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İLİŞKİLİ TARAF İŞLEMLERİNİN FİRMA DEĞERİ ÜZERİNE ETKİSİ: BORSA İSTANBUL (BIST)’DA BİR UYGULAMA

Year 2021, Volume: 14 Issue: 2, 641 - 664, 01.07.2021
https://doi.org/10.29067/muvu.837362

Abstract

İlişkili taraf işlemleri işletmelerde hem kurumlar arası hem de kurumlarla kişiler arası gerçekleştirilebilen işlemlerdir. Bu işlemler taraflar arasında mal ve hizmet satışı/alışı şeklinde gerçekleşebileceği gibi, borç alışverişi gibi farklı şekillerde de gerçekleşebilmektedir. Gerçekleşen bu tür işlemlerin muhasebe/finansal raporlama standartları uyarınca finansal raporların gerçeğe uygun olması bakımından açıklanması gerekmektedir. Açıklanan ilişkili taraf işlemleri nedeniyle firmanın değerinde olumlu ya da olumsuz etkilenme ihtimalinin olabileceği ifade edilebilir.
Bu araştırmanın amacı ilişkili taraf işlemlerinin firma değerini etkileyip etkilemediğini tespit etmektir. Bu anlamda firma değerini etkileyen diğer değişkenlerle birlikte ilişkili taraf işlemlerinin firma değerini etkileyip etkilemediği BİST 100’de faaliyet gösteren 41 adet sanayi işletmesi üzerinde araştırılmıştır. Araştırma sonucunda ilişkili taraf işlemlerinin firma değerini araştırma kapsamında yer alan işletmeler bakımından etkilemediği tespit edilmiştir. Öte yandan piyasa değeri/defter değeri oranının ve öz sermaye karlılığının firma değerini pozitif yönde etkilediği tespit edilmiş, finansal kaldıracın firma değerinin negatif yönde etkilediği tespit edilmiştir.

References

  • Asiri, B. K. & Hameed S. A. (2014). Financial Ratios and Firm's Value in the Bahrain Bourse, Research Journal of Finance and Accounting, 5(7), 1-10.
  • Batten, J. & Vo X. V. (2019). Liquidity And Firm Value In An Emerging Market, The Singapore Economic Review, 64(2), 365–376.
  • Bona-Sánchez, C., Fernández-Senra, C. L., Pérez-Alemán, J. (2017). Related-party transactions, dominant owners and firm value, BRQ Business Research Quarterly, (20), 4-17.
  • Cai, J. & Zhang, Z. (2011). Leverage change, debt overhang, and stock prices, Journal of Corporate Finance, (17), 391–402.
  • Cheng, Y. S., Liu, Y. P. & Chien, C. Y. (2010). Capital Structure And Firm Value In China: A Panel Threshold Regression Analysis, African Journal Of Business Management, 4(12), 2500-2507. Cheung, Y. L., Jing, L., Lu, T., Rau, P. R. & Stouraitis, A. (2009). Tunneling and Propping Up: An Analysis Of Related Party Transactions By Chinese Listed Companies, Pacific-Basin Finance Journal, (17), 372–393.
  • Chowdhury, A. & Chowdhury, S. P. (2010). Impact of capital structure on firm’s value: Evidence from Bangladesh, Business and Economic Horizons, 3(3), 111-122.
  • Dayı, F., & Ulusoy, T. (2020). The Effect Of Operating Ratios On Firm Value: An Application In European Airlines, International Journal of Eurasia Social Sciences, 11(40), 493-518.
  • Dinç, E. & Varıcı, İ. (2012). İlişkili Taraf İşlemlerinin İçeriği Ve Hileli Finansal Raporlamaya Etkisi: İMKB’de Faaliyet Gösteren İşletmeler Üzerine Bir Uygulama, MÖDAV, 2012/1, 67-86.
  • Downs, D. H., Ooi, J. T. L., Wong, W. C., Ong, S. E. (2016). Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore, J Real Estate Finan Econ, (52), 408–427.
  • EL-FADIL, M. A. (2018). Firma Değeri Tespiti ve Yönetimi: Örnek Bir Halka Arz Uygulaması, Yayımlanmamış Y.Lisans Tezi, Kastamonu Üniversitesi Sosyal Bilimler Enstitüsü.
  • Elkelish, W. W. (2017). IFRS Related Party Transactions Disclosure And Firm Valuation In The United Arab Emirates Emerging Market. Journal of Accounting in Emerging Economies, 7(2), 173–189.
  • Hendratama, T. D. & Barokah, Z. (2020). Related Party Transactions And Firm Value: The Moderating Role Of Corporate Social Responsibility Reporting, China Journal Of Accounting Research, (13), 223–236.
  • https://www.iasplus.com/en/standards/ias/ias24.
  • https://www.kgk.gov.tr/Portalv2Uploads/files/DynamicContentFiles/T%C3%BCrkiye%20Muhasebe%20Standartlar%C4%B1/TMSTFRS2018Seti/TMS/TMS_24_2018.pdf.
  • Kurtaran, A., Kurtaran, A. T., Kurtaran, Ç. M., Temizer, Z. (2015). Finansal Oranlar İle Firma Değeri İlişkisi: BIST’te Bir Uygulama, Küresel İktisat ve İşletme Çalışmaları Dergisi, 4(8), 35-45.
  • Lin, F. L. & Chang, T. (2011). Does Debt Affect Firm Value In Taiwan? A Panel Threshold Regression Analysis, Applied Economics, (43), 117–128.
  • Marsha, N. & Murtaqi, I. (2017). The Effect Of Financial Ratios On Firm Value In The Food And Beverage Sector Of The IDX, Journal of Business And Management, 6(2), 214-226.
  • Nekhili, M. & Cherif, M. (2011). Related Parties Transactions And Firm’s Market Value: The French Case , Review of Accounting and Finance, 10(3), 291-315.
  • Nia, Y., Huang, P., Chianga, P., Liao, Y. (2019). Cash Flow Statements And Firm Value: Evidence From Taiwan, The Quarterly Review Of Economics and Finance, (71), 280–290.
  • Özçelik, H. & Küçükçakal, Z. (2019). BIST’de İşlem Gören Finansal Kiralama ve Faktoring Şirketlerinin Finansal Performanslarının TOPSIS Yöntemi İle Analizi, Muhasebe ve Finansman Dergisi, (81), 249- 270.
  • Pradipta, A. & Susanto, Y. K. (2019). Firm Value, Firm Size and Income Smoothing, Journal of Finance and Banking Review, 4(1), 01–07.
  • Rasheed, P. C. A., Mallikarjunappa, T., Thomachan, K.T. (2019). Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India, FIIB Business Review, 8(3), 205–217.
  • Shrestha, N. (2020). Detecting Multicollinearity in Regression Analysis, American Journal of Applied Mathematics and Statistics, 8(2), 39-42.
  • Silva, J. R., Silva, A. F., and Chan, B. L. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil, Emerging Markets Finance & Trade, (55), 687–703.
  • Skousen, C. J. (2004). An Empirical Investigation of the Relevance and Predictive Ability of the SAS 99 Fraud Risk Faktors, Doktor of Philosophy, Oklahoma State University, UMI Disertations Services.
  • Supatmi, S. T., Saraswati, E., Purnomosidhi, B. (2019). The Effect Of Related Party Transactions On Firm Performance: The Moderating Role Of Political Connection In Indonesian Banking, Business: Theory and Practice, (20), 81–92. Suryani, A., Atikah, P. H. T. (2019). The Effect Of Related Party Transactions Through Opportunistic Behaviour Management To Increase Firm Value, Journal of Finance and Banking Review, 4(2), 64 – 72.
  • Tripathi, N. N., Syamala, S. R. & Wadhwa, K. (2020). Do Different Types of Related Party Transactions Impact Firm Performance Differently? Evidence from Emerging Markets, The IUP Journal of Corporate Governance, 19(2), 44-57.
  • Varıcı, İ. (2011). Hile Riski ve Denetçinin Sorumluluğu: Hile Riskinin Ölçülmesine Yönelik Bir Uygulama, Yayınlanmamış Doktora Tezi, Karadeniz Teknik Üniversitesi-Sosyal Bilimler Enstitüsü.
  • Wanga, H.D., Cho, C. C., Lin, C. J. (2019). Related Party Transactions, Business Relatedness, And Firm Performance, Journal Of Business Research, (101), 411–425.

THE EFFECT OF RELATED PARTY TRANSACTIONS ON FIRM VALUE: AN APPLICATION IN BIST

Year 2021, Volume: 14 Issue: 2, 641 - 664, 01.07.2021
https://doi.org/10.29067/muvu.837362

Abstract

Related party transactions are transactions that can be carried out both between institutions and individuals with institutions. These transactions may take place between the parties in the form sale/purchase of goods and services or also may take place in the form of debt exchange. Such transactions are required to be disclosed in accordance with the accounting/financial reporting standards in terms of the accuracy of the financial reports. It can be stated that the the firm value may be affected positively or negatively due to the related party transactions disclosed.
The purpose of the research is to determine whether the related party transactions affect or not the firm value. In this sense, it has been investigated on 41 industrial enterprises in BIST 100 whether the related party transactions with other variables that affect the firm value. As a result of this research, it has been determined that the related party transactions do not affect the firm value for 41 enterprises. On the other hand, it was determined that the market to book value ratio and return on equity ratio positively affect the firm value, and it was determined that the financial leverage has negative effect on the firm value.

References

  • Asiri, B. K. & Hameed S. A. (2014). Financial Ratios and Firm's Value in the Bahrain Bourse, Research Journal of Finance and Accounting, 5(7), 1-10.
  • Batten, J. & Vo X. V. (2019). Liquidity And Firm Value In An Emerging Market, The Singapore Economic Review, 64(2), 365–376.
  • Bona-Sánchez, C., Fernández-Senra, C. L., Pérez-Alemán, J. (2017). Related-party transactions, dominant owners and firm value, BRQ Business Research Quarterly, (20), 4-17.
  • Cai, J. & Zhang, Z. (2011). Leverage change, debt overhang, and stock prices, Journal of Corporate Finance, (17), 391–402.
  • Cheng, Y. S., Liu, Y. P. & Chien, C. Y. (2010). Capital Structure And Firm Value In China: A Panel Threshold Regression Analysis, African Journal Of Business Management, 4(12), 2500-2507. Cheung, Y. L., Jing, L., Lu, T., Rau, P. R. & Stouraitis, A. (2009). Tunneling and Propping Up: An Analysis Of Related Party Transactions By Chinese Listed Companies, Pacific-Basin Finance Journal, (17), 372–393.
  • Chowdhury, A. & Chowdhury, S. P. (2010). Impact of capital structure on firm’s value: Evidence from Bangladesh, Business and Economic Horizons, 3(3), 111-122.
  • Dayı, F., & Ulusoy, T. (2020). The Effect Of Operating Ratios On Firm Value: An Application In European Airlines, International Journal of Eurasia Social Sciences, 11(40), 493-518.
  • Dinç, E. & Varıcı, İ. (2012). İlişkili Taraf İşlemlerinin İçeriği Ve Hileli Finansal Raporlamaya Etkisi: İMKB’de Faaliyet Gösteren İşletmeler Üzerine Bir Uygulama, MÖDAV, 2012/1, 67-86.
  • Downs, D. H., Ooi, J. T. L., Wong, W. C., Ong, S. E. (2016). Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore, J Real Estate Finan Econ, (52), 408–427.
  • EL-FADIL, M. A. (2018). Firma Değeri Tespiti ve Yönetimi: Örnek Bir Halka Arz Uygulaması, Yayımlanmamış Y.Lisans Tezi, Kastamonu Üniversitesi Sosyal Bilimler Enstitüsü.
  • Elkelish, W. W. (2017). IFRS Related Party Transactions Disclosure And Firm Valuation In The United Arab Emirates Emerging Market. Journal of Accounting in Emerging Economies, 7(2), 173–189.
  • Hendratama, T. D. & Barokah, Z. (2020). Related Party Transactions And Firm Value: The Moderating Role Of Corporate Social Responsibility Reporting, China Journal Of Accounting Research, (13), 223–236.
  • https://www.iasplus.com/en/standards/ias/ias24.
  • https://www.kgk.gov.tr/Portalv2Uploads/files/DynamicContentFiles/T%C3%BCrkiye%20Muhasebe%20Standartlar%C4%B1/TMSTFRS2018Seti/TMS/TMS_24_2018.pdf.
  • Kurtaran, A., Kurtaran, A. T., Kurtaran, Ç. M., Temizer, Z. (2015). Finansal Oranlar İle Firma Değeri İlişkisi: BIST’te Bir Uygulama, Küresel İktisat ve İşletme Çalışmaları Dergisi, 4(8), 35-45.
  • Lin, F. L. & Chang, T. (2011). Does Debt Affect Firm Value In Taiwan? A Panel Threshold Regression Analysis, Applied Economics, (43), 117–128.
  • Marsha, N. & Murtaqi, I. (2017). The Effect Of Financial Ratios On Firm Value In The Food And Beverage Sector Of The IDX, Journal of Business And Management, 6(2), 214-226.
  • Nekhili, M. & Cherif, M. (2011). Related Parties Transactions And Firm’s Market Value: The French Case , Review of Accounting and Finance, 10(3), 291-315.
  • Nia, Y., Huang, P., Chianga, P., Liao, Y. (2019). Cash Flow Statements And Firm Value: Evidence From Taiwan, The Quarterly Review Of Economics and Finance, (71), 280–290.
  • Özçelik, H. & Küçükçakal, Z. (2019). BIST’de İşlem Gören Finansal Kiralama ve Faktoring Şirketlerinin Finansal Performanslarının TOPSIS Yöntemi İle Analizi, Muhasebe ve Finansman Dergisi, (81), 249- 270.
  • Pradipta, A. & Susanto, Y. K. (2019). Firm Value, Firm Size and Income Smoothing, Journal of Finance and Banking Review, 4(1), 01–07.
  • Rasheed, P. C. A., Mallikarjunappa, T., Thomachan, K.T. (2019). Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India, FIIB Business Review, 8(3), 205–217.
  • Shrestha, N. (2020). Detecting Multicollinearity in Regression Analysis, American Journal of Applied Mathematics and Statistics, 8(2), 39-42.
  • Silva, J. R., Silva, A. F., and Chan, B. L. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil, Emerging Markets Finance & Trade, (55), 687–703.
  • Skousen, C. J. (2004). An Empirical Investigation of the Relevance and Predictive Ability of the SAS 99 Fraud Risk Faktors, Doktor of Philosophy, Oklahoma State University, UMI Disertations Services.
  • Supatmi, S. T., Saraswati, E., Purnomosidhi, B. (2019). The Effect Of Related Party Transactions On Firm Performance: The Moderating Role Of Political Connection In Indonesian Banking, Business: Theory and Practice, (20), 81–92. Suryani, A., Atikah, P. H. T. (2019). The Effect Of Related Party Transactions Through Opportunistic Behaviour Management To Increase Firm Value, Journal of Finance and Banking Review, 4(2), 64 – 72.
  • Tripathi, N. N., Syamala, S. R. & Wadhwa, K. (2020). Do Different Types of Related Party Transactions Impact Firm Performance Differently? Evidence from Emerging Markets, The IUP Journal of Corporate Governance, 19(2), 44-57.
  • Varıcı, İ. (2011). Hile Riski ve Denetçinin Sorumluluğu: Hile Riskinin Ölçülmesine Yönelik Bir Uygulama, Yayınlanmamış Doktora Tezi, Karadeniz Teknik Üniversitesi-Sosyal Bilimler Enstitüsü.
  • Wanga, H.D., Cho, C. C., Lin, C. J. (2019). Related Party Transactions, Business Relatedness, And Firm Performance, Journal Of Business Research, (101), 411–425.
There are 29 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Issue
Authors

İdris Varıcı 0000-0003-1825-0289

Ayşe Betül Küçüktüfekçi 0000-0002-8088-1455

Publication Date July 1, 2021
Submission Date December 8, 2020
Acceptance Date February 3, 2021
Published in Issue Year 2021 Volume: 14 Issue: 2

Cite

APA Varıcı, İ., & Küçüktüfekçi, A. B. (2021). İLİŞKİLİ TARAF İŞLEMLERİNİN FİRMA DEĞERİ ÜZERİNE ETKİSİ: BORSA İSTANBUL (BIST)’DA BİR UYGULAMA. Journal of Accounting and Taxation Studies, 14(2), 641-664. https://doi.org/10.29067/muvu.837362

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