EVA VE CFROI YÖNTEMLERİNİN HİSSEDARLARIN DEĞER MAKSİMİZASYONU VE FİNANSAL PERFORMANS TAHMİNİ ÜZERİNE ETKİSİ: AMPİRİK BİR ÇALIŞMA

Year 2022, , 861 - 871, 31.12.2022

Kemal Yaman , Murat Kurtlar

https://doi.org/10.29106/fesa.1202471

Cited By: 1

Abstract

Hissedar değeri maksimizasyonu, küreselleşme ile artan rekabet nedeniyle şirketler için çok önemli hale gelmiştir. Bir şirketin finansal açıdan temel amacı, hissedarlarının değerini en üst düzeye çıkarmaktır. Ancak geleneksel muhasebe tabanlı performans önlemleri bu konuda yetersizdir. Bu nedenle şirketler, hissedar değerini yansıtan finansal performansı analiz etmek için uygun bir yöntem belirleyebilmelidir. Bu bakış açısından, hissedarların değerini en üst düzeye çıkarmak için Nakit Akışı Yatırım Getirisi (CFROI) ve Ekonomik Katma Değer (EVA) ile performans yöntemlerinin önemini vurgulamayı amaçlanmaktadır. 2015-2021 yılları arasında Borsa İstanbul'da (BIST) işlem gören sağlık sektörü şirketleri analiz edilmektedir. Çalışmada, CFROI ve EVA'nın bu şirketlerin hisse senedi getirileri üzerinde olumlu bir etkisi olduğu sonucuna varılmıştır, ancak CFROI'nin daha büyük etkisi vardır. Dolayısıyla, CFROI tekniği, hissedar değeri için en iyi finansal performans ölçüsüdür.

Keywords

Sağlık Sektörü, Performans, CFROI, EVA, Hisse Senedi Getirisi, Healthcare Sector, Performance, Stock Return

EFFECT OF EVA AND CFROI METHODS ON SHAREHOLDERS VALUE MAXIMIZATION AND FINANCIAL PERFORMANCE ESTIMATION: AN EMPIRICAL STUDY

Abstract

Shareholder value maximisation has become very important for companies due to increased competition with globalization. The main objective of a company in financial terms is to maximize the value of its shareholders. However, traditional accounting-based performance measures are insufficient in this regard. Therefore, companies should be able to determine an appropriate measure to analyze their financial performance that reflects shareholder value. From this point of view, it is aimed to emphasize the importance of the Cash Flow Return on Investment (CFROI) and Economic Value Added (EVA) performance methods in maximisation the value of the shareholders. For the periods including the years 2015-2021 companies in the healthcare sector traded in Stock Exchange Istanbul (BIST) are analyzed. In the study, it is concluded that CFROI and EVA have a positive effect on stock returns of these companies but CFROI has bigger impact. Thus, the CFROI technique is the best measure of financial performance for shareholder value.

Keywords

Healthcare Sector, Performance, Stock Return

References

• ALPAR, R. (2017). Applied Multivariate Statistical Methods. Ankara: Detay Publishing
• BALTES, N., & VASIU, D. E. (2015). Case Study Regarding Financial Performance in Terms of Cash Flow Return on Investment (CFROI) for Companies Listed and Traded on the Bucharest Stock Exchange, During 2006-2013. Scientific Bulletin. Nicolae Balcescu Land Forces Academy. 39(1): 16-22. https://www.armyacademy.ro/buletin/bul1_2015/Baltes.pdf.
• BAYRAKDAROGLU, A. (2009). The Relationship Between Shareholder Value and Traditional and Contemporary Financial Performance Measures: An Application on IMKB Companies. Thesis No: 240827. National Thesis Centre. Erciyes University. Institute of Social Sciences. Unpublished Doctoral Thesis. https://tez.yok.gov.tr/UlusalTezMerkezi/tezDetay.jsp?id=ibAHABk4xMESQ6RqXiTWgA&no=OpkxMQ3qnIznpyaBUv96IA.
• BOGNÁROVÁ, K. J. (2016). Application of Cash Flow Return on Investment in Terms of Financial Performance Measurement. Challenges of the Knowledge Society, 784-789. https://www.proquest.com/docview/1814062793.
• CHANDRA, P., (2011). Financial Management, Theory and Practice. Published by Tata McGraw‐Hill Education Pvt. Ltd. India.
• CLİNTON, B.D., Chen S. (1998). Do New Performance Measures Measure Up? Management Accounting, Vol 80, Issue 4: 38‐43. https://www.proquest.com/docview/229761381/fulltextPDF /D14B894EA359440EPQ/1?accountid=12398.
• CHEN, S., and DODD, J. L.. (1997). Economic value added (EVA): An empirical examination of a new corporate performance measure. Journal of Managerial Issues 9(3) p. 318-333.
• DAMODARAN, A. (1999). Value Creation and Enhancement: Back to the Future. NYU Working Paper No. FIN-99-018. Leonard N. Stern School of Business. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1297053.
• DAMODARAN, A. (2022, May 11). Value Enhancement Strategies. https://pages.stern.nyu.edu/~adamodar/pdfiles/eva.pdf.
• ERASMUS, P. (2008). The relative and incremental information content of the value-based financial performance measure Cash Value Added (CVA). Management Dynamics: Journal of the Southern African Institute for Management Scientists, 17(1), 2-15. https://hdl.handle.net/10520/EJC69734.
• Erasmus, P. D., & Lambrechts, I. J. (2006). EVA and CFROI: A comparative analysis. Management Dynamics: Journal of the Southern African Institute for Management Scientists, 15(1), 14-26.
• FREIDANK, C.-C. And Mayer E. (2001). Controlling-Konzepte Neue Strategien und Werkzeuge für die Unternehmenspraxis, Verlag Dr. Th. Gabler GmbH, Wiesbaden.
• GİMENO, R., JURAS, I. (2019). Nachhaltige finanzielle Führung mit wertorientierten Steuerungskennzahlen – Ein Blick in die Praxis von SMI-Unternehmen, İn: Nachhaltige Unternehmensführung: Herausforderungen und Beispiele aus der Praxis, TOKARSKİ, K. O.; Schellinger, J.; Berchtold, P. (Hrsg.) Springer Gabler.
• HOLT VALUE ASSOCİATES. (2022). CFROI – Cash Flow Return on Investment. The Data Group. https://www.data-group.com.au/cfroi-cash-flow-return-investment-holt-value-associates/#:~:text=Developed%20by%20 HOLT%20Value%20Associates,on%20the%20company's%20financial%20statements.
• KENTON, W. (2022). Cash Flow Return on Investment, Investopedia. https://www.investopedia.com/terms/c/cfroi.asp.
• KRAMER, J. K., & PETERS, J. R. (2001). An interindustry analysis of economic value added as a proxy for market value added. Journal of Applied Finance, 11(1), 41-49. http://cunyspsc.org/files/papers_o/p_ECO_2001_jaf5899650_o.pdf.
• KUNZ, H. (2007). Kennzahlen zur wertorientierten Unternehmensführung – Ein kritischer Vergleich Band 12, Kaiserslauern.
• KUNZ, R. M. (1998). Das Shareholder-Value-Konzept Wertsteigerung durch eine aktionärsorientierte Untemehmensstrategie in: Bruhn et al. (eds.) Wertorientierte Unternehmensführung, Wiesbaden: Springer Fachmedien.
• LAIER, R. (2011). Value Reporting – Analyse von Relevanz und Qualität der wertorientierten Berichterstattung von DAX-30 Unternehmen, Wiesbaden: Gabler Verlag.
• LEHN, K., MAKHIJA, A. K., (1996) "EVA & MVA as performance measures and signals for strategic change", Strategy &Leadership, Vol. 24 Issue: 3, pp.34-38, https://doi.org/10.1108/eb054556.
• MADDEN, B.J., (2003). Cash Flow Return on Investment (CFROI) Valuation: A Total System Approach to Valuing the Firm, Butterworth‐Heinemann, Burlington, England.
• MARTİN, J. D., & Petty, J. W. (2000). Value based management: The corporate response to the shareholder revolution. Boston: Harvard Business School Press.
• MCINTYRE, E. V. (1999). Accounting choices and EVA. Business Horizons, 42(1), 66-73. https://doi.org/10.1016/S0007-6813(99)80050-0.
• MERT, H.,, Dil, S. E. (2016). Effects of depreciation methods on performance measurement methods: a case of energy sector. Journal of Economics Finance and Accounting, 3(4), 330-344. DOI: 10.17261/Pressacademia.2016.347.
• MUKHOPADHYAY,S. and Vaidya, D. (2022, May 2). CFROI, WallStreetMojo. https://www.wallstreetmojo.com/cfroi/.
• PİLZECKER, S. (2011). Konzepte der wertorientierten Unternehmensführung: die DAX 30 Unternehmen. Eine vergleichende Auswertung, Hamburg, Diplomica Verlag GmbH.SAKDİYAH, K., MUSFAYA, M., Financial Performance Assessment Analysis Using Economic Value Added (EVA) Method, NUsantara Islamic Economic Journal,1(1), 54-64. Retrieved from https://journal.unisnu.ac.id/NUIEJ/article/view/57.
• RAPPAPORT A (1986). Creating shareholder value: The new standard for business performance. New York Free Press.
• REHMAN, R. Ur and RAOOF, A. (2010). Weighted Average Cost of Capital (WACC) Traditional Vs New Approach for Calculating the Value of Firm, International Research Journal of Finance and Economics, Issue 45. ISSN 1450-2887.
• REİCHMANN, T. (2006). Controlling mit Kennzahlen und Management-Tools, Verlag Franz Vahlen, 7. Edition, München.
• SCHÄFFER, U., and LEWERENZ, U. (2011). Die Entwicklung der wert-orientierten Unternehmenssteuerung im DAX. Controlling & Management, 55(5), 295-298.
• STEWART, G. B. (1991). The quest for value: The EVA management guide. New York: Harper Business.
• SUBRAMANYAM, D., KUMAR, K. (2020). Performance Evaluation and Shareholders Value Maximisation Through CFROI and EVA: An Empirical Study. International Journal of Application or Innovation in Engineering & Management, Volume 9, Issue 1. ISSN, 2319-4847.
• UNLU, U. (2014). Cash Flow Return on Investment (CFROI) and Cash Value Added (CVA) Method: An Empirical Application on Cement Companies Traded in Borsa Istanbul. Eskişehir Osmangazi University Journal of Economics and Administrative Sciences, 9(2), 169-187. https://dergipark.org.tr/tr/download/article-file/65351.
• VAHID, N., DEHGHANPOUR, M. R., NASIRIZADEH, H. Comparison between accounting profit and economic profit and its effect on optimal point of production, European Online Journal of Natural and Social Sciences, Vol. 2, No. 3, p. 493-499.
• VOIGT, L. (2016). Wertorientierte Kennzahlen in der externen Berichterstattung von DAX-Unternehmen: Eine analytische Betrachtung von EVA, CFROI, CVA und ROCE, Diplomica Verlag.
• YOUNG, D. (1997). Economic value added: A primer for European managers. European Management Journal, 15(4), 335-343. DOI:10.1016/S0263-2373(97)00014-5. YOUNG, S. D., O'BYRNE, S. F., YOUNG, D. S., YOUNG, S., O'BYRNE S. (2000). EVA and value-based management. McGraw-Hill Professional Publishing.