Agency Cost and Financial Constraints: An Application on Borsa Istanbul Basic Metal Firms

Abstract

In the study, it is aimed to reveal the effect of agency costs on financial constraints.
The data of the 12 firms that have been operating continuously in BIST Basic Metal Index during the period of 2008-2017 were analyzed by static and dynamic panel data analysis. Statistically significant and negative relationship was found the agency costs between firm managers and creditors to the firm and financial constraint, while there was a statistically significant relationship between agency costs between managers and shareholders and between shareholders and creditors could not be determined. Therefore, firms operating in the BIST Basic Metal Index need to consider the agency costs that may arise between managers and creditors to avoid financial constraints or minimize financial constraints.

Keywords

• Agency Costs,Financial Constraint,Borsa Istanbul,Basic Metal Index,Panel Data Analysis

Temsil Maliyetleri ve Finansal Kısıtlar: Borsa İstanbul Metal Ana Endeksi Firmaları Üzerine Bir Uygulama

Öz

Çalışmada, temsil maliyetlerinin finansal kısıtlara olan etkisini ortaya çıkarmak amaçlanmıştır. Bu doğrultuda Borsa İstanbul Metal Ana Endeksi’nde devamlı olarak faaliyet gösteren 12 firmanın 2008-2017 dönemindeki verileri, statik ve dinamik panel veri analizleri ile incelenmiştir. Çalışmada, firma yöneticileri ile firmaya borç verenler arasında ortaya çıkan temsil maliyetleri ile finansal kısıt arasında istatistiksel olarak anlamlı ve negatif ilişki tespit edilirken, yöneticiler - hissedarlar arasında ve hissedar - borç verenler arasında ortaya çıkan temsil maliyetleri ile finansal kısıt arasında ise istatistiksel olarak anlamlı bir ilişki tespit edilememiştir. Dolayısıyla, BIST Ana Metal Endeksinde faaliyet gösteren firmaların finansal kısıtlar ile karşı karşıya kalmamak ya da finansal kısıtları minimize edebilmek için yönetici ile borç verenler arasında oluşabilecek temsil maliyetlerini dikkate almaları gerekmektedir.

Anahtar Kelimeler

• Temsil Maliyetleri,Finansal Kısıt,Borsa İstanbul,Metal Ana Endeksi,Panel Veri Analizi

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