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Factors Affecting the Value of Software Companies: A Practical Approach on NASDAQ Listed Software Companies

Year 2025, Volume: 10 Issue: 1, 534 - 548, 30.06.2025

Sevim Ezgi İslah , Mehmet Cihangir

Abstract

This study aims to determine the factors affecting the valuation of modern software companies. In this direction, an analysis was carried out on 97 companies traded on NASDAQ and operating in the software industry. To determine the necessary data within the scope of the study, a set of questions was first created and the content analysis method, one of the qualitative research methods, was used to reach the answers to these questions. In this process, the official websites, annual reports, financial reports and sustainability reports of the identified companies were analyzed in detail. In the analysis phase of the research, the multiple linear regression method was applied. According to the findings of the analysis, it was determined that the increase in the number of employees, engineer staff, technological competence, intangible fixed assets, staff development quality, growth strategy, risk management activities, donation and social responsibility activities, sales growth and net profit increase, which are among the independent variables, significantly affect the value of software companies.

Keywords

Knowledge-Based Firms Intellectual Capital Software Industry New Economy.

References

  • Aghabekyan, L. (2010). Value-relevance of financial and non-financial ınformation for the publicly traded internet-based companies in the post-sarbanes-oxley period, SSRN Electornic Journal (E-Article), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1982500 (Access Date: 03.08.2024).
  • Allison, P. D. (1999). Multiple regression: A primer, Pine Forge Press, London (UK).
  • Anbar, A. (2007). İnternet firmalarının değerinin belirlenmesinde kullanılan değişkenler ve yöntemler. Finans Politik & Ekonomik Yorumlar Dergisi, 44(510), 68-79.
  • Andrade, C. (2019). The p value and statistical significance: misunderstandings, explanations, challenges, and alternatives. Indian Journal of Psychological Medicine, 41(3), 210–215. https://doi.org/10.4103/IJPSYM.IJPSYM_193_19
  • Athanassakos, G. (2007). Valuing internet ventures. Journal of Business Valuation and Economic Loss Analysis, 2(1), 1-17.
  • Bancel, F. & Mittoo, U. R. (2014). The gap between the theory and practice of corporate valuation: Survey of european experts. Journal of Applied Corporate Finance, 26(4), 106-117.
  • Bartov, E., Mohanram, P. & Seethamraju, C. (2002). Valuation of internet stocks—an IPO perspective. Journal of Accounting Research, 40(2), 321-346.
  • Benjamin, D. J., & Berger, J. O. (2019). Three recommendations for improving the use of p-values. The American Statistician, 73(sup1), 186–191. https://doi.org/10.1080/00031305.2018.1543135
  • Ben‐Menachem, M. & Gavious, I. (2007). Accounting software assets: a valuation model for software. Journal of Information Systems, 21(2), 117-132.
  • Berelson, B. (1952). Content analysis in communication research. The Free Press. Glencoe (IL).
  • Berry, W. D. & Feldman, S. (1985). Multiple regression in practice. Sage Publications. Washington D.C. (US).
  • Bingöl, E. (2016). TMS 38 maddi olmayan duran varlıkların muhasebeleştirilmesi ve halka açık şirkette uygulaması. Anadolu Bil Meslek Yüksekokulu Dergisi, 43, 1-26
  • Borgo, M.D., Goodrıdge, P., Haskel, J. E. & Pesole, A. (2012). Productivity and growth in UK industries: An intangible investment approach, Oxford Bulletin of Economics and Statistics, 75(6), 806-834.
  • Brooks, F. P. (1995). The mythical man-month 20th anniversary edition. Addison Wesley Press. Boston (US).
  • Chan, R. W. & Lui, B. C. (2010). Gaining insight with the EV/EBITDA ratio. Better Investing, 60(3), 27-28.
  • Cook, R. D. & Weisberg, S. (1982). Residuals and influence in regression. Chapman and Hall Press. New York (US).
  • Core, J. E., Guay, R. W. & Van Buskırk, A. (2003). Market valuations in the new economy: An investigation of what has change. Journal of Accounting and Economics, 34(1-3), 43-67.
  • Corelli, A. (2017). Inside company valuation, Springer International Publishing. Cham (Swithzerland).
  • Corrado, C. A., Haskel, J. E., Jona-Lasınıo, C. & Iommi, Massimiliano (2016). Intangible ınvestment in the EU and the US before and since the great recession and its contribution to productivity growth. European Investment Bank Publisher. Luxemburg.
  • Corrado, C. A., Hulten, C. and Sichel, D. (2009). Intangible capital and US economic growth. Review of Income and Wealth, 55(3), 661-685.
  • Damodaran, A. (2001). The dark side of valuation: Valuing old tech, new tech, and new economy companies. Financial Times Press. New York (US).
  • De Alwıs, W. H. D. (2007). Analysis of factors affecting a business valuation model for software companies in Sri Lanka, PhD Thesis, University of Moratuwa, Sri Lanka.
  • Demers, E. & Lev, B. (2001), A rude awakening: Internet shakeout in 2000. Review of Accounting Studies, 6, 331-359.
  • Di Leo, G. & Sardanelli, F. (2020). Statistical significance: p value, 0.05 threshold, and applications to radiomics—reasons for a conservative approach. European Radiology Experimental, 4, 1-8. https://doi.org/10.1186/s41747-020-0145-y
  • Ferreri, A. & Grande, S. (2016). “Approaches to and methods for evaluating new technologies in technology transfer offices: How long is a piece of string?”. JRC Conference and Workshop Reports /Eds. Annarita Ferreri, Sergio Grande), Publications Office of the European Union, Luxembourg.
  • Finbox, Ev /Ebıtda, Finbox Corporate Web Page, (tarihsiz), https://finbox.com/NASDAQGS:ATVI/explorer/ev_to_ebitda_ltm (Erişim Tarihi: 11.10.2022).
  • Gilbertson, B. & Preston, D. (2005). A vision for valuation. Journal of Property Investment & Finance, 23(2), 123-140.
  • Goedhart, M., Koller, T. & Wessels, D. (2016). Valuing high-tech companies. McKinsey Global Institute Publisher, New York (US).
  • Guo, J. and Zmeškal, Z. (2016). Valuation of the China internet company under a real option approach. Perspectives in Science, 7, 65-73.
  • Hand, J. R. (2000). Profits, losses and the non-linear pricing of internet stocks. Unpublished Manuscript. University of North Carolina. Chapel Hill.
  • Herzenberg, S. A., Alıc, J. A., & Howard, W. (2000). New rules for a new economoy: Employment and opportunity in postindustrial America. Cornell University Press. London (UK).
  • Hıgson, C. & Brıgınshaw, J. (2000). Valuing internet business. Business Strategy Review, 11(1), 10-20.
  • Ho, C., Liao, C. & Kim, H. (2011). Valuing internet companies: A dea-based multiple valuation approach. Journal of the Operational Research Society, 62(12), 2097-2106.
  • Huarng, K. H. & Yu, T. H. (2011). Internet software and services: Past and future. The Service Industries Journal, 31(1), 79-89.
  • Inklaar, R., O'mahony, M. & Timmer, M. (2005). Ict and Europe's productivity performance: Industry level growth account comparisons with the United States. Review of Income and Wealth, 51(4), 505-536.
  • Isimbabi, M. (2002). Internet stocks: value drivers, market ırrationality and mispricing an overview of the emerging empirical research evidence. Working paper, Monograph, Washington DC.
  • İşbil, N., Köroğlu, A. G. N. & Yılmaz, M. (2021). “COVID-19 Salgınının Finansal Raporlamaya Etkisi: BİST100 Endeksinde İçerik Analizi”, International Symposium on Business, Economics, and Education (ISBE 2021), 07-08 Nisan 2021 – Ankara (Türkiye) Dedicated to the Memory of der Professor Dr. Remzi Örten. Ankara Turkey, 93.
  • Jansen, P. & Perotti, E. (2002). Valuation of internet companies: A survey of the evidence. Innovations in Investments and Corporate Finance, 7, 1-17.
  • Jona-Lasinio, C., Iommi, M. & Manzocchi, S. (2011). Intangible capital and productivity growth in European countries. LLEE Working Paper Series, No.91.
  • Jorgenson, D.W. & Stiroh, K. J. (2000). Raising the speed limit: U.S. economic growth in the information age. Working Papers – Organisation for Economic Coorperation and Development Economics Department No.26.
  • Kamath G. B. (2015). Impact of intellectual capital on financial performance and market valuation of firms in India. International Letters of Social and Humanistic Sciences, 48, 107-122.
  • Kemper, A. (2009). Valuation of network effects in software markets: A complex networks approach. Springer Science & Business Media. Berlin, Heidelberg.
  • Keskin Türkel Y. İ. (2021). Company valuatıon technıques and implementatıon to a turkısh telecommunicatıon company, Unpublished Master's Thesis, Bahcesehir University Institute of Graduate Studies, İstanbul.
  • Kettell, B. (2002). Valuation of internet and technology stocks: Implications for investment analysis. Butterworth-Heinemann.
  • King, A. A. & Henry, J. M. (1999). Valuing intangible assets through appraisals. Strategic Finance, 81(5), 32.
  • Kossecki, P. (2009). “Valuation and value creation of internet companies”. In 2009 International Multiconference on Computer Science and Information Technology, 12-14 October – Mragowo (Poland), IEEE Publisher, Piscataway, 321-323.
  • Kwak, S. (2023). Are only p-values less than 0.05 significant? A p-value greater than 0.05 is also significant! Journal of Lipid and Atherosclerosis, 12(2), 89–95.
  • Lehman, M. M. (1996), Feedback in the software evolution process, Information and Software Technology, 38(11), 681-686.
  • Machholm, R. & Heimann, M. S. (2022). Dynamics of investor sentiments and industry specific overpricing- an empirical study of the drivers, enablers, and triggers of big market delusion in the US health care and software industries. Unpublished Master's Thesis, Copenhagen Business School, Copenhagen.
  • Marrano, M. G., HASKEL, J. & WALLIS, G. (2009). What happened to the knowledge economy? Ict, intangible investment, and Britain's productivity record revisited. Review of Income and Wealth, 55(3), 686-716.
  • Matschke, M. J., Brosel, G. & Matschke, X. (2010). Fundamentals of functional business valuation. Journal of Business Valuation and Economic Loss Analysis, (1), 1-39
  • Mccahery, J. & Renneboog, L. (2004). Venture capital contracting and the valuation of high technology firms. Oxford University Press. Oxford UK.
  • Moro Visconti, R. (2020). The valuation of digital intangibiles: Technology, marketing and internet. Palgrave Macmillan. Switzerland.
  • Oliner, S. D. and Sichel, D. (2000). The resurgence of growth in the late 1990s: Is ınformation technology the story?. Journal of Economic Perspectives, 14(4), 3–22.
  • Özkara, H. (2018). İnternet odaklı teknoloji firmalarının değerlemesinde schwartz ve moon yöntemi’nin kullanımı, Yayınlanmamış Doktora Tezi, İstanbul Kültür Üniversitesi Lisansüstü Eğitim Enstitüsü. İstanbul.
  • Rajgopal, S., Kotha, S. & Venkatachalam, M. (2002). Managerial actions, stock returns, and earnings: The case of business‐to‐business internet firms. Journal of Accounting Research, 40(2), 529-556.
  • Ramzan, M., Anwar, S. & Shahid, A. A. (2009). “Need to redefine value and case for a new software valuation technique: An analytical study”. In Proceedings of International Conference on Computer Engineering and Applications, 22 – 24 January, Singapore, IEEE, The Printing House, USA, 400-407.
  • Sandner, P. (2010). The valuation of intangible assets: An exploration of patent and trademark portfolios. Springer Science & Business Media. Weisbaden.
  • Schwartz, E. & Moon, M. (2000). Rational pricing of internet companies.  Financial Analysts Journal, 56(3), 62-75.
  • Stiroh, K. (1999), Is there a new economy?. Challenge, 42(4), 82-101.
  • Topforeignstock.com, The Complete List Of Computer Software Makers Stocks Trading On NASDAQ, Topforeignstock Web Page (tarihsiz), https://topforeignstocks.com/stock-lists/the-complete-list-of-computer-software-makers-stocks-trading-on-nasdaq/ (Erişim tarihi: 11.10. 2022).
  • Trusculescu, A., Draghici, A., and Albulescu, C. T. (2015). Key metrics and key drivers in the valuation of public enterprise resource planning companies. Procedia Computer Science, 64, 917-923.
  • Vergili, G. & Çonkar, K. (2020). Regresyon yöntemiyle firma değerlemesi: Twitter uygulaması. Uluslararası Muhasebe ve Finans Araştırmaları Dergisi, 2(1), 44-54.
  • Wisniewski, P. (2015), “The valuation of social media public companies: There is a method to this madness!”. In ECSM 2015-Proceedings of the 2nd European Conference on Social Media 2015: ECSM 2015, 9-10 July, Porto (Portugal), Published by Academic Conferences and Publishing International Limited, 460
  • Yousefi, H. (2021). The valuation of modern software ınvestment in the US. International Journal of Management Technology, 8(1), 1-14.
  • Zarzecki, D. (2010). Valuing internet companies. Selected issues. Folia Oeconomica Stetinensia, S.9(1), ss.105-120.

Yazılım Firmalarının Değerini Etkileyen Faktörler: NASDAQ’da İşlem Gören Yazılım Firmaları Üzerine Uygulamalı Bir Yaklaşım

Year 2025, Volume: 10 Issue: 1, 534 - 548, 30.06.2025

Sevim Ezgi İslah , Mehmet Cihangir

Abstract

Bu çalışmada, modern yazılım firmalarının değerlemesini etkileyen faktörlerin belirlenmesi amaçlanmaktadır. Bu doğrultuda, NASDAQ’da işlem gören ve yazılım sektöründe faaliyet gösteren 97 şirket üzerinde bir analiz gerçekleştirilmiştir. Çalışma kapsamında gerekli verilerin tespit edilmesi amacıyla öncelikle bir soru seti oluşturulmuş ve bu soruların yanıtlarına ulaşmak için nitel araştırma yöntemlerinden içerik analizi yöntemi kullanılmıştır. Bu süreçte, belirlenen şirketlerin resmi internet siteleri, faaliyet raporları, finansal raporları ve sürdürülebilirlik raporları detaylı bir şekilde incelenmiştir. Araştırmanın analiz aşamasında ise çoklu doğrusal regresyon yöntemi uygulanmıştır. Analiz bulgularına göre, bağımsız değişkenler arasında yer alan çalışan sayısındaki artış, mühendis kadrosu, teknolojik yetkinlik, maddi olmayan duran varlıklar, personel gelişim kalitesi, büyüme stratejisi, risk yönetimi çalışmaları, bağış ve sosyal sorumluluk faaliyetleri, satış büyümesi ve net kâr artışı gibi unsurların yazılım firmalarının değerini anlamlı bir şekilde etkilediği belirlenmiştir.

Keywords

Bilgi Temelli Firmalar Entelektüel Sermaye Yazılım Endüstrisi Yeni Ekonomi

References

  • Aghabekyan, L. (2010). Value-relevance of financial and non-financial ınformation for the publicly traded internet-based companies in the post-sarbanes-oxley period, SSRN Electornic Journal (E-Article), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1982500 (Access Date: 03.08.2024).
  • Allison, P. D. (1999). Multiple regression: A primer, Pine Forge Press, London (UK).
  • Anbar, A. (2007). İnternet firmalarının değerinin belirlenmesinde kullanılan değişkenler ve yöntemler. Finans Politik & Ekonomik Yorumlar Dergisi, 44(510), 68-79.
  • Andrade, C. (2019). The p value and statistical significance: misunderstandings, explanations, challenges, and alternatives. Indian Journal of Psychological Medicine, 41(3), 210–215. https://doi.org/10.4103/IJPSYM.IJPSYM_193_19
  • Athanassakos, G. (2007). Valuing internet ventures. Journal of Business Valuation and Economic Loss Analysis, 2(1), 1-17.
  • Bancel, F. & Mittoo, U. R. (2014). The gap between the theory and practice of corporate valuation: Survey of european experts. Journal of Applied Corporate Finance, 26(4), 106-117.
  • Bartov, E., Mohanram, P. & Seethamraju, C. (2002). Valuation of internet stocks—an IPO perspective. Journal of Accounting Research, 40(2), 321-346.
  • Benjamin, D. J., & Berger, J. O. (2019). Three recommendations for improving the use of p-values. The American Statistician, 73(sup1), 186–191. https://doi.org/10.1080/00031305.2018.1543135
  • Ben‐Menachem, M. & Gavious, I. (2007). Accounting software assets: a valuation model for software. Journal of Information Systems, 21(2), 117-132.
  • Berelson, B. (1952). Content analysis in communication research. The Free Press. Glencoe (IL).
  • Berry, W. D. & Feldman, S. (1985). Multiple regression in practice. Sage Publications. Washington D.C. (US).
  • Bingöl, E. (2016). TMS 38 maddi olmayan duran varlıkların muhasebeleştirilmesi ve halka açık şirkette uygulaması. Anadolu Bil Meslek Yüksekokulu Dergisi, 43, 1-26
  • Borgo, M.D., Goodrıdge, P., Haskel, J. E. & Pesole, A. (2012). Productivity and growth in UK industries: An intangible investment approach, Oxford Bulletin of Economics and Statistics, 75(6), 806-834.
  • Brooks, F. P. (1995). The mythical man-month 20th anniversary edition. Addison Wesley Press. Boston (US).
  • Chan, R. W. & Lui, B. C. (2010). Gaining insight with the EV/EBITDA ratio. Better Investing, 60(3), 27-28.
  • Cook, R. D. & Weisberg, S. (1982). Residuals and influence in regression. Chapman and Hall Press. New York (US).
  • Core, J. E., Guay, R. W. & Van Buskırk, A. (2003). Market valuations in the new economy: An investigation of what has change. Journal of Accounting and Economics, 34(1-3), 43-67.
  • Corelli, A. (2017). Inside company valuation, Springer International Publishing. Cham (Swithzerland).
  • Corrado, C. A., Haskel, J. E., Jona-Lasınıo, C. & Iommi, Massimiliano (2016). Intangible ınvestment in the EU and the US before and since the great recession and its contribution to productivity growth. European Investment Bank Publisher. Luxemburg.
  • Corrado, C. A., Hulten, C. and Sichel, D. (2009). Intangible capital and US economic growth. Review of Income and Wealth, 55(3), 661-685.
  • Damodaran, A. (2001). The dark side of valuation: Valuing old tech, new tech, and new economy companies. Financial Times Press. New York (US).
  • De Alwıs, W. H. D. (2007). Analysis of factors affecting a business valuation model for software companies in Sri Lanka, PhD Thesis, University of Moratuwa, Sri Lanka.
  • Demers, E. & Lev, B. (2001), A rude awakening: Internet shakeout in 2000. Review of Accounting Studies, 6, 331-359.
  • Di Leo, G. & Sardanelli, F. (2020). Statistical significance: p value, 0.05 threshold, and applications to radiomics—reasons for a conservative approach. European Radiology Experimental, 4, 1-8. https://doi.org/10.1186/s41747-020-0145-y
  • Ferreri, A. & Grande, S. (2016). “Approaches to and methods for evaluating new technologies in technology transfer offices: How long is a piece of string?”. JRC Conference and Workshop Reports /Eds. Annarita Ferreri, Sergio Grande), Publications Office of the European Union, Luxembourg.
  • Finbox, Ev /Ebıtda, Finbox Corporate Web Page, (tarihsiz), https://finbox.com/NASDAQGS:ATVI/explorer/ev_to_ebitda_ltm (Erişim Tarihi: 11.10.2022).
  • Gilbertson, B. & Preston, D. (2005). A vision for valuation. Journal of Property Investment & Finance, 23(2), 123-140.
  • Goedhart, M., Koller, T. & Wessels, D. (2016). Valuing high-tech companies. McKinsey Global Institute Publisher, New York (US).
  • Guo, J. and Zmeškal, Z. (2016). Valuation of the China internet company under a real option approach. Perspectives in Science, 7, 65-73.
  • Hand, J. R. (2000). Profits, losses and the non-linear pricing of internet stocks. Unpublished Manuscript. University of North Carolina. Chapel Hill.
  • Herzenberg, S. A., Alıc, J. A., & Howard, W. (2000). New rules for a new economoy: Employment and opportunity in postindustrial America. Cornell University Press. London (UK).
  • Hıgson, C. & Brıgınshaw, J. (2000). Valuing internet business. Business Strategy Review, 11(1), 10-20.
  • Ho, C., Liao, C. & Kim, H. (2011). Valuing internet companies: A dea-based multiple valuation approach. Journal of the Operational Research Society, 62(12), 2097-2106.
  • Huarng, K. H. & Yu, T. H. (2011). Internet software and services: Past and future. The Service Industries Journal, 31(1), 79-89.
  • Inklaar, R., O'mahony, M. & Timmer, M. (2005). Ict and Europe's productivity performance: Industry level growth account comparisons with the United States. Review of Income and Wealth, 51(4), 505-536.
  • Isimbabi, M. (2002). Internet stocks: value drivers, market ırrationality and mispricing an overview of the emerging empirical research evidence. Working paper, Monograph, Washington DC.
  • İşbil, N., Köroğlu, A. G. N. & Yılmaz, M. (2021). “COVID-19 Salgınının Finansal Raporlamaya Etkisi: BİST100 Endeksinde İçerik Analizi”, International Symposium on Business, Economics, and Education (ISBE 2021), 07-08 Nisan 2021 – Ankara (Türkiye) Dedicated to the Memory of der Professor Dr. Remzi Örten. Ankara Turkey, 93.
  • Jansen, P. & Perotti, E. (2002). Valuation of internet companies: A survey of the evidence. Innovations in Investments and Corporate Finance, 7, 1-17.
  • Jona-Lasinio, C., Iommi, M. & Manzocchi, S. (2011). Intangible capital and productivity growth in European countries. LLEE Working Paper Series, No.91.
  • Jorgenson, D.W. & Stiroh, K. J. (2000). Raising the speed limit: U.S. economic growth in the information age. Working Papers – Organisation for Economic Coorperation and Development Economics Department No.26.
  • Kamath G. B. (2015). Impact of intellectual capital on financial performance and market valuation of firms in India. International Letters of Social and Humanistic Sciences, 48, 107-122.
  • Kemper, A. (2009). Valuation of network effects in software markets: A complex networks approach. Springer Science & Business Media. Berlin, Heidelberg.
  • Keskin Türkel Y. İ. (2021). Company valuatıon technıques and implementatıon to a turkısh telecommunicatıon company, Unpublished Master's Thesis, Bahcesehir University Institute of Graduate Studies, İstanbul.
  • Kettell, B. (2002). Valuation of internet and technology stocks: Implications for investment analysis. Butterworth-Heinemann.
  • King, A. A. & Henry, J. M. (1999). Valuing intangible assets through appraisals. Strategic Finance, 81(5), 32.
  • Kossecki, P. (2009). “Valuation and value creation of internet companies”. In 2009 International Multiconference on Computer Science and Information Technology, 12-14 October – Mragowo (Poland), IEEE Publisher, Piscataway, 321-323.
  • Kwak, S. (2023). Are only p-values less than 0.05 significant? A p-value greater than 0.05 is also significant! Journal of Lipid and Atherosclerosis, 12(2), 89–95.
  • Lehman, M. M. (1996), Feedback in the software evolution process, Information and Software Technology, 38(11), 681-686.
  • Machholm, R. & Heimann, M. S. (2022). Dynamics of investor sentiments and industry specific overpricing- an empirical study of the drivers, enablers, and triggers of big market delusion in the US health care and software industries. Unpublished Master's Thesis, Copenhagen Business School, Copenhagen.
  • Marrano, M. G., HASKEL, J. & WALLIS, G. (2009). What happened to the knowledge economy? Ict, intangible investment, and Britain's productivity record revisited. Review of Income and Wealth, 55(3), 686-716.
  • Matschke, M. J., Brosel, G. & Matschke, X. (2010). Fundamentals of functional business valuation. Journal of Business Valuation and Economic Loss Analysis, (1), 1-39
  • Mccahery, J. & Renneboog, L. (2004). Venture capital contracting and the valuation of high technology firms. Oxford University Press. Oxford UK.
  • Moro Visconti, R. (2020). The valuation of digital intangibiles: Technology, marketing and internet. Palgrave Macmillan. Switzerland.
  • Oliner, S. D. and Sichel, D. (2000). The resurgence of growth in the late 1990s: Is ınformation technology the story?. Journal of Economic Perspectives, 14(4), 3–22.
  • Özkara, H. (2018). İnternet odaklı teknoloji firmalarının değerlemesinde schwartz ve moon yöntemi’nin kullanımı, Yayınlanmamış Doktora Tezi, İstanbul Kültür Üniversitesi Lisansüstü Eğitim Enstitüsü. İstanbul.
  • Rajgopal, S., Kotha, S. & Venkatachalam, M. (2002). Managerial actions, stock returns, and earnings: The case of business‐to‐business internet firms. Journal of Accounting Research, 40(2), 529-556.
  • Ramzan, M., Anwar, S. & Shahid, A. A. (2009). “Need to redefine value and case for a new software valuation technique: An analytical study”. In Proceedings of International Conference on Computer Engineering and Applications, 22 – 24 January, Singapore, IEEE, The Printing House, USA, 400-407.
  • Sandner, P. (2010). The valuation of intangible assets: An exploration of patent and trademark portfolios. Springer Science & Business Media. Weisbaden.
  • Schwartz, E. & Moon, M. (2000). Rational pricing of internet companies.  Financial Analysts Journal, 56(3), 62-75.
  • Stiroh, K. (1999), Is there a new economy?. Challenge, 42(4), 82-101.
  • Topforeignstock.com, The Complete List Of Computer Software Makers Stocks Trading On NASDAQ, Topforeignstock Web Page (tarihsiz), https://topforeignstocks.com/stock-lists/the-complete-list-of-computer-software-makers-stocks-trading-on-nasdaq/ (Erişim tarihi: 11.10. 2022).
  • Trusculescu, A., Draghici, A., and Albulescu, C. T. (2015). Key metrics and key drivers in the valuation of public enterprise resource planning companies. Procedia Computer Science, 64, 917-923.
  • Vergili, G. & Çonkar, K. (2020). Regresyon yöntemiyle firma değerlemesi: Twitter uygulaması. Uluslararası Muhasebe ve Finans Araştırmaları Dergisi, 2(1), 44-54.
  • Wisniewski, P. (2015), “The valuation of social media public companies: There is a method to this madness!”. In ECSM 2015-Proceedings of the 2nd European Conference on Social Media 2015: ECSM 2015, 9-10 July, Porto (Portugal), Published by Academic Conferences and Publishing International Limited, 460
  • Yousefi, H. (2021). The valuation of modern software ınvestment in the US. International Journal of Management Technology, 8(1), 1-14.
  • Zarzecki, D. (2010). Valuing internet companies. Selected issues. Folia Oeconomica Stetinensia, S.9(1), ss.105-120.
There are 66 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Research Article
Authors

Sevim Ezgi İslah 0000-0002-6443-329X

Mehmet Cihangir 0000-0002-3375-6408

Early Pub Date June 11, 2025
Publication Date June 30, 2025
Submission Date February 14, 2025
Acceptance Date June 11, 2025
Published in Issue Year 2025 Volume: 10 Issue: 1

Cite

APA İslah, S. E., & Cihangir, M. (2025). Factors Affecting the Value of Software Companies: A Practical Approach on NASDAQ Listed Software Companies. JOEEP: Journal of Emerging Economies and Policy, 10(1), 534-548.
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JOEEP is published as two issues per year June and December and all publication policies and processes are conducted according to the international standards. JOEEP accepts and publishes the research articles in the fields of economics, political economy, fiscal economics, applied economics, business economics, labour economics and econometrics. JOEEP, without depending on any institution or organization, is a non-profit journal that has an International Editorial Board specialist on their fields. All “Publication Process” and “Writing Guidelines” are explained in the related title and it is expected from authors to Show a complete match to the rules. JOEEP is an open Access journal.