TÜREV ARAÇ KULLANIMINI ETKİLEYEN FİNANSAL FAKTÖRLERİN TESPİTİ: BORSA İSTANBUL UYGULAMASI

Abstract

Firmaların risk yönetiminde kullanabilecekleri en etkili yöntemlerden biri türev araçlardır. Firmaların türev araç kullanımlarının artırılmasında türev araç kullanım kararını etkileyen faktörlerin belirlenmesi büyük öneme sahiptir. Bu çalışmanın amacı firmaların türev araç kullanımlarını etkileyen firmaya özgü finansal faktörlerin tespitidir. Çalışmada Borsa İstanbul’da imalat sanayi sektöründe faaliyet gösteren 176 firmanın 2014:12-2018:12 dönemi verileri kullanılmıştır. Türev araç kullanımını etkilemesi beklenen finansal kaldıraç, cari oran, büyüklük ve aktif karlılığı modele alınmıştır. İkili lojistik regresyon analizinin yapıldığı çalışmanın sonucunda türev araç kullanım kararı büyüklük ile pozitif ve diğer değişkenlerle negatif ilişkiye sahiptir. Elde edilen bulgulara göre likidite düzeyi düşük, büyük ölçekli ve karlılığı düşük olan firmalarda risk yönetiminde türev araçlar etkin bir yöntem olarak kullanılabilir.

Keywords

• Türev araçlar
• risk yönetimi
• ikili lojistik regresyon

DETERMINATION OF FINANCIAL FACTORS AFFECTING THE USE OF DERIVATIVE INSTRUMENTS ISTANBUL STOCK EXCHANGE APPLICATION

Abstract

One of the most effective methods firms can use in risk management is derivative instruments. Determination of the factors that affect the decision to use derivative instruments is of great importance in increasing the use of derivative instruments by firms. The aim of this study is to identify firm-specific financial factors affecting the use of derivative instruments by firms. Data of 176 firms operating in the manufacturing industry sector in Istanbul Stock Exchange (ISE) are used in the study for the period 2014:12-2018:12. Financial leverage ratio, current ratio, size and return on assets, which are expected to affect the use of derivative instruments, are modeled. As a result of the study in which binary logistic regression analysis is conducted that the decision to use derivative instruments has a positive relationship between size and, a negative relationship between leverage, current ratio and return on assets. According to the result of the study, derivative instruments can be used as an effective method in risk management in firms with low liquidity level, large scale and low profitability.

Keywords

• Derivatives
• risk management
• binary logistic regression

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