INVESTIGATION ON THE EFFECT OF TYPES OF FINANCIAL SLACKS ON FIRM PERFORMANCE AND STOCKS

Abstract

In this study, the effects of financial slack types on financial performance and stock price were investigated. In this regard, data of companies operating in the BIST 30 Index between 2013 and 2021 were examined. Independent variables to be used in the analysis; The most commonly used types of financial laxity are; current slack, recoverable slack and potential slack. The dependent variables to be used in the analysis are; return on assets, return on equity, Tobin Q ratio, market value-book value ratio and stock price. In practice, panel data analysis management was applied to the data for the relevant years. Stata 14 package program was used to perform the relevant analysis. When the studies in the literature were examined, it was seen that there was one doctoral thesis published in Turkish and the existing literature was predominantly foreign publications, and in the studies in the literature, financial performance measurements were included in the analysis, but stock prices were not included. In this regard, both the BIST30 Index was analyzed and the stock prices of the companies were included in the analysis. As a result of the panel data analysis, it was seen that financial slack types significantly affected balance sheet-based financial ratios.

Keywords

• Financial Performance
• Financial Slack
• Panel Data Analysis

FİNANSAL GEVŞEKLİK TÜRLERİNİN FİRMA PERFORMANSINA VE HİSSE SENEDİNE OLAN ETKİSİNİN İNCELENMESİ

Öz

Bu çalışmada, finansal gevşeklik türlerinin, finansal performansa ve hisse senedi fiyatına olan etkisi araştırılmıştır. Bu doğrultuda, 2013-2021 yılları arasında, BİST 30 Endeksi’nde faaliyet gösteren firmaların verileri incelenmiştir. Analizde kullanılacak bağımsız değişkenler; en çok kullanılan finansal gevşeklik türleri olan; mevcut gevşeklik, geri kazanılabilir gevşeklik ve potansiyel gevşekliktir. Analizde kullanılacak bağımlı değişkenler ise; aktif karlılığı, özsermaye karlılığı, Tobin Q oranı, piyasa değeridefter değeri oranı ve hisse senedi fiyatıdır. Uygulamada, ilgili yıllara ait verilere panel veri analiz yönetimi uygulanmıştır. İlgili analizin yapılmasında, Stata 14 paket programı kullanılmıştır. Literatürdeki çalışmalar incelendiğinde, Türkçe yayın olarak bir adet doktora tezi bulunduğu ve mevcut literatürün yurt dışı yayınlar ağırlıklı olduğu, ayrıca literatürdeki çalışmalarda analize finansal performans ölçümlerinin katıldığı, fakat hisse senedi fiyatlarının dahil edilmediği görülmüştür. Bu doğrultuda hem BİST30 Endeksi üzerinde analiz yapılmış hem de analize firmalara ait hisse senedi fiyatları dahil edilmiştir. Yapılan panel veri analizi sonucunda, finansal gevşeklik türlerinin bilanço temelli finansal oranları anlamlı olarak etkilediği görülmüştür.

Anahtar Kelimeler

• Finansal Performans
• Finansal Gevşeklik
• Panel Veri Analizi

Kaynakça

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