
değeri yaratma hızlarını belirlemek amacıyla, Borsa İstanbul’da
işlem gören finans sektörü dışında kalan 167 şirketin 8 yıllık malibilgileri panel veri analizinde kullanılmıştır. Sürdürülebilir büyüme
oranı üzerindeki büyümenin sistematik olarak hissedar değerini
azaltıcı etki yarattığı belirlenmiştir. Ayrıca, toplam hissedar getirisinin,
büyümenin içbükey (konkav) bir fonksiyonu olduğu, belirlenen
optimal noktanın üzerindeki satış büyümelerinin hissedar
değeri üzerinde azaltıcı etki yarattığı gösterilmiştir.
Anahtar Kelimeler
Kaynakça
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