Asset Tangibility and Financial Performance: A Time Series Evidence

Öz

1980li yılların başlarından itibaren, dünya genelinde firmaların varlık yatırımlarının maddi varlıklardan çok maddi olmayan varlıklara doğru yöneldiği görülmektedir. Bu yönelim Türkiye’deki üretim firmaları için de geçerlidir. Maddi olmayan varlık yatırımlarının öneminin artmasına karşın, bu varlıkların finansal performans üzerindeki etkisi tartışmaya açık bir konudur. Maddi olmayan varlık yatırımları daha riskli olabilmekte ve kaldıraç etkisi yaratmada -maddi- teminat olarak yeterince kullanılamamaktadır. Sonuç itibariyle, maddi varlık yoğun firmaların fonlama maliyetlerinin daha düşük, finansal performanslarının da daha yüksek olması olasıdır. Bu çalışmada; 1990.Q3-2016.Q4 döneminde maddi varlıkların Türk imalat sanayi sektörünün finansal performansı üzerindeki olası etkisi araştırılmaktadır. Serilerin durağanlık düzeyleri ADF (1979; 1981), KPSS (1992) ve Zivot ve Andrews (1992) birim kök testleri kullanılarak tespit edilmektedir. Seriler arasındaki uzun dönemli ilişkilerin irdelendiği Gregory ve Hansen (1996) eşbütünleşme testi sonuçları; finansal performans ile maddi varlık yapısı, kaldıraç, likidite ve faaliyet etkinliği arasında uzun dönem ilişkisinin varlığını göstermektedir. Son olarak, uzun-dönem katsayıların tahminlemesinde kullanılan Stock ve Watson (1993)’ın DOLS tahmincisi sonuçlarına göre; maddi varlık yapısı, finansal kaldıraç, likidite ve faaliyet etkinliği değişkenlerinin finansal performansa karşı katsayıları istatistiksel olarak anlamlıdır. Kırılma tarihi (2002.Q1) de dahil olmak üzere, bu tarihe kadar, bağımsız değişkenlerin tamamının finansal performansı olumlu yönde etkilediği görülürken; söz konusu etkileşim kırılma tarihi sonrasında negatife dönmektedir.

Anahtar Kelimeler

• Varlık Yapısı
• Finansal Performans
• Zaman Serisi Analizi

Asset Tangibility and Financial Performance: A Time Series Evidence

Öz

Since 1980s, firms’ asset investments have more or less tended to shift from tangible to intangible investments. This tendency is also valid for Turkish manufacturing firms. Despite the increasing importance of intangible asset investments, their role on financial performance is subject to considerable debate. These investments are riskier compared to tangible asset investments, and cannot easily be used as collateral in corporate borrowing. Tangible assets offering high guarantee are pledged as the primary source of collateral in corporate borrowing. Consequently, a firm with higher asset tangibility is likely to lower external financing costs, leading higher financial performance. This paper analyzes the effect of asset tangibility on financial performance of Turkish manufacturing sector covering 1990.Q3-2016.Q4. The stationarity of series and the cointegration relationship among them are tested by ADF (1979; 1981), KPSS (1992), and Zivot and Andrews (1992) unit root tests, and one-break Gregory and Hansen (1996) cointegration test. Long-run coefficients estimated by Stock and Watson (1993)’s DOLS methodology posit that while asset tangibility, financial leverage, liquidity and operating efficiency have significant and positive effects on financial performance till (and including) the break date; from this break date on, they affect financial performance negatively.

Anahtar Kelimeler

• Asset Tangibility
• Financial Performance
• Time Series Analysis

Kaynakça

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