İLİŞKİLİ TARAF İŞLEMLERİNİN FİRMA DEĞERİ ÜZERİNE ETKİSİ: BORSA İSTANBUL (BIST)’DA BİR UYGULAMA

Abstract

İlişkili taraf işlemleri işletmelerde hem kurumlar arası hem de kurumlarla kişiler arası gerçekleştirilebilen işlemlerdir. Bu işlemler taraflar arasında mal ve hizmet satışı/alışı şeklinde gerçekleşebileceği gibi, borç alışverişi gibi farklı şekillerde de gerçekleşebilmektedir. Gerçekleşen bu tür işlemlerin muhasebe/finansal raporlama standartları uyarınca finansal raporların gerçeğe uygun olması bakımından açıklanması gerekmektedir. Açıklanan ilişkili taraf işlemleri nedeniyle firmanın değerinde olumlu ya da olumsuz etkilenme ihtimalinin olabileceği ifade edilebilir. Bu araştırmanın amacı ilişkili taraf işlemlerinin firma değerini etkileyip etkilemediğini tespit etmektir. Bu anlamda firma değerini etkileyen diğer değişkenlerle birlikte ilişkili taraf işlemlerinin firma değerini etkileyip etkilemediği BİST 100’de faaliyet gösteren 41 adet sanayi işletmesi üzerinde araştırılmıştır. Araştırma sonucunda ilişkili taraf işlemlerinin firma değerini araştırma kapsamında yer alan işletmeler bakımından etkilemediği tespit edilmiştir. Öte yandan piyasa değeri/defter değeri oranının ve öz sermaye karlılığının firma değerini pozitif yönde etkilediği tespit edilmiş, finansal kaldıracın firma değerinin negatif yönde etkilediği tespit edilmiştir.

Keywords

• Firma Değeri
• İlişkili Taraf İşlemleri
• Finansal Oran

THE EFFECT OF RELATED PARTY TRANSACTIONS ON FIRM VALUE: AN APPLICATION IN BIST

Abstract

Related party transactions are transactions that can be carried out both between institutions and individuals with institutions. These transactions may take place between the parties in the form sale/purchase of goods and services or also may take place in the form of debt exchange. Such transactions are required to be disclosed in accordance with the accounting/financial reporting standards in terms of the accuracy of the financial reports. It can be stated that the the firm value may be affected positively or negatively due to the related party transactions disclosed. The purpose of the research is to determine whether the related party transactions affect or not the firm value. In this sense, it has been investigated on 41 industrial enterprises in BIST 100 whether the related party transactions with other variables that affect the firm value. As a result of this research, it has been determined that the related party transactions do not affect the firm value for 41 enterprises. On the other hand, it was determined that the market to book value ratio and return on equity ratio positively affect the firm value, and it was determined that the financial leverage has negative effect on the firm value.

Keywords

• Firm Value
• Related Party Transactions
• Financial Ratio

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