Research Article
Year 2016,
Issue: 106, 9 - 28, 02.12.2016
Abstract
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.
References
- Amouzesh, N., Moeinfar, Z., and Mousavi, Z. 2011. Sustainable Growth Rate and Firm Performance: Evidence From Iran Stock Exchange. International Journal of Business and Social Science 2 (23): 249-255 Breusch, T. S., Pagan, A. R. 1980. The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies 47 (1): 239– 253 Davidsson, P., Steffens, P., and Fitzsimmons, J. 2009. Growing Profitable of Growing from Profits: Putting the Horse in front of the Cart. Journal of Business Venturing 24: 388-406 Fuller, J., and Jensen, M. C. 2002. Just Say No to Wall Street: Courageous CEOs are putting a stop to the earnings game and we will all be better off for it. Journal of Applied Corporate Finance 14(4): 41-46 Hausman, J. A., and Taylor, W. E. 1981. Panel Data and Unobservable Individual Effects. Econometrics 49(6): 1377 – 1398 Higgins, R. C. 1977. How Much Growth Can a Firm Afford. Financial Management (Fall): 7-16 Higgins, R. C. 1981. Sustainable Growth under Inflation. Financial Management (Autumn): 36-40 Johnson, D. J. 1981. The Behavior of Financial Structure and Sustainable Growth in an Inflationary Environment. Financial Management (Autumn): 30-35 Kasznik, R., and McNichols, M. F. 2002. Does Meeting Earnings Expectations Matter? Evidence from Analyst Forecast Revisions and Share Prices. Journal of Accounting Research, 40 (3): 727-759 Lang, L., Ofek, E., and Stulz, R. M. 1996. Leverage, Investment and Firm Growth. Journal of Financial Economics 40: 3-29 Lintner, J. 1964. Optimal Dividends and Corporate Growth under Uncertainty. The Quarterly Journal of Economics. 78 (1): 49-95 Lockwood, L., and Prombutr, W. 2010. Sustainable Growth and Stock Returns. The Journal of Financial Research 33 (4): 519–538 Markman, G. D., and Gartner, W. B.. 2002. Is Extraordinary Growth Profitable? A Study of Inc. 500 High Growth Companies. Entrepreneurship Theory and Practice 27: 65-75 Myers, S. C., and Majluf, N. S. 1984. Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have. Journal of Financial Economics 13: 187-221
Year 2016,
Issue: 106, 9 - 28, 02.12.2016
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.
References
- Amouzesh, N., Moeinfar, Z., and Mousavi, Z. 2011. Sustainable Growth Rate and Firm Performance: Evidence From Iran Stock Exchange. International Journal of Business and Social Science 2 (23): 249-255 Breusch, T. S., Pagan, A. R. 1980. The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies 47 (1): 239– 253 Davidsson, P., Steffens, P., and Fitzsimmons, J. 2009. Growing Profitable of Growing from Profits: Putting the Horse in front of the Cart. Journal of Business Venturing 24: 388-406 Fuller, J., and Jensen, M. C. 2002. Just Say No to Wall Street: Courageous CEOs are putting a stop to the earnings game and we will all be better off for it. Journal of Applied Corporate Finance 14(4): 41-46 Hausman, J. A., and Taylor, W. E. 1981. Panel Data and Unobservable Individual Effects. Econometrics 49(6): 1377 – 1398 Higgins, R. C. 1977. How Much Growth Can a Firm Afford. Financial Management (Fall): 7-16 Higgins, R. C. 1981. Sustainable Growth under Inflation. Financial Management (Autumn): 36-40 Johnson, D. J. 1981. The Behavior of Financial Structure and Sustainable Growth in an Inflationary Environment. Financial Management (Autumn): 30-35 Kasznik, R., and McNichols, M. F. 2002. Does Meeting Earnings Expectations Matter? Evidence from Analyst Forecast Revisions and Share Prices. Journal of Accounting Research, 40 (3): 727-759 Lang, L., Ofek, E., and Stulz, R. M. 1996. Leverage, Investment and Firm Growth. Journal of Financial Economics 40: 3-29 Lintner, J. 1964. Optimal Dividends and Corporate Growth under Uncertainty. The Quarterly Journal of Economics. 78 (1): 49-95 Lockwood, L., and Prombutr, W. 2010. Sustainable Growth and Stock Returns. The Journal of Financial Research 33 (4): 519–538 Markman, G. D., and Gartner, W. B.. 2002. Is Extraordinary Growth Profitable? A Study of Inc. 500 High Growth Companies. Entrepreneurship Theory and Practice 27: 65-75 Myers, S. C., and Majluf, N. S. 1984. Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have. Journal of Financial Economics 13: 187-221
There are 1 citations in total.
Details
| Journal Section | Articles |
|---|---|
| Authors | |
| Publication Date | December 2, 2016 |
| Submission Date | May 14, 2017 |
| Published in Issue | Year 2016 Issue: 106 |
Cited By
Sürdürülebilir Büyüme Oranına Göre Hızlı ve Yavaş Büyüyen Firmalarda Finansal Kaldıraç Etkisi: İSO 1000 Üzerine Bir İnceleme
Ekonomi, Politika & Finans Araştırmaları Dergisi
Arzu ŞAHİN
https://doi.org/10.30784/epfad.757786
- The journal specializes in especially in all the fields of finance and banking.