Borsa İstanbul'da taş ve toprağa dayalı ürünler sektöründe faaliyet gösteren şirketlerin eva yöntemi ile finansal performanslarının değerendirilmesi

Companies have been utilizing several measurement methods to evaluate their financial performance for many years. Economic value added (EVA) has been widely used as an effective value based performance assessment tool. One of the central reasons it is considered as a powerful approach because it is able to measures firm value precisely. Another reason is that it is reliable and shows persistent evolution. EVA has developed by Stern Stewart & Company. It is an accounting based value that is determined by net operating profit after tax minus invested capital which is used to gain profits. Within the scope of the study, role of EVA in financial theory has been explained. EVA and 7 additional traditional performance measures, including earnings per share, return on assets, basic earning power, return on equity, gross profit margin, operating profit margin, and net profit margin, have been employed with the data taken from 26 Turkish Non-Metallic Mineral Products Industrial companies listed at Borsa Istanbul, over a period 2004-2013. The high and low performing companies have been found by combining with the annual reports of sample firms published during ten years period. In addition, the sample firms have been ranked on the basis of EVA. Furthermore, regression analyses have been applied to examine the relationships between EVA and each traditional measurement used in the study. The results of the study indicate that nearly 59% of sample firms represented the wealth creation to their shareholders. Moreover, when directions of variables have been analyzed for each year, ROA and ROE were in the same direction. Similarly, basic earning power and operating profit margin were in the identical direction. Further, the research shows that EVA and EPS were not interrelated for sample companies during the study period. However, a positive relation with economic value added and each independent variable, except EPS, was determined in the years 2007 and 2012. Additionally, in 2013, a higher association between EVA and each traditional metric, except EPS and ROE was found. According to the results, economic value added is important in terms of gauging performances of the whole company or a business unit. When corporations assess their performance, they should consider economic value added and traditional performance measurement tools together to increase their value. Keywords: economic value added, firm performance, financial performance evaluation, firm value