An Analysis of the Relationship Between Piotroski F-Score and Market-Based Performance in Borsa Istanbul

S.öznur Sakınç

Makale detayları

An Analysis of the Relationship Between Piotroski F-Score and Market-Based Performance in Borsa Istanbul

Yazarlar:

S.öznur Sakınç

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Finansal Piyasalar ve Kurumlar

Dergi:

Fiscaoeconomia Vol.9 Issue 2, pp.1237-1251

Belge Tipi:

Makale

Yayın Tarihi:

5/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001348890

pISSN:

2564-7504

Anahtar kelimeler:

Özet:

 This research examines the financial performance of 145 companies listed on the Borsa Istanbul BIST Industrial Index from 2010 to 2022 through the Piotroski F-Score. The study investigates the relationship between the Piotroski F-Score and key financial indicators, including the market-to-book value ratio, price-to-earnings ratio, and stock returns. The analysis is based on data spanning 12 years and 1,740 observations. Methodologically, dynamic panel data models and the Arellano-Bond two-step Generalized Method of Moments GMM approach are employed. Results reveal a significant positive correlation between the prior years Piotroski F-Score and the market-to-book value ratio. Firms with stronger financial health exhibit higher market valuations compared to their book values. Additionally, the Piotroski F-Score positively influences both the price-to-earnings ratio and stock returns, indicating that financially robust companies attract higher investor valuations and deliver superior returns. These findings underscore the Piotroski F-Scores effectiveness as a financial analysis tool within Turkeys industrial sector and highlight the importance of accounting-based assessments in investment decision-making. Future research exploring various sectors and additional financial health indicators can further elucidate the broader applicability of the Piotroski F-Score.

 This research examines the financial performance of 145 companies listed on the Borsa Istanbul BIST Industrial Index from 2010 to 2022 through the Piotroski F-Score. The study investigates the relationship between the Piotroski F-Score and key financial indicators, including the market-to-book value ratio, price-to-earnings ratio, and stock returns. The analysis is based on data spanning 12 years and 1,740 observations. Methodologically, dynamic panel data models and the Arellano-Bond two-step Generalized Method of Moments GMM approach are employed. Results reveal a significant positive correlation between the prior years Piotroski F-Score and the market-to-book value ratio. Firms with stronger financial health exhibit higher market valuations compared to their book values. Additionally, the Piotroski F-Score positively influences both the price-to-earnings ratio and stock returns, indicating that financially robust companies attract higher investor valuations and deliver superior returns. These findings underscore the Piotroski F-Scores effectiveness as a financial analysis tool within Turkeys industrial sector and highlight the importance of accounting-based assessments in investment decision-making. Future research exploring various sectors and additional financial health indicators can further elucidate the broader applicability of the Piotroski F-Score.

 This research examines the financial performance of 145 companies listed on the Borsa Istanbul BIST Industrial Index from 2010 to 2022 through the Piotroski F-Score. The study investigates the relationship between the Piotroski F-Score and key financial indicators, including the market-to-book value ratio, price-to-earnings ratio, and stock returns. The analysis is based on data spanning 12 years and 1,740 observations. Methodologically, dynamic panel data models and the Arellano-Bond two-step Generalized Method of Moments GMM approach are employed. Results reveal a significant positive correlation between the prior years Piotroski F-Score and the market-to-book value ratio. Firms with stronger financial health exhibit higher market valuations compared to their book values. Additionally, the Piotroski F-Score positively influences both the price-to-earnings ratio and stock returns, indicating that financially robust companies attract higher investor valuations and deliver superior returns. These findings underscore the Piotroski F-Scores effectiveness as a financial analysis tool within Turkeys industrial sector and highlight the importance of accounting-based assessments in investment decision-making. Future research exploring various sectors and additional financial health indicators can further elucidate the broader applicability of the Piotroski F-Score.

 Bu çalışma, 2010-2022 yılları arasında Borsa İstanbul BİST Sınai Endeksinde işlem gören 145 firmanın finansal performansını Piotroski F-Skoru çerçevesinde incelemeyi amaçlamaktadır. Araştırma, Piotroski F-Skorunun piyasa değeridefter değeri PDDD, fiyat kazanç oranı FK ve hisse senedi getirileri üzerindeki etkilerini analiz etmektedir. Veriler, 12 yıllık dönemi kapsayan 1740 gözlem üzerinden değerlendirme yapılmıştır. Çalışmanın yöntemi olarak dinamik panel veri modelleri ve Arellano-Bond iki aşamalı sistem Genelleştirilmiş Momentler Yöntemi GMM kullanılmıştır. Analiz sonuçları, Piotroski F-Skorunun bir önceki yıl değeri ile piyasa değeridefter değeri oranı arasında pozitif ve anlamlı bir ilişki olduğunu göstermektedir. Finansal açıdan güçlü şirketlerin piyasa değerlerinin, defter değerlerine kıyasla daha yüksek olduğu belirlenmiştir. Ayrıca, Piotroski F-Skorunun fiyat kazanç oranı ve hisse senedi getirileri üzerinde de pozitif etkisi tespit edilmiştir. Bu bulgular, yatırımcıların finansal sağlığı yüksek şirketlere daha fazla değer biçtiğini ve bu şirketlerin hisse getirilerinin daha yüksek olduğunu ortaya koymaktadır. Çalışma, Türkiyede sanayi sektörü için Piotroski F-Skorunun etkin bir finansal analiz aracı olarak kullanılabilme potansiyelini göstermektedir. Bu sonuçlar, yatırım kararlarını desteklemek için muhasebe temelli değerlendirmelerin önemini vurgulamaktadır. Gelecekte farklı sektörlerde ve finansal sağlamlık göstergeleriyle yapılacak çalışmalar, F-Skorunun geniş uygulama alanlarını daha da aydınlatabilir. Anahtar Kelimeler: Piotroski F-Skoru, Finansal Performans.

Makale detayları

An Analysis of the Relationship Between Piotroski F-Score and Market-Based Performance in Borsa Istanbul

Yazarlar:

S.öznur Sakınç

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Finansal Piyasalar ve Kurumlar

Dergi:

Fiscaoeconomia Vol.9 Issue 2, pp.1237-1251

Belge Tipi:

Makale

Yayın Tarihi:

5/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001348890

pISSN:

2564-7504

Piotroski F Score

Financial Performance

Borsa Istanbul Industrıal IndexPiotroski F Skoru

Finansal Performans

Borsa İstanbul Sınai Endeksi

Sayı

Makale detayları

An Analysis of the Relationship Between Piotroski F-Score and Market-Based Performance in Borsa Istanbul

Yazarlar: S.öznur Sakınç

Yayıncı: Ahmet Arif EREN

Ana Başlıklar: Finansal Piyasalar ve Kurumlar

Dergi: Fiscaoeconomia Vol.9 Issue 2, pp.1237-1251

Belge Tipi: Makale

Yayın Tarihi: 5/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001348890

pISSN: 2564-7504

Piotroski F Score

Financial Performance

Borsa Istanbul Industrıal IndexPiotroski F Skoru

Finansal Performans

Borsa İstanbul Sınai Endeksi

Sayı

Yazarlar:

S.öznur Sakınç

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Finansal Piyasalar ve Kurumlar

Dergi:

Fiscaoeconomia Vol.9 Issue 2, pp.1237-1251

Belge Tipi:

Makale

Yayın Tarihi:

5/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001348890

pISSN:

2564-7504