Finansal Esnekliğin Risk Unsurlarıyla İlişkisi Üzerine Nedensellik Analizi: Borsa İstanbul İmalat Sektörü Üzerine Bir Uygulama

Year 2024, Volume: 21 Issue: 1, 90 - 99, 30.04.2024

Mehmet Serkan Çalı Turan Öndeş

https://doi.org/10.33437/ksusbd.1363615

Abstract

Finansal esneklik beklenmeyen değişimlerin karşısında firmaların yatırım fırsatlarını yakalama ve hayatını devam ettirebilmesine olanak sağlar. Finansal esneklik firmalarda karar alma süreçlerinde dikkate alınan faktörlerdendir. Firmalarda finansman kararları alınırken risk faktörü de dikkate alınan en önemli unsurlardandır. Bu çalışmada Borsa İstanbul’da işlem gören imalat sektörü firmalarından oluşan örneklem grubuyla finansman ve faaliyet riski ile finansal esneklik değeri arasında ki ilişki panel veri analizi yöntemlerinden Dumitrescu Hurlin (2012), heterojen nedensellik tahmincisi ile incelenmiştir. Firmaların finansman riskleri ve faaliyet riskleri ile finansal esneklik arasında nedensellik tespit edilmiştir.

Keywords

Finansal Esneklik, Risk, Panel nedensellik

References

• Adedokun, M. W., & Ağa, M. (2023). Financial inclusion: A pathway to economic growth in Sub‐Saharan African economies. International Journal of Finance & Economics, 28(3), 2712-2728. https://doi.org/10.1002/ijfe.2559
• Alice Adams Bonaimé, Kristine Watson Hankins & Jarrad Harford, Financial Flexibility, Risk Management, and Payout Choice. The Review of Financial Studies, Volume 27, Issue 4, April 2014, 1074–1101, https://doi.org/10.1093/rfs/hht045
• Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial Flexibility, Corporate Investment and Performance: Evidence From Financial Crises. Review of Quantitative Finance and Accounting, 42(2), 211–250. https://doi.org/10.1007/s11156-012-0340-x
• Billett, M. T., & Garfinkel, J. A. (2004). Financial Flexibility and the Cost of External Finance for U.S. Bank Holding Companies. Journal of Money, Credit, and Banking, 36(5), 827–852. https://doi.org/10.1353/mcb.2004.0071
• Bilyay Erdoğan, S. (2020). Does Financial Flexibility Enhance Firm Value? A Comparative Study Between Developed and Emerging Countries. Business: Theory and Practice, 21(2), 723–736. https://doi.org/10.3846/btp.2020.12680
• Chang, H. Y., & Ma, C. A. (2019). Financial Flexibility, Managerial Efficiency and Firm Life Cycle on Firm Performance: An Empirical Analysis of Chinese Listed Firms. Journal of Advances in Management Research, 16(2), 168–180. https://doi.org/10.1108/JAMR-06-2017-0072
• Cincinelli, P., Pellini, E., & Urga, G. (2022). Systemic risk in the Chinese financial system: A panel Granger causality analysis. International Review of Financial Analysis, 82, 102179. https://doi.org/10.1016/j.irfa.2022.102179
• Clark, B. J. (2010). The Impact of Financial Flexibility on Capital Structure Decisions: Some Empirical Evidence. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1499497
• Çalı., M.S. (2023). “Finansal Esnekliğin Firma İçi Ve Firma Dışı Risk Unsurlarıyla İlişkisi: Borsa İstanbul İmalat Sektörü Üzerine Bir Uygulama”. (Yayımlanmamış Doktora Tezi). Atatürk Üniversitesi Sosyal Bilimler Enstitüsü. Erzurum 2023.
• DeAngelo, H., Gonçalves, A. S., & Stulz, R. M. (2018). Corporate Deleveraging and Financial Flexibility. Review of Financial Studies, 31(8), 3122–3174. https://doi.org/10.1093/rfs/hhx147
• Denis, D. J. (2011). Financial Flexibility and Corporate Liquidity. Journal of Corporate Finance, 17, 667–674. https://doi.org/10.1016/j.jcorpfin.2011.03.006
• Dumitrescu, E. I. and Hurlin, C. (2012). Testing for granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
• El Ammari, A. & Terzi, C. (2023) Causal Nexus Between Ownership Structure, Dividend Policy and Financial Performance: A Bootstrap Panel Granger non-causality Analysis. Journal of African Business, 24:4, 562-579. https://doi.org/ 10.1080/15228916.2022.2135941
• Gamba, A., & Triantis, A. (2008). The Value of Financial Flexibility. Journal of Finance, 63(5), 2263–2296. https://doi.org/10.1111/j.1540-6261.2008.01397.x
• Hu, J., Li, K., Xia, Y., & Zhang, J. (2023). Gender diversity and financial flexibility: Evidence from China. International Review of Financial Analysis, (90), 102934. https://doi.org/10.1016/j.irfa.2023.102934
• Iliasov, D. V., & Kokoreva, M. S. (2018). Financial Constraints Versus Financial Flexibility: What Drives Zero-Debt Puzzle in Emerging Markets? Russian Management Journal, 16(3), 407–434. https://doi.org/10.21638/spbu18.2018.305
• Lambrinoudakis, C., Skiadopoulos, G., & Gkionis, K. (2019). Capital Structure and Financial Flexibility: Expectations of Future Shocks. Journal of Banking and Finance, 104, 1–18. https://doi.org/10.1016/j.jbankfin.2019.03.016
• Naseer, M.M., Khan M. A., Bagh, T., Guo, Y., Zhu, X.(2024). Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value. Borsa Istanbul Review, 24(1), 106-117, https://doi.org/10.1016/j.bir.2023.11.003.
• Pesaran M. H., (2007). A Simple Panel Unit Root Test in the Presence of Cross Section Dependence. Journal of Applied Econometrics, 22 (2), 265-312.
• Pesaran M. H., (2015). Testing Weak Cross Sectional Dependence in Large Panels . Econometric Reviews , 34, 1089-1117.
• Peseran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. University of Cambridge, Faculty of Economics,. Cambridge WP 0435 in Economics.
• Raghutla, C., & Chittedi, K. R. (2021). Financial development, real sector and economic growth: Evidence from emerging market economies. International Journal of Finance & Economics, 26(4), 6156-6167. DOI: 10.1002/ijfe.2114
• Nguyen Q.K. & Dang, V.C., (2023). Does the financial flexibility prevent stock price crash risk during COVID-19 crisis? Evidence from the Vietnamese stock market. Heliyon 9(11). https://doi.org/10.1016/j.heliyon.2023.e22287
• Sang, L. Q. (2018). The Value of Financial Flexibility, Corporate Investment Policy And Financial Distress Risk, (Doctoral Thesis, University of Southampton Faculty of Social Sciences Southampton Business School).
• Söker, F., & Cihangir, M. (2022). Finansal Esnekliğin Yatırım ve Kâr Dağıtım Politikası Üzerindeki Etkisi: Borsa İstanbul’da Finans Dışı Firmalar Üzerinde Bir Uygulama. Muhasebe ve Finansman Dergisi, (94), 1-30. https://doi.org/10.25095/mufad.1032868
• Tatoğlu Y, F. (2020). Panel Zaman Serileri Analizi. (3. Baskı). İstanbul: Beta Basım Yayım Dağıtım.
• Tobin, J. (1969). A General Equilibrium Approach To Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15–29. https://doi.org/10.2307/1991374
• Topaloğlu, E. E. & Ege, İ. (2021). Finansal Esneklik, Firma Değeri ve Finansal Performans İlişkisi: İnşaat Sektörü Üzerine Panel Kantil Regresyon Yaklaşımı. Sosyoekonomi, 29 (49) , 409-425. https://doi.org/10.17233/sosyoekonomi.2021.03.21
• Topcu M. & Çoban, S. (2017) Financial development and firm growth in Turkish manufacturing industry: evidence from heterogeneous panel based non-causality test. Economic Research-Ekonomska Istraživanja, 30:1, 1758-1769, https://doi.org/ 10.1080/1331677X.2017.1383179
• Volberda, H. W. (1998). Building the Flexible Firm: How to Remain Competitive. Corporate Reputation Review, 2(1), 94–96. 10.1093/acprof:oso/9780198295952.001.0001
• Yanti, Y., Sastra, E., & Brian, T. (2022). The Impact of Financial Flexibility and Business Risk on Capital Structure with Firm Size as a Moderating Variable. Tenth International Conference on Entrepreneurship and Business Management 2021 (ICEBM 2021), 653(Icebm 2021), 314–322.
• Yıkılmaz Erkol, A. & Korkmaz, T. (2019). Finansal Esneklik Değeri ve Sermaye Yapısı Kararları. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 14(3), 831-854. https://doi.org/10.17153/oguiibf.511717
• https://www.isyatirim.com.tr/tr-tr/Sayfalar/default.aspx
• https://www.kap.org.tr/tr/