BIST'de işlem gören finansal olmayan Türk firmalarının EKD ve PKD performansı

Until the 1990s, companies' profit/loss status was addressed with accountancy-based financial performance measurement methods, and investors were also applying their orientation in this direction. However, as of the end of the 1980s and the beginning of the 1990s, with globalization and the acceleration of globalization, competition between companies has increased, and the concept of efficiency has gained importance due to resource constraints. This situation has brought the idea of company value to the fore rather than the profitability of the companies in terms of accounting. It has caused companies to shift the concept of performance and performance measurement from accountancy-based measurement methods to value-based measurement methods. At this point, the two of the value-based measurement methods, Economic Value-Added and Market Value-Added performance measurement methods, which were developed by Joel M. Stern and G. Bennett Stewart III as a trademark of the consulting company Stern Stewart & Co., has been interested in both the markets and academic circles since the day they entered the market and gained popularity in a short time. In the first part of this study, first, financial performance measurement methods from the past to the present are discussed as accountancy-based and value-based financial measurement methods, the most used accountancy-based and value-based financial performance measurement methods are discussed with their general lines, strengths, and weaknesses, and accountancy-based and value-based financial measurement methods have been tried to be compared. Subsequently, two of the value-based financial performance measurement methods and the concepts of Economic Value Added and Market Value Added, the main subject of this study, were examined in detail. And the Borsa Istanbul companies in the ¨Construction and Public Works¨ and ¨Transportation, Storage and Telecommunication¨ sector were selected as examples, and the Economic Value-Added and Market Value-Added of these companies for the quarter periods between 2015-2020 were measured. In this study, with the model outlined above; whether companies create Economic Value-Added/Market Value-Added, whether their Economic Value-Added has any effect on Market Value-Added, likewise, whether the Market Value-Added of them has any impact on Economic Value-Added, whether there is a significant relationship between these two terms and finally, whether these two criteria have a relationship with stock performance separately or not, is aimed to be examined for each sector. In this context, a total of 216 observations were made for the 24-quarter periods between 2015-2020 of nine companies registered in the 'Construction and Public Works' sector in Borsa Istanbul, according to which 29 positive EVA, 190 negative EVA and 112 positive MVA, 104 negative MVA were obtained. Then, another sector of the research sample, ¨Transportation, Storage and Telecommunication¨, was examined. In this sector, it is detected that eight of the 11 companies' data is fully available between 2015-2020; in this context, a total of 192 observations were made for the 24-quarter periods between 2015-2020 for those eight companies. According to the results, 40 positive EVA, 152 negative EVA, and 130 positive MVA, and 62 negative MVA were obtained. As a result of the simple regression analysis of the hypotheses with the SPSS 20.0 program, formed within the framework of the research model and in line with the research questions, it has been determined that; EVA had a significant effect on MVA and MVA on EVA; however, both EVA and MVA had no impact on stock performance.