Borçlanma Yapısı ve Kârlılığın Finansal Başarı Üzerindeki Etkisi: BIST Banka Endeksi Üzerine Bir Araştırma

Öz

Aşırı borçlanma şirketler için likidite sorunlarına yol açabilirken, optimal borçlanma kârlılığı artırabilmektedir. Yatırımcılar için bu göstergeler şirketlerin finansal performansını ortaya koyan birer kaynak olabilmekte ve yatırım kararı verirken dikkate alınabilmektedir. Çalışmada borçlanma yapısı ve kârlılığın finansal başarı üzerindeki etkisi BIST Banka şirketleri için panel veri analizi ile test edilmiştir. Finansal başarıyı ölçmek için Piotroski F-Skor kullanmıştır. Borçlanma yapısında, kısa ve uzun vadeli borçlar, kârlılık için brüt kâr ve aktif kârlılık oranı esas alınmıştır. Ayrıca cari oran da analize dahil edilmiştir. Elde edilen bulgulara göre BIST Banka şirketleri için Aktif Kârlılık ve Cari Oran’ın finansal başarıyı olumlu yönde etkilediği sonucuna ulaşılmıştır. Ancak kısa, uzun vadeli borç, brüt kâr ile finansal başarı arasında istatistiksel olarak anlamlı bir ilişki tespit edilememiştir.

Anahtar Kelimeler

• Borçlanma Yapısı
• Kârlılık
• Finansal Başarı
• Piotroski F Skor
• BIST Banka

The Effect of Debt Structure and Profitability on Financial Success: A Research on BIST Bank Index

Öz

Excessive borrowing can lead to liquidity problems for companies. Optimal borrowing can increase profitability. For investors, these indicators can be a source that reveals the financial performance of companies and can be taken into account when making investment decisions. In the study, the effect of debt structure and profitability on financial success was tested with panel data analysis for BIST Bank companies. To measure financial success, Piotroski used the F-Score. In the debt structure, short and long-term debts, gross profit and return on assets ratio are taken as basis for profitability. The current ratio is also included in the analysis. According to the findings, it was concluded that Return on Assets and Current Ratio positively affect financial success for BIST Bank companies. However, no statistically significant relationship could be detected between short and long-term debt, gross profit and financial success.

Anahtar Kelimeler

• Debt Structure
• Profitability
• Financial Success
• Piotroski F Score
• BIST Bank

Etik Beyan

Çalışma etik beyan gerektirmemektedir.

Kaynakça

1. Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal Of Risk Finance, 6(5), 438-445.
2. Agrawal, K. (2015). Default prediction using Piotroski’s F-score. Global Business Review, 16(5_suppl), 175S-186S.
3. Altman, E. I. (1968). Financial ratio, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. http://dx.doi.org/10.1111/j.1540-6261.1968.tb00843.x
4. Altman, E. I., Iwanicz‐Drozdowska, M., Laitinen, E. K., & Suvas, A. (2017). Financial distress prediction in an international context: A review and empirical analysis of Altman's Z‐score model. Journal of International Financial Management & Accounting, 28(2), 131-171.
5. Asmadi, D., Izzaty, N., & Erwan, F. (2021). Performance analysis of sharia share companies using the Piotroski F-Score method. Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 5(1), 67-75.
6. Beaver, W., H. (1968). Market Prices, Financial Ratios and the Prediction of Failure, Journal of Accounting Research, 6(2): 179-192.
7. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253.
8. Chittenden, F., Hall, G. and Hutchinson, P. (1996). Small firm growth, access to capital markets and financial structure: review of issues and an empirical investigation, Small Business Economics, Vol. 8 No. 1, pp. 59-67.

9. Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4), 549-560.
10. Durán-Vázquez, R., Lorenzo-Valdés, A., & Castillo-Ramírez, C. E. (2014). Effectiveness of corporate finance valuation methods: Piotroski score in an Ohlson model: the case of Mexico. Journal of Economics Finance and Administrative Science, 19(37), 104-107.
11. Eremenko, E. (2017). Quantitative Fundamentals. Application of Piotroski F-Score on Non-U.S. Markets. Available at SSRN: https://ssrn.com/abstract=3262154 or http://dx.doi.org/10.2139/ssrn.3262154.
12. Friedman, M. (1937). The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance. Journal of the American Statistical Association, 32(200), 675-701.
13. Friend, I. and Lang, H.P. (1988). An empirical test of the impact of managerial self-interest on corporate capital structure, Journal of Finance, Vol. 43, pp. 271-81.
14. Galdi, F. C., & Lopes, A. B. (2013). Limits to arbitrage and value investing: Evidence from Brazil. Latin American Business Review, 14(2), 107-137.
15. Gujarati, D. N. ve Porter, D. C. (2009). Basic Econometrics (Fifth Edition). New York, USA: McGraw-Hill Irwin.
16. Halim, D., & Suhartono, S. (2021). Pengaruh Kepemilikan Keluarga, Kepemilikan Institusional, Dan Keputusan Pendanaan Terhadap Kinerja Keuangan Dengan Metode Piotroski F-Score. Jurnal Akuntansi, 10(1), 8-20.
17. https://tr.investing.com/ (Erişim Tarihi: 15.09.2023)
18. Hyde, C. E. (2014). An Emerging Markets Analysis of the Piotroski F-Score, JASSA, Issue 2, 23–28.
19. İslamoğlu, M. & Çankaya, S. (2018). Finansal Başarının Tahmininde Finansal Başarısızlık Modellerinin Kullanılması: BIST XELKT Endeksine Dahil Firmalar Üzerine Bir Uygulama. Maliye ve Finans Yazıları, (110), 111-134. DOI: 10.33203/mfy.451456.
20. Jegadeesh, N., & Titman, S. (1993). Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency. Journal of Finance, 48, 65–91.
21. Kang, J., And D. Ding (2005). Value and Growth Investing in Asian Stock Markets 1991–2002, In: A.H. Chen Ed., Research in Finance, Vol. 22 (JAI Press, Greenwich), 113–139.
22. Kester, W.C. (1986). Capital and ownership structure: a comparison of United States and Japanese manufacturing corporations, Financial Management, Vol. 15, pp. 5-16.
23. Kleinbaum, D., Kupper, L. L. ve Muller, K. E. (1998). Applied Regression Analysis and Other Multivariable Methods (2nd Edition). Belmont, CA: Wadsworth Publishing Company.
24. Koç, Y. D., & Karahan, F. (2017). Türk Bankacılık Sektöründe Finansal Sağlamlığın Belirleyicileri. International Journal of Academic Value Studies, 3(15), 148-153.
25. Krauss, C., Krüger, T., & Beerstecher, D. (2015). The Piotroski F-Score: A Fundamental Value Strategy Revisited from an Investor's Perspective (No. 13/2015). IWQW Discussion Papers.
26. Li, H. and Sun, J. (2011). Empirical Research of Hybridizing Principal Component Analysis with Multivariate Discriminant Analysis and Logistic Regression for Business Failure Prediction, Expert Systems with Applications, 38(5): 6244-6253.
27. Mohr, J-H.M. (2012). Utility of Piotroski F-Score for Predicting Growth Stock Returns, Working Paper, MFIE Capital.
28. Myers, S.C. (1984). The capital structure puzzle, Journal of Finance, Vol. 39, pp. 575-92.
29. Myers, S.C. and Majluf, N.S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 12, pp. 187-221.
30. Odom, M., D. ve Sharda R. (1990). A Neural Network Model For Bankruptcy Prediction, International Joint Conference on Neural Networks, 2: 163-168.
31. Ohlson, J., A. (1980). Financial Ratios and the Probabilistic Prediction of Bankruptcy, Journal of Accounting Research, 18(1), 109-131.
32. Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Available at SSRN: https://ssrn.com/abstract=572504 or http://dx.doi.org/10.2139/ssrn.572504.
33. Pesaran, M. H. (2007). A Simple Panel Unit Root Test in the Presence of Cross‐Section Dependence. Journal of Applied Econometrics, 22(2), 265-312.
34. Piotroski, J. D. (2000). Value Investing: The Use of Historical Financial Statement Information to Separate Winners From Losers. Journal Of Accounting Research, 38(3), 1–41.
35. Rajan, R.G. and Zingales, L. (1995). What do we know about capital structure? Some evidence from international data, Journal of Finance, Vol. 50, pp. 1421-60.
36. Rangapriya, S., & Meenakumari, J. (2021). Using Piotroski F-Score for Assessing Financial Health: Evidence from Leading Indian Private Banks. Management, 8(S1), 117-32.
37. Salawu, R. O., & Awolowo, O. (2009). The effect of capital structure on profitability: An empirical analysis of listed firms in Nigeria. The International Journal of Business and Finance Research, 3(2), 121-129.
38. Sayılgan, G. (2017). Soru ve Yanıtlarıyla İşletme Finansmanı. Siyasal Kitabevi. 7. Baskı. Ankara.
39. Sharpe, William F. (1966). Mutual Fund Performance, Journal of Business, 39(1), pp. 119-138.
40. Shubita, M. F., & Alsawalhah, J. M. (2012). The relationship between capital structure and profitability. International Journal of Business and Social Science, 3(16), 104-112.
41. Sortino, Frank A., Van der Meer, Robert (1991). Downside Risk, The Journal of Portfolio Management, 17(4), pp. 27-31.
42. Supranoto, H., & Juliarto, A. (2019). Analisis Fundamental Berdasarkan Metode Piotroski F-Score Guna Penilaian Investasi. Diponegoro Journal Of Accounting, 8(4).
43. Tang, T., C. and Chi, L., C. (2005). Neural Networks Analysis in Business Failure Prediction of Chinese Importers: A Between-Countries Approach, Expert Systems with Applications, 29: 244-255.
44. Taşkın, F. D. (2011). Türkiye’de Ticari Bankaların Performansını Etkileyen Faktörler. Ege Akademik Bakış, 11(2), 289-298.
45. Tatoğlu, F.Y. (2018a). Panel Zaman Serileri Analizi: Stata Uygulamalı. Beta Basım Yayım Dağıtım, 2. Baskı. İstanbul.
46. Tatoğlu, F.Y. (2018b). Panel Veri Ekonometrisi: Stata Uygulamalı. Beta Basım Yayım Dağıtım, 4. Baskı. İstanbul.
47. Tepeli, Y., & Kahraman, Y. E. (2023). Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma. Muhasebe ve Finansman Dergisi, (100), 1-18.
48. Treynor, Jack (1965). How to Rate Management of Investment Funds, Harvard Business Review, 43(1), pp. 63-75.
49. Wald, J.K. (1999). How firm characteristics affect capital structure: an international comparison, Journal of Financial Research, Vol. 22 No. 2, pp. 161-87.
50. White, H. (1980). A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct test for Heteroskedasticity. Econometrica: Journal of the Econometric Society, 817-838.
51. Wooldridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data, MIT press. Cambridge, 108(2), 245-254.
52. Yegon, C., Cheruiyot, J., Sang, J., & Cheruiyot, P. K. (2014). The effects of capital structure on firm’s profitability: Evidence from Kenya’s banking sector. Research Journal of Finance and Accounting, 5(9).
53. Żmijewski, M., E. (1984). Methodological Issues Related to The Estimation of Financial Distress Prediction Models, Journal of Accounting Research, 22: 59-82.