TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA

Year 2016, Volume: 8 Issue: 14, 173 - 187, 11.04.2016

Pelin Özek

https://doi.org/10.14784/jfrs.23358

Cited By: 3

Abstract

Bu çalışmada, Türkiye’de finans sektörü dışında faaliyet gösteren firmaların türev araç kullanımı ile
ilişkili faktörler analiz edilmektedir. Analizler Borsa İstanbul Sınai Endeksine (XUSIN) kayıtlı olan 115
firmanın 2009 ve 2014 yılları arasındaki verilerine dayalı olarak yapılmıştır. Genel olarak örneklemin yüzde
35’i tarafından türev araç kullanıldığı belirlenmiştir. Tek değişkenli istatistiksel testler ve lojistik regresyon
analizinden elde edilen sonuçlar türev araç kullanımının kaldıraç ve firma büyüklüğü ile pozitif ilişkili olduğunu göstermektedir. Ayrıca, kâr volatilitesi ve net kâr marjı firmaların türev araç kullanımı ile negatif
ilişkilidir. Bununla birlikte veriler, türev araç kullanımını firma değeri ile ilişkilendirmek için yeterli kanıt
sağlamamıştır.

Keywords

Türev Araçlar, Risten Korunma, Firma Özellikleri

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