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

Yıl 2023, Cilt: 7 Sayı: 3, 2149 - 2176, 18.09.2023
https://doi.org/10.25295/fsecon.1311053

Öz

The main aim of this study is to determine the capital budgeting methods preferred by Turkey's 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 Turkey's 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 Turkey's 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 Turkey's 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 Turkey's 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.

Proje Numarası

SDK-2019-11901

Kaynakça

  • Ahmed, I. E. (2013). Factors Determining the Selection of Capital Budgeting Techniques. Journal of Finance and Investment Analysis, 2(2), 77-88.
  • Aktaş, R., Doğanay, M. M., Gökmen, Y. & Somuncu, K. (2017). Finansal Yönetim. İstanbul: Beta Yayıncılık.
  • Alles, L., Jayathilaka, R., Kumari, N., Malalathunga, T., Obeyesekera, H. & Sharmila, S. (2021). An Investigation of The Usage of Capital Budgeting Techniques by Small and Medium Enterprises. Quality & Quantity, 55(3), 993-1006.
  • Alleyne, P., Armstrong, S. & Chandler, M. (2018). A Survey of Capital Budgeting Practices Used by Firms in Barbados. Journal of Financial Reporting and Accounting. 16(4), 564-584.
  • Alpar, C. R. (2021). Uygulamalı Çok Değişkenli İstatistiksel Yöntemler (6. Baskı). Ankara: Detay Yayıncılık.
  • Andor, G., Mohanty, S. K. & Toth, T. (2015). Capital Budgeting Practices: A Survey of Central and Eastern European Firms. Emerging Markets Review, 23, 148-172.
  • Andres, P., Fuente, G. & Martin, P. S. (2015). Capital Budgeting Practices in Spain. Business Research Quarterly, 18, 37-56.
  • Baker, H. K., Dutta, S. & Saadi, S. (2010). Management Views on Real Options in Capital Budgeting. Journal of Applied Finance, Forthcoming. https://ssrn.com/abstract=1617927
  • Batra, R. & Verma, S. (2017). Capital Budgeting Practices in Indian Companies. LIMB Management Review, 29, 29-44.
  • Bayyurt, N. (2007). İşletmelerde Performans Değerlendirmenin Önemi ve Performans Göstergeleri Arasındaki İlişkiler. Journal of Social Policy Conferences, (53), 577-592.
  • Bennouna, K., Meredith, G. G. & Marlt, T. (2010). Improved Capital Budgeting Decision Making Evidence from Canada. Management Decision, 48, 225-247.
  • Birgili, E. & Düzer, M. (2010). Finansal Analizde Kullanılan Oranlar ve Firma Değeri İlişkisi: İMKB’de Bir Uygulama. Muhasebe ve Finansman Dergisi, (46), 74-83.
  • Block, S. (1997). Capital Budgeting Techniques Used by Small Business Firms in the 1990s. The Engineering Economist, 42(4), 289-302.
  • Brounen, D., De Jong, A. & Koedijk, K. (2004). Corporate Finance in Europe: Confronting Theory with Practice. Financial Management, 71-101.
  • Çağlayan-Akay, E. & Korkmaz, Ö. (2021). Sağlık Verileri ile Uygulamalı Mikro Ekonometri. Ankara: Seçkin Yayıncılık
  • Dağlı, H., Eyüboğlu, K. & Sevim, U. (2013). Yurtdışında Sermaye Bütçelemesi Uygulamaları: Türk İnşaat Firmaları Örneği. Atatürk University Journal of Economics & Administrative Sciences, 27(2).
  • Daunfeldt, S. O. & Hartwig, F. (2014). What Determines the Use of Capital Budgeting Methods? Evidence from Swedish Listed Companies. Journal of Finance and Economics, 2(4), 101-112.
  • Ergün, M. (2008). Sermaye Bütçelemesi ve Türk Sanayi İşletmelerinde Uygulaması. Yüksek Lisans Tezi, Çukurova Üniversitesi, Adana.
  • Ertuğrul, M. (2009). Finansal Performans Ölçümünde Dönüşümlerin Türkiye Açısından Değerlendirilmesi. Anadolu Üniversitesi Sosyal Bilimler Dergisi 9(1), 19-46
  • Esmer, Y. & Faruk, D. (2019). Stratejik Performans Yönetiminde Finansal Performans Değerlemesi: BİST Otomotiv Sektöründe Bir Uygulama. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 22(2), 628-645.
  • Fabozzi, F. J. & Peterson, P. P. (2003). Financial Management and Analysis (Vol. 132). Kanada: John Wiley & Sons.
  • Gedik, T., Akyüz, K. C. & Akyüz, İ. (2005). Yatırım Projelerinin Hazırlanması ve Değerlendirilmesi (İç Karlılık Oranı ve Net Bugünkü Değer Yöntemlerinin İncelenmesi). Bartın Orman Fakültesi Dergisi, 7(7), 51-61.
  • Gereklioğlu Düzakın, H. (2013). İşletme Finansmanı Excel Çözümlü Örneklerle. Ankara: Seçkin Yayıncılık
  • Graham, J. R. & Harvey, C. R. (2001). The Theory and Practice of Corporate Finance: Evidence from The Field. Journal of Financial Economics, 60(2-3), 187-243.
  • Gürsoy, G. & Aydoğan, K. (2002). Equity Ownership Structure, Risk Taking, and Performance: An Empirical Investigation in Turkish Listed Companies. Emerging Markets Finance & Trade, 38(6), 6-25.
  • Hartwig, F. (2012). The Use of Capital Budgeting and Cost of Capital Estimation Methods in Swedish-Listed Companies. Journal of Applied Business Research (JABR), 28(6), 1451-1476.
  • Hermes, N., Smid, P. & Yao, L. (2007). Capital Budgeting Practices: A Comparative Study of The Netherlands and China. International Business Review, 16(5), 630-654.
  • Higgins, C. R. (2016). Analysis for Financial Management. UK: Mc-Graw Hill Education
  • Holmen, M. & Pramborg, B. (2009). Capital Budgeting and Political Risk: Empirical Evidence. Journal of International Financial Management & Accounting, 20(2), 105-134.
  • Horasan, M. (2009). Fiyat/Kazanç Oranının Hisse Senedi Getirilerine Etkisi: İMKB 30 Endeksi Üzerine Bir Uygulama. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23(1), 181-192.
  • Ishtiaq, M., Latif, K., Saleem, M., Tahir, N. & Tahir, T. (2017). Investment Decisions and Capital Budgeting Practices in Manufacturing Sector of Pakistan. Education and Information Management (EIM 2017).
  • Istvan, D. F. (1961). Capital-Expenditure Decisions: How They Are Made in Large Corporations. Bureau of Business Research, Indiana University
  • Jog, V. M. & Srivastava, A. K. (1995). Capital Budgeting Practices in Corporate Canada. Financial Practice and Education, 5(2), 37-43.
  • Korkmaz, Ö. & Karaca, S. S. (2013). Firma Performansını Etkileyen Faktörler ve Türkiye Örnegi/The Factors Affecting Firm Performance: The Case of Turkey. Ege Akademik Bakıs, 13(2), 169.
  • Lazaridis, I. T. (2004). Capital Budgeting Practices: A Survey in The Firms in Cyprus. Journal of Small Business Management, 42(4), 427-433.
  • Lee, C. F. (1985). Financial Analysis and Planning Theory and Application. California, Addison-Wesley Publishing Company.
  • Leon, F. M., Isa, M. & Kester, G. W. (2008). Capital Budgeting Practices of Listed Indonesian Companies. AJBA, 1(2), 175-192.
  • Ma’aji, M. M. & Barnett, C. (2019). Determinants of Capital Budgeting Practices and Risks Adjustment Among Cambodian Companies. Archives of Business Research, 7(3), 171-182.
  • Maquieira, C. P., Preve, L. A. & Sarria-Allende, V. (2012). Theory and Practice of Corporate Finance: Evidence and Distinctive Features in Latin America. Emerging Markets Review, 13(2), 118-148.
  • Nargelecekenler, M. (2011). Hisse Senedi Fiyatları ve Fiyat/Kazanç Oranı İlişkisi: Panel Verilerle Sektörel Bir Analiz/ Stock Prices and Price/Earnings Ratio Relationship: A Sectoral Analysis with Panel Data. Business and Economics Research Journal, 2(2), 165.
  • Öker, F. (1995). Capital Budgeting Evaluation Methods and Relationship the Size Large Industrial Companies in Turkey. Doktora Tezi, Marmara Üniversitesi, İstanbul.
  • Payne, J. D., Heath, W. C. & Gale, L. R. (1999). Comparative Financial Practice in The US and Canada: Capital Budgeting and Risk Assessment Techniques. Financial Practice and Education, 9, 16-24.
  • Pike, R., Neale, B. & Linsley, P. (1993). Corporate Finance and Investment: Decisions & Strategies. UK: Pearson Education
  • Rossi, M. (2014). Capital Budgeting in Europe: Confronting Theory with Practice. International Journal of Managerial and Financial Accounting, 6(4), 341-356.
  • Ryan, P. A. & Ryan, G. P. (2002). Capital Budgeting Practices of The Fortune 1000: How Have Things Changed. Journal of Business and Management, 8(4), 355-364.
  • Sandahl, G. & Sjögren, S. (2003). Capital Budgeting Methods Among Sweden's Largest Groups of Companies-The State of The Art and A Comparison with Earlier Studies. International Journal of Production Economics, 84(1), 51-69.
  • Schlegel, D., Frank, F. & Britzelmaier, B. (2016). Investment Decisions and Capital Budgeting Practices in German Manufacturing Companies. International Journal of Business and Globalisation, 16(1), 66-78.
  • Scott Jr, D. F. & Petty, J. W. (1984). Capital Budgeting Practices in Large American Firms: A Retrospective Analysis and Synthesis. Financial Review, 19(1), 111-123.
  • Seitz, N., & Ellison, M. (2005). Capital Budgeting and Long-Term Financing Decisions. USA: Thomson South-Western.
  • Shinoda, T. (2010). Capital Budgeting Management Practices in Japan: A Focus on the Use of Capital Budgeting Methods. Economic Journal of Hokkaido University, 39, 39-50.
  • Singh, S., Jain, P. K. & Yadav, S. S. (2012). Capital Budgeting Decisions: Evidence from India. Journal of Advances in Management Research. 9(1), 96-112
  • Souza, P. D. & Lunkes, R. J. (2016). Capital Budgeting Practices by Large Brazilian Companies. Contaduría y Administración, 61(3), 514-534.
  • Stanley, M. T. & Block, S. B. (1984). A Survey of Multinational Capital Budgeting. The Financial Review, 19(36),54 Strateji ve Bütçe Daire Başkanlığı. (2021). Yıllık Ekonomik Rapor (Erişim Tarihi: 27.12.2021) https://www.sbb.gov.tr/wp-content/uploads/2021/10/Yillik_Ekonomik_Rapor-2021.pdf
  • Stulz, R. M. (1999). Globalization, Corporate Finance, and the Cost of Capital. Journal of Applied Corporate Finance, 12(3), 8-25.
  • Su, C-W., Chang, Y-W., Chen, Y-S. & Chang, H-L. (2008). The Relationship Between Stock Price and EPS: Evidence Based on Taiwan Panel Data. Economics Bulletin, 3(30), 1-12.
  • Su, S. H., Lee, H. L., Chou, J. J., Yeh, J. Y. & Thi, M. H. V. (2018). Application and Effects of Capital Budgeting Among the Manufacturing Companies in Vietnam. International Journal of Organizational Innovation (Online), 10(4), 111-120.
  • Sümbüloğlu, K. & Akdağ, B. (2007). Regresyon Yöntemleri ve Korelasyon Analizi. Ankara: Hatiboğlu Yayınları.
  • Truong, G., Partington, G. & Peat, M. (2008). Cost-of-Capital Estimation and Capital-Budgeting Practice in Australia. Australian Journal of Management, 33(1), 95-121.
  • Van Horne, J. C. & Wachowicz, J. M. (2005). Fundamentals of Financial Management. UK: Pearson Education.

Yatırım Projesi Değerlendirilmesinde Kullanılan Sermaye Bütçelemesi Yöntemleri: Türkiye’nin 500 Büyük Sanayi Kuruluşu Örneği

Yıl 2023, Cilt: 7 Sayı: 3, 2149 - 2176, 18.09.2023
https://doi.org/10.25295/fsecon.1311053

Öz

Yapılan bu çalışmanın amacı Türkiye’nin 500 Büyük Sanayi Kuruluşunun yatırım projelerini değerlendirirken tercih ettikleri sermaye bütçelemesi yöntemlerinin kullanım oranının tespit edilmesidir. Ayrıca çalışmada, hem Türkiye’nin 500 Büyük Sanayi Kuruluşunun hem de pay senedi Borsa İstanbul’da 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 Türkiye’nin 500 Büyük Sanayi Kuruluşuna 2020 yılında uygulanmıştır. Çalışmada lojistik regresyon analizi kullanılmıştır. Elde edilen bulgular değerlendirildiğinde; hem Türkiye’nin 500 Büyük Sanayi Kuruluşundaki hem de pay senedi Borsa İstanbul’da 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. Türkiye’nin 500 Büyük Sanayi Kuruluşundaki işletmelerin tercih ettikleri yöntemler ile firma büyüklüğü arasında anlamlı bir ilişki tespit edilemezken, pay senedi Borsa İstanbul’da işlem gören işletmelerin tercih ettikleri yöntemler ile firma büyüklüğü arasında anlamlı bir ilişki tespit edilmiştir. İhracat değişken ile, Türkiye’nin 500 Büyük Sanayi Kuruluşundaki işletmelerin tercih ettikleri yöntemler ile arasında anlamlı bir ilişki tespit edilmiş ancak pay senedi Borsa İstanbul’da işlem gören işletmeler ile ihracat ve firma performansı ile anlamlı bir ilişki tespit edilememiştir.

Destekleyen Kurum

Çukurova Üniversitesi

Proje Numarası

SDK-2019-11901

Kaynakça

  • Ahmed, I. E. (2013). Factors Determining the Selection of Capital Budgeting Techniques. Journal of Finance and Investment Analysis, 2(2), 77-88.
  • Aktaş, R., Doğanay, M. M., Gökmen, Y. & Somuncu, K. (2017). Finansal Yönetim. İstanbul: Beta Yayıncılık.
  • Alles, L., Jayathilaka, R., Kumari, N., Malalathunga, T., Obeyesekera, H. & Sharmila, S. (2021). An Investigation of The Usage of Capital Budgeting Techniques by Small and Medium Enterprises. Quality & Quantity, 55(3), 993-1006.
  • Alleyne, P., Armstrong, S. & Chandler, M. (2018). A Survey of Capital Budgeting Practices Used by Firms in Barbados. Journal of Financial Reporting and Accounting. 16(4), 564-584.
  • Alpar, C. R. (2021). Uygulamalı Çok Değişkenli İstatistiksel Yöntemler (6. Baskı). Ankara: Detay Yayıncılık.
  • Andor, G., Mohanty, S. K. & Toth, T. (2015). Capital Budgeting Practices: A Survey of Central and Eastern European Firms. Emerging Markets Review, 23, 148-172.
  • Andres, P., Fuente, G. & Martin, P. S. (2015). Capital Budgeting Practices in Spain. Business Research Quarterly, 18, 37-56.
  • Baker, H. K., Dutta, S. & Saadi, S. (2010). Management Views on Real Options in Capital Budgeting. Journal of Applied Finance, Forthcoming. https://ssrn.com/abstract=1617927
  • Batra, R. & Verma, S. (2017). Capital Budgeting Practices in Indian Companies. LIMB Management Review, 29, 29-44.
  • Bayyurt, N. (2007). İşletmelerde Performans Değerlendirmenin Önemi ve Performans Göstergeleri Arasındaki İlişkiler. Journal of Social Policy Conferences, (53), 577-592.
  • Bennouna, K., Meredith, G. G. & Marlt, T. (2010). Improved Capital Budgeting Decision Making Evidence from Canada. Management Decision, 48, 225-247.
  • Birgili, E. & Düzer, M. (2010). Finansal Analizde Kullanılan Oranlar ve Firma Değeri İlişkisi: İMKB’de Bir Uygulama. Muhasebe ve Finansman Dergisi, (46), 74-83.
  • Block, S. (1997). Capital Budgeting Techniques Used by Small Business Firms in the 1990s. The Engineering Economist, 42(4), 289-302.
  • Brounen, D., De Jong, A. & Koedijk, K. (2004). Corporate Finance in Europe: Confronting Theory with Practice. Financial Management, 71-101.
  • Çağlayan-Akay, E. & Korkmaz, Ö. (2021). Sağlık Verileri ile Uygulamalı Mikro Ekonometri. Ankara: Seçkin Yayıncılık
  • Dağlı, H., Eyüboğlu, K. & Sevim, U. (2013). Yurtdışında Sermaye Bütçelemesi Uygulamaları: Türk İnşaat Firmaları Örneği. Atatürk University Journal of Economics & Administrative Sciences, 27(2).
  • Daunfeldt, S. O. & Hartwig, F. (2014). What Determines the Use of Capital Budgeting Methods? Evidence from Swedish Listed Companies. Journal of Finance and Economics, 2(4), 101-112.
  • Ergün, M. (2008). Sermaye Bütçelemesi ve Türk Sanayi İşletmelerinde Uygulaması. Yüksek Lisans Tezi, Çukurova Üniversitesi, Adana.
  • Ertuğrul, M. (2009). Finansal Performans Ölçümünde Dönüşümlerin Türkiye Açısından Değerlendirilmesi. Anadolu Üniversitesi Sosyal Bilimler Dergisi 9(1), 19-46
  • Esmer, Y. & Faruk, D. (2019). Stratejik Performans Yönetiminde Finansal Performans Değerlemesi: BİST Otomotiv Sektöründe Bir Uygulama. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 22(2), 628-645.
  • Fabozzi, F. J. & Peterson, P. P. (2003). Financial Management and Analysis (Vol. 132). Kanada: John Wiley & Sons.
  • Gedik, T., Akyüz, K. C. & Akyüz, İ. (2005). Yatırım Projelerinin Hazırlanması ve Değerlendirilmesi (İç Karlılık Oranı ve Net Bugünkü Değer Yöntemlerinin İncelenmesi). Bartın Orman Fakültesi Dergisi, 7(7), 51-61.
  • Gereklioğlu Düzakın, H. (2013). İşletme Finansmanı Excel Çözümlü Örneklerle. Ankara: Seçkin Yayıncılık
  • Graham, J. R. & Harvey, C. R. (2001). The Theory and Practice of Corporate Finance: Evidence from The Field. Journal of Financial Economics, 60(2-3), 187-243.
  • Gürsoy, G. & Aydoğan, K. (2002). Equity Ownership Structure, Risk Taking, and Performance: An Empirical Investigation in Turkish Listed Companies. Emerging Markets Finance & Trade, 38(6), 6-25.
  • Hartwig, F. (2012). The Use of Capital Budgeting and Cost of Capital Estimation Methods in Swedish-Listed Companies. Journal of Applied Business Research (JABR), 28(6), 1451-1476.
  • Hermes, N., Smid, P. & Yao, L. (2007). Capital Budgeting Practices: A Comparative Study of The Netherlands and China. International Business Review, 16(5), 630-654.
  • Higgins, C. R. (2016). Analysis for Financial Management. UK: Mc-Graw Hill Education
  • Holmen, M. & Pramborg, B. (2009). Capital Budgeting and Political Risk: Empirical Evidence. Journal of International Financial Management & Accounting, 20(2), 105-134.
  • Horasan, M. (2009). Fiyat/Kazanç Oranının Hisse Senedi Getirilerine Etkisi: İMKB 30 Endeksi Üzerine Bir Uygulama. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23(1), 181-192.
  • Ishtiaq, M., Latif, K., Saleem, M., Tahir, N. & Tahir, T. (2017). Investment Decisions and Capital Budgeting Practices in Manufacturing Sector of Pakistan. Education and Information Management (EIM 2017).
  • Istvan, D. F. (1961). Capital-Expenditure Decisions: How They Are Made in Large Corporations. Bureau of Business Research, Indiana University
  • Jog, V. M. & Srivastava, A. K. (1995). Capital Budgeting Practices in Corporate Canada. Financial Practice and Education, 5(2), 37-43.
  • Korkmaz, Ö. & Karaca, S. S. (2013). Firma Performansını Etkileyen Faktörler ve Türkiye Örnegi/The Factors Affecting Firm Performance: The Case of Turkey. Ege Akademik Bakıs, 13(2), 169.
  • Lazaridis, I. T. (2004). Capital Budgeting Practices: A Survey in The Firms in Cyprus. Journal of Small Business Management, 42(4), 427-433.
  • Lee, C. F. (1985). Financial Analysis and Planning Theory and Application. California, Addison-Wesley Publishing Company.
  • Leon, F. M., Isa, M. & Kester, G. W. (2008). Capital Budgeting Practices of Listed Indonesian Companies. AJBA, 1(2), 175-192.
  • Ma’aji, M. M. & Barnett, C. (2019). Determinants of Capital Budgeting Practices and Risks Adjustment Among Cambodian Companies. Archives of Business Research, 7(3), 171-182.
  • Maquieira, C. P., Preve, L. A. & Sarria-Allende, V. (2012). Theory and Practice of Corporate Finance: Evidence and Distinctive Features in Latin America. Emerging Markets Review, 13(2), 118-148.
  • Nargelecekenler, M. (2011). Hisse Senedi Fiyatları ve Fiyat/Kazanç Oranı İlişkisi: Panel Verilerle Sektörel Bir Analiz/ Stock Prices and Price/Earnings Ratio Relationship: A Sectoral Analysis with Panel Data. Business and Economics Research Journal, 2(2), 165.
  • Öker, F. (1995). Capital Budgeting Evaluation Methods and Relationship the Size Large Industrial Companies in Turkey. Doktora Tezi, Marmara Üniversitesi, İstanbul.
  • Payne, J. D., Heath, W. C. & Gale, L. R. (1999). Comparative Financial Practice in The US and Canada: Capital Budgeting and Risk Assessment Techniques. Financial Practice and Education, 9, 16-24.
  • Pike, R., Neale, B. & Linsley, P. (1993). Corporate Finance and Investment: Decisions & Strategies. UK: Pearson Education
  • Rossi, M. (2014). Capital Budgeting in Europe: Confronting Theory with Practice. International Journal of Managerial and Financial Accounting, 6(4), 341-356.
  • Ryan, P. A. & Ryan, G. P. (2002). Capital Budgeting Practices of The Fortune 1000: How Have Things Changed. Journal of Business and Management, 8(4), 355-364.
  • Sandahl, G. & Sjögren, S. (2003). Capital Budgeting Methods Among Sweden's Largest Groups of Companies-The State of The Art and A Comparison with Earlier Studies. International Journal of Production Economics, 84(1), 51-69.
  • Schlegel, D., Frank, F. & Britzelmaier, B. (2016). Investment Decisions and Capital Budgeting Practices in German Manufacturing Companies. International Journal of Business and Globalisation, 16(1), 66-78.
  • Scott Jr, D. F. & Petty, J. W. (1984). Capital Budgeting Practices in Large American Firms: A Retrospective Analysis and Synthesis. Financial Review, 19(1), 111-123.
  • Seitz, N., & Ellison, M. (2005). Capital Budgeting and Long-Term Financing Decisions. USA: Thomson South-Western.
  • Shinoda, T. (2010). Capital Budgeting Management Practices in Japan: A Focus on the Use of Capital Budgeting Methods. Economic Journal of Hokkaido University, 39, 39-50.
  • Singh, S., Jain, P. K. & Yadav, S. S. (2012). Capital Budgeting Decisions: Evidence from India. Journal of Advances in Management Research. 9(1), 96-112
  • Souza, P. D. & Lunkes, R. J. (2016). Capital Budgeting Practices by Large Brazilian Companies. Contaduría y Administración, 61(3), 514-534.
  • Stanley, M. T. & Block, S. B. (1984). A Survey of Multinational Capital Budgeting. The Financial Review, 19(36),54 Strateji ve Bütçe Daire Başkanlığı. (2021). Yıllık Ekonomik Rapor (Erişim Tarihi: 27.12.2021) https://www.sbb.gov.tr/wp-content/uploads/2021/10/Yillik_Ekonomik_Rapor-2021.pdf
  • Stulz, R. M. (1999). Globalization, Corporate Finance, and the Cost of Capital. Journal of Applied Corporate Finance, 12(3), 8-25.
  • Su, C-W., Chang, Y-W., Chen, Y-S. & Chang, H-L. (2008). The Relationship Between Stock Price and EPS: Evidence Based on Taiwan Panel Data. Economics Bulletin, 3(30), 1-12.
  • Su, S. H., Lee, H. L., Chou, J. J., Yeh, J. Y. & Thi, M. H. V. (2018). Application and Effects of Capital Budgeting Among the Manufacturing Companies in Vietnam. International Journal of Organizational Innovation (Online), 10(4), 111-120.
  • Sümbüloğlu, K. & Akdağ, B. (2007). Regresyon Yöntemleri ve Korelasyon Analizi. Ankara: Hatiboğlu Yayınları.
  • Truong, G., Partington, G. & Peat, M. (2008). Cost-of-Capital Estimation and Capital-Budgeting Practice in Australia. Australian Journal of Management, 33(1), 95-121.
  • Van Horne, J. C. & Wachowicz, J. M. (2005). Fundamentals of Financial Management. UK: Pearson Education.
Toplam 59 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finansal Ekonomi
Bölüm Makaleler
Yazarlar

Süreyya Yılmaz Özekenci 0000-0003-4150-4101

Hatice Düzakın 0000-0002-8840-1815

Proje Numarası SDK-2019-11901
Yayımlanma Tarihi 18 Eylül 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 7 Sayı: 3

Kaynak Göster

APA Yılmaz Özekenci, S., & Düzakın, H. (2023). Capital Budgeting Methods Used in Investment Project Evaluation: The Example of Top 500 Industrial Enterprises of Turkey. Fiscaoeconomia, 7(3), 2149-2176. https://doi.org/10.25295/fsecon.1311053

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