Ekonomik katma değer (EKD): İstanbul Menkul Kıymetler Borsası uygulaması

The research project identifies whether there is a relationship between Economic Value Added (EVA) and stock prices and whether EVA is used by the stock price market participants in their investment decisions or not, and investigates them.As a relatively new concept that is being implemented by an increasing number of firms; EVA?s relationship with stock prices along with earnings per share (EPS) and book value per share (BVS) is investigated among the companies functioning in Istanbul stock Exchange (ISE). So that, for 2006 and 2007 years, 69 non financial companies in ISE 100 Index are examined, their EVA values are computed and relationship between EVA and stock prices are examined through regression analysis.The study consists of four parts. In the first part, performance concept is investigated in detail. Performance measurement criteria and systems, traditional financial methods and economic profit concepts are emphasized. The second part displays theoretical framework of EVA. Adjustments required to eliminate accounting and financial distortions are clarified. Moreover, Net Operating Profit after Taxes (NOPAT), capital and cost of capital calculations are discussed. In the third part, EVA implications, weaknesses, examples and comparison with other financial measures are stated. In the fourth part, the regression model and numeric results are enclosed. Lastly, the results and proposals are presented as a conclusion.