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Journals / MALİYE FİNANS YAZILARI / 2016 / Cilt: 0 - Sayı: 106

Aşırı Büyüme Seviyelerinde Hissedar Değeri Yaratmak: Türkiye Örneği

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

Ali Osman GÜRBÜZ
Levent ATAÜNAL
Pages
9–27
Publication Date
2022-10-18
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

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.

📌 3 Key Takeaways

🎯
Objective & Hypothesis: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.
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Key Findings & Data: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.
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Conclusion & Impact: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.
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:Domain Parameters

Abstract

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.

Özet

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 mali bilgileri 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.

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Cite This Article

GÜRBÜZ, A. O., ATAÜNAL, L. (2022). Aşırı Büyüme Seviyelerinde Hissedar Değeri Yaratmak: Türkiye Örneği. MALİYE FİNANS YAZILARI, Cilt: 0 - Sayı: 106, 9–27. https://ajindex.com/articles/577965

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