FIRM VALUATION WITH DATA ENVELOPMENT ANALYSIS: BORSA IṠTANBUL EXAMPLE
DOI:
https://doi.org/10.12775/CJFA.2023.007Słowa kluczowe
valuation, Data Envelopment Analysis, market-based valuation approach, Borsa İstanbulAbstrakt
Objective of this study is to present an example of firm valuation with Data Envelopment Analysis (DEA), which is an alternative and new firm valuation method, and to contribute this limited field of research area with new findings. With this objective in mind, after giving information about the theory of valuation, market-based valuation, DEA and methodology of firm valuation with DEA, BIST 100 indexed firms in Borsa İstanbul are valued with DEA in this study. Results shows that 69% of the estimated value ranges and 73% of the maximum values estimated cover the market values of the relevant firms. It can be said that this method, which is understood to have more successful estimation results in case the number of firms in peer groups increases, is a very useful method for testing the results obtained from other firm valuation methods.
Bibliografia
Acer, A., (2021). Determining the Efficiency of Entrepots in Logistics Activities by Data Envelopment Analysis. Journal of Business Research-Turk, 13(4), 2976–2989. https://doi.org/10.20491/isarder.2021.1302.
Anadol, B., (2000). Valuing Private Companies: A DEA Approach, Master Thesis, University of Toronto, Toronto, Canada. https://tspace.library.utoronto.ca/bitstream/1807/15165/1/MQ54101.pdf (accessed: 07.07.2021).
Anadol, B., Paradi, J., Simak, P., & Yang, X. (2014). Valuing Private Companies: A DEA Approach. International Journal of Business and Management, 9(12), 16-27. https://doi.org/10.5539/ijbm.v9n12p16 (accessed: 7.10.2021).
Chambers, N. (2011). Firm Valuation (Beta Releases, İstanbul).
Cooper, W.W., Li, S., Seiford, L.M., Tone, K., Thrall, R.M., & Zhu, J. (2001). Sensitivity and Stability Analysis in DEA: Some Recent Developments. Journal of Productivity Analysis. 15, 217-246. https://doi.org/10.1023/A:1011128409257.
Damodaran, A., (2006). Valuation Approaches and Metrics: A Survey of the Theory and Evidence, Working paper (Stern School of Business). Available at: http://people.stern.nyu.edu/adamodar/pdfiles/papers/valuesurvey.pdf (accessed: 15.01.2022).
Dyson, R.G., Allen, R., Camanho, A.S., Podinovski, V.V., Sarrico, C.S., Shale, E.A. (2001). Pitfalls And Protocols in DEA. European Journal of Operational Research, 132(2). 245-259. https://doi.org/10.1016/S0377-2217(00)00149-1.
International Valuation Standards Council (2019). International Valuation Standards (IVS), https://www.rics.org/globalassets/rics-website/media/upholding-professional-standards/sector-standards/valuation/international-valuation-standardsrics2.pdf (accessed: 07.09.2021).
Keskin Benli, Y., & Bozdan, D.N. (2019). Measuring the Efficiency of Deposit Banks in Turkey with Data Envelopment Analysis (İksad Publishing House).
Kutlar, A., & Babacan, A. (2008). CCR Efficiency-Scale Efficiency Analysis in Public Universities in Turkey: Application of DEA Technique. Kocaeli University Journal of Social Sciences, 15/1, 148-172.
Norman, M., & Stoker, B. (1992), Data Envelopment Analysis The Assessment of Performance, John Wiley&Sons, England.
Okursoy, A., & Tezsürücü, D. (2014). Comparison of the Relative Efficiencies by the Data Envelopment Analysis: An Application in Turkey for the Provinces of Cultural Indicators. Journal of Management & Economics, 21(2), 1-18. https://doi.org/10.18657/yecbu.92031.
Rawley, T., & Gup, B. E. (2010). The Valuation Handbook : Valuation Techniques From Today’s Top Practitioners (John Wiley & Sons, Inc., Hoboken, New Jersey). https://onlinelibrary.wiley.com/doi/book/10.1002/9781118268179 (accessed: 29.12.2021).
Simak, P.C. (2000). Inverse and Negative DEA And Their Application To Credit Risk Evaluation, University of Toronto, Doctorate Thesis, Toronto, Canada. https://tspace.library.utoronto.ca/bitstream/1807/13948/1/NQ49942.pdf (accessed: 06.06.2021).
Sipahi, B., Yanık, S., & Aytürk, Y. (2016). Company Valuation Approaches Principles – Methods – Practices (Seçkin Publishing, Ankara).
Slimen, R.B., Belhaj, F., Hadriche, M., & Ghroubi, M. (2022). Banking Efficiency: A Comparative Study Between Islamic and Conventional Banks in GCC Countries. Copernican Journal of Finance & Accounting, 11(1), 89–106. http://dx.doi.org/10.12775/CJFA.2022.005.
Torun, N., Atan, M., & Ayanoğlu, Y. (2020). An Analysis Of Financial Efficiency Of Public Hospitals According To Statistical Region Classification. World of Accounting Science, 22(3), 476–505. https://doi.org/10.31460/mbdd.672704.
Yücel İşbilen, L. (2017). Data Envelopment Analysis, Example of Portfolio Activity Measurement with Frontier Analyts and WinDeap, and Various Applications (İstanbul:DER Publications).
Zhou, P., Ang, B.W., & Poh, K.L. (2008). A Survey Of Data Envelopment Analysis in Energy And Environmental Studies. European Journal of Operational Research, 189 (1), 1-18. https://doi.org/10.1016/j.ejor.2007.04.042.
Pobrania
Opublikowane
Jak cytować
Numer
Dział
Licencja
Utwór dostępny jest na licencji Creative Commons Uznanie autorstwa – Bez utworów zależnych 4.0 Międzynarodowe.
Statystyki
Liczba wyświetleń i pobrań: 504
Liczba cytowań: 0
