TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA

Yıl 2016, Cilt: 8 Sayı: 14, 173 - 187, 11.04.2016

Pelin Özek

https://doi.org/10.14784/jfrs.23358

Cited By: 3

Öz

Bu çalışmada, Türkiye’de finans sektörü dışında faaliyet gösteren firmaların türev araç kullanımı ile
ilişkili faktörler analiz edilmektedir. Analizler Borsa İstanbul Sınai Endeksine (XUSIN) kayıtlı olan 115
firmanın 2009 ve 2014 yılları arasındaki verilerine dayalı olarak yapılmıştır. Genel olarak örneklemin yüzde
35’i tarafından türev araç kullanıldığı belirlenmiştir. Tek değişkenli istatistiksel testler ve lojistik regresyon
analizinden elde edilen sonuçlar türev araç kullanımının kaldıraç ve firma büyüklüğü ile pozitif ilişkili olduğunu göstermektedir. Ayrıca, kâr volatilitesi ve net kâr marjı firmaların türev araç kullanımı ile negatif
ilişkilidir. Bununla birlikte veriler, türev araç kullanımını firma değeri ile ilişkilendirmek için yeterli kanıt
sağlamamıştır.

Anahtar Kelimeler

Türev Araçlar, Risten Korunma, Firma Özellikleri

Kaynakça

• ABDEL-KHALIK, A. Rashad and CHEN, Po-Chang (2015), “Growth in Financial Derivatives: The Public Policy and Accounting Incentives”, Journal of Accounting and Public Policy, 34, pp. 291-318.
• AFZA, Talat and ALAM, Atia (2011), “Determinants of Extent of Financial Derivative Usage”, African Journal of Business Management, 5(20), pp. 8331-8336.
• AHMAD, Noryati and HARIS, Balkis (2012), “Factors for Using Derivatives: Evidence from Malaysian Non-Financial Companies”, Research Journal of Finance and Accounting, 3(9), pp. 79-87.
• ALSHBIEL, Seif Obeid and TAHAT, Yasean Abd Alrahman (2014), “Corporate Usage of Financial Derivatives under IAS 39 Requirements: Evidence from the Emerging Capital Market of Jordan”, International Journal of Business and Social Science, 5(11), pp. 96-101.
• BARTON, Jan (2001), “Does the Use of Financial Derivatives Affect Earnings Management Decisions?”, The Accounting Review, 76(1), pp. 1-26.
• BARTRAM, Söhnke M., BROWN, Gregory W. and CONRAD, Jennifer (2011), “The Effects of Derivatives on Firm Risk and Value”, Journal of Financial and Quantitative Analysis, 46(4), pp. 967-999.
• BELGHITAR, Yacine, CLARK, Ephraim and MEFTEH, Salma (2013), “Foreign Currency Derivative Use and Shareholder Value”, International Review of Financial Analysis, 29, pp. 283-293.
• BENEDA, Nancy (2013), “The Impact of Hedging with Derivative Instruments on Earnings Volatility”, Applied Financial Economics, 23, pp. 165-179.
• BENSON, Karen and OLIVER, Barry (2004), “Management Motivation for Using Financial Derivatives in Australia”, Australian Journal of Management, 29(2), pp. 225-242.
• BERKMAN, Henk, BRADBURY, Michael E., HANCOCK, Phil and INNES, Clare (2002), “Derivative Financial Instrument Use in Australia”, Accounting and Finance, 42, pp. 97-109.
• BIRT, Jacqueline, RANKIN, Michaela and SONG, Chen L. (2013), “Derivatives Use and Financial Instrument Disclosure in the Extractives Industry”, Accounting and Finance, 53, pp. 55-83.
• BODNAR, Gordon M. and GEBHARDT, Günther (1999), “Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey”, Journal of International Financial Management and Accounting, 10(3), pp. 153-187.
• CHARUMATHI, B. and KOTA, Hima Bindu (2012), “On the Determinants of Derivative Usage by Large Indian Non-Financial Firms”, Global Business Review, 13(2), pp. 251-267.
• DE CEUSTER, Marc J.K., DURINCK, Edward, LAVEREN, Eddy and LODEWYCKX, Jozef (2000), “A Survey into the Use of Derivatives by Large Non-Financial Firms Operating in Belgium”, European Financial Management, 6(3), pp. 301-318.
• DICHEV, Ilia D. and TANG, Vicki Wei (2009), “Earnings Volatility and Earnings Predictability”, Journal of Accounting and Economics, 47, pp. 160-181.
• FAUVER, Larry and NARANJO, Andy (2010), “Derivative Usage and Firm Value: The Influence of Agency Costs and Monitoring Problems”, Journal of Corporate Finance, 16, pp. 719-735.
• GEBHARDT, Günther (2012), “Financial Instruments in Non-Financial Firms: What Do We Know?”, Accounting and Business Research, 42(3), pp. 267-289.
• HEANEY, Richard and WINATA, Henry (2005), “Use of Derivatives by Australian Companies”, PacificBasin Finance Journal, 13, pp. 411-430.
• JALILVAND, Abolhassan (1999), “Why Firms Use Derivatives: Evidence from Canada”, Canadian Journal of Administrative Sciences, 16(3), pp. 213-228.
• JANKENSGÅRD, Håkan (2015), “Does Centralisation of FX Derivative Usage Impact Firm Value?”, European Financial Management, 21(2), pp. 309-332.
• JUDGE, Amrit (2006), “Why and How UK Firms Hedge”, European Financial Management, 12(3), pp. 407- 441.
• KAPITSINAS, Spyridon (2008), Derivatives Usage in Risk Management by Non-Financial Firms: Evidence from Greece (Unpublished doctoral thesis), University of Athens, Athens, Greece.
• KEFFALA, Mohamed Rochdi and DE PERETTI, Christian (2013), “Effect of the Use of Derivative Instruments on Accounting Risk: Evidence from Banks in Emerging and Recently Developed Countries”, Annals of Economics and Finance, 14(1), pp. 149-178.
• KHEDIRI, Karim Ben (2010), “Do Investors Really Value Derivatives Use? Empirical Evidence from France”, The Journal of Risk Finance, 11(1), pp. 62-74.
• KORNÉL, Tóth (2014), “The Effect of Derivative Financial Instruments on Bank Risks, Relevance and Faithful Representation: Evidence from Banks in Hungary”. Annals of the University of Oradea, Economic Science Series, 23(1), pp. 698-706.
• MALLIN, Chris, OW-YONG, Kean and REYNOLDS, Martin (2001), “Derivatives Usage in UK NonFinancial Listed Companies”, The European Journal of Finance, 7(1), pp. 63-91.
• MARTIN, Miguel Ángel, ROJAS, Wolfgang, ERÁUSQUIN, José Luis, YUPANQUI, Dayana and VERA, Édgar (2009), “Derivatives Usage by Non-Financial Firms in Emerging Markets: The Peruvian Case”, Journal of Economics, Finance and Administrative Science, 14(27), pp. 73-86.
• NGUYEN, Hoa and FAFF, Robert (2002), “On the Determinants of Derivative Usage by Australian Companies”, Australian Journal of Management, 27(1), pp. 1-24.
• NGUYEN, Hoa and FAFF, Robert (2003), “Further Evidence on the Corporate Use of Derivatives in Australia: The Case of Foreign Currency and Interest Rate Instruments”, Australian Journal of Management, 28(3), pp. 307-317.
• PALIGOROVA, Teodora and STASKOW, Rhonda (2014), “The Use of Financial Derivatives by Canadian Firms”, Bank of Canada Review, Autumn, pp. 47-54.
• PREVOST, Andrew K., ROSE, Lawrence C. and MILLER, Gary (2000), “Derivatives Usage and Financial Risk Management in Large and Small Economies: A Comparative Analysis”, Journal of Business Finance & Accounting, 27(5)&(6), pp. 733-759.
• RAGHAVENDRA, R.H., and VELMURUGAN, P.S. (2014), “The Determinants of Currency Hedging in Indian IT Firms`”, Journal of Business and Financial Affairs, 3(125), pp. 1-7.
• SELVİ, Yakup and TÜREL, Aslı (2010), “Derivatives Usage in Risk Management by Turkish Non-Financial Firms and Banks: A Comparative Study”, Annales Universitatis Apulensis Series Oeconomica, 12(2), pp. 663-671.
• SHIU, Yung-Ming (2007), “An Empirical Investigation on Derivatives Usage: Evidence from the United Kingdom General Insurance Industry”, Applied Economics Letters, 14, pp. 353-360.
• SHU, Pei-Gi and CHEN, Hsuan-Chi (2003), “The Determinants of Derivatives Use: Evidence from NonFinancial Firms in Taiwan”, Review of Pacific Basin Financial Markets and Policies, 6(4), pp. 473- 500.
• SINGH, Amrik (2004), The Effects of SFAS 133 on the Corporate Use of Derivatives, Volatility, and Earnings Management (Unpublished doctoral dissertation), The Pennsylvania State University.
• SMITH, Clifford W. and STULZ, René M. (1985), “The Determinants of Firms’ Hedging Policies”, Journal of Financial and Quantitative Analysis, 20(4), pp. 391-405.
• ZHANG, Haiwen (2009), “Effect of Derivative Accounting Rules on Corporate Risk-Management Behavior”, Journal of Accounting and Economics, 47, pp. 244-264.