Capital Budgeting Methods Used in Investment Project Evaluation: The Example of Top 500 Industrial Enterprises of Turkey

Süreyya Yılmaz Özekenci; Hatice Düzakın

Makale detayları

Capital Budgeting Methods Used in Investment Project Evaluation: The Example of Top 500 Industrial Enterprises of Turkey

Yazarlar:

Süreyya Yılmaz Özekenci | Hatice Düzakın

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Finansal Ekonomi

Dergi:

Fiscaoeconomia Vol.7 Issue 3, pp.2149-2176

Belge Tipi:

Makale

Yayın Tarihi:

9/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001298464

pISSN:

2564-7504

Anahtar kelimeler:

Özet:

 The main aim of this study is to determine the capital budgeting methods preferred by Turkeys Top 500 Industrial Enterprises when evaluating their investment projects and the usage rates of the capital budgeting techniques. Also, it is aimed to determine the relationship between the capital budgeting methods preferred by both Turkeys Top 500 Industrial Enterprises and companies whose stocks are traded in Borsa Istanbul and firm size, exports, year of establishment, financial risk, education level of managers, sector, and firm performance. The study made use of a questionnaire survey. The survey was used as the data collection method in the study and the survey questions were applied to 500 Largest Industrial Enterprises of Turkey announced by the Istanbul Chamber of Industry in 2018, in 2020. The association between the obtained data was shown using logistic regression analysis. The findings indicated that a statistically significant relationship was determined between the education level, sector and firm age in both Turkeys Top 500 Industrial Enterprises and the companies whose stocks are traded in Borsa Istanbul Istanbul Stock Exchance, and the preferred methods. However, there is no significant relationship was found between the methods preferred by the companies in Turkeys Top 500 Industrial Enterprises and the firm size, there is a significant relationship was found between the methods preferred by the companies whose stocks are traded in Borsa Istanbul and the firm size. A significant relationship was determined between the export and the methods preferred by the companies in Turkeys Top 500 Industrial Enterprises, but a significant relationship was not found between the companies whose stocks are traded in Borsa Istanbul and their export and firm performance.

 The main aim of this study is to determine the capital budgeting methods preferred by Turkeys Top 500 Industrial Enterprises when evaluating their investment projects and the usage rates of the capital budgeting techniques. Also, it is aimed to determine the relationship between the capital budgeting methods preferred by both Turkeys Top 500 Industrial Enterprises and companies whose stocks are traded in Borsa Istanbul and firm size, exports, year of establishment, financial risk, education level of managers, sector, and firm performance. The study made use of a questionnaire survey. The survey was used as the data collection method in the study and the survey questions were applied to 500 Largest Industrial Enterprises of Turkey announced by the Istanbul Chamber of Industry in 2018, in 2020. The association between the obtained data was shown using logistic regression analysis. The findings indicated that a statistically significant relationship was determined between the education level, sector and firm age in both Turkeys Top 500 Industrial Enterprises and the companies whose stocks are traded in Borsa Istanbul Istanbul Stock Exchance, and the preferred methods. However, there is no significant relationship was found between the methods preferred by the companies in Turkeys Top 500 Industrial Enterprises and the firm size, there is a significant relationship was found between the methods preferred by the companies whose stocks are traded in Borsa Istanbul and the firm size. A significant relationship was determined between the export and the methods preferred by the companies in Turkeys Top 500 Industrial Enterprises, but a significant relationship was not found between the companies whose stocks are traded in Borsa Istanbul and their export and firm performance.

 The main aim of this study is to determine the capital budgeting methods preferred by Turkeys Top 500 Industrial Enterprises when evaluating their investment projects and the usage rates of the capital budgeting techniques. Also, it is aimed to determine the relationship between the capital budgeting methods preferred by both Turkeys Top 500 Industrial Enterprises and companies whose stocks are traded in Borsa Istanbul and firm size, exports, year of establishment, financial risk, education level of managers, sector, and firm performance. The study made use of a questionnaire survey. The survey was used as the data collection method in the study and the survey questions were applied to 500 Largest Industrial Enterprises of Turkey announced by the Istanbul Chamber of Industry in 2018, in 2020. The association between the obtained data was shown using logistic regression analysis. The findings indicated that a statistically significant relationship was determined between the education level, sector and firm age in both Turkeys Top 500 Industrial Enterprises and the companies whose stocks are traded in Borsa Istanbul Istanbul Stock Exchance, and the preferred methods. However, there is no significant relationship was found between the methods preferred by the companies in Turkeys Top 500 Industrial Enterprises and the firm size, there is a significant relationship was found between the methods preferred by the companies whose stocks are traded in Borsa Istanbul and the firm size. A significant relationship was determined between the export and the methods preferred by the companies in Turkeys Top 500 Industrial Enterprises, but a significant relationship was not found between the companies whose stocks are traded in Borsa Istanbul and their export and firm performance.

 Yapılan bu çalışmanın amacı Türkiyenin 500 Büyük Sanayi Kuruluşunun yatırım projelerini değerlendirirken tercih ettikleri sermaye bütçelemesi yöntemlerinin kullanım oranının tespit edilmesidir. Ayrıca çalışmada, hem Türkiyenin 500 Büyük Sanayi Kuruluşunun hem de pay senedi Borsa İstanbulda işlem gören işletmelerin tercih ettikleri sermaye bütçelemesi yöntemleriyle firma büyüklüğü, ihracat, firma yaşı, finansal risk, yöneticilerin eğitim durumu, sektör ve firma performansı gibi belirleyiciler ile arasındaki ilişkinin ortaya konulması amaçlanmıştır. Çalışmada veri toplama yöntemi olarak anket kullanılmış ve anket soruları İstanbul Sanayi Odası tarafından 2018 yılında ilan edilen Türkiyenin 500 Büyük Sanayi Kuruluşuna 2020 yılında uygulanmıştır. Çalışmada lojistik regresyon analizi kullanılmıştır. Elde edilen bulgular değerlendirildiğinde; hem Türkiyenin 500 Büyük Sanayi Kuruluşundaki hem de pay senedi Borsa İstanbulda işlem gören işletmelerdeki yüksek lisans eğitimine sahip olan yöneticilerin eğitim durumu, sektör ve firma yaşı ile tercih edilen yöntemler arasında istatistiksel olarak anlamlı bir ilişki tespit edilmiştir. Türkiyenin 500 Büyük Sanayi Kuruluşundaki işletmelerin tercih ettikleri yöntemler ile firma büyüklüğü arasında anlamlı bir ilişki tespit edilemezken, pay senedi Borsa İstanbulda işlem gören işletmelerin tercih ettikleri yöntemler ile firma büyüklüğü arasında anlamlı bir ilişki tespit edilmiştir. İhracat değişken ile, Türkiyenin 500 Büyük Sanayi Kuruluşundaki işletmelerin tercih ettikleri yöntemler ile arasında anlamlı bir ilişki tespit edilmiş ancak pay senedi Borsa İstanbulda işlem gören işletmeler ile ihracat ve firma performansı ile anlamlı bir ilişki tespit edilememiştir.

Makale detayları

Capital Budgeting Methods Used in Investment Project Evaluation: The Example of Top 500 Industrial Enterprises of Turkey

Yazarlar:

Süreyya Yılmaz Özekenci | Hatice Düzakın

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Finansal Ekonomi

Dergi:

Fiscaoeconomia Vol.7 Issue 3, pp.2149-2176

Belge Tipi:

Makale

Yayın Tarihi:

9/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001298464

pISSN:

2564-7504

Capital budgeting techniques

Top 500 Industrial Enterprises of Turkey

real option methodSermaye Bütçelemesi Yöntemleri

Türkiye’nin 500 Büyük Sanayi Kuruluşu

Reel Opsiyon Yöntemi

Sayı

Makale detayları

Capital Budgeting Methods Used in Investment Project Evaluation: The Example of Top 500 Industrial Enterprises of Turkey

Yazarlar: Süreyya Yılmaz Özekenci | Hatice Düzakın

Yayıncı: Ahmet Arif EREN

Ana Başlıklar: Finansal Ekonomi

Dergi: Fiscaoeconomia Vol.7 Issue 3, pp.2149-2176

Belge Tipi: Makale

Yayın Tarihi: 9/2023

Belge Dili: İngilizce

Document ID (Org No.): 2001298464

pISSN: 2564-7504

Capital budgeting techniques

Top 500 Industrial Enterprises of Turkey

real option methodSermaye Bütçelemesi Yöntemleri

Türkiye’nin 500 Büyük Sanayi Kuruluşu

Reel Opsiyon Yöntemi

Sayı

Yazarlar:

Süreyya Yılmaz Özekenci | Hatice Düzakın

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Finansal Ekonomi

Dergi:

Fiscaoeconomia Vol.7 Issue 3, pp.2149-2176

Belge Tipi:

Makale

Yayın Tarihi:

9/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001298464

pISSN:

2564-7504