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A COMPREHENSIVE REVIEW OF FACTORS IN FINANCIAL ASSET VALUATION

Yıl 2024, Cilt: 12 Sayı: Özel Sayı, 60 - 72, 31.12.2024
https://doi.org/10.52122/nisantasisbd.1467788

Öz

This paper delves into the multifaceted nature of financial asset valuation, exploring traditional finance models alongside emerging perspectives such as behavioral finance and socially constructed values. Through an ontological, epistemological, and methodological lens, it dissects the essence of value in the financial world, unraveling the intricate layers that underpin valuation processes. Drawing on genealogical analysis and incorporating a feminist perspective, the paper navigates the complexities of determining financial value, shedding light on the interplay between objective metrics and subjective interpretations. By bridging theoretical frameworks with real-world applications, this study contributes to a deeper understanding of how financial value is conceptualized, negotiated, and communicated within diverse economic contexts.

Kaynakça

  • Adams, S. M., Gupta, A., ve Leeth, J. D., (2009). Are female executives over-represented in precarious leadership positions? British Journal of Management, 20(1), 1–12.
  • Ahmed, S. A. ve d’Astous A. (2008). Antecedents, Moderators and Dimensions of Country-of-origin Eval- uations. International Marketing Review, 25(1), 75-106.
  • Ariely, D. (2010). Akıldışı ama öngörülebilir. Optimist Yayın Grubu.
  • Barberis, N. ve Thaler, R., (2005). A survey of behavioral finance. Advances in Behavioral Finance, Vol 2. Russell Sage Foundation.
  • Bebchuk, L., Cohen, A., ve Ferrell, A. (2009). What matters in corporate governance? The Review of Financial Studies, 22(2), 783-827.
  • Black, F., ve Scholes, M., (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81(3), 637-654.
  • Brav, A., ve Heaton, J.B. (2002). Competing Theories of Financial Anomalies. Review of Financial Studies, 15, 575-606.
  • Butler, J. (1993). Bodies that matter: on the discursive limits of “sex.” London: Routledge.
  • Butler, J. (1997). Contingent foundations: feminism and the question of ‘postmodernism. Feminists theorize the political, Londra: Routledge
  • Carruthers, B. G., ve Babb, S. (1996). The color of money and the nature of value: Greenbacks and gold in postbellum America. American Journal of Sociology, 101(6), 1556-1591.
  • Carter, N. M., ve Williams, M. L. (2003). The case of new firm growth. New Perspective on Women Entrepreneur. Greenwich: Information Age Publishing.
  • Catalyst. (2004). The bottom line: connecting corporate performance and gender diversity. New York: Catalyst.
  • Clark, G. L., Feiner, A., ve Viehs, M. (2014). From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance. SSRN Electronic Journal 10.
  • Coase, R. H. (1995). The nature of the firm. UK:Macmillan Education.
  • Cohen, B. (1977). Organizing the World’s money. New York: Basic Books.
  • Comte, A. (1880). A general view of positivism. UK: Routledge.
  • Cross, F. (1973). The behavior of stock prices on Fridays and Mondays. Financial Analysis Journal 29(6). 67–69.
  • De Goede, M. (2005). Resocialising and repoliticising financial markets: contours of social studies of finance. Economic sociology: European electronic newsletter, 6(3), 19-28.
  • De Long, J. B., Shleifer, A., Summers, L. H. ve Waldmann, R. J., (1990). Positive feedback investment strategies and destabilizing rational speculation. The Journal of Finance, 45(2), 379-395.
  • Dezsö, C. L. ve Ross, D. G. (2012). Does Female Representation in Top Management Improve Firm Performance? A Panel Data Investigation. Strategic Management Journal, 33, 1072–1089.
  • Eckel, C. C., ve Grossman, P. J., (2008). Men, women and risk aversion: Experimental evidence. Handbook of experimental economics results, 1, 1061-1073.
  • Eagly, A. H., Karau, S. J., ve Makhijani, M. G., (1995). Gender and the effectiveness of leaders: a meta-analysis. Psychological bulletin, 117(1), 125.
  • Erhardt, N. L., Werbel, J. D., ve Shrader, C., B., (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2),102–111.
  • Ford, R., ve Richardson, W. (1994). Ethical decision making: A review of the empirical literatüre. Journal of Business Ethics, 13(3), 205–221.
  • Foucault, M., (1976), Two lectures. from Power/Knowledge: Selected interviews and other writings. New York: Pantheon.
  • Milanzi, M. C., (1988). Technologies of the Self: A Seminar with Michel Foucault. By LH Martin, H. Gutman ve PH Hutton. Systems Research and Behavioral Science, 18(1), 94.
  • Friede, G., Busch, T., ve Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance ve Investment, 5(4), 210-233.
  • Garcia, A. S., ve Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272.
  • Griffin, D., Guedhami, O., Li, K., ve Lu, G., (2021). National culture and the value implications of corporate environmental and social performance. Journal of Corporate Finance, 71, 102123.
  • Guiso, L., P. Sapienza, ve Zingales L., (2009). Cultural Biases in Economic Exchange? The Quarterly Journal of Economics 124 (3), 1095–1131.
  • Haber, S., ve Perotti, E. (2008). The political economy of financial systems (No. 08-045/2). Tinbergen Institute Seminer Çalışması.
  • Haslam S. A., Ryan M. K., Kulich C., Trojanowski G., ve Atkins C., (2010). Investing with Prejudice: The Relationship Between Women’s Presence on Company Boards and Objective and Subjective Measures of Company Performance. British Journal of Management, 21, 484–497.
  • Huang, J. ve Kisgen, D. J., (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822-839.
  • Jensen, M. C., ve Meckling, W. H., (1976) Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics 4, 305-360.
  • Jianakoplos, N., ve Bernasek, A., (2007). Are female more risk averse? Economic Inquiry, 36(4), 620–630.
  • Jimenez, N. H. ve Martin, S. S. (2010) The Role of Country-of-origin, Ethnocentrism and Animosity in Promoting Consumer Trust: The Moderating Role of Familiarity. International Business Review, 19(1), 34-45.
  • Kamara, A. (1997). New evidence on the Monday seasonal in stock returns. Journal of Business, 63-84.
  • Kapstein, E. B., (1989). Resolving the regulator’s dilemma: International coordination of banking regulations. International Organization 43, 323–347.
  • Keim D. ve Stambaugh R. (1984). A further investigation of the weekend effect in stock returns. Journal of Finance, 39(3), 819–835.
  • Khan W. A., ve Vieito J. P. (2013). CEO gender and firm performance. Journal of Economics and Business, 67, 55-66.
  • Lakonishok, J., ve Smidt, S. (1988). Are seasonal anomalies real? A ninety-year perspective. Review of Financial Studies, 1(4), 403–425.
  • Latour, B. (1996). On interobjectivity. Mind, Culture, and Activity, 3(4), 228-245.
  • La Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., ve Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.
  • Lee, P. M., ve James, E. H., (2007). She'‐e‐os: gender effects and investor reactions to the announcements of top executive appointments. Strategic Management Journal, 28(3), 227-241.
  • Martin, R., (1994). Stateless monies, global financial integration and national economic autonomy: the end of geography? London: Basil Blackwell.
  • Martin-Moreno, J., Harris, M., Gorgojo, L., Clarck, D., Normand, C., & Centeno, C. (2014). Palliative care in the European Union. European Parliament Economic and Scientific Policy Department, 2008.
  • Masulis, R. W. (1980). The effects of capital structure change on security prices: A study of exchange offers. Journal of Financial Economics, 8(2), 139-178.
  • Mehdian, S., ve Perry, M. J. (2001). The reversal of the Monday effect: new evidence from US equity markets. Journal of Business Finance ve Accounting, 28(7‐8), 1043-1065.
  • Merton, R. C. (1973). Theory of rational option pricing. The Bell Journal of Economics and Management Science, 141-183.
  • Modigliani, F., ve Miller, M. H., (1958). The cost of capital, corporation finance, and the theory of investment. The American Economic Review, 48(3), 261-297.
  • Oakley, J. G., (2000). Gender-based barriers to senior management positions: Understanding the scarcity of female CEOs. Journal of Business Ethics, 27, 321-334.
  • Odean, T. (1998). Are investors reluctant to realize their losses? The Journal of Finance, 53(5), 1775-1798.
  • O'Malley, M. (1994). Specie and species: race and the money question in nineteenth-century America. The American Historical Review, 99(2), 369-395.
  • Preda, A. (2007). The sociological approach to financial markets. Journal of economic surveys, 21(3), 506-533. Roberts, A. (2015). Gender, financial deepening and the production of embodied finance: Towards a critical feminist analysis. Global Society, 29(1), 107-127.
  • Shapiro, M.J., (1993), Reading “Adam Smith”: Desire, history, and value. London: Sage.
  • Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425-442.
  • Showalter, E. (1997). Hystories: hysterical epidemics and modern culture. London: Picador.
  • Strange, S. (1988). States and markets. London: Pinter.
  • Tasca, C., Rapetti, M., Carta, M. G., ve Fadda, B. (2012). Women and hysteria in the history of mental health. Clinical practice and epidemiology in mental health: CP ve EMH, 8, 110.
  • Tversky, A., ve Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124-1131.
  • Ullah, S., Massoud, N. ve Scholnick, B., (2014). The Impact of Fraudulent False Information on Equity Values. Journal of Business Ethics, 120, 219–235.

FİNANSAL VARLIKLARIN DEĞERLENMESİNDEKİ FAKTÖRLERE DAİR DERİNLEMESİNE BİR İNCELEME

Yıl 2024, Cilt: 12 Sayı: Özel Sayı, 60 - 72, 31.12.2024
https://doi.org/10.52122/nisantasisbd.1467788

Öz

Bu makale, geleneksel finans modelleri ile davranışsal finans ve sosyal olarak oluşturulan değerler gibi yeni bakış açılarını keşfederek finansal varlık değerlemesinin çok yönlü doğasına derinlemesine inmektedir. Çalışma, ontolojik, epistemolojik ve metodolojik bir lens aracılığıyla, finansal dünyada değerin özünü analiz ederek değerleme süreçlerini altında yatan karmaşık katmanları açığa çıkarmayı amaçlamaktadır. Jeneolojik analizden yararlanarak ve feminist bakış açısını da dahil ederek, makale finansal değerin belirlenmesinin karmaşıklıklarını ele almakta ve objektif ölçütler ile subjektif yorumlar arasındaki etkileşime ışık tutmaktadır. Bu çalışma, teorik çerçeveleri gerçek dünya uygulamalarıyla birleştirerek, finansal değerin farklı ekonomik bağlamlarda nasıl kavramsallaştırıldığına derin bir şekilde anlamamıza katkı sağlamaktadır.

Kaynakça

  • Adams, S. M., Gupta, A., ve Leeth, J. D., (2009). Are female executives over-represented in precarious leadership positions? British Journal of Management, 20(1), 1–12.
  • Ahmed, S. A. ve d’Astous A. (2008). Antecedents, Moderators and Dimensions of Country-of-origin Eval- uations. International Marketing Review, 25(1), 75-106.
  • Ariely, D. (2010). Akıldışı ama öngörülebilir. Optimist Yayın Grubu.
  • Barberis, N. ve Thaler, R., (2005). A survey of behavioral finance. Advances in Behavioral Finance, Vol 2. Russell Sage Foundation.
  • Bebchuk, L., Cohen, A., ve Ferrell, A. (2009). What matters in corporate governance? The Review of Financial Studies, 22(2), 783-827.
  • Black, F., ve Scholes, M., (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81(3), 637-654.
  • Brav, A., ve Heaton, J.B. (2002). Competing Theories of Financial Anomalies. Review of Financial Studies, 15, 575-606.
  • Butler, J. (1993). Bodies that matter: on the discursive limits of “sex.” London: Routledge.
  • Butler, J. (1997). Contingent foundations: feminism and the question of ‘postmodernism. Feminists theorize the political, Londra: Routledge
  • Carruthers, B. G., ve Babb, S. (1996). The color of money and the nature of value: Greenbacks and gold in postbellum America. American Journal of Sociology, 101(6), 1556-1591.
  • Carter, N. M., ve Williams, M. L. (2003). The case of new firm growth. New Perspective on Women Entrepreneur. Greenwich: Information Age Publishing.
  • Catalyst. (2004). The bottom line: connecting corporate performance and gender diversity. New York: Catalyst.
  • Clark, G. L., Feiner, A., ve Viehs, M. (2014). From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance. SSRN Electronic Journal 10.
  • Coase, R. H. (1995). The nature of the firm. UK:Macmillan Education.
  • Cohen, B. (1977). Organizing the World’s money. New York: Basic Books.
  • Comte, A. (1880). A general view of positivism. UK: Routledge.
  • Cross, F. (1973). The behavior of stock prices on Fridays and Mondays. Financial Analysis Journal 29(6). 67–69.
  • De Goede, M. (2005). Resocialising and repoliticising financial markets: contours of social studies of finance. Economic sociology: European electronic newsletter, 6(3), 19-28.
  • De Long, J. B., Shleifer, A., Summers, L. H. ve Waldmann, R. J., (1990). Positive feedback investment strategies and destabilizing rational speculation. The Journal of Finance, 45(2), 379-395.
  • Dezsö, C. L. ve Ross, D. G. (2012). Does Female Representation in Top Management Improve Firm Performance? A Panel Data Investigation. Strategic Management Journal, 33, 1072–1089.
  • Eckel, C. C., ve Grossman, P. J., (2008). Men, women and risk aversion: Experimental evidence. Handbook of experimental economics results, 1, 1061-1073.
  • Eagly, A. H., Karau, S. J., ve Makhijani, M. G., (1995). Gender and the effectiveness of leaders: a meta-analysis. Psychological bulletin, 117(1), 125.
  • Erhardt, N. L., Werbel, J. D., ve Shrader, C., B., (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2),102–111.
  • Ford, R., ve Richardson, W. (1994). Ethical decision making: A review of the empirical literatüre. Journal of Business Ethics, 13(3), 205–221.
  • Foucault, M., (1976), Two lectures. from Power/Knowledge: Selected interviews and other writings. New York: Pantheon.
  • Milanzi, M. C., (1988). Technologies of the Self: A Seminar with Michel Foucault. By LH Martin, H. Gutman ve PH Hutton. Systems Research and Behavioral Science, 18(1), 94.
  • Friede, G., Busch, T., ve Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance ve Investment, 5(4), 210-233.
  • Garcia, A. S., ve Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272.
  • Griffin, D., Guedhami, O., Li, K., ve Lu, G., (2021). National culture and the value implications of corporate environmental and social performance. Journal of Corporate Finance, 71, 102123.
  • Guiso, L., P. Sapienza, ve Zingales L., (2009). Cultural Biases in Economic Exchange? The Quarterly Journal of Economics 124 (3), 1095–1131.
  • Haber, S., ve Perotti, E. (2008). The political economy of financial systems (No. 08-045/2). Tinbergen Institute Seminer Çalışması.
  • Haslam S. A., Ryan M. K., Kulich C., Trojanowski G., ve Atkins C., (2010). Investing with Prejudice: The Relationship Between Women’s Presence on Company Boards and Objective and Subjective Measures of Company Performance. British Journal of Management, 21, 484–497.
  • Huang, J. ve Kisgen, D. J., (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822-839.
  • Jensen, M. C., ve Meckling, W. H., (1976) Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics 4, 305-360.
  • Jianakoplos, N., ve Bernasek, A., (2007). Are female more risk averse? Economic Inquiry, 36(4), 620–630.
  • Jimenez, N. H. ve Martin, S. S. (2010) The Role of Country-of-origin, Ethnocentrism and Animosity in Promoting Consumer Trust: The Moderating Role of Familiarity. International Business Review, 19(1), 34-45.
  • Kamara, A. (1997). New evidence on the Monday seasonal in stock returns. Journal of Business, 63-84.
  • Kapstein, E. B., (1989). Resolving the regulator’s dilemma: International coordination of banking regulations. International Organization 43, 323–347.
  • Keim D. ve Stambaugh R. (1984). A further investigation of the weekend effect in stock returns. Journal of Finance, 39(3), 819–835.
  • Khan W. A., ve Vieito J. P. (2013). CEO gender and firm performance. Journal of Economics and Business, 67, 55-66.
  • Lakonishok, J., ve Smidt, S. (1988). Are seasonal anomalies real? A ninety-year perspective. Review of Financial Studies, 1(4), 403–425.
  • Latour, B. (1996). On interobjectivity. Mind, Culture, and Activity, 3(4), 228-245.
  • La Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., ve Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.
  • Lee, P. M., ve James, E. H., (2007). She'‐e‐os: gender effects and investor reactions to the announcements of top executive appointments. Strategic Management Journal, 28(3), 227-241.
  • Martin, R., (1994). Stateless monies, global financial integration and national economic autonomy: the end of geography? London: Basil Blackwell.
  • Martin-Moreno, J., Harris, M., Gorgojo, L., Clarck, D., Normand, C., & Centeno, C. (2014). Palliative care in the European Union. European Parliament Economic and Scientific Policy Department, 2008.
  • Masulis, R. W. (1980). The effects of capital structure change on security prices: A study of exchange offers. Journal of Financial Economics, 8(2), 139-178.
  • Mehdian, S., ve Perry, M. J. (2001). The reversal of the Monday effect: new evidence from US equity markets. Journal of Business Finance ve Accounting, 28(7‐8), 1043-1065.
  • Merton, R. C. (1973). Theory of rational option pricing. The Bell Journal of Economics and Management Science, 141-183.
  • Modigliani, F., ve Miller, M. H., (1958). The cost of capital, corporation finance, and the theory of investment. The American Economic Review, 48(3), 261-297.
  • Oakley, J. G., (2000). Gender-based barriers to senior management positions: Understanding the scarcity of female CEOs. Journal of Business Ethics, 27, 321-334.
  • Odean, T. (1998). Are investors reluctant to realize their losses? The Journal of Finance, 53(5), 1775-1798.
  • O'Malley, M. (1994). Specie and species: race and the money question in nineteenth-century America. The American Historical Review, 99(2), 369-395.
  • Preda, A. (2007). The sociological approach to financial markets. Journal of economic surveys, 21(3), 506-533. Roberts, A. (2015). Gender, financial deepening and the production of embodied finance: Towards a critical feminist analysis. Global Society, 29(1), 107-127.
  • Shapiro, M.J., (1993), Reading “Adam Smith”: Desire, history, and value. London: Sage.
  • Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425-442.
  • Showalter, E. (1997). Hystories: hysterical epidemics and modern culture. London: Picador.
  • Strange, S. (1988). States and markets. London: Pinter.
  • Tasca, C., Rapetti, M., Carta, M. G., ve Fadda, B. (2012). Women and hysteria in the history of mental health. Clinical practice and epidemiology in mental health: CP ve EMH, 8, 110.
  • Tversky, A., ve Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124-1131.
  • Ullah, S., Massoud, N. ve Scholnick, B., (2014). The Impact of Fraudulent False Information on Equity Values. Journal of Business Ethics, 120, 219–235.
Toplam 61 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finansal Ekonomi, Kurumsal Yönetim
Bölüm Makaleler
Yazarlar

Ezgi Alp 0000-0002-2797-4951

Yayımlanma Tarihi 31 Aralık 2024
Gönderilme Tarihi 13 Nisan 2024
Kabul Tarihi 12 Aralık 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 12 Sayı: Özel Sayı

Kaynak Göster

APA Alp, E. (2024). FİNANSAL VARLIKLARIN DEĞERLENMESİNDEKİ FAKTÖRLERE DAİR DERİNLEMESİNE BİR İNCELEME. Nişantaşı Üniversitesi Sosyal Bilimler Dergisi, 12(Özel Sayı), 60-72. https://doi.org/10.52122/nisantasisbd.1467788

Nişantaşı Üniversitesi kurumsal yayınıdır.