YÖNETİCİ AŞIRI GÜVENİNİN FİRMA DEĞERİ VE BORÇLANMA KARARLARI ÜZERİNDEKİ ETKİSİ: BIST GIDA SEKTÖRÜ ÜZERİNE AMPİRİK BİR ARAŞTIRMA

Year 2022, , 199 - 211, 28.05.2022

Aslı Yıkılmaz

https://doi.org/10.53092/duiibfd.1034914

Abstract

Bu çalışmada BİST Gıda sektöründe yer alan 19 firmanın 2005-2020 yılları arasındaki finansal verileri incelenerek, yönetici aşırı güveninin firma değeri ve borçlanma kararları üzerindeki etkisi Panel veri yöntemi ile araştırılmıştır. Yönetici aşırı güveni Schrand & Zechman (2012) ve Gao & Han (2020)’ın çalışmalarında kullandıkları yöntem ile tespit edilmiştir. Ampirik sonuçlara göre yönetici aşırı güveni firma değerini negatif yönde etkilerken, borçlanma oranını pozitif yönde etkilediği tespit edilmiştir. Elde edilen sonuçlar yönetici aşırı güveninin finansal kararlar üzerinde önemli bir etkiye sahip olduğunu ortaya koymuştur.

Keywords

Yönetici Aşırı güven, Firma Değeri, Finansal Kaldıraç

THE EFFECT OF MANAGER'S OVERCONFIDENCE ON FIRM VALUE AND DEBT DECISIONS: AN EMPIRICAL RESEARCH ON BIST FOOD INDUSTRY

Abstract

In this study, the relationship between manager overconfidence and firm value and debt ratio was investigated by panel data method, examining the financial data of 19 firms in the BIST Food sector between the years 2005-2020. Manager overconfidence was determined by the method used in Schrand & Zechman (2012) and Gao & Han (2020) studies. According to the empirical results, it has been determined that while manager overconfidence affects the firm value negatively, it affects the debt ratio positively. The results revealed that executive overconfidence has a significant impact on financial decisions.

Keywords

Managerial Overconfidence, Firm Value, Financial Leverage

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