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HALKA AÇIKLIK ORANININ FİRMALARIN KÂRLILIĞINA ETKİSİ: TEKSTİL SEKTÖRÜNDE BİR ARAŞTIRMA

Yıl 2016, ICAFR 16 Özel Sayısı, 519 - 531, 01.10.2016

Öz

Bu çalışmada, Borsa İstanbul’da hisseleri işlem gören tekstil sektöründeki firmaların 2010-2014 yıllarındaki halka açıklık oranlarının, firmaların kârlılıklarına olan etkisi ölçülmeye çalışılmıştır. Bu doğrultuda net kârlılık oranı, özsermaye kârlılığı, aktif kârlılık ve hisse başı kâr bağımlı değişken, halka açıklık oranı, firma yaşı ve finansal kaldıraç bağımsız değişken olarak kullanılmıştır. Verilerin analizinde panel regresyon modeli kullanılmıştır. Analiz sonucunda genel olarak halka açıklık oranı ile firmaların kârlılığı arasında anlamlı ve negatif yönlü bir etki tespit edilmiştir.

Kaynakça

  • Aytekin, S., & İbiş, A. (2014), Mülkiyet yapısının işletmelerin finansal performansı üzerindeki etkilerinin değerlendirilmesi: Bıst metal eşya. makina endeksi (xmesy) üzerinde bir uygulama, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (40), 119-130.
  • Bayrakdaroğlu, A. (2010). Mülkiyet yapısı ve finansal performans: İMKB örneği. Ekonomi Bilimleri Dergisi, 2(2), 11-20.
  • Berle, A. A., & Means, G. (1932). The modern corporation and private property. Harcourt, Brace, & World, New York.
  • Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms' market value and financial performance. Journal of Intellectual Capital, 6(2), 159-176.
  • Chen, M. Y. (2006). Managerial ownership and firm performance: an analysis using switching simultaneous-equations models. Applied Economics, 38(2), 161-181.
  • Cheng, S. (2008). Board size and the variability of corporate performance.Journal of Financial Economics, 87(1), 157-176.
  • Chhibber, P. K., & Majumdar, S. K. (1999). Foreign ownership and profitability: property rights, control, and thep of firms in Indian industry*. The Journal of Law and Economics, 42(1), 209-238.
  • Choi, S. B., Park, B. I., & Hong, P. (2012). Does ownership structure matter for firm technological innovation performance? The case of Korean firms. Corporate Governance: An International Review, 20(3), 267-288.
  • Craswell, A. T., Taylor, S. L., & Saywell, R. A. (1997). Ownership structure and corporate performance: Australian evidence. Pacific-Basin Finance Journal,5(3), 301-323.
  • Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674-686.
  • Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of corporate finance, 7(3), 209-233.
  • Doukas, J. A., Kim, C., & Pantzalis, C. (2000). Security analysis, agency costs, and company characteristics. Financial Analysts Journal, 56(6), 54-63.
  • Dwivedi, N., & Jain, A. K. (2005). Corporate governance and performance of Indian firms: The effect of board size and ownership. Employee Responsibilities and Rights Journal, 17(3), 161-172.
  • Estrin, S., & Rosevear, A. (1999). Enterprise performance and ownership: The case of Ukraine. European Economic Review, 43(4), 1125-1136.
  • Fazlzadeh, A., Hendi, A. T., & Mahboubi, K. (2011). The examination of the effect of ownership structure on firm performance in listed firms of Tehran stock exchange based on the type of the industry. International Journal of Business and Management, 6(3), 249-266.
  • Gençtürk, M., & Usul, H. (2003). Finansal krizlerin hisse yoğunluğu açısından şirket performansına etkileri ve bankacılık sektöründe bir inceleme. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(3), 1-8.
  • Harbula, P. (2007). The ownership structure, governance, and performance of French companies. Journal of Applied Corporate Finance, 19(1), 88-101.
  • Hill, C. W., & Snell, S. A. (1989). Effects of ownership structure and control on corporate productivity. Academy of Management Journal, 32(1), 25-46.
  • Holderness, C. G. (2009). The myth of diffuse ownership in the United States.Review of Financial Studies, 22(4), 1377-1408.
  • Hu, Y., & Izumida, S. (2008). Ownership concentration and corporate performance: A causal analysis with Japanese panel data. Corporate Governance: An International Review, 16(4), 342-358.
  • Kalluru, S. R. (2009). Ownership structure, performance and risk in Indian commercial banks. IUP Journal of Applied Finance, 15(8), 31-45.
  • Kapopoulos, P., & Lazaretou, S. (2007). Corporate ownership structure and firm performance: evidence from Greek firms. Corporate Governance: An International Review, 15(2), 144-158.
  • Konak, F., & Kendirli, S. (2015). Sermaye yoğunlaşmasının firma performansı üzerine etkisi: Bist gıda ve içecek endeksi uygulaması. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 15, 123-134.
  • Krivogorsky, V. (2000). Corporate ownership and governance in Russia. The International Journal of Accounting, 35(3), 331-353.
  • Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2), 321-341.
  • McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial economics, 27(2), 595-612.
  • Miwa, Y., & Ramseyer, J. M. (2003). Does ownership matter? Evidence from the zaibatsu dissolution program. Journal of Economics & Management Strategy, 12(1), 67- 89.
  • Omran, M. (2004). Performance consequences of privatizing Egyptian state-owned enterprises: The effect of post-privatization ownership structure on firm performance. Multinational Finance Journal, 8(1/2), 73-114.
  • Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The Journal of Finance, 53(1), 27-64.
  • Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The Journal of Finance, 53(1), 27-64.
  • Pedersen, T., & Thomsen, S. (2003). Ownership structure and value of the largest European firms: The importance of owner identity. Journal of Management and Governance, 7(1), 27-55.
  • Rhoades, D. L., Rechner, P. L., & Sundaramurthy, C. (2000). Board composition and financial performance: A meta-analysis of the influence of outside directors. Journal of Managerial issues, 12(1), 76-91.
  • Short, H. (1994). Ownership, control, financial structure and the performance of firms. Journal of Economic Surveys, 8(3), 203-249.
  • Short, H., & Keasey, K. (1999). Managerial Ownership and the Performance of Firms: Evidence from the UK. Journal of Corporate Finance, 5(1), 79-101.
  • Srivastava, A. (2011). Ownership structure and corporate performance: Evidence from India. International Journal of Humanities and Social Science,1(1), 23-29.
  • Thomsen, S., & Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6), 689-705.
  • Turki, A., & Sedrine, N. B. (2012). Ownership structure, board characteristics and corporate performance in Tunisia. International Journal of Business and Management, 7(4), 121-132.
  • Zakaria Z., Purhanudin N. &Palanimally Y.R. (2014). ‘Ownership structure and firm performance: evidence from Malaysian trading and services sector’’, European Journal of Business and Social Sciences, 3(2), 32-43.
  • Zeitun, R. (2009). Ownership structure, corporate performance and failure: Evidence from panel data of emerging market the case of Jordan. Corporate Ownership and Control, 6(4), 96.

THE EFFECT OF FREE FLOAT RATE ON FIRMS PROFITABILITY: A RESEARCH IN THE TEXTILE INDUSTRY

Yıl 2016, ICAFR 16 Özel Sayısı, 519 - 531, 01.10.2016

Öz

This paper aims to investigate the relation between the free float rates and the profitability of textile firms in the Istanbul Stock Exchange ISE . The data are obtained from 27 textile firms included in the ISE between the year of 2010 and 2014. In this context, return on sales, return on assets, return on equit and, earnings per share are used as dependent variables and free float rate, age of firms and financial leverage are used as independent variables. In analyzing the data, the panel regression model was used.As the result of the study, it was determined that free float rate of firms affect their profitibality as negative

Kaynakça

  • Aytekin, S., & İbiş, A. (2014), Mülkiyet yapısının işletmelerin finansal performansı üzerindeki etkilerinin değerlendirilmesi: Bıst metal eşya. makina endeksi (xmesy) üzerinde bir uygulama, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (40), 119-130.
  • Bayrakdaroğlu, A. (2010). Mülkiyet yapısı ve finansal performans: İMKB örneği. Ekonomi Bilimleri Dergisi, 2(2), 11-20.
  • Berle, A. A., & Means, G. (1932). The modern corporation and private property. Harcourt, Brace, & World, New York.
  • Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms' market value and financial performance. Journal of Intellectual Capital, 6(2), 159-176.
  • Chen, M. Y. (2006). Managerial ownership and firm performance: an analysis using switching simultaneous-equations models. Applied Economics, 38(2), 161-181.
  • Cheng, S. (2008). Board size and the variability of corporate performance.Journal of Financial Economics, 87(1), 157-176.
  • Chhibber, P. K., & Majumdar, S. K. (1999). Foreign ownership and profitability: property rights, control, and thep of firms in Indian industry*. The Journal of Law and Economics, 42(1), 209-238.
  • Choi, S. B., Park, B. I., & Hong, P. (2012). Does ownership structure matter for firm technological innovation performance? The case of Korean firms. Corporate Governance: An International Review, 20(3), 267-288.
  • Craswell, A. T., Taylor, S. L., & Saywell, R. A. (1997). Ownership structure and corporate performance: Australian evidence. Pacific-Basin Finance Journal,5(3), 301-323.
  • Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674-686.
  • Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of corporate finance, 7(3), 209-233.
  • Doukas, J. A., Kim, C., & Pantzalis, C. (2000). Security analysis, agency costs, and company characteristics. Financial Analysts Journal, 56(6), 54-63.
  • Dwivedi, N., & Jain, A. K. (2005). Corporate governance and performance of Indian firms: The effect of board size and ownership. Employee Responsibilities and Rights Journal, 17(3), 161-172.
  • Estrin, S., & Rosevear, A. (1999). Enterprise performance and ownership: The case of Ukraine. European Economic Review, 43(4), 1125-1136.
  • Fazlzadeh, A., Hendi, A. T., & Mahboubi, K. (2011). The examination of the effect of ownership structure on firm performance in listed firms of Tehran stock exchange based on the type of the industry. International Journal of Business and Management, 6(3), 249-266.
  • Gençtürk, M., & Usul, H. (2003). Finansal krizlerin hisse yoğunluğu açısından şirket performansına etkileri ve bankacılık sektöründe bir inceleme. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(3), 1-8.
  • Harbula, P. (2007). The ownership structure, governance, and performance of French companies. Journal of Applied Corporate Finance, 19(1), 88-101.
  • Hill, C. W., & Snell, S. A. (1989). Effects of ownership structure and control on corporate productivity. Academy of Management Journal, 32(1), 25-46.
  • Holderness, C. G. (2009). The myth of diffuse ownership in the United States.Review of Financial Studies, 22(4), 1377-1408.
  • Hu, Y., & Izumida, S. (2008). Ownership concentration and corporate performance: A causal analysis with Japanese panel data. Corporate Governance: An International Review, 16(4), 342-358.
  • Kalluru, S. R. (2009). Ownership structure, performance and risk in Indian commercial banks. IUP Journal of Applied Finance, 15(8), 31-45.
  • Kapopoulos, P., & Lazaretou, S. (2007). Corporate ownership structure and firm performance: evidence from Greek firms. Corporate Governance: An International Review, 15(2), 144-158.
  • Konak, F., & Kendirli, S. (2015). Sermaye yoğunlaşmasının firma performansı üzerine etkisi: Bist gıda ve içecek endeksi uygulaması. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 15, 123-134.
  • Krivogorsky, V. (2000). Corporate ownership and governance in Russia. The International Journal of Accounting, 35(3), 331-353.
  • Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2), 321-341.
  • McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial economics, 27(2), 595-612.
  • Miwa, Y., & Ramseyer, J. M. (2003). Does ownership matter? Evidence from the zaibatsu dissolution program. Journal of Economics & Management Strategy, 12(1), 67- 89.
  • Omran, M. (2004). Performance consequences of privatizing Egyptian state-owned enterprises: The effect of post-privatization ownership structure on firm performance. Multinational Finance Journal, 8(1/2), 73-114.
  • Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The Journal of Finance, 53(1), 27-64.
  • Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The Journal of Finance, 53(1), 27-64.
  • Pedersen, T., & Thomsen, S. (2003). Ownership structure and value of the largest European firms: The importance of owner identity. Journal of Management and Governance, 7(1), 27-55.
  • Rhoades, D. L., Rechner, P. L., & Sundaramurthy, C. (2000). Board composition and financial performance: A meta-analysis of the influence of outside directors. Journal of Managerial issues, 12(1), 76-91.
  • Short, H. (1994). Ownership, control, financial structure and the performance of firms. Journal of Economic Surveys, 8(3), 203-249.
  • Short, H., & Keasey, K. (1999). Managerial Ownership and the Performance of Firms: Evidence from the UK. Journal of Corporate Finance, 5(1), 79-101.
  • Srivastava, A. (2011). Ownership structure and corporate performance: Evidence from India. International Journal of Humanities and Social Science,1(1), 23-29.
  • Thomsen, S., & Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6), 689-705.
  • Turki, A., & Sedrine, N. B. (2012). Ownership structure, board characteristics and corporate performance in Tunisia. International Journal of Business and Management, 7(4), 121-132.
  • Zakaria Z., Purhanudin N. &Palanimally Y.R. (2014). ‘Ownership structure and firm performance: evidence from Malaysian trading and services sector’’, European Journal of Business and Social Sciences, 3(2), 32-43.
  • Zeitun, R. (2009). Ownership structure, corporate performance and failure: Evidence from panel data of emerging market the case of Jordan. Corporate Ownership and Control, 6(4), 96.
Toplam 39 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Alper Veli Çam Bu kişi benim

Yayımlanma Tarihi 1 Ekim 2016
Yayımlandığı Sayı Yıl 2016 ICAFR 16 Özel Sayısı

Kaynak Göster

APA Çam, A. V. (2016). HALKA AÇIKLIK ORANININ FİRMALARIN KÂRLILIĞINA ETKİSİ: TEKSTİL SEKTÖRÜNDE BİR ARAŞTIRMA. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 12(12), 519-531.