Yatırımcı İlişkilerinde Finansal İletişim Yoğunluğu ile Firma Piyasa ve Finansal Performansı Arasındaki İlişki: BIST’da Bir Uygulama

Öz Teknolojik ilerlemeler, keskin rekabet koşulları ve sanayi toplumundan bilgi toplumuna geçiş yönetim anlayışına finansal iletişim kavramını kazandırmıştır. Bu araştırma, firmalar için bu teorik gelişimin etkilerinin neler olduğuna dair ampirik kanıtlar sunmayı amaçlamaktadır.Yapılan değerlendirmeler Türkiye perspektifinde olup 2007/Q1-2018/Q2 periyoduna sahiptir.Finansal iletişim yoğunluğu ile firma piyasa ve finansal performansı arasındaki ilişki, firmaların yapmış olduğu 19765 finansal enformatiğe dayalı olarak gerçekleştirilmiştir.Firma piyasa performansı Tobin’in Q (PD1), Piyasa Değerinin doğal logaritması (PD2) ve hisse başına kazanç (PIYPER) vekilliğinde 3 bağımlı değişken ile temsil edilmiştir. Firma finansal performansı ise sermaye yeterliliği ve karlılık açısından ele alınmış, sermaye yeterlilik oranı (FINYET), aktif karlılığı (ROA) ve özsermaye karlılığı (ROE) vekilliğinde 3 bağımlı değişken ile temsil edilmiştir. Panel veri metodolojisine dayalı olarak gerçekleştirilen araştırma sonucunda piyasa değeri perspektifinde negatif, piyasa performansı ve finansal performansı perspektifinde pozitif yönlü ve istatistiksel olarak anlamlı sonuçlar kaydedilmiştir.

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