Cilt 8 Sayı 4 (2020): Business & Management Studies: An International Journal
Makaleler

FİRMA PİYASA DEĞERİ İÇİN MUHASEBE VE EKONOMİK VERİLERİN ANALİZİ: HOLDİNG FİRMA UYGULAMASI

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  • Pınar AVCI
Pınar AVCI
Dr., Tekirdağ Namık Kemal Üniversitesi, Şarköy

Yayınlanmış 10.12.2020

Anahtar Kelimeler

  • Holding Firmalar, Piyasa Değeri, Muhasebe Verileri
  • Holding Companies Market Value Accounting Data

Nasıl Atıf Yapılır

FİRMA PİYASA DEĞERİ İÇİN MUHASEBE VE EKONOMİK VERİLERİN ANALİZİ: HOLDİNG FİRMA UYGULAMASI. (2020). Business & Management Studies: An International Journal, 8(4), 387-408. https://doi.org/10.15295/bmij.v8i4.1721
Creative Commons License

Bu çalışma Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License ile lisanslanmıştır.

Nasıl Atıf Yapılır

FİRMA PİYASA DEĞERİ İÇİN MUHASEBE VE EKONOMİK VERİLERİN ANALİZİ: HOLDİNG FİRMA UYGULAMASI. (2020). Business & Management Studies: An International Journal, 8(4), 387-408. https://doi.org/10.15295/bmij.v8i4.1721

Öz

Çalışmada firmaların piyasa değeri ile muhasebe ve makro ekonomik veriler arasındaki ilişki araştırılmaktadır. Bu ilişki tespiti için Borsa İstanbul’da işlem gören holding firmalar arasından Koç Holding A.Ş., Hacı Ömer Sabancı Holding A.Ş., TAV Havalimanları Holding, Tekfen Holding A.Ş. ve Petkim Petrokimya Holding A.Ş seçilmektedir. Holding firmaların 2009Q1-2018Q4 dönem aralığı verileri toplanıp durağanlıkları belirlenmekte ve sonrasında eş bütünleşme testi yapılmaktadır. Çalışma sonucunda, holding firmaların piyasa değeri ile holdinglerin defter değeri ve net kârı ve hatta gayri safi yurtiçi hasıla (GSYİH), faiz oranı, üretim endeksi, döviz kuru ve BİST100 endeksi arasında uzun dönemli ilişki belirlenmektedir. DOLS yöntemi sonuçlarına göre de, holding firmaların piyasa değerini defter değeri ve net kâr arttırmaktadır. Ayrıca GSYİH, faiz oranı ve BIST100 endeksinin genel olarak holding şirketlerinin piyasa değerini artırdığı, üretim endeksi ve döviz kurlarının düşürdüğü tespit edilmiştir.

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