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Shareholder Value Creation at Excessive Growth Levels: Empirical Evidence from Turkey

Author

Listed:
  • Levent Ataünal

    (İstanbul Aydın University)

  • Ali Osman Gürbüz

    (Istanbul Coomerce University)

Abstract

In this study, to determine value creation rates at high and moderate growth levels, 8 years data of 167 non-financial com¬panies of Borsa Istanbul is employed in a panel data analysis. The study found that growing significantly above sustainable growth rate is systematically associated with value destruction. It is also demonstrated that shareholder return is a concave function of firm growth, proposing an optimal point of sales growth beyond which further growth destroys shareholder value.

Suggested Citation

  • Levent Ataünal & Ali Osman Gürbüz, 2016. "Shareholder Value Creation at Excessive Growth Levels: Empirical Evidence from Turkey," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 31(106), pages 9-28, October.
    • Handle: RePEc:acc:malfin:v:31:y:2016:i:106:p:9-28
    DOI: https://doi.org/10.33203/mfy.312265
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