FİNANSAL RİSKLER İLE FİRMA DEĞERİ ARASINDAKİ İLİŞKİNİN BELİRLENMESİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR UYGULAMA

Yıl 2018, Cilt: 5 Sayı: 2, 287 - 301, 30.06.2018

Emre Esat Topaloğlu

https://doi.org/10.30798/makuiibf.412559

Cited By: 3

Öz

Çalışmada, finansal riskler ile firma değeri arasındaki ilişkiyi ortaya
çıkarmak amaçlanmıştır. Bu bağlamda, 2012-2017 yılları arasında Borsa İstanbul
100 Endeksinde pay senetleri devamlı olarak işlem gören firmalara ilişkin
veriler, panel veri analizi ile incelenmiştir. Finansal riskler, faiz, sermaye,
kur, likidite ve kredi riskleri ile temsil edilmiştir. Firma değeri ise Tobin’s
Q, Piyasa Değeri/Defter Değeri ve Fiyat/Kazanç oranları ile ölçülmüştür. Analiz
kapsamında üç farklı model oluşturulmuştur. Birinci modelde sermaye ve likidite
riskleri ile TQ arasında anlamlı ve negatif ilişki tespit edilirken, kur, kredi
ve faiz riski ile anlamlı herhangi bir ilişki tespit edilememiştir. İkinci
modelde, kredi riski ile Piyasa Değeri/Defter Değeri oranı arasında anlamlı ve
negatif ilişki tespit edilirken, faiz, sermaye, kur ve likidite riskleri ile
anlamlı herhangi bir ilişki tespit edilememiştir. Üçüncü modelde ise kur ve
kredi riskleri ile Fiyat/Kazanç oranı arasında anlamlı ve negatif ilişki tespit
edilirken, faiz, sermaye ve likidite riskleri ile anlamlı herhangi bir ilişki
tespit edilememiştir.

Anahtar Kelimeler

Finansal Riskler, Firma Değeri, Borsa İstanbul, Panel Veri Analizi

DETERMINATION OF THE RELATIONSHIP BETWEEN FINANCIAL RISKS AND FIRM VALUE: AN APPLICATION ON ISTANBUL STOCK EXCHANGE COMPANIES

Öz

This
study is aimed at revealing the relationship between financial risks and firm
value. In this context, the data from the firms, whose shares are continuously
traded on Borsa Istanbul 100 Index between 2012-2017, is analyzed by the panel
data analysis. Financial risks are represented by interest, capital, currency,
liquidity and credit risks. Firm value is measured by Tobin Q, Market
Value/Book Value and Price/Earning ratios. Within the scope of the analysis,
three different models are specified. In the first model, while a negative and
significant relationship was found between capital and liquidity risks and
Tobin Q, no significant relationship was observed with currency, credit and
interest risk. In the second model, while a negative and significant
relationship was found between credit risk and Market Value/Book Value, no
significant relationship was observed with interest, capital, currency and
liquidity risks. In the third model, while a negative and significant
relationship was found between credit and currency risks and Price/Earning
ratio, no significant relationship was observed with interest, capital and
liquidity risks. Consequently, it has been revealed that in order to increase
their firm value, Borsa Istanbul 100 index firms should consider sales and
receivable policies, financial decisions, liquidity position and exchange
rates.

Anahtar Kelimeler

Financial Risks, Firm Value, Istanbul Stock Exchange, Panel Data Analysis

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