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首页> 外文期刊>The International Journal of Productivity and performance management >The impact of corporate finance decisions on market value in emerging markets
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The impact of corporate finance decisions on market value in emerging markets

机译：公司融资决策对新兴市场市值的影响

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Purpose - The purpose of this paper is to analyze the conformity of the impact of corporate finance decisions on market value with the basic theoretical approaches in the two emerging economies, which show great similarities in terms of the economic structures, and to examine the results obtained by determining how these decisions affect market value comparatively. Design/methodology/approach - In this study, the effect of corporate finance decisions on market value is tested empirically with panel data analysis method by using data of 274 real sector firms traded in BIST and 249 firms in BOVESPA industry index, between 2010 and 2014. Findings - The analysis results show that the increase in the borrowing level of firms operating in both countries reduces the market value; the increase in the level of profitability in the firms has a positive effect on the market value. In addition, it is possible to say that the effect is different in terms of investment decisions for Turkish and Brazilian firms. Research limitations/implications - The limitations of the study are that the non-financial sectors between 2010 and 2014 in Turkey and Brazil including the company data, and the companies with missing years are removed from the data set. The findings show that more effective and balanced management of the variables by the financial manager affects these rates and have an impact on increasing the market value. Originality/value - In this study, a fundamental subject in finance is addressed by analytical methodology and comparative tests for countries are conducted.
机译：目的-本文的目的是分析两个新兴经济体中公司财务决策对市场价值的影响与基本理论方法的一致性，这两种方法在经济结构方面表现出极大的相似性，并检验所得结果通过确定这些决定如何相对地影响市场价值。设计/方法/方法-在本研究中，通过面板数据分析方法，通过使用BIST交易的274家实际行业公司和BOVESPA行业指数的249家公司的数据，以面板数据分析方法对公司财务决策对市场价值的影响进行了经验检验。 。发现-分析结果表明，在两个国家/地区经营的公司的借贷水平的提高都降低了市场价值；企业获利水平的提高对市场价值产生积极影响。此外，可以说，就土耳其和巴西公司的投资决定而言，效果是不同的。研究的局限性/含意-研究的局限性在于，土耳其和巴西的2010年至2014年之间的非金融部门（包括公司数据）以及缺少年份的公司均从数据集中删除。调查结果表明，财务经理对变量进行更有效，更均衡的管理会影响这些比率，并会影响市场价值的增长。原创性/价值-在这项研究中，金融的基本主题是通过分析方法论解决的，并针对各国进行了比较测试。

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