NASDAQ ve NYSE Borsalarında İşlem Gören Fı̇nansal İşletmelerı̇n Finansal Yapılarının Karlılıklarına Etkı̇sı̇

Öz

Bu çalışmada Amerika Birleşik Devletleri’nde faaliyet gösteren dünyanın en büyük borsalarından biri olarak kabul edilen New York Stock Exchange (NYSE) ve dünyanın teknoloji borsası kabul edilen National Association of Securities Dealers Automated Quotations (NASDAQ) borsalarında işlem gören işlem gören banka ve finansal kuruluşların finansal yapılarının karlılıklarına etkisi araştırılmıştır. Bu kapsamda, mali tablo verilerine eksiksiz ulaşılabilen 320 adet işletmenin 2015-2024 yılları arası finansal verileri ile panel veri regresyon analizi yapılmıştır. Çalışmada ilk olarak, serilere ait yatay kesit bağımlılığı test edilmiş ve yatay kesit bağımlılığını dikkate alan ikinci nesil birim kök testleri yapılmıştır. Sabit etkiler mi yoksa tesadüfi etkiler modelini mi tercih edeceğimize karar vermek için Hausman testi yapılarak uygun regresyon modeli seçilmiştir. Daha sonra seride otokorelasyon ve değişen varyans problemini çözmek için sırasıyla Durbin Watson ve Wald testleri yapılmış, otokorelasyon ve değişen varyans problemi ortadan kaldırılan serilere ait regresyon modelleri tahmin edilmiştir. Çalışmanın ampirik bulguları, bağımlı değişkenlerin tamamının finansal yapılarının bankaya özgü değişkenlerden ziyade makroekonomik değişkenlerden daha fazla etkilendikleri ve bu durumun banka ve finansal kuruluşların karlılıklarına etki ettiği sonucuna ulaşılmıştır

Anahtar Kelimeler

• Finansal Firmalar
• Bankacılık Sektörü
• Panel Data

The Effect of Financial Structure on Profitability of Financial Firms on NASDAQ and NYSE Stock Exchanges

Öz

This study examines how financial structure impacts the profitability of banks and financial institutions listed on the New York Stock Exchange (NYSE), one of the largest stock exchanges in the United States, and the National Association of Securities Dealers Automated Quotations (NASDAQ), the leading global technology stock exchange. In this context, a panel data regression analysis was conducted by taking into account the financial data between 2015 and 2024 of 320 enterprises with complete financial statement data. In the first stage of the study, cross-sectional dependence of the series was tested, and then second-generation unit root tests that take into account cross-sectional dependence were performed. To decide between the random effects model and the fixed effects model, the Hausman test is conducted to choose the suitable regression model. Then, Durbin-Watson and Wald tests were performed to solve the autocorrelation and variance problems in the series, respectively, and regression models were estimated for the series for which autocorrelation and variance problems were eliminated. The empirical findings of the research are that the financial structures of all dependent variables are affected more by macroeconomic variables than by bank-specific variables and that this situation affects the profitability of banks and financial institutions.

Anahtar Kelimeler

• Financial Firms
• Banking Sector
• Panel Data

Kaynakça

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