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

Yıl 2022, Cilt: 7 Sayı: 1, 103 - 120, 31.03.2022

Tuğba Nur Turhan Korkmaz

https://doi.org/10.29106/fesa.1072926

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

• BALTAGI, B. ve LI, Q. (1991). A Joint Test for Serial Correlation and Random Individual Effects. Statistics and Probability Letters, 11, 277-280.
• BECK, N. ve KATZ, J. (1995). What to Do (And not to do) with Time-Series Cross-Section Data. American Political Science Review, 89(3), 634-647.
• BORN, B. ve BREITUNG, J. (2016). Testing for Serial Correlation in Fixed-Effects Panel Data Models. Econometric Reviews, 35(7), 1290-1316.
• BREUSCH, T. ve PAGAN, A. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. Review of Economic Studies, 47(1), 239-253.
• DEMİRCİ, N.S. (2017). The Effect of Free Cash Flows on Company Value: Dynamic Panel Data Analysis on BIST 100 Index in the Context of Free Cash Flow Theory. Journal of Business Research-Türk, 9(2), 283-299.
• HAIR, J., ANDERSON, R. E., TATHAM, R. ve William C. B. (1998). Multivariate Data Analysis. New Jersey: Prentice-Hall.
• HONDA, Y. (1985). Testing The Error Components Model with Non-Normal Disturbances. Review of Economic Studies, 52, 681-690.
• IM, K., PESARAN, H. ve SHIN, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 53–74.
• JENSEN, M.C. ve MECKLING, W.H. (1976), Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3, 305–360.
• JENSEN, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76, 323 -329.
• KADIOĞLU, E. ve YILMAZ, A. (2017). Is the Free Cash Flow Hypothesis Valid in Turkey? Borsa Istanbul Review, 17(2), 111-116.
• KARGAR, E.F. ve AHMADI, G.R. (2013). The Relationship between Free Cash Flows and Agency Costs Levels: Evidence from Tehran Stock Exchange. Research Journal of Finance and Accounting, 4(14), 51-65.
• KHIDMAT, W.B. ve REHMAN, M.U. (2014). The Impact of Free Cash Flows and Agency Costs on Firm Performance — An Empirical Analysis of KSE Listed Companies of Pakistan. Journal of Financial Engineering, 1(3), 1-25.
• LAI, E.K.S., LATIFF, A.R.A., KEONG, O.C. ve QUN, T.C. (2020). The Impact of Free Cash Flow on Firm’s Performance: Evidence from Malaysia. Eurasian Economic Perspectives Conference Paper, 3-16.
• LIN, L. ve LIN, D. (2014). Agency Cost of Free Cash Flow and Bidders’ Long-Run Takeover Performance. Universal Journal of Accounting and Finance, 2(1), 1-8.
• MANN, V. S. ve SICHERMAN, N.W. (1991). The Agency Costs of Free Cash Flow: Acquisition Activity and Equity Issues. The Journal of Business, 64(2), 213-227.
• MUTENDE, E.A., MWANGI, M., NIJIHIA, J.M. ve OCHIENG, D.E. (2017). The Moderating Role of Firm Characteristics on the Relationship between Free Cash Flows and Financial Performance of Firms Listed at The Nairobi Securities Exchange. Journal of Finance and Investment Analysis, 6(4), 55-77.
• NOBANEE, H. ve ABRAHAM, J. (2017). The Impact of Free Cash Flow, Equity Concentration and Agency Costs on Firm’s Profitability. Investment Management and Financial Innovations, 14(2), 19-26.
• PESARAN, H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Cambridge Working Papers in Economics Working Paper, 435.
• PESARAN, M.H., ULLAH, A. ve YAMAGATA, T. (2008). A Bias Adjusted LM Test of Error Cross Section Independence. Econometrics Journal, 11, 105–127.
• SAPUAN, N.M., WAHAB, N.A., FAUZ, M.A. ve OMONOV, A. (2021). Analyzing the Impacts of Free Cash Flow and Agency Cost towards Firm Performance in the Public Listed Companies in Malaysia. Journal of Governance and Integrity, 5(1), 211-218.
• SMITH, V., LEYBOURNE, S., KIM, T. H. ve NEWBOLD, P. (2004). More Powerful Panel Data Unit Root Tests with An Application to Mean Reversion in Real Exchange Rates. Journal of Applied Econometrics, 19, 147–170.
• TOPALOĞLU, E.E. (2019). Temsil Maliyetleri ve Finansal Kısıtlar: Borsa İstanbul Metal Ana Endeksi Firmaları Üzerine Bir Uygulama. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi,7(5), 15-25.
• TURABOĞLU, T. T. (2004), Vekalet-Temsil-Problem ve Maliyetleri. Ekonomik Yaklaşım Dergisi, 15(51), 109-124.
• WANG, Y. (2010). The Impacts of Free Cash Flows and Agency Costs on Firm Performance. J. Service Science & Management, 3, 408-418.