Financial Flexibility and Investment Efficiency in Turkey: A Review of Borsa Istanbul BIST Dividend Index Companies

Year 2025, Volume: 59 Issue: 3, 701 - 714, 21.07.2025

Emine Karaçayır

https://doi.org/10.51551/verimlilik.1646706

Abstract

Purpose: The aim of this study is to investigate the impact of financial flexibility on investment efficiency for companies that have been operating in the Borsa Istanbul BIST Dividend Index between 2005 and 2023.
Methodology: Panel data analysis was conducted using data from 89 companies operating in the Borsa Istanbul Dividend Index over the period 2005–2023. Due to the presence of lagged values of the dependent variable, a dynamic panel data model was employed, and the Generalized Method of Moments (GMM) estimator was selected. In the excess debt capacity method used to measure financial flexibility, a dummy variable was created that takes a value of “1” if companies maintaining financial flexibility for three consecutive years continue to be financially flexible in the subsequent period, and “0” otherwise. This variable was also used as the measure of financial flexibility.
Findings: It is observed that companies can increase their investments by utilizing their reserve debt capacity and thus manage their investments more efficiently. At the same time, it is also found that companies with high financial flexibility achieve more efficient results by increasing their investments.
Originality: In general, the relationship between financial flexibility and firm performance and the relationship between financial flexibility and asset structure, capital structure and dividend policy have been investigated. This study investigates the effect of financial flexibility on the investment efficiency.

Keywords

Financial Flexibility , Investment Efficiency , BIST Dividend

Türkiye'de Finansal Esneklik ve Yatırım Verimliliği: Borsa İstanbul BIST Temettü Endeksi Şirketleri Üzerine Bir İnceleme

Abstract

Amaç: Bu çalışmanın amacı, Türkiye’de 2005-2023 yılları arasında Borsa İstanbul BIST Temettü Endeksi’nde faaliyetlerine devam eden şirketlerin finansal esnekliğinin yatırım verimliliği üzerindeki etkisini araştırmaktır.
Yöntem: Borsa İstanbul Temettü Endeksi’nde faaliyet gösteren 89 şirketin 2005-2023 dönemi verileri kullanılarak panel veri analizi gerçekleştirilmiştir. Bağımlı değişkenin gecikmeli değerlerinin bulunması nedeniyle dinamik panel veri modeli kullanılmış ve Genelleştirilmiş Momentler Metodu (GMM) modeli tercih edilmiştir. Finansal esnekliği ölçmek için kullanılan yedek borç kapasitesi yönteminde üç yıl aralıksız finansal esnekliğe sahip olan şirketlere bir sonraki dönem için finansal esnekliğe sahip olması durumunda “1” değerinin verildiği, tersi durumda ise “0” değerinin verildiği kukla değişkeni oluşturulmuş, bu değişken aynı zamanda finansal esneklik değişkeni olarak kullanılmıştır.
Bulgular: Şirketlerin, yatırımlarını yedek borç kapasitelerini kullanarak artırabildiği ve bu sayede yatırımlarını daha etkin bir şekilde yönetebildiği görülmüştür. Aynı zamanda finansal esnekliği yüksek olan şirketlerin yatırımlarını artırarak daha verimli sonuçlar elde ettiği tespit edilmiştir.
Özgünlük: Genel olarak finansal esneklik ve firma performansı arasındaki ilişki ve finansal esnekliğin; varlık yapısı, sermaye yapısı ve kar dağıtım politikaları ile olan ilişki araştırılmıştır. Bu çalışmada finansal esnekliğin yatırım verimliliği üzerine etkiyi araştırılmıştır.

Keywords

Finansal Esneklik , Yatırım Verimliliği , BIST Temettü

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