The Analyses of Financial Performance of Family Businesses Traded in Borsa Istanbul

Year 2018, Volume: 18 Issue: 1, 135 - 152, 01.02.2018

Sinan Kiziltoprak Mine Aksoy

Abstract

In this study, the financial performance of family businesses were compared with the financial performance of other non-family businesses. Family business was defined as the type of business in which a person or a family has at least 20% of the shares of any business. Return on assets, return on equity, return on sales and ratio of market value to book value were used as financial performance measures. In all regression results, it was seen that the return on equity was negatively influenced by the fact that a business is a family business. Similarly, the top manager of the company from family member negatively affected the return on equity as well as the ratio of the market value to the book value. The fact that the chairman of the board was from the family has not affected any of the performance criteria statistically significantly. The fact that the top manager of the company was also the chairman of the board of directors has affected the return on equity for all family and non-family businesses positively. It was also observed that the return on assets and the ratio of market value to book value were negatively affected by financial leverage while positively affected by sales. The business age has positively affected the ratio of the market value to the book value, in addition to the fact that chairman of the board was male positively affected return on assets

Keywords

Family Firm, Borsa Istanbul, Financial Performance

Borsa İstanbul’da İşlem Gören Aile İşletmelerinin Finansal Performanslarının Analizi

Abstract

Bu çalışmada Borsa İstanbul’da işlem gören aile işletmelerinin finansal performansı diğer işletmeler ile karşılaştırılmıştır. Aile işletmeleri ‘bir kişinin veya bir ailenin herhangi bir işletmenin hisselerinin en az %20’sine sahip olduğu işletme türü’ olarak tanımlanmıştır. Finansal performans ölçütleri olarak toplam aktif karlılığı, öz kaynak kârlılığı, toplam satış kârlılığı ve piyasa değerinin defter değerine oranı kullanılmıştır. Tüm regresyon sonuçlarında, öz kaynak kârlılığının bir işletmenin aile işletmesi olmasından negatif etkilendiği görülmüştür. Benzer şekilde şirketin tepe yöneticisinin aileden olmasının ise öz kaynak kârlılığı ile birlikte, piyasa değerinin defter değerine oranını negatif etkilediği izlenmiştir. Yönetim kurulu başkanının aileden olması ise performans ölçütlerinin hiçbirini istatistiksel olarak anlamlı bir şekilde etkilememiştir. Şirketin tepe yöneticisinin ayni zamanda yönetim kurulu başkanı olması ise aile ve aile olmayan tüm işletmeler için öz kaynak kârlılığını pozitif etkilemiştir. Toplam aktif kârlılığının ve piyasa değerinin defter değerine oranının finansal kaldıraçtan negatif, satışlardan pozitif etkilendiği görülmüştür. İşletmenin yaşı piyasa değerinin defter değerine oranını pozitif etkilerken, yönetim kurulu başkanının erkek olması toplam aktif kârlılığını pozitif etkilemiştir

Keywords

Aile İşletmesi, Borsa İstanbul, Finansal Performans

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