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TÜRKİYE’DE FAALİYET GÖSTEREN BANKALARIN TÜREV ÜRÜN KULLANIMINI ETKİLEYEN FAKTÖRLER: DOĞRUSAL MODEL UYGULAMASI

Year 2020, Volume: 6 Issue: 25, 246 - 258, 25.12.2020

Abstract

Türev ürünler hem finansal hem de finansal olmayan kurumlar için başarılı bir risk yönetim aracıdır. Türev ürünler genellikle, çok uluslu şirketler tarafından korunma amacıyla yani finansal riski en aza indirmek için yaygın olarak kullanılmaktadır. Çok uluslu firmalar yerel şirketlerden daha fazla kur riskine maruz kalmaktadır, riskten korunmak onlar için büyük değer taşımaktadır. Bankalar da kredi verirken ve mevduat toplarken karşı karşıya kaldığı riskleri en aza indirmek amacıyla türev ürün kullanmaktadır. Bu bağlamda türev ürün kullanımını etkileyen faktörlerin ortaya konması son derece önem arz etmektedir. Bu çalışma Türkiye’deki bankaların türev ürün kullanımını etkileyen faktörleri inceleyerek, faktörlerin hangi oranda etkilendiğini tespit etmek amacıyla yapılmıştır. Kullanılan tüm veri setleri Türkiye Cumhuriyet Merkez Bankası Elektronik Veri dağıtım Sistemi’nden alınmıştır. Bu çalışmada, kullanılan bağımlı değişken Türk Lirası cinsinden Türev Finansal Aylık Varlıklar ve bağımsız değişkenler Türk Lirası cinsinden Türk parası Mevduatı, TRY/USD Türk Lirası Amerikan Doları kuru, Bankalarca açılan mevdu-atlara uygulanan faiz arasındaki ilişkiyi incelemek amacıyla yapılmıştır. Çalışma sonucuna göre, değişkenler doğrusal model kullanılarak analiz edilmiş olup arala-rındaki ilişki pozitif yönlü bulunmuştur.

References

  • Anbar, A. ve Alper, D. (2011). “Bankaların Türev Ürün Kullanım Yoğunluğunu Etkileyen Faktörlerin Belirlenmesi’’, Muhasebe ve Finansman Dergisi, 77-94.
  • El-Masry, A. (2006). “Derivatives use and risk management practices by UK non financial companie’’, Managerial Finance, 32(2), 137-159.
  • Froot, K. Scharfstein, D. ve Stein, J. (1993). “Risk Management: Coordinating Corporatein Vestment and Financing Policies,’’, The Journal of Finance, 48(5), 629-1658.
  • Graham, J. ve Rogers, D. (2002). “Do Firms Hedge in Response to Tax in Centives?’’, The Journal of Finance, 57(2), 815-839.
  • Güçver, C. (2015). “Türk Bankacılık Sisteminde Türev Ürün Kullanımı İle Bankaya Özgü Değişkenler ve Makro Ekonomik Değişkenler Arasındaki İlişki’’, İstanbul Ticaret Üniversitesi Dış Ticaret Enstitüsü Working Paper Series, WPS NO/ 08 / 2015-10, 1-15.
  • Hassan, K. ve Khasawneh, A. (2009). “The Determinants of Derivatives Activities in U.S. Commercial Banks”, Networks Financial Institute, Working Paper Series, 2009- WP-10, 1-26.
  • Infante, L., Pıermattei, S., Santion, R. Vve Sorvllo, B. (2018). “Why Do Banks Use Derivatives? An Analysis Of The Italian Banking System’’, Questionidi Economia e Finanza, (Occasional Papers), 441,1-39.
  • İşyar, Y. (1999). “Ekonometrik Modeller” U. Ü. İkt ve İd. Bil. Fak..
  • Ledure, G. ve Demelenne, J.B. ,Introductin on Derivative Instrument, Deloitte, Link’n Learn,12 May 2016, 1-47.
  • Leland, H. (1998). “Agency Costs, Risk Management and Capital Structure’’, The Journal of Finance, 53(4), 1213-1243.
  • Mahmood, M. ve Rehman, K. (2010). “Derivative Usageın Corporate Pakistan: A Qualitative Research of Listed Companies’’, International Business & Economics Research Journal, 9(5), 151-158.
  • Santomero, A. (1997). “Commercial Bank Risk Management: An Analysis of The process”, Journal of Financial Services Research, 12(2), 83-115.
  • Shiu, Y. M, S., Peter, M., ve S., Y.C. (2009). “Determinants of Derivative Use and Its Impact on Bank Risk”,The Fourth Annual Conference on Asia-Pasific Financial Markets, Seoul, Korea.
  • Simons, K. (1995). “Interest Rate Derivatives and Asset-Liability Management by Commercial Banks”, New England Economic Review, ss. 17-28.
  • Singh, G. ve Kansal, S. (2010). “Impact of Derivative Trading on Stock Market Volatility during Preand Post F&O Period: A Case Study of NSE’’, Management Convergence, 1(1), 1-90.
  • Sinha, P. ve Sharma, S. (2016). “Derivative use and its impact on Systematic Risk of Indian Banks: Evidenceusing Tobit model’’, Munich Personal Repec Archive, No: 72251, 1-27.
  • Smith, C. ve Stultz, R. (1985). “The Determinants of Firms' Hedging Policies’, ’The Journal of Financial and Quantitative Analysis, 20(4), 391-405.
  • Vashishtha, A. ve Kumar, S. (2010). “Development of Financial Derivatives Market in India- A Case Study’’, International Research Journal of Finance and Economics, ISSN 1450-2887, 37, 15-29.
  • Zakaria, S. (2017). “The Use of Financial Derivatives in Measuring Bank Risk Management Efficiency: A Data Envelopment Analysis Approach’’, Asian Academy of Management Journal, 22(2), 209–244.

THE FACTORS AFFECTING DERIVATIVE PRODUCT USE OF BANKS OPERATING IN TURKEY: LINEAR MODEL APPLICATION

Year 2020, Volume: 6 Issue: 25, 246 - 258, 25.12.2020

Abstract

Derivative products are a successful risk management tool for both financial and non-financial institutions. The derivatives are commonly used by multinational companies for the protection that is to minimize financial risk. The multinational companies are more exposed to currency risk than local companies, and hedging is of great value to them. Banks also use derivative products in order to minimize the risks they faced while giving credit and collecting deposits. In this context, it is extremely important to reveal the factors that affect the use of derivatives. This study is carried out in order to determine to what extent the factors affected the use of the derivatives by examining the factors affecting the use of derivatives of banks in Turkey. All data sets used are taken from the Electronic Data Distribution System of Central Bank of the Republic of Turkey. In this study, the relationship between the dependent variable (in Turkish Lira denominated “Derivative Financial Monthly Assets”) and independent variables (in Turkish Lira denominated Turkish Lira Deposit, TRY / USD, Turkish Lira, US Dollar rate, interest applied to deposits opened by banks) was analyzed using a linear model, and the relationship between variables was found to be positive.

References

  • Anbar, A. ve Alper, D. (2011). “Bankaların Türev Ürün Kullanım Yoğunluğunu Etkileyen Faktörlerin Belirlenmesi’’, Muhasebe ve Finansman Dergisi, 77-94.
  • El-Masry, A. (2006). “Derivatives use and risk management practices by UK non financial companie’’, Managerial Finance, 32(2), 137-159.
  • Froot, K. Scharfstein, D. ve Stein, J. (1993). “Risk Management: Coordinating Corporatein Vestment and Financing Policies,’’, The Journal of Finance, 48(5), 629-1658.
  • Graham, J. ve Rogers, D. (2002). “Do Firms Hedge in Response to Tax in Centives?’’, The Journal of Finance, 57(2), 815-839.
  • Güçver, C. (2015). “Türk Bankacılık Sisteminde Türev Ürün Kullanımı İle Bankaya Özgü Değişkenler ve Makro Ekonomik Değişkenler Arasındaki İlişki’’, İstanbul Ticaret Üniversitesi Dış Ticaret Enstitüsü Working Paper Series, WPS NO/ 08 / 2015-10, 1-15.
  • Hassan, K. ve Khasawneh, A. (2009). “The Determinants of Derivatives Activities in U.S. Commercial Banks”, Networks Financial Institute, Working Paper Series, 2009- WP-10, 1-26.
  • Infante, L., Pıermattei, S., Santion, R. Vve Sorvllo, B. (2018). “Why Do Banks Use Derivatives? An Analysis Of The Italian Banking System’’, Questionidi Economia e Finanza, (Occasional Papers), 441,1-39.
  • İşyar, Y. (1999). “Ekonometrik Modeller” U. Ü. İkt ve İd. Bil. Fak..
  • Ledure, G. ve Demelenne, J.B. ,Introductin on Derivative Instrument, Deloitte, Link’n Learn,12 May 2016, 1-47.
  • Leland, H. (1998). “Agency Costs, Risk Management and Capital Structure’’, The Journal of Finance, 53(4), 1213-1243.
  • Mahmood, M. ve Rehman, K. (2010). “Derivative Usageın Corporate Pakistan: A Qualitative Research of Listed Companies’’, International Business & Economics Research Journal, 9(5), 151-158.
  • Santomero, A. (1997). “Commercial Bank Risk Management: An Analysis of The process”, Journal of Financial Services Research, 12(2), 83-115.
  • Shiu, Y. M, S., Peter, M., ve S., Y.C. (2009). “Determinants of Derivative Use and Its Impact on Bank Risk”,The Fourth Annual Conference on Asia-Pasific Financial Markets, Seoul, Korea.
  • Simons, K. (1995). “Interest Rate Derivatives and Asset-Liability Management by Commercial Banks”, New England Economic Review, ss. 17-28.
  • Singh, G. ve Kansal, S. (2010). “Impact of Derivative Trading on Stock Market Volatility during Preand Post F&O Period: A Case Study of NSE’’, Management Convergence, 1(1), 1-90.
  • Sinha, P. ve Sharma, S. (2016). “Derivative use and its impact on Systematic Risk of Indian Banks: Evidenceusing Tobit model’’, Munich Personal Repec Archive, No: 72251, 1-27.
  • Smith, C. ve Stultz, R. (1985). “The Determinants of Firms' Hedging Policies’, ’The Journal of Financial and Quantitative Analysis, 20(4), 391-405.
  • Vashishtha, A. ve Kumar, S. (2010). “Development of Financial Derivatives Market in India- A Case Study’’, International Research Journal of Finance and Economics, ISSN 1450-2887, 37, 15-29.
  • Zakaria, S. (2017). “The Use of Financial Derivatives in Measuring Bank Risk Management Efficiency: A Data Envelopment Analysis Approach’’, Asian Academy of Management Journal, 22(2), 209–244.
There are 19 citations in total.

Details

Primary Language Turkish
Journal Section Research Articles
Authors

Yağmur Akarsu This is me

Nur Dilbaz Alacahan This is me

Publication Date December 25, 2020
Published in Issue Year 2020 Volume: 6 Issue: 25

Cite

APA Akarsu, Y., & Dilbaz Alacahan, N. (2020). TÜRKİYE’DE FAALİYET GÖSTEREN BANKALARIN TÜREV ÜRÜN KULLANIMINI ETKİLEYEN FAKTÖRLER: DOĞRUSAL MODEL UYGULAMASI. Kesit Akademi Dergisi, 6(25), 246-258.