Pazarlama Harcamalarının Firma Değeri Üzerindeki Etkisi Üzerine

Bu çalışmanın amacı "Pazarlama Harcamalarının" firma değeri üzerindeki etkisini incelemektir. Araştırmada Borsa İstanbul'da (BIST) imalat sanayide hisse senetleri işlem gören 120 firmanın 2009-2012 yıllarına ait verilerinden yararlanılmıştır. Çalışmada bağımlı değişken olarak muhasebe temelli performans göstergesi "Varlık Karlılığı" (ROA) ve "Öz Sermaye Karlılığı" (ROE) ile piyasa esaslı performans göstergesi Tobin's q (Q) oranı kullanılmıştır. Ampirik analizlerde çoklu regresyon ve korelasyon yöntemleri ile tanımlayıcı istatistiklere yer verilmiştir. Yapılan analiz sonucunda pazarlama harcamaları ile firma değeri arasında pozitif ve istatistiksel olarak anlamlı bir ilişki tespit edilmiştir. Sonuç olarak; işletmeler pazarlama harcamalarını bir gider olarak değil, işletmeye değer yaratan bir yatırım olarak düşünmelidir.

A Research on The Effects of Marketing Spending on Firm Value

The purpose of this study is to investigate the influence of "Marketing Expenses" on firm value. The study uses data belonging to 120 firms, which are traded in Borsa Istanbul (BIST) in the period of 2009-2012. The independent variables used in the study consist of "Return on Assets" (ROA) and "Return on Equity" (ROE), which are accounting based performance indicators. The other is "Tobin's q" ratio which is market-based ratio. The regression and correlation analysis have been employed in empirical analyzes. The result of the conducted analysis showed that the increase in marketing expenses influences value of the firms in a positive way. As a result, organizations should accept the marketing expenses not only as a spending but also an investment as a value added to business.

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