You are here

Home » Content

Ekonomik Katma Değer (Eva™) Bakış Açısıyla Finanslama Kararları

Financing Decisions under Economic Value Added (EVA™) Perspective

Journal Name:

  • Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü Dergisi

Publication Year:

  • 2009

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In this study, it is aimed to investigate the interaction between a contemporary financial performance evaluation measure accepted by finance authorities named economic value added (EVA™) and financing decisions. Through this scope, firstly the calculation of economic value added is discussed, in both accounting and finance perspectives. The study is then completed by examining various reflections of interaction between economic value added and financing decisions on firm value.
Bookmark/Search this post with
Abstract (Original Language): 
Bu çalışmada finans otoritelerince çağdaş bir finansal performans değerlendirme ölçütü olarak kabul gören ekonomik katma değer (Economic Value Added-EVA™) ile finanslama kararları arasındaki etkileşimin -örnek uygulamalar yardımıyla- açıklanması amaçlanmaktadır. Bu çerçevede, öncelikle ekonomik katma değer kavramının temellerine değinilmekte ve söz konusu kavramın hesaplanması, muhasebe ve finans çerçevesinde farklı açılardan ele alınmaktadır. Çalışma, ekonomik katma değer ile finanslama kararları arasındaki etkileşimin firma değeri noktasındaki farklı yansımaları göz önünde bulundurularak sonuçlandırılmaktadır.
FULL TEXT (PDF): 
PDF icon arastirmax-ekonomik-katma-deger-evatm-bakis-acisiyla-finanslama-kararlari.pdf
  • 2
59-82
  • Turkish

REFERENCES

References: 

ABATE, J. A., J. L. GRANT and G. B. STEWART, III (2004), “The EVATM Style of Investing: Emphasizing the Fundamentals of Wealth Creation”, The Journal of Portfolio Management, Summer: pp. 61-72.
AKGÜÇ, Öztin (1998), Finansal Yönetim, 7. Baskı, Avcıol Basın-Yayın, İstanbul.
ARNOLD, Glen (1998), Corporate Financial Management, Financial Times Pitman Publishing, London.
BREALEY, R. A. and S. C. MYERS (2000), Principles of Corporate Finance, 4th Edition, Irwin McGraw-Hill Publications, New York.
BRIGHAM, E. F. and L. C. GAPENSKI (1996), Intermediate Financial Management, 5th Edition, The Dryden Press, United States of America.
BRIGHAM, E. F. and M. C. EHRHARDT (2002), Financial Management: Theory and Practice, 10th Edition, Harcourt Inc. Publications.
COPELAND, T. E. and J. F. WESTON (1992), Financial Theory and Corporate Policy, 3rd Edition, Addison-Wesley Publishing Company, New York.
COPELAND, T., J. F. WESTON and K. SHASTRI (2005), Financial Theory and Corporate Policy, Pearson Addison Wesley Publications, New York.
COPELAND, T., T. KOLLER and J. MURRIN (2000), Valuation: Measuring and Managing the Value of Companies, 3rd Edition, John Wiley & Sons, Inc., New York.
DAMODARAN, Aswath (2001), Corporate Finance: Theory and Practice, 2nd Edition, John Wiley & Sons, Inc., New York.
ERCAN, M. K. ve Ü. BAN (2005), Değere Dayalı İşletme Finansı: Finansal Yönetim, Gazi Kitabevi, Ankara.
ERCAN, M. K., M. B. ÖZTÜRK ve K. DEMİRGÜNEŞ (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Gazi Kitabevi, Ankara.
GHOSH, A. and F. CAI (2004), “Optimal Capital Structure vs. Pecking Order Theory: A Further Test”, Journal of Business & Economics Research, Vol. 2(8): pp. 61-68.
GRANT, James L. (2003), Foundations of Value Added, 2nd Edition, John Wiley & Sons Inc., New Jersey.
MAGNI, Carlo Alberto (2008), “Economic Profit, NPV and CAPM: Biased and Violations of Modigliani and Miller’s Proposition I”, The Icfai Journal of Applied Finance, Vol. 14(10): pp. 59-72. 80
Sosyal Bilimler 7/2 (2009 ) s.59-82
McLANEY, Eddie (1998), Business Finance: Theory and Practice, 4th Edition, Financial Times Pitman Publishing, London.
MILLER, Merton (1988), “The Modigliani-Miller Propositions After Thirty Years”, Journal of Economic Perspectives, Vol. 2(4): pp. 9-120.
MODIGLIANI, F. and M. MILLER (1958), “The Cost of Capital, Corporate Finance and the Theory of Investment”, American Economic Review, Vol. 48: pp. 261-297.
MODIGLIANI, F. and M. MILLER (1961), “Dividend Policy, Growth and the Valuation of Shares”, Journal of Business, Vol. 34: pp. 411-433.
MODIGLIANI, F. and M. MILLER (1963), “Corporate Income Taxes and the Cost of Capital: A Correction”, American Economic Review, Vol. 53(3): pp. 433-443.
MURRAY, Z. F. and V. K. GOYAL (2000), “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics, Vol. 57: pp. 417-425.
MYERS, Stewart C. (2003), “Financing of Corporations”, in Handbook of the Economics and Finance (Edited by G. M. CONSTANTINIDES, M. HARRIS and R. STULZ), Elsevier Publications, BV: 215-253.
PINCHES, George E. (1992), Essentials of Financial Management, 4th Edition, HarperCollins Publishers, New York.
ROSS, Stephen A. (1988), “Comment on Modigliani-Miller Propositions”, The Journal of Economic Perspectives, Vol. 2(4): 127-133.
TAGGART, Robert A, Jr. (1991), “Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes”, Financial Management, Vol. 20: pp. 8-20.
TITMAN, Sheridan (2002), “The Modigliani and Miller Theorem and the Integration of Financial Markets”, Financial Management, Vol. 31: pp. 101-115.
VAN HORNE, J. C. and J. M. WACHOWICZ, Jr. (1998), Fundamentals of Financial Management, 10th Edition, Prentice-Hall International, Inc., New York.
ZAIMA, J. K., H. F. TURETSKY and B. COCHRAN (2005), “The MVA-EVATM Relationship: Separation of Market Driven versus Firm Driven Effects”, Review of Accounting & Finance, Vol. 4(1): pp. 32-49.
81
A.Alp, K.Demirgüneş, Ü.Ban, M.B.Öztürk / Ekonomik Katma Değer (Eva™) Bakış Açısıyla
Finanslama Kararları

Thank you for copying data from http://www.arastirmax.com