İŞLETME DEĞERİ İLE FİNANSAL ORANLAR ARASINDA İLİŞKİ VAR MI? BORSA İSTANBUL’DA BİR UYGULAMA

Öz

Bu çalışmada finansal oranlar ile işletme değeri arasındaki ilişkinin tespit edilmesi amaçlanmaktadır. Bu amaçla, bağımlı değişken olarak işletme değeri, bağımsız değişkenler olarak ise cari oran aktif devir hızı, piyasa değeri/defter değeri, kaldıraç oranları ve net satışlar kullanılmıştır. Çalışmada panel veri analizi yöntemi ile Borsa İstanbul BİST ’te işlem gören 115 imalat sanayi işletmesinin 2005-2014 verileri analiz edilmiştir

Anahtar Kelimeler

• Finansal Oranlar,İşletme Değeri,Panel Veri Analizi

Is There a Relationship Between Firm Value and Financial Ratios? An Application in Borsa İstanbul

Öz

In this study, it is aimed to determine the relationship between financial ratios and firm value. For this purpose, firm value as dependent variable, current ratio, asset turnover rate, market to book value, leverage ratios and net sales were used as independent variables. Panel data analysis method in the study analysed the 2005-2014 data of 115 production firms that were traded at the Borsa Istanbul BIST

Anahtar Kelimeler

• Financial Ratios,Firm Value,Panel Data Analysis

Kaynakça

1. Altan, M. ve Arkan, F. (2011). Relationship Between Firm Value and Financial Structure: A Study on Firms In ISE Industrial Index. Journal of Business & Economics Research, 9 (9), 61-66.
2. Asiri, B. K. ve Hameed, S. A. (2014). Financial Ratios and Firm’s Value in the Bahrain Bourse. Research Journal of Finance and Accounting, 5 (7), 1-9.
3. Ayeni, T. M. ve Olaoye, B. J. (2015). Cost of Capital Theory and Firm Value: Conceptual Perspective. International Journal of Multidisciplinary Resear- ch and Development, 2 (10), 632-636.
4. Ayrıçay, Y. ve Türk, V.E. (2014). Finansal Oranlar ve Firma Değeri İlişkisi: BİST’de Bir Uygulama. Muhasebe ve Finansman Dergisi, 64, 53-70.
5. Baltagi, B.H. (2008). Econometric Analysis of Panel Data. Fourth Edition, Wiley.
6. Birgili, E. ve Düzer, M. (2010). Finansal Analizde Kullanılan Oranlar ve Firma Değeri İlişkisi: İMKB’de Bir Uygulama. Muhasebe ve Finansman Dergisi, 46, 74-83.
7. Cheng, M. C. ve Tzeng, Z. C. (2011). The Effect of Leverage on Firm Value and How The Firm Financial Quality Influence on This Effect. World Journal of Management, 3 (2), 30-53.
8. Crisóstomo, V. L., Freire, F. S. ve Vasconcellos, F. C. (2011). Corporate Social Responsibility, Firm Value and Financial Performance in Brazil. Social Responsibility Journal, 7 (2), 257-281.

9. Delen, D., Kuzey, C. ve Uyar, A. (2012). Measuring Firm Performance Using Financial Ratios: A Decision Tree Approach. Expert Systems with Appli- cations, 40 (10), 3970-3983.
10. Gujarati, D. N. (2004). Basic Econometrics, Forth Edition, The McGraw-Hill Companies.
11. Gupta, P. K. ve Kumar, S. (2016). Association between Degree of Leverages and Firm Value. Asian Journal of Finance & Accounting, 8 (1), 212-229.
12. Ha, N. M. ve Tai, L. M. (2017). Impact of Capital Structure and Cash Holdings on Firm Value: Case of Firms Listed on the Ho Chi Minh Stock Exchan- ge. International Journal of Economics and Financial Issues, 7 (1), 24-30.
13. Hsiao, C. (2014). Analysis of Panel Data. Third Edition, Cambridge University Press, NewYork
14. Karakaya, A., Kurtaran, A. T. ve Kurtaran, A. (2017). Firm Value and External Financing Needs. International Journal of Economics and Finance, 9 (6), 69- 81.
15. Panaretou, A. (2014). Corporate Risk Management and Firm Value: Evidence from the UK Market. The European Journal of Finance, 20 (12), 1161-1186.
16. Uluyol, O. ve Türk, V. E. (2013). Finansal Rasyoların Firma Değerine Etkisi: Borsa İstanbul (BİST)’da Bir Uygulama. Afyon Kocatepe Üniversitesi İİBF Dergisi, 15 (2), 365-384.
17. Weiying, J. ve Baofeng, C. (2008). “Financial Risk, Business Risk and Firm Va- lue for Logistics Industry”. 4th International Conference on Wireless Com- munications, Networking and Mobile Computing.