The Relationship between Financial Slack, Ownership-Board Structure, and Firm Performance: Evidence from BIST 100

Year 2024, Volume: 9 Issue: 3, 520 - 548, 30.09.2024

Fazlı Irmak

https://doi.org/10.30784/epfad.1483523

Abstract

The concept of financial slack refers to the sum of a firm's assets held in excess of what is required and its ability to borrow. While resource structure theorists argue that financial slack is a source of power that firms can turn to in times of need, agency theorists argue that slack can negatively affect firm value by prioritizing or squandering managers' self-interest. This study investigates the relationship between available slack, potential slack recoverable slack, and market-based performance indicators and the moderating effect of ownership structure variables on this relationship. Within the scope of the study, the firms traded in the BIST100 index between 2018/Q1-2023/Q3 are analyzed with the GMM method. According to the findings, a positive relationship was found between all types of financial slack and market-based performance indicators such as Tobin's Q, PD/DD, and F/K. According to the results of GMM analysis on the moderating effect of ownership structure and board structure on the relationship between available slack, potential slack, and recoverable slack and Tobin's Q, PD/DD, and P/E variables within the scope of agency theory, managerial ownership, ownership concentration, board independence, and board size are found to have different levels of moderating effect. There is insufficient evidence on the moderating effect of foreign ownership on the relationship between slack and performance.

Keywords

Financial Slack, Available Slack, Potential Slack, Market-Based Performance, GMM Regression Analysis

Finansal Gevşeklik, Mülkiyet-Yönetim Kurulu Yapısı ve Firma Performansı Arasındaki İlişki: BİST 100 Örneği

Abstract

Finansal gevşeklik kavramı, işletmenin olması gerekenin üzerinde elde tuttuğu varlıkları ve borçlanma yeteneğinin toplamını ifade etmektedir. Finansal gevşeklik kaynaklarını kaynak yapısı teorisyenleri, firmaların ihtiyaç anında başvurabileceği güç kaynağı olduğunu ileri sürerken, vekalet teorisyenleri gevşekliği, yöneticilerin kendi çıkarlarını önceleyerek veya israf ederek firma değerini olumsuz etkileyeceklerini ileri sürmektedir. Bu çalışmada, mevcut gevşeklik, potansiyel gevşeklik ve geri kazanılabilir gevşeklik ile piyasa temelli performans göstergeleri arasındaki ilişki ve bu ilişkide mülkiyet yapısı değişkenlerinin düzenleyici etkisi araştırılmıştır. Araştırma kapsamında 2018/Q1-2023/Q3 dönemi arasında BİST100 endeksinde işlem gören firmalar, GMM yöntemi ile analiz edilmiştir. Elde edilen bulgulara göre, tüm finansal gevşeklik türleri ile piyasa temelli performans göstergeleri olan Tobin Q, PD/DD ve F/K arasında pozitif ilişki belirlenmiştir. Mevcut gevşeklik, potansiyel gevşeklik ve geri kazanılabilir gevşeklik ile Tobin Q, PD/DD ve F/K değişkenleri arasındaki ilişkide, vekalet teorisi kapsamında mülkiyet yapısı ve yönetim kurulu yapısının düzenleyici etkisine ilişkin GMM analiz sonuçlarına göre; yönetimsel mülkiyet, mülkiyet yoğunluğu, yönetim kurulu bağımsızlığı ve yönetim kurulu büyüklüğünün farklı seviyelerde düzenleyici etki bulunmuştur. Yabancı mülkiyetinin gevşeklik ile performans arasındaki ilişkide düzenleyici etkisine ilişkin yeterli kanıtlara ulaşılamamıştır.

Keywords

Finansal Gevşeklik, Mevcut Gevşeklik, Potansiyel Gevşeklik, Piyasa Temelli Performans, GMM Regresyon Analizi

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