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Journals / Verimlilik Dergisi / 2023 / Cilt: 57 - Sayı: 1

Determining the Relationships Between Company Performance Parameters: Analytical Analysis on BIST-30 Companies

Şirket Performans Parametreleri Arasındaki İlişkilerin Belirlenmesi: BİST-30 Şirketleri Üzerinde Analitik İnceleme

Yaşar KÖSE
Emre YILMAZ
Pages
199–210
Publication Date
2023-01-31
DOI
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AI Summary & Key Takeaways

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

There is no study using same sample and time period previously in the literature.

📌 3 Key Takeaways

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Objective & Hypothesis:Purpose: The aim of the study is to determine and to interpret the relationship between Free Cash Flow (FCF), Firm Value (EV), Firm Value/Earnings Before Interest, Taxes and Depreciation (EV/EBITDA) and Price/Earnings (P/E) which are important financial performance indicators of companies based on value creation.Methodology: In the study, the relationship between the annual values of FCF and EV, P/E and EV/EBITDA of BIST 30 companies was examined by panel data analysis method in the years 2015-2021.Findings: As a result of the analysis; it has been determined that EV and P/E are in the same direction with FCF and there is an inverse relationship between FCF and EV/EBITDA.
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Key Findings & Data:It was determined that the findings are partially consistent with the studies in the literature.Originality: The study is original in terms of revealing and interpreting the relationships between performance measurement indicators based on value maximization for the companies within the scope of the BIST-30 index.
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Conclusion & Impact:There is no study using same sample and time period previously in the literature.
🔬Design:Research Article
📍Scope:2015-2021 Verileri
⚙️Variables:Serbest Nakit Akışı · Firma Değeri · Faiz

Abstract

Purpose: The aim of the study is to determine and to interpret the relationship between Free Cash Flow (FCF), Firm Value (EV), Firm Value/Earnings Before Interest, Taxes and Depreciation (EV/EBITDA) and Price/Earnings (P/E) which are important financial performance indicators of companies based on value creation.Methodology: In the study, the relationship between the annual values of FCF and EV, P/E and EV/EBITDA of BIST 30 companies was examined by panel data analysis method in the years 2015-2021.Findings: As a result of the analysis; it has been determined that EV and P/E are in the same direction with FCF and there is an inverse relationship between FCF and EV/EBITDA. It was determined that the findings are partially consistent with the studies in the literature.Originality: The study is original in terms of revealing and interpreting the relationships between performance measurement indicators based on value maximization for the companies within the scope of the BIST-30 index. There is no study using same sample and time period previously in the literature.

Özet

Amaç: Çalışmanın amacı, şirketlerin değer yaratma esasına dayalı önemli finansal performans göstergeleri olan Serbest Nakit Akımı (FCF), Firma Değeri (EV), Firma Değeri/Faiz, Vergi ve Amortisman Öncesi Kar (EV/EBITDA) ve Fiyat/Kazanç (P/E) aralarındaki ilişkilerin belirlenmesi ve yorumlanmasıdır.Yöntem: Çalışmada BİST 30 şirketlerinin 2015-2021 yıllarında FCF ile EV, P/E ve EV/EBITDA yıllık değerleri arasındaki ilişki panel veri analiz yöntemi ile incelenmiştir.Bulgular: Yapılan analizler sonucunda FCF ile EV ve P/E aralarında aynı yönlü; FCF ile EV/EBITDA arasında ters yönlü ilişki olduğu belirlenmiştir. Elde edilen bulguların literatürdeki çalışmalarla kısmen uyumlu olduğu belirlenmiştir.Özgünlük: Çalışmanın BIST-30 endeksindeki kapsamındaki şirketler için değer maksimizasyonunu esas alan şirket performans ölçüm göstergeleri belirlenerek bu göstergeler arasındaki ilişkiler ortaya konulması ve yorumlanması açısından özgün olduğu değerlendirilmektedir. Daha önce literatürde incelenen örneklem ve zaman aralığında herhangi bir çalışma bulunmamaktadır.

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Cite This Article

KÖSE, Y., YILMAZ, E. (2023). Determining the Relationships Between Company Performance Parameters: Analytical Analysis on BIST-30 Companies. Verimlilik Dergisi, Cilt: 57 - Sayı: 1, 199–210. https://ajindex.com/articles/880285

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