Yatırım Kararları ile Firma Karlılığı Arasındaki İlişki: Fon Akışları ve Yatırım Fırsatlarının Moderatör Rolü

Year 2023, Issue: 98, 171 - 188, 17.04.2023

Tuğba Nur

https://doi.org/10.25095/mufad.1244004

Abstract

Çalışmada yatırım kararları ile firma karlılığı ilişkisinde fon akışları ve yatırım fırsatlarının moderator rolünün
2000-2020 döneminde Borsa İstanbul’da işlem gören 107 reel sektör firması için panel veri analizi ile araştırılması
amaçlanmıştır. Firma karlılığı için aktif karlılık ve özsermaye karlılığı, yatırım kararları için sabit varlıkların büyüme oranı,
toplam varlıkların büyüme oranı ve sermaye harcamalarının toplam varlıklara büyüme oranları değişkenleri seçilmiştir.
Gerçekleştirilen analizler sonucunda yatırım kararlarının firma karlılığını önemli derecede etkilediği tespit edilmiştir. Ayrıca
çalışmada fon akışları ve yatırım kararlarının etkileşimi ve yatırım fırsatları ve yatırım kararlarının etkileşiminin firma
karlılığı üzerinde anlamlı etkilerinin olduğu ve bu etkileşim değişkenleri modele dahi edildikten sonra yatırım kararlarının
firma karlılığı üzerindeki etkisini artırdığı bulgulanmıştır.

Keywords

Yatırım Kararları, Kârlılık, Nakit Akışı, Yatırım Fırsatı, BİST

The Nexus Between Corporate Investment Decisions and Firm Profitability: Moderating Role of Fund Flows and Investment Opportunities

Abstract

The study aims to investigate the moderating role of fund flows and investment opportunities in the relationship
between investment decisions and firm profitability with a panel data analysis for 107 real sector firms traded in Borsa
Istanbul for the period 2000-2020. Return on assets and return on equity variables are selected for firm profitability, while
growth rate of fixed assets, growth rate of total assets and growth rate of capital expenditures to total assets are selected for
investment decisions. As a result of the analysis, it has found that investment decisions have a significant impact on firm
profitability. The study also finds that the interaction of fund flows and investment decisions and the interaction of investment
opportunities and investment decisions have significant effects on firm profitability and that the inclusion of these interaction
variables in the model increases the impact of investment decisions on firm profitability.

Keywords

Investment Decisions, Profitability, Cash Flow, Investment Opportunity, BIST

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