Dönemsel Halka Arzlar Firma Finansal Performansı Üzerinde Ne Tür Bir Döngü Yaratır? Panel Hata Doğrulama Modelli BIST Uygulaması

Year 2024, Volume: 32 Issue: 61, 191 - 212, 30.07.2024

Zeynep Kalaycıoğlu , Ahmet Kurtaran

https://doi.org/10.17233/sosyoekonomi.2024.03.10

Abstract

Bu çalışmanın amacı, dönemsel halka arz firmalarında temel halka arz göstergelerinin, uzun ve kısa dönemde cari oran, öz sermaye karlılığı ve finansal kaldıraç oranı üzerindeki etkilerini incelemektir. Bu sebeple 2005-2022 yılları arasındaki 40 hissenin verilerinden yararlanılarak Panel ARDL hata düzeltme modeli uygulanmıştır. Analiz sonuçları literatür ile uyumlu olup, halka arz sonrası finansal kaldıraç derecesinin düştüğü, likiditenin yükseldiği; uzun vadede ise bu finansal iyileşmenin gerilediği vurgulanmıştır. Bu kapsamda çalışmanın amacı ile dönemsel halka arz firmalarında temel halka arz göstergelerinin, uzun ve kısa dönemde cari oran, öz sermaye karlılığı ve finansal kaldıraç oranı üzerindeki etkilerine bu yelpaze içerisinde literatürü destekler nitelikte bir bakış açısı sunulabilmiştir.

Keywords

Dönemsel Halka Arz, Borç ve Öz Sermaye, Panel ARDL Hata Düzeltme Modeli

Project Number

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What Kind of Cycle Do Seasoned Equity Offerings Create on The Company's Financial Structure? BIST Application with Panel ARDL Error Correction Model

Abstract

This study examines the effects of fundamental public offering indicators in seasoned public offering companies on current ratio, return on equity and financial leverage ratio in the long and short term. For this reason, the Panel ARDL error correction model was applied by using the data of 40 stocks between 2005-2022. The analysis results are consistent with the literature, and it is found that the degree of financial leverage decreased and liquidity increased after the public offering; it was emphasised that this financial recovery has regressed in the long term. In this context, a perspective supporting the literature within this spectrum could be presented about the effects of fundamental public offering indicators on the current ratio, return on equity and financial leverage ratio in seasoned public offering companies in the long and short term.

Keywords

Seasoned Equity Offering, Debt and Equity, Panel ARDL Error Correction Model

Supporting Institution

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Project Number

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Thanks

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