TRADE CREDIT BORROWING IN FAMILY FIRMS IN BIST: A PANEL REGRESSION APPROACH

Year 2022, , 893 - 914, 27.12.2022

Bahadır Karakoç , Uğur Arcagök

https://doi.org/10.36543/kauiibfd.2022.036

Abstract

Ticari borç literatürü, kredili mal alışlarının işletmeler için önemli bir finansman aracı olduğunu ortaya koymuştur. Yakın zamanda yapılan bazı çalışmalar ise ticari borçların fiziksel kapasite artışlarının finansmanında önemli bir araç olduğunu dile getirmiştir. Öyle ki, kaynakların etkin kullanımını ve firmanın değerini maksimize etmeyi hedefleyen yöneticilerin finansman tercihlerini ticari borçlardan yana kullanacağı, zira böyle bir uygulamanın kaynak israfını engelleyeceğini dolayısıyla asil-vekil ilişkisinden kaynaklı maliyetleri düşüreceği dile getirilmiştir. Bu çalışmanın amacı Borsa İstanbul’a kayıtlı aile şirketlerinin sermaye yapısını ve bu işletmelerin fiziksel yatırımlarında kullanılan ticari borç miktarının diğer firmalara nazaran nasıl farklılaştığını incelemektir. Çalışmada Borsa İstanbul’da işlem gören 173 işletmenin 2006-2019 yıllarına ait verileri panel regresyon yöntemi ile incelenmiştir. Elde edilen bulgular ticari borç kullanımında önemli bir farklılık olmadığına işaret etse de aile şirketlerinin fiziksel yatırımların finansmanında belirgin şekilde daha az ticari borç kullandıkları anlaşılmıştır.

Keywords

Sermaye yapısı, kredili satışlar, aile şirketleri

Thanks

Sayın Editör. Kültür Üniversitesi tarafından düzenlenen, aile işletmeleri konulu kongrede sunmuş olduğumuz bildirinin tam metnini sisteme yükledik. Bilginize. Saygılarımla.

TRADE CREDIT BORROWING IN FAMILY FIRMS IN BIST: A PANEL REGRESSION APPROACH

Abstract

The finance literature presents credit purchases as an important source of funding to buyers. It has even been demonstrated to be in use in financing physical investments. Some studies argue that managers, concerned with wealth maximization should, in fact, finance physical investments via trade credit because it limits the use of funds for private benefits and hence reduces agency costs. Accordingly, the aim of this study is to examine financing preferences toward trade credit borrowing in family firms, using publicly traded firm data from Turkey. We also examine its use in financing capital expenditures by comparing family and non-family firms. The sample includes 173 non-financial firms and covers the period 2006-2019. The comparison of family and non-family firms reveals no significant differences in the use of trade credit, however, a negative and statistically significant association between investment and the usage of trade credit is found.

Keywords

Capital structure, credit sales, family business

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