TÜREV ARAÇ KULLANIMINI ETKİLEYEN FİNANSAL FAKTÖRLERİN TESPİTİ: BORSA İSTANBUL UYGULAMASI

Öz

Firmaların risk yönetiminde kullanabilecekleri en etkili yöntemlerden biri türev araçlardır. Firmaların türev araç kullanımlarının artırılmasında türev araç kullanım kararını etkileyen faktörlerin belirlenmesi büyük öneme sahiptir. Bu çalışmanın amacı firmaların türev araç kullanımlarını etkileyen firmaya özgü finansal faktörlerin tespitidir. Çalışmada Borsa İstanbul’da imalat sanayi sektöründe faaliyet gösteren 176 firmanın 2014:12-2018:12 dönemi verileri kullanılmıştır. Türev araç kullanımını etkilemesi beklenen finansal kaldıraç, cari oran, büyüklük ve aktif karlılığı modele alınmıştır. İkili lojistik regresyon analizinin yapıldığı çalışmanın sonucunda türev araç kullanım kararı büyüklük ile pozitif ve diğer değişkenlerle negatif ilişkiye sahiptir. Elde edilen bulgulara göre likidite düzeyi düşük, büyük ölçekli ve karlılığı düşük olan firmalarda risk yönetiminde türev araçlar etkin bir yöntem olarak kullanılabilir.

Anahtar Kelimeler

• Türev araçlar
• risk yönetimi
• ikili lojistik regresyon

DETERMINATION OF FINANCIAL FACTORS AFFECTING THE USE OF DERIVATIVE INSTRUMENTS ISTANBUL STOCK EXCHANGE APPLICATION

Öz

One of the most effective methods firms can use in risk management is derivative instruments. Determination of the factors that affect the decision to use derivative instruments is of great importance in increasing the use of derivative instruments by firms. The aim of this study is to identify firm-specific financial factors affecting the use of derivative instruments by firms. Data of 176 firms operating in the manufacturing industry sector in Istanbul Stock Exchange (ISE) are used in the study for the period 2014:12-2018:12. Financial leverage ratio, current ratio, size and return on assets, which are expected to affect the use of derivative instruments, are modeled. As a result of the study in which binary logistic regression analysis is conducted that the decision to use derivative instruments has a positive relationship between size and, a negative relationship between leverage, current ratio and return on assets. According to the result of the study, derivative instruments can be used as an effective method in risk management in firms with low liquidity level, large scale and low profitability.

Anahtar Kelimeler

• Derivatives
• risk management
• binary logistic regression

Kaynakça

1. Afza, T., Alam, A. (2011), “Determinants of Extent of Financial Derivative Usage” African Journal of Business Management, 5(20), 8331-8336.
2. Ahmad, N., Haris, B. (2012), “Factors for Using Derivatives: Evidence From Malaysian Non-Financial Companies”, Research Journal of Finance and Accounting, 3(9), 79-87.
3. Aksoy, E.E. (2017), Finansal Yönetim: Teorik Yaklaşımlar, Çözümlü Örnekler ve Öneri Yaklaşımlar, Ankara: Gazi Kitapevi.
4. Albayrak, A. S. (2006), Uygulamalı Çok Değişkenli İstatistik Teknikleri, Ankara: Asil Yayınları.
5. Ameer, R. (2010), “Determinants of Corporate Hedging Practices in Malaysia”, International Business Research, 3(2), 120-130.
6. Ampofo, S. A., Opoku-Mensah, E. V. A. N. S., Darkwah, E. A.(2019),” Factors Determining the Use of Financial Derivatives by Selected Banks Listed on the Ghana Stock Exchange”, European Academic Research, 6(12), 6924-6944.
7. Berkman, H., Bradbury, M. E., Hancock, P., Innes, C. (2002), “Derivative Financial Instrument Use in Australia”, Accounting and Finance, 42, 97-109.
8. Birt, J., Rankin, M., Song, C. L. (2013), “Derivatives Use and Financial Instrument Disclosure in the Extractives Industry”, Accounting and Finance, 53(1), 55-83.

9. Bodnar, G. M., Gebhardt, G. (1999), “Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey”, Journal of International Financial Management and Accounting, 10(3), 153-187.
10. Carroll, A., O’Brien, F., Ryan, J. (2017), “An Examination of European Firms’ Derivatives Usage: The İmportance of Model Selection”, European Financial Management, 23(4), 648-690.
11. Charumathi, B., Kota, H. (2012), “On the Determinants of Derivative Usage by Large Indian Non-Financial Firms” Global Business Review, 13(2), 251-267.
12. Çankaya, S., Güçver, C. (2019), “Borsa İstanbul İmalat Sanayi Endeksine Kayıtlı Firmaların Finansal Risk Yönetimlerinde Türev Ürün Kullanımının Belirleyicileri”, BDDK Bankacılık ve Finansal Piyasalar, 13(2).185-213.
13. Çokluk, Ö. (2010), “Lojistik Regresyon Analizi: Kavram ve Uygulama”, Kuram ve Uygulamada Eğitim Bilimleri, 10(3), 1357-1407.
14. Dharmiyanti, N. M. D., Darmayanti, N. P. A. (2020), “The Influence of Liquidity, Growth Opportunities, and Firm Size on Non-Finance Companies’ Hedging Policy in Indonesia Stock Exchange”, American Journal of Humanities and Social Sciences Research, 4(1), 129-135.
15. Durmuş, Ö.,Coşkun, E. (2019), “Şirketlerin Türev Ürün Kullanımını Etkileyen Faktörler: Borsa İstanbul’da Bir Araştırma”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 181-208.
16. El‐Masry, A. A. (2006), “Derivatives Use and Risk Management Practices by UK Nonfinancial Companies”, Managerial Finance, 32(2), 137-159.
17. Gewar, M. M., Suryantini, N. P. S. (2020), “The Effect of Leverage, Managerial Ownership, And Dividend Policy On Hedging Decisions In Manufacturing Companies”, American Journal of Humanities and Social Sciences Research, 4(1), 382-389.
18. Graham, J. R., Rogers, D. A. (2002), “Do Firms Hedge in Response to Tax Incentives?”, The Journal of Finance, 57(2), 815-839.
19. Isa, M. A. M., Ismail, N., Abd Rahman, N. H. (2017), “The Use of Derivatives to Hedge Risk for Plantation and Property Companies in Malaysia”, e-Academia Journal, 6(1), 38-47
20. Jalilvand, A. (1999), “Why Firms Use Derivatives: Evidence from Canada”, Canadian Journal of Administrative Sciences, 16(3), 213-228.
21. Kalaycı, Ş. (2006), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri, Ankara: Asil Yayın Dağıtım.
22. Mallin, C., Ow-Yong, K., Reynolds, M. (2001), “Derivatives Usage in UK Non- Financial Listed Companies”, The European Journal of Finance, 7(1), 63-91.
23. Nance, D.R, Smith, C., Smithson, C. W. (1993), “On the Determinants of Corporate Hedging”, The Journal of Finance, 48(1), 267-284.
24. Nguyen, H., Faff, R. (2002), “On the Determinants of Derivative Usage by Australian Companies”, Australian Journal of Management, 27(1), 1-24.
25. ÖZEK, P. (2016), "An Empirical Investigation on the Use of Derivative Instruments by Industrial Firms in Turkey." Finansal Araştırmalar ve Çalışmalar Dergisi, 8(14), 173-187.
26. Paligorova, T., Staskow, R. (2014), “The Use of Financial Derivatives by Canadian Firms”, Bank of Canada Review, Autumn, 47-54.
27. Raghavendra, R. H. ,Velmurugan, P. S. (2014), “The Determinants of Currency Hedging in Indian IT Firms”, Journal of Business and Financial Affairs, 3(125), 1-7.
28. Shu, P. G., Chen, H. C. (2003), “The Determinants of Derivatives Use: Evidence from Non-Financial Firms in Taiwan”, Review of Pacific Basin Financial Markets and Policies, 6(4), 473-500.
29. Smith, C. W., Stulz, R. M. (1985), “The Determinants of Firms' Hedging Policies”, Journal of Financial and Quantitative Analysis, 20(4), 391-405.
30. Yakup, S., Asli, T. (2010), “Derivatives Usage in Risk Management by Turkish Non-Financial Firms and Banks: A Comparative Study”, Annales Universitatis Apulensis Series Oeconomica, 12(2), 663-671.
31. Yıldız, A., (2014), “Kurumsal Yönetim Endeksi ve Altman Z Skoruna Dayalı Lojistik Regresyon Yöntemiyle Şirketlerin Kredi Derecelendirmesi” Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 19(3), 71-89.