SERBEST NAKİT AKIŞLARI, TEMSİL MALİYETLERİ VE FİRMA PERFORMANSI ARASINDAKİ İLİŞKİ: BİST’TE İŞLEM GÖREN FİRMALAR ÜZERİNE BİR ARAŞTIRMA

Öz

Bu çalışmanın amacı, serbest nakit akışları ile temsil maliyeti, serbest nakit akışları ile firma performansı ve temsil maliyetleri ile firma performansı arasındaki ilişkinin araştırılmasıdır. Araştırma kapsamını 2011-2020 yılları arasında BİST Metal Eşya, Makina Endeksi’nde işlem gören firmalar oluşturmaktadır. Yöntem olarak panel veri analizi kullanılmıştır. Serbest nakit akışları ve temsil maliyetleri ilişkisine yönelik analiz sonuçlarına göre, serbest nakit akışları ile yönetici-hissedar temsil maliyetleri ve yönetici-borç veren temsil maliyetleri arasında negatif yönlü ilişki tespit edilmiştir. Serbest nakit akışları, temsil maliyetleri ve firma performansına ilişkin analiz sonuçlarına göre ise yönetici-borç veren temsil maliyetleri ile aktif karlılık, yönetici-borç veren ve yönetici-hissedar temsil maliyetleri ile özsermaye karlılığı arasında negatif yönlü ilişki tespit edilmiştir. Elde edilen bulgular serbest nakit akışları teorisini (Jensen, 1986) kısmen desteklemektedir. Bulgulara göre, firmaların sahip oldukları serbest nakit akışlarının büyüklüğünden ziyade nasıl kullandıkları daha önemli olmaktadır. Serbest nakit akışları temsil maliyetlerine neden olmamakla birlikte finansal performans üzerinde negatif etki yaratabileceğinden firmaların buna yönelik politikalar geliştirmeleri gerektiği söylenebilir.

Anahtar Kelimeler

• Serbest Nakit Akışları
• Temsil Maliyetleri
• Firma Performansı
• BIST

THE RELATIONSHIP BETWEEN FREE CASH FLOWS, AGENCY COSTS AND FIRM PERFORMANCE: A RESEARCH ON BIST COMPANIES

Öz

The aim of this study is to investigate the relationship between free cash flows and agency cost, free cash flows and firm performance, and agency costs and firm performance. The scope of the research consists of companies traded in the BIST Metal Products, Mach Index between 2011 and 2020. Panel data analysis was used in the application. In terms of the relationship between free cash flows and agency costs, a negative relationship was found between both manager-shareholder and manager-creditor. According to the analysis results on free cash flows, agency costs and firm performance; a negative relationship was found between manager-creditor agency costs and asset profitability. Similarly negative relationship was found between manager-creditor and manager-shareholder agency costs and return on equity. The findings partly support the free cash flow theory (Jensen, 1986). According to the findings, it is more important how firms use their free cash flows rather than the size of their free cash flows. Although free cash flows do not cause agency costs, it can be said that companies should develop policies for this, since they can have a negative effect on financial performance.

Anahtar Kelimeler

• Free Cash Flows
• Agency Costs
• Firm Performance
• BIST

Kaynakça

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