Karlılığı Belirleyen Finansal Faktörler: BIST’te İşlem Gören İmalat Sanayi Firmaları Üzerine Bir Araştırma
Year 2016,
Volume: 3 Issue: 1, 0 - , 16.01.2016
Mesut Doğan
,
Yusuf Topal
Abstract
Bu çalışmanın amacı Borsa İstanbul’da (BİST) hisse senetleri işlem gören imalat sanayi firmalarının karlılığını belirleyen finansal faktörlerin tespit edilmesidir. Araştırmada 2005-2012 yılları arasında BİST imalat sanayide işlem gören 136 firmanın verilerinden yararlanılmıştır. Araştırmada panel veri analizi kullanılmıştır. Yapılan analizler sonucunda ROA ve ROE ile toplam varlıklar arasında pozitif bir ilişki; buna karşın kaldıraç oranı arasında ise negatif bir ilişki tespit edilmiştir. Cari oran ve firma yaşı ile karlılık arasında istatistiksel olarak anlamlı olmayan sonuçlar elde edilmiştir.
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- Majumdar, S. K. (1997). The Impact of Size and Age on Firm-Level Performance: Some Evidence from India. Review of Industrial Organization, 12 (2), 231- 241.
- Moscu, R. G. (2013). The Relationship between Firm Performance and Bord Characteristics in Romania. International Journal of Academic Research in Economics and Management Sciences, 2(1), 167- 175.
- Peng, M. W., Zhang, S. & Li, X. (2007). CEO Duality and Firm Performance during China’s Institutional Transitions. Management and Organization Review 3(2), 205– 225.
- Postma, T. J. B. M., Ees H. V. & Sterken, E. (2003). Board Composition and Firm Performance in the Netherlands. Eastern Economic Journal, 29, 41- 58.
- Rashid A., Zoysa A. D., Lodh S. & Rudkin K. (2010). Board Composition and Firm Performance: Evidence from Bangladesh. Australasian Accounting Business and Finance Journal, 4(1), 76- 95.
- Rehman, A. & Shah S. Z. A. (2013). Board Independence, Ownership Structure and Firm Performance: Evidence from Pakistan. Interdisciplinary Journal of Contemporary Research In Business, 5(3), 832- 845.
- Sayman, Y. (2012). Sahiplik Yapısının Firma Performansı Ve Sermaye Yapısı Üzerine Etkileri: İmkb’de İşlem Gören Üretim Firmalarında Bir Uygulama. (Yayınlanmamış Doktora Tezi). Ankara Üniversitesi, Ankara.
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- Tian, J. J. & Lau, C. M. (2001). Board Composition, Leadership Structure and Performance in Chinese Shareholding Companies. Asia Pacific Journal of Management, 18, 245– 263.
- Ujunwa, A. (2012). Board Characteristics and the Financial Performance of Nigerian Quoted Firms. Corporate Governance, 12(5), 1- 30.
- Velnampy, T. (2013). Corporate Governance and Firm Performance: A Study of Sri Lankan Manufacturing Companies. Journal of Economics and Sustainable Development, 4(3), 228- 235.
- Vo, D. & Phan, T. (2013). Corporate Governance and Firm Performance: Empirical Evidence From Vietnam, http://www.murdoch.edu.au/School-of-Management-and-Governance/_document/Australian-Conference-of-Economists/Corporate-governance-and-firm-performance.pdf, 03.12.2013.
- Wang, Y. & Clift, B. (2009). Is There a “Business Case” for Board Diversity?. Pacific Accounting Review, 21(2), 88-103.
- Wintoki, M. B., Linck, J. S. & Netter, J. M. (2012). Endogeneity and the Dynamics of Internal Corporate Governance. Journal of Financial Economics, 105, 581-606.
- Younas, Z.I., Mahmood, H. & Saeed, A. (2013). Effect of Firm Performance on Corporate Governance a Panel Data Analysis. Asian Journal of Empirical Research, 3(1), 1- 8.
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Year 2016,
Volume: 3 Issue: 1, 0 - , 16.01.2016
Mesut Doğan
,
Yusuf Topal
References
- Andres, de P. A., Azofra, V. & Lopez, F. (2005). Corporate Boards in Some OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance. An International Review, 13, 197- 210.
- Arosa, B., Iturralde T. & Maseda A. (2010). Ownership Structure and Firm Performance In Non-Listed Firms: Evidence From Spain. Journal of Family Business Strategy.- Elsevier. 1 (2), 88- 96.
- Arosa B., Iturralde T. & Maseda A. (2013). The Board Structure and Firm Performance in Smes: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19, 127– 135.
- Aydın G. (2009). Tüketici Temelli Marka Değerinin Firmaların Finansal Performansı Üzerine Etkisi: Türkiye’de Bir Çalışma. (Yayınlanmamış Doktora Tezi). İstanbul Teknik Üniversitesi, İstanbul.
- Baptista, M. A. A., Klotzle, M.C. & Melo, M.A.C. (2011). Ceo Duality and Firm Performance in Brazil: Evidence From 2008. Revista Persamento Contemporaneo em Aministracao, UFF, 11, 36- 55.
- Bennedsen, M., Kongsted, H. C. & Nielsen, K. M. (2008). The Causal Effect of Board Size in the Performance of Small and Medium-Sized Firms. Journal of Banking & Finance, 32, 1098- 1109.
- Bouaziz, Z. & Triki, M. (2012). The İmpact of The Board of Directors on the Financial Performance of Tunisian Companies. Universal Journal of Marketing and Business Research, 1(2), 56- 71.
- Bozec, R. (2005). Boards of Directors, Market Discipline and Firm Performance. Journal of Business Finance & Accounting, 32(9), 1921- 1960.
- Cavaco, S., Challe, E., Crifo, P., Reberioux, A. & Roudaut, G. (2013). Board Independence and Operating Performance: Analysis On (French) Company and Individual Data. Departement D'economie, Ecole Polytechnique Centre National De La Recherche Scientifique, http://econpapers.repec.org/paper/drmwpaper/2014-2.htm, 01.07.2014.
- Chen, L. (2012). The Effect of Ownership Structure on Firm Performance: Evidence from Non-financial Listed Companies in Scandinavia. Msc in Finance & International Business, Aarhus School of Business. Aarhus University.
- Chen, Z.L., Cherung, Y.L., Stouraitis & Wong, A. W. S. (2005). Ownership Concentration, Firm Performance and Dividend Policy in Hong Kong. Pacific-Basin Finance Journal, 13 (4), 431- 449.
- Cheng, S. (2008). Board Size and the Variability of Corporate Performance. Journal of Financial Economics, 87, 157– 176.
- Cho, D. S. & Kim, J. (2007). Outside Directors, Ownership Structure and Firm Profitability in Korea. Corporate Governance: An International Review, 15, 239- 250.
- Cornett, M. M., Marcus A. J., Saunders, A. & Tehranian, H. (2007). The Impact of Institutional Ownership on Corporate Operating Performance. Journal of Banking & Finance, 31, 1771– 1794.
- Doğan M. & Elitaş, B.L. (2014). Çalışma Sermayesi Gereksiniminin Belirleyicileri: Borsa İstanbul Gıda Sektörü Üzerine Bir İnceleme, Muhasebe Bilim Dünyası Dergisi, 16(2), 1-14.
- Ercan, M. K. & Ban, Ü. (2005). Değere Dayalı İşletme Finansı: Finansal Yönetim (4. Baskı). Ankara: Gazi Kitabevi.
- Ehikioya, B. I. (2009). Corporate Governance Structure and Firm Performance in Developing Economies: Evidence from Nigeria. Corporate Governance, 9(3), 231- 243.
- Eisenberg, T., Sundgren, S. & Wells, M. T. (1998). Larger Board Size and Decreasing Firm Value in Small Firms. Journal of Financial Economics, 48, 35- 54.
- Elsayed, K. (2011). Board Size and Corporate Performance: The Missing Role of Board Leadership Structure. Journal of Management & Governance, 15(3), 415- 446.
- Fauzi, F. & Locke, S. (2012). Board Structure, Ownership Structure and Firm Performance: A Study of New Zealand Listed-Firms. Asian Academy of Management Journal of Accounting and Finance, 8(2), 43– 67.
- Guest, P. M. (2009). The Impact of Board Size on Firm Performance: Evidence From The UK. The European Journal of Finance. 15(4), 385- 404.
- Guillet, B. D., Seo K., Küçükusta D. & Lee, S. (2013). CEO Duality and Firm Performance in The U.S. Restaurant Industry: Moderating Role of Restaurant Type. International Journal of Hospitality Management, 33, 339– 346.
- Haniffa, R. & Hudaib, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance & Accounting, 33, 1034- 1062.
- İskenderoğlu, Ö. (2008). İşletmelerin Büyümesinde Büyüklüğün Etkisi: Türkiye İçin Bir İnceleme. (Yayınlanmış Doktora Tezi). Çukurova Üniversitesi, Adana.
- Kakani, K. Ram.-Saha, Biswatosh. & Reddy, N. V. (2001). Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study, NSE Research Initiative Paper, No. 5 PP12-30.
- Kim, K. H. (2013). Deep Structures in CEO Duality-Firm Performance Linkage. International Management Review, 9(2), 11- 23.
- Koerniadi, H. & Tourani-Rad A. (2012). Does Board Independence Matter? Evidence from New Zealand. Australasian Accounting Business and Finance Journal, 6(2), 3- 18.
- Kyereboah-Coleman, A. (2007). Corporate Governance and Firm Performance in Africa: A Dynamic Panel Data Analysis, http://wuhjkww.ifc.org/wps/wcm/connect/2768a80048a7e7cbad47ef6060ad5911/Kyereboah-Coleuhjkman%2B %2BCorporate%2BGovernance.pdf?MOD=AJPERES&ContentCache=NONE, , 13.01.2014.
- Liargovas, G. Panagitios & Skandalis, K. (2008). Factor affecting firms financial performance The Case of Greece, Global Business and Management Research: An International Journal, University of Peloponnese.
- Lückerath-Rovers, M. (2010). Women on Board and Firm Performance. Journal of Corporate Governance, 1– 30, DOI 10.1007/s10997-011-9186-1, http://download.springer.com/static/pdf/96/art%253A10.1007%252Fs10997-011-9186-1.pdf?auth66=1416167068_199cc40999f7e7d4a7f2ca741f611a7b&ext=.pdf, 20.05.2014.
- Majumdar, S. K. (1997). The Impact of Size and Age on Firm-Level Performance: Some Evidence from India. Review of Industrial Organization, 12 (2), 231- 241.
- Moscu, R. G. (2013). The Relationship between Firm Performance and Bord Characteristics in Romania. International Journal of Academic Research in Economics and Management Sciences, 2(1), 167- 175.
- Peng, M. W., Zhang, S. & Li, X. (2007). CEO Duality and Firm Performance during China’s Institutional Transitions. Management and Organization Review 3(2), 205– 225.
- Postma, T. J. B. M., Ees H. V. & Sterken, E. (2003). Board Composition and Firm Performance in the Netherlands. Eastern Economic Journal, 29, 41- 58.
- Rashid A., Zoysa A. D., Lodh S. & Rudkin K. (2010). Board Composition and Firm Performance: Evidence from Bangladesh. Australasian Accounting Business and Finance Journal, 4(1), 76- 95.
- Rehman, A. & Shah S. Z. A. (2013). Board Independence, Ownership Structure and Firm Performance: Evidence from Pakistan. Interdisciplinary Journal of Contemporary Research In Business, 5(3), 832- 845.
- Sayman, Y. (2012). Sahiplik Yapısının Firma Performansı Ve Sermaye Yapısı Üzerine Etkileri: İmkb’de İşlem Gören Üretim Firmalarında Bir Uygulama. (Yayınlanmamış Doktora Tezi). Ankara Üniversitesi, Ankara.
- Sevinç, V. (2013). Türkiye’ye Gelen Yabancı Turist Sayısı, Amerikan Doları Kuru ve Ekonomik Kriz Yılları Arasında Bir Granger Nedensellik İlişkisi Analizi, Ekonomik ve Sosyal Araştırmalar Dergisi, 9(2), 233- 249.
- Sueyoshi T., Goto M. & Omi Y. (2010). Corporate Governance and Firm Performance: Evidence from Japanese Manufacturing Industries after the Lost Decade. European Journal of Operational Research, 203, 724–736.
- Taghizadeh, M. & Saremi S. Y. (2013). Board of Directors and Firms Performance: Evidence from Malaysian Public Listed Firm. DOI: 10.7763/IPEDR. . 59. 37, 178- 182, http://www.ipedr.com/vol59/037-ICEMM2013-P10030.pdf, 03.07.2014.
- Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi (2.Baskı). İstanbul: Beta Yayınevi.
- Tian, J. J. & Lau, C. M. (2001). Board Composition, Leadership Structure and Performance in Chinese Shareholding Companies. Asia Pacific Journal of Management, 18, 245– 263.
- Ujunwa, A. (2012). Board Characteristics and the Financial Performance of Nigerian Quoted Firms. Corporate Governance, 12(5), 1- 30.
- Velnampy, T. (2013). Corporate Governance and Firm Performance: A Study of Sri Lankan Manufacturing Companies. Journal of Economics and Sustainable Development, 4(3), 228- 235.
- Vo, D. & Phan, T. (2013). Corporate Governance and Firm Performance: Empirical Evidence From Vietnam, http://www.murdoch.edu.au/School-of-Management-and-Governance/_document/Australian-Conference-of-Economists/Corporate-governance-and-firm-performance.pdf, 03.12.2013.
- Wang, Y. & Clift, B. (2009). Is There a “Business Case” for Board Diversity?. Pacific Accounting Review, 21(2), 88-103.
- Wintoki, M. B., Linck, J. S. & Netter, J. M. (2012). Endogeneity and the Dynamics of Internal Corporate Governance. Journal of Financial Economics, 105, 581-606.
- Younas, Z.I., Mahmood, H. & Saeed, A. (2013). Effect of Firm Performance on Corporate Governance a Panel Data Analysis. Asian Journal of Empirical Research, 3(1), 1- 8.
- Yu, M. (2008). CEO Duality and Firm Performance for Chinese Shareholding Companies. 19th Chinese Economic Association (UK) Annual Conference, http://www.ceauk.org.uk/2008-conference-papers/YU-mei-CEO-duality-firm-performance-Chinese-shareholding-companies.pdf, 05.06.2014.