Year 2020, Volume 6 , Issue 2, Pages 345 - 364 2020-07-21

Asset Tangibility and Financial Performance: A Time Series Evidence
Asset Tangibility and Financial Performance: A Time Series Evidence

Yüksel İLTAŞ [1] , Kartal DEMİRGÜNEŞ [2]


Since 1980s, firms’ asset investments have more or less tended to shift from tangible to intangible investments. This tendency is also valid for Turkish manufacturing firms. Despite the increasing importance of intangible asset investments, their role on financial performance is subject to considerable debate. These investments are riskier compared to tangible asset investments, and cannot easily be used as collateral in corporate borrowing. Tangible assets offering high guarantee are pledged as the primary source of collateral in corporate borrowing. Consequently, a firm with higher asset tangibility is likely to lower external financing costs, leading higher financial performance. This paper analyzes the effect of asset tangibility on financial performance of Turkish manufacturing sector covering 1990.Q3-2016.Q4. The stationarity of series and the cointegration relationship among them are tested by ADF (1979; 1981), KPSS (1992), and Zivot and Andrews (1992) unit root tests, and one-break Gregory and Hansen (1996) cointegration test. Long-run coefficients estimated by Stock and Watson (1993)’s DOLS methodology posit that while asset tangibility, financial leverage, liquidity and operating efficiency have significant and positive effects on financial performance till (and including) the break date; from this break date on, they affect financial performance negatively.
1980li yılların başlarından itibaren, dünya genelinde firmaların varlık yatırımlarının maddi varlıklardan çok maddi olmayan varlıklara doğru yöneldiği görülmektedir. Bu yönelim Türkiye’deki üretim firmaları için de geçerlidir. Maddi olmayan varlık yatırımlarının öneminin artmasına karşın, bu varlıkların finansal performans üzerindeki etkisi tartışmaya açık bir konudur. Maddi olmayan varlık yatırımları daha riskli olabilmekte ve kaldıraç etkisi yaratmada -maddi- teminat olarak yeterince kullanılamamaktadır. Sonuç itibariyle, maddi varlık yoğun firmaların fonlama maliyetlerinin daha düşük, finansal performanslarının da daha yüksek olması olasıdır. Bu çalışmada; 1990.Q3-2016.Q4 döneminde maddi varlıkların Türk imalat sanayi sektörünün finansal performansı üzerindeki olası etkisi araştırılmaktadır. Serilerin durağanlık düzeyleri ADF (1979; 1981), KPSS (1992) ve Zivot ve Andrews (1992) birim kök testleri kullanılarak tespit edilmektedir. Seriler arasındaki uzun dönemli ilişkilerin irdelendiği Gregory ve Hansen (1996) eşbütünleşme testi sonuçları; finansal performans ile maddi varlık yapısı, kaldıraç, likidite ve faaliyet etkinliği arasında uzun dönem ilişkisinin varlığını göstermektedir. Son olarak, uzun-dönem katsayıların tahminlemesinde kullanılan Stock ve Watson (1993)’ın DOLS tahmincisi sonuçlarına göre; maddi varlık yapısı, finansal kaldıraç, likidite ve faaliyet etkinliği değişkenlerinin finansal performansa karşı katsayıları istatistiksel olarak anlamlıdır. Kırılma tarihi (2002.Q1) de dahil olmak üzere, bu tarihe kadar, bağımsız değişkenlerin tamamının finansal performansı olumlu yönde etkilediği görülürken; söz konusu etkileşim kırılma tarihi sonrasında negatife dönmektedir.
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Primary Language en
Subjects Social
Journal Section Articles
Authors

Orcid: 0000-0001-8853-838X
Author: Yüksel İLTAŞ (Primary Author)
Institution: KIRŞEHİR AHİ EVRAN ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ, İŞLETME BÖLÜMÜ
Country: Turkey


Orcid: 0000-0002-6305-0967
Author: Kartal DEMİRGÜNEŞ
Institution: KIRŞEHİR AHİ EVRAN ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ, İŞLETME BÖLÜMÜ
Country: Turkey


Dates

Publication Date : July 21, 2020

Bibtex @research article { aeusbed731079, journal = {Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi}, issn = {}, eissn = {2149-0767}, address = {}, publisher = {Ahi Evran University}, year = {2020}, volume = {6}, pages = {345 - 364}, doi = {10.31592/aeusbed.731079}, title = {Asset Tangibility and Financial Performance: A Time Series Evidence}, key = {cite}, author = {İltaş, Yüksel and Demi̇rgüneş, Kartal} }
APA İltaş, Y , Demi̇rgüneş, K . (2020). Asset Tangibility and Financial Performance: A Time Series Evidence . Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi , 6 (2) , 345-364 . DOI: 10.31592/aeusbed.731079
MLA İltaş, Y , Demi̇rgüneş, K . "Asset Tangibility and Financial Performance: A Time Series Evidence" . Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 6 (2020 ): 345-364 <https://dergipark.org.tr/en/pub/aeusbed/issue/56121/731079>
Chicago İltaş, Y , Demi̇rgüneş, K . "Asset Tangibility and Financial Performance: A Time Series Evidence". Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 6 (2020 ): 345-364
RIS TY - JOUR T1 - Asset Tangibility and Financial Performance: A Time Series Evidence AU - Yüksel İltaş , Kartal Demi̇rgüneş Y1 - 2020 PY - 2020 N1 - doi: 10.31592/aeusbed.731079 DO - 10.31592/aeusbed.731079 T2 - Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi JF - Journal JO - JOR SP - 345 EP - 364 VL - 6 IS - 2 SN - -2149-0767 M3 - doi: 10.31592/aeusbed.731079 UR - https://doi.org/10.31592/aeusbed.731079 Y2 - 2020 ER -
EndNote %0 Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Asset Tangibility and Financial Performance: A Time Series Evidence %A Yüksel İltaş , Kartal Demi̇rgüneş %T Asset Tangibility and Financial Performance: A Time Series Evidence %D 2020 %J Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi %P -2149-0767 %V 6 %N 2 %R doi: 10.31592/aeusbed.731079 %U 10.31592/aeusbed.731079
ISNAD İltaş, Yüksel , Demi̇rgüneş, Kartal . "Asset Tangibility and Financial Performance: A Time Series Evidence". Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 6 / 2 (July 2020): 345-364 . https://doi.org/10.31592/aeusbed.731079
AMA İltaş Y , Demi̇rgüneş K . Asset Tangibility and Financial Performance: A Time Series Evidence. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2020; 6(2): 345-364.
Vancouver İltaş Y , Demi̇rgüneş K . Asset Tangibility and Financial Performance: A Time Series Evidence. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2020; 6(2): 345-364.