Aşırı Büyüme Seviyelerinde Hissedar Değeri Yaratmak: Türkiye Örneği

Yıl 2016, Sayı: 106, 9 - 28, 02.12.2016

Levent Ataünal Ali Osman Gürbüz

https://doi.org/10.33203/mfy.312265

Cited By: 1

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

Değer Yaratma, Firma Büyümesi, Sürdürülebilir Büyüme Oranı

Shareholder Value Creation at Excessive Growth Levels: Empirical Evidence from Turkey

Öz

In this study, to determine value creation rates at high and

moderate growth levels, 8 years data of 167 non-financial companies

of Borsa Istanbul is employed in a panel data analysis. The

study found that growing significantly above sustainable growth

rate is systematically associated with value destruction. It is also

demonstrated that shareholder return is a concave function of firm

growth, proposing an optimal point of sales growth beyond which

further growth destroys shareholder value.

Anahtar Kelimeler

Value Creation, Firm Growth, Sustainable Growth Rate, Sales growth

Kaynakça

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