EFFECT OF SUPPLY CHAIN FINANCE ON VALUE OF FIRMS IN THE SUPPLY CHAIN

Yıl 2017, Cilt: 5 Sayı: 1, 34 - 57, 14.07.2017

Rıfat Karakuş İsrafil Zor

https://doi.org/10.18825/iremjournal.282112

Öz

This study aims to determine the
effect of supply chain finance on firm value of large buyers with high credit
notes. For this purpose, a two-stage application was performed. Firstly, panel
data analysis applied with the data of 2.421 companies from 16 different
countries among the G-20 members between 2009 and 2013 and the effect of
variables which are affected theoretically by supply chain finance in large
companies on firm value is examined. In the second stage of the application, 46
companies which started using supply chain finance between 2006 and 2013 have
been identified. Wilcoxon signed-rank test was applied by using the data before
and after year which the companies have been started to use supply chain
finance and it is determined that whether the variables which is expected to be
affected reveal a significant difference between these years. In conclusion,
the effect of variables expected to be affected in large companies which make
supply chain finance available for their suppliers on firm value differs for
each market. Thus, it is concluded that supply chain finance will affect the
firm value if the theoretical impacts are realized. However, the second part of
the application shows that there is no significant difference in any of the
variables before and after supply chain finance using. As a result, although
theoretically it is expected that firm value of large companies located within
the supply chain finance is affected, there is no effect on firm values in the
markets. 

Anahtar Kelimeler

Trade Finance, Supply Chain Finance, Firm Value

EFFECT OF SUPPLY CHAIN FINANCE ON VALUE OF FIRMS IN THE SUPPLY CHAIN

Öz

This study aims to determine the effect of supply chain finance on firm value of large buyers with high credit notes. For this purpose, a two-stage application was performed. Firstly, panel data analysis applied with the data of 2.421 companies from 16 different countries among the G-20 members between 2009 and 2013 and the effect of variables which are affected theoretically by supply chain finance in large companies on firm value is examined. In the second stage of the application, 46 companies which started using supply chain finance between 2006 and 2013 have been identified. Wilcoxon signed-rank test was applied by using the data before and after year which the companies have been started to use supply chain finance and it is determined that whether the variables which is expected to be affected reveal a significant difference between these years. In conclusion, the effect of variables expected to be affected in large companies which make supply chain finance available for their suppliers on firm value differs for each market. Thus, it is concluded that supply chain finance will affect the firm value if the theoretical impacts are realized. However, the second part of the application shows that there is no significant difference in any of the variables before and after supply chain finance using. As a result, although theoretically it is expected that firm value of large companies located within the supply chain finance is affected, there is no effect on firm values in the markets. 

Anahtar Kelimeler

Trade Finance, Supply Chain Finance

Kaynakça

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