Şirketlerin Yapısal Özelliklerinin Yatırım Tutarı Üzerindeki Etkisi: BİST Tüm Endeksi Şirketleri Üzerine Bir Araştırma

Öz

Şirket yönetiminin temel amacı uygun yatırım ve finansman politikaları seçerek şirketin piyasa değerini maksimize etmektir. Özellikle yüksek büyüme potansiyeline sahip şirketlerin kazançlarını yeni yatırımlara aktarması, yeni nakit akışları ve hisse senedi getirileri imkânı da sunmaktadır. Buradan hareketle çalışmanın temel amacı, şirketlerin yatırım tutarını etkileyen şirkete özgü değişkenlerin araştırılması olarak belirlenmiştir. Bu amaç doğrultusunda BIST Tüm Endeksi’nde yer alan ve mali kuruluş kapsamında olmayan 128 şirketin, 2012-2021 döneminde şirkete özgü değişkenleri ile yatırım tutarları arasındaki ilişki Panel Regresyon Analizi ile incelenmiştir. Elde edilen bulgulara göre likit varlıklar, dönem sonu net kar, kısa vadeli borçlar, uzun vadeli borçlar, vergi tutarı ve şirket büyüklüğü değişkenleri ile yatırım harcamaları arasında anlamlı bir ilişki olduğu belirlenmiştir. Bu değişkenlerden büyüklük ile yatırım harcamaları arasında pozitif, diğer değişkenlerle yatırım harcamaları arasında ise negatif yönlü bir ilişki tespit edilmiştir.

Anahtar Kelimeler

• Yatırım Harcamaları
• Yapısal Özellikler
• Şirket Büyüklüğü
• Borçlanma Yapısı

Impact of Structural Characteristics of Firms on Investment Amounts: Evidence from BIST All Index

Abstract

The primary objective of corporate management is to maximize a company's market value by adopting optimal investment and financing policies. Particularly, firms with substantial growth potential can allocate their earnings towards new investments, which in turn can generate additional cash flows and stock returns. This study aims to investigate the firm-specific variables that influence investment amounts. To this end, a Panel Regression Analysis was conducted to explore the relationship between firm-specific variables and investment amounts for 128 companies listed in the BIST All Index, excluding financial institutions, over the period from 2012 to 2021. The results reveal a significant relationship between investment expenditures and variables such as liquid assets, net income at the end of the period, short-term debt, long-term debt, tax amount, and company size. Specifically, a positive relationship was identified between company size and investment expenditures, while a negative relationship was observed between investment expenditures and the other variables.

Keywords

• Investment Expenditures
• Company Structural Features
• Company Size
• Debt Structure

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