Aşırı Büyüme Seviyelerinde Hissedar Değeri Yaratmak: Türkiye Örneği

Bu çalışmada, hızlı ve makul büyüme oranlarının hissedardeğeri yaratma hızlarını belirlemek amacıyla, Borsa İstanbul’daişlem gören finans sektörü dışında kalan 167 şirketin 8 yıllık malibilgileri panel veri analizinde kullanılmıştır. Sürdürülebilir büyümeoranı üzerindeki büyümenin sistematik olarak hissedar değeriniazaltıcı etki yarattığı belirlenmiştir. Ayrıca, toplam hissedar getirisinin,büyümenin içbükey (konkav) bir fonksiyonu olduğu, belirlenenoptimal noktanın üzerindeki satış büyümelerinin hissedardeğeri üzerinde azaltıcı etki yarattığı gösterilmiştir.

Anahtar Kelimeler:

Değer Yaratma, Firma Büyümesi, Sürdürülebilir Büyüme Oranı

Shareholder Value Creation at Excessive Growth Levels: Empirical Evidence from Turkey

In this study, to determine value creation rates at high andmoderate growth levels, 8 years data of 167 non-financial companiesof Borsa Istanbul is employed in a panel data analysis. Thestudy found that growing significantly above sustainable growthrate is systematically associated with value destruction. It is alsodemonstrated that shareholder return is a concave function of firmgrowth, proposing an optimal point of sales growth beyond whichfurther growth destroys shareholder value.

Keywords:

Value Creation Firm Growth, Sustainable Growth Rate, Sales growth,

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