THE MODERATING ROLE OF FINANCIAL LEVERAGE IN THE RELATIONSHIP BETWEEN MANAGER-SHAREHOLDER AGENCY COST AND FINANCIAL PERFORMANCE: A STUDY ON BIST TEXTILE LEATHER INDEX

Öz

This study examines the moderating role of the use of financial leverage in the relationship between agency cost and financial performance in companies operating in the BIST Textile Leather index during the period 2000-2023. In the study, firm size and age variables are used as control variables; ROA, ROE, and Tobin's Q are preferred as financial performance indicators. The analyses are conducted with BA-OLS and CUP-FMOLS estimation methods and the second-generation process is followed. The findings reveal that financial leverage, firm size and age variables have a positive impact on ROA, ROE, and Tobin's Q, while the manager-shareholder agency costs have a negative impact on these performance indicators. Moreover, the interaction between financial leverage and agency costs has a negative effect on ROA and ROE, and a positive effect on Tobin's Q. The results suggest that financial leverage alone may not be a sufficient policy instrument to reduce agency costs and improve financial performance.

Anahtar Kelimeler

• Firm Performance
• Agency Cost
• Financial Leverage

YÖNETİCİ-HİSSEDAR TEMSİL MALİYETİ İLE FİNANSAL PERFORMANS İLİŞKİSİNDE FİNANSAL KALDIRACIN MODERATÖR ROLÜ: BİST TEKSTİL DERİ ENDEKSİ ÜZERINE BİR ARAŞTIRMA

Öz

Bu çalışma, 2000-2023 döneminde BİST Tekstil Deri endeksinde faaliyet gösteren şirketlerde, temsil maliyeti ile finansal performans arasındaki ilişkide finansal kaldıraç kullanımının moderatör rolünü incelemektedir. Araştırmada yaş ve büyüklük değişkenleri kontrol değişkeni olarak kullanılmış; finansal performans göstergesi olarak ROA, ROE ve Tobin's Q tercih edilmiştir. Analizler, BA-OLS ve CUP-FMOLS tahmin yöntemleriyle gerçekleştirilmiş ve ikinci nesil süreç izlenmiştir. Elde edilen bulgular, finansal kaldıraç, büyüklük ve yaş değişkenlerinin ROA, ROE ve Tobin's Q üzerinde olumlu bir etkisi olduğunu, ancak yönetici-hissedar temsil maliyetlerinin bu performans göstergelerini olumsuz etkilediğini ortaya koymuştur. Ayrıca, finansal kaldıraç ile temsil maliyetleri arasındaki etkileşimin ROA ve ROE üzerinde negatif, Tobin's Q üzerinde ise pozitif bir etki yarattığı tespit edilmiştir. Sonuçlar, finansal kaldıracın, temsil maliyetlerini azaltma ve finansal performansı artırma konusunda tek başına yeterli bir politika aracı olamayacağını göstermektedir.

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