HALKA AÇIK ŞİRKETLERDE YAŞAM DÖNGÜSÜ EVRELERİ ÜZERİNE ÖLÇEK ÇALIŞMASI

Yıl 2022, , 129 - 145, 31.12.2022

Rıdvan Yaka

https://doi.org/10.58654/jebi.1131664

Öz

Şirketlerin yaşam döngüleri farklı evrelerden oluşmaktadır. Bu evreler de farklı göstergelere sahiptir ve bunların bir kısmı kolaylıkla, bir kısmı da ancak bir çalışma sonucunda gözlenebilmektedir. Bu çalışma ile şirketlerin yaşam döngülerinin hangi evresinde olduğunun tespitini kolaylaştıracak bir ölçeğin geliştirilmesi amaçlanmıştır. Şirketlerin yaşam döngüsü evrelerine dair bir ölçeğin geliştirilebilmesi için şirketlerin kurumsallaşma sürecinde ilerlemiş olması gereğinden hareketle, hisselerini halka açmış şirketler seçilmiştir. Tüm evrelerin gözlenebilmesi için borsa şirketlerinden halen borsada işlem görenler ve borsadan çıkarılanlar olmak üzere iki örnek grup oluşturulmuştur. Seçilen iki grup şirketin borsada işlem gördükleri süre içinde yayımladıkları mali tablolar ve faaliyet raporlarından ve bu alandaki çalışmalardan yararlanılarak anlamlı göstergeler belirlenmiştir. Belirlenen göstergelerin değerlerinde yıllar içindeki değişim izlenmiş ve bu değişimlerin şirketlerinin yaşam döngüsündeki hangi evreye işaret ettiği bulunmaya çalışılmıştır. İki grubun değerleri dikkate alınarak yapılan çalışma sonucunda göstergenin borsa şirketlerinin giriş, büyüme, olgunluk, durgunluk ve düşüş evrelerini rahatlıkla yansıttıkları tespit edilmiştir. Çalışmanın şirket kurucuları, hissedarları, potansiyel yatırımcılar ve şirketlere kredi verecek bankalar için yararlı olabileceği değerlendirilmektedir.

Anahtar Kelimeler

Borsa şirketleri, şirketlerde yaşam döngüsü ölçeği, gösterge, Listed companies, lifecycle scale in companies, indicator

Destekleyen Kurum

Yok

Proje Numarası

Yok

Teşekkür

Sayın Hocam makale yayınlanması sırasında ücret istemediğiniz için teşekkür ederim.

SCALE STUDY ON LIFECYCLE STAGES IN PUBLIC COMPANIES

Öz

The life cycles of companies consist of different phases. These stages also have different indicators and some of them can be observed easily and some of them can only be observed as a result of a study. With this study, it is aimed to develop a scale that will facilitate the determination of the stage of the life cycle of the companies. Companies that have opened their shares to public have been selected in order to develop a scale regarding the life cycle stages of the companies, considering that the companies should advance in the institutionalization process. In order to observe all the phases, two sample groups were created, namely, those that are still traded in the stock exchange and those that are excluded
from the stock exchange. Significant indicators were determined by making use of the financial statements and annual reports published by the two selected groups of companies during the period they were traded on the stock exchange and the studies in this field. The change in the values of the determined indicators within years has been monitored and it has been tried to find out which phase in the life cycle of the companies these changes indicate. As a result of the study conducted by considering the values of the two groups, it has been determined that 13 indicators easily reflect the entry, growth, maturity, stagnation and decline phases of the listed companies. It is considered that the study can be useful for company founders, shareholders, potential investors and banks that will give loans to companies.

Anahtar Kelimeler

Listed companies, lifecycle scale in companies, indicator

Proje Numarası

Yok

Kaynakça

• Adizes, I. (1979). "Organizational passages-diagnosing and treating lifecycle problems of organizations." Organizational Dynamics, 8(1), 3- 25.
• Adizes, I. (1990). Corporate lifecycles: how and why corporations grow and die and what to do about it. Prentice Hall, 384 c.
• Adizes I. (2004). Managing corporate lifecycles how organizations grow, age, and die, Adizes Institute Publishing Santa Barbara, California USA.
• Adizes, I. (2012). Managing corporate lifecycles: how organizations grow, age, and die, Volume I Santa Barbara, CA: The Adizes Institute Publications in Conjunction with Embassy Book Distributors.
• Al-Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Hasan, M. M. (2019). Corporate social responsibility performance, financial distress and firm life cycle: Evidence from Australia. Accounting & Finance, 59, 961–989.
• Al-Taie M., & Cater-Steel A. (2020). The organizational life cycle scale: An empirical validation Journal of Entrepreneurship, https://doi.org/10.1177/0971355720930572
• Ando, A. & Modigliani, F. (1963). The “life-cycle” hypothesis of saving: aggregate ımplications and tests. American Economic Review, 53, 55-84.
• Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: a test of the life-cycle hypothesis. Journal of Accounting and Economics, 15(2), 203-227.
• Baransel I A. (2009). Adli hekimlikte yaş tayini. Klinik Gelişim Adli Tıp Özel Sayısı, 22: 114-121.
• Borsa İstanbul A.Ş BİST (2022). Borsa şirketlerinin mali tablo verileri, https://borsaistanbul.com/tr/sayfa/476/mali-tablolar-arsiv-2009-ve-oncesi E.T. 01.04.2022
• Borsa İstanbul A.Ş. BİST (2022). İlk işlem gören ve çıkan şirket verileri https://www.borsaistanbul.com/tr/sayfa/480/pay-piyasasi-verileri E.T :01.04.2022.
• DeAngelo, H., DeAngelo, L., & Stulz, R. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-54
• Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-94.
• Gort, M. ve S. Klepper. (1982). Time paths in the diffusion of product innovation. Economic Journal 92, 630- 653.
• Güleç, Ö. F. (2019). Muhasebede firma yaşam döngüsü kavramı: literatür incelemesi. Muhasebe Bilim Dünyası Dergisi, 21 (4), 979-1007. http://dx.doi.org/10.31460/mbdd.566553.
• Habib, A., Bhuiyan, M. B. U., Bhuiyan & Hasan, M. M., (2017). Firm life cycle and advisory directors, Australian Journal of Management, http://dx.doi.org/10.2139/ssrn.2996140
• Hanks, S. H. (1990). An empirical examination of the organization life cycle in high technology organizations. Dissertation, University of Utah.
• Hanks, S. H., Watson, C. J., Jansen, E., & Chandler, G. N. (1994). Tightening the life-cycle construct: A taxonomic study of growth stage configurations in high-technology organizations. Entrepreneurship Theory and Practice, 18(2), 5-29.
• Hasan, M. M., & A. Habib. (2015). Firm life cycle and ıdiosyncratic return volatility. International Review of Financial Analysis, Elsevier, vol. 50(C), pages 164-175.
• Hasan M. M., Cheung, A., Tunas L., & Kot H W. (2021). Firm life cycle and trade credit, Financial Review. 2021;56:743–771 https://doi.org/10.1111/fire.12264
• Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource-based view: Capability lifecycles. Strategic Management Journal, 24(10), 997-1010.
• Kamu Aydınlatma Platformu KAP(2022). Borsa Şirketlerinin verileri https://www.kap.org.tr/tr/bist-sirketler, E.T. 01.04.2022
• Kazanjian, R. K., & Drazin, R. (1989). An empirical test of a stage of growth progression model. Management Science, 35(12), 1489-1503.
• Masurel, E., & Van Montfort, K. (2006). Life cycle characteristics of small professional service firms. Journal of Small Business Management, 44(3), 461-473
• Miller, D. & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle, Management Science, 1161-1183.
• Mueller, D.C. (1972). A Life Cycle Theory of the Firm. Journal of Industrial Economics, 42, 199-219. https://doi.org/10.2307/2098055
• OECD (2018). OECD ilibrary shadow economy 1999 - 2013 https://www.oecd-ilibrary.org/search?value51=%27igo%2Foecd%27&operator51=AND&publisherId=%2Fcontent%2Figo%2Foecd&facetNames=pub_igoId_facet+pub_year_facet&value1=Shadow+economy&value3=subtype%2Fstatistical&option3=dcterms_type&option1=quicksearch&facetOptions=51+52&option51=pub_igoId_facet&operator52=AND&option52=pub_year_facet&value52=%272018%27 ET. 31.03.2022
• Owen, S., & Yawson, A. (2010). Corporate life cycle and M&A activity. Journal of Banking & Finance, 34(2), 427-440.
• Shirokova, G. (2009). Organisational life-cycle: The characteristics of developmental stages in Russian companies created from scratch. Journal for East European Management Studies, 14(1), 65-85.
• Smith, K. G., Mitchell, T. R., & Summer, C. E. (1985). Top level management priorities in different stages of the organizational life cycle. Academy of Management Journal, 28(4), 799-820.
• Teeter, R. A., & Whelan-Berry, K. S. (2008). My firm versus our firm: The challenge of change in growing the small professional service firm. The Journal of Business Inquiry, 7(1), 41-52
• Ticaret Bakanlığı (2022). Veri bültenleri, şirket sayıları. https://ticaret.gov.tr/data/61d2a12f13b8761d788ed2a2/2021%20Y%C4%B1l%C4%B1%20Aral%C4%B1k%20Ay%C4%B1%20Veri%20B%C3%BClteni_3.pdf E.T:01.04.2022
• Türkiye İstatistik Kurumu TÜİK (2022). Yurt içi üretici fiyat endeksi https://data.tuik.gov.tr/Bulten/Index?p=Yurt-Ici-Uretici-Fiyat-Endeksi-Subat-2022-45851 E.T. 01.04.2022
• Yonpae, P. & Chen, K. (2006). The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research, 22(3), 75.
• Yoo J., Lee S., & Park S. (2019). The effect of firm life cycle on the relationship between r&d expenditures and future performance, earnings uncertainty, and sustainable growth, Sustainability 2019, 11(8), doi:10.3390/su11082371
• Yaka, R. (2018). Kurumsallaşma sürecinde hisselerin halka arzı ve şirket ömrü: bist uygulaması, Doktora Tezi, Ankara Yıldırım Beyazıt Üniversitesi & Gazi Üniversitesi,
• Yaka, R. (2021). Şirketlerde halka açıklık oranı ile hayatta kalma ilişkisi, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 21 (2) , 531-546 . DOI: 10.18037/ausbd.959269
• Yan, Z. & Zhao, Y., (2009), A new methodology of measuring firm life-cycle stages, International Journal of Economic Perspectives, http://dx.doi.org/10.2139/ssrn.893826
• Yazdanfar, D. & Salman A. K. (2012). The life cycle of growth path among micro firms: swedish data. International Business Research, 5 (10).