FİNANSAL RİSK YÖNETİMİ VE FİRMA PERFORMANSI: AVRUPA SINIR ÖTESİ BİRLEŞME VE SATINALMALARINDAN BULGULAR

Yıl 2021, Cilt: 16 Sayı: 56, 701 - 718, 31.07.2021

Ece Kozol , Jale Oran

https://doi.org/10.14783/maruoneri.788480

Cited By: 1

Öz

Finansal piyasalarda oynaklığın artması nedeniyle, özellikle dünyadaki büyük şirketler arasında finansal türev araçların (forward, futures, option, and swap) kullanımı yaygınlaşmıştır. Piyasa riski üç kategoriye ayrılabilir: döviz kuru riski, faiz oranı riski ve emtia fiyat riski. Şirketler, finansal türev araçları kullanarak bu riskleri yönetebilirler. Uluslararası Finansal Raporlama Standartları (UFRS), şirketlerin finansal araçlarıyla ilgili detaylı bilgileri finansal raporlarında açıklamasını zorunlu kılmaktadır. Finansal türev araçlara ilişkin finansal raporlardaki ilgili detaylar, türev araç kullanımının firma değeri üzerindeki etkisi üzerine ampirik araştırma yapılmasını mümkün kılmaktadır. Riskten korunma ve firma değeri arasındaki ilişki üzerindeki farklı bulguların yanı sıra, riskten korunmanın firma faaliyetleri üzerindeki etkisini sorgulayan ampirik araştırmalar beklenmedik bir şekilde eksiktir. Bu çalışmada, bir firmanın finansal riskini değiştiren önemli bir firma operasyonu olan sınır ötesi birleşme ve satın almaları incelemeyi hedeflemekteyiz. Riskten korunmanın, Avrupa’daki sınır ötesi birleşme ve satın alma yoluyla firma performansı üzerindeki etkisini inceleyerek, risk yönetiminin firma performansını etkileyip etkilemediği ve ne şekilde etkilediğini bulmayı amaçlıyoruz. 2007- 2019 yılları arasında 14 farklı gelişmiş Avrupa ülkesindeki şirketler tarafından yürütülen 537 sınır ötesi birleşme ve satın alma verisi ile, finansal riskten korunma programlarına sahip olan firmaların, bu tür programları kullanmayanlara kıyasla daha yüksek kümülatif anormal getirilere sahip olduğuna dair kanıtlar buluyoruz. Bu çalışmada araştırma yöntemleri olarak olay çalışması, T-test ve Mann-Whitney Test kullanılmıştır. Ayrıca, sonuçlarımız, türev araç kullanıcılarının, kullanmayanlara oranla anlaşma tamamlama sürelerinin daha uzun sürdüğünü göstermektedir. Genel olarak, bu çalışma kurumsal finansal riskten korunma ve şirket performansı arasındaki bağlantıya ilişkin Avrupa bölgesine ilişkin bulgular sunmaktadır. Avrupa’ya ilişkin bulgularımız daha önce ABD’de yapılan çalışmayı destekler niteliktedir.

Anahtar Kelimeler

Sınır Ötesi Birleşme ve Satın almalar, Finansal Risk Yönetimi, Finansal Türev Araçlar

FINANCIAL RISK MANAGEMENT AND FIRM PERFORMANCE: EVIDENCE FROM EUROPEAN CROSS-BORDER MERGERS AND ACQUISITIONS

Öz

As a result of the increasing volatility in financial markets, the use of financial derivative instruments (forward, futures, option, and swap) has become widespread particularly between large firms around the world. Market risk can be grouped into three categories: exchange rate risk, interest rate risk and commodity price risk. By employing financial derivatives, companies can manage these risks. It is required by International Financial Reporting Standards (IFRS) to reveal their financial positions on financial instruments in their financial reports. The related details in financial reports regarding financial derivatives make it possible to do empirical research on the impact of derivative use on firm value. Along with the mixed results on the relationship among hedging and firm value, empirical research that question the impact of hedging on firm operating activities have been unexpectedly missing. In this study, we aim to examine a significant type of firm operations, cross-border mergers and acquisitions, which is well known for changing a firm’s financial risk exposure. By studying the effect of hedging on firm performance through cross-border M&As, we aim to find out whether and in what way risk management affects firm performance. With a sample of 537 cross-border mergers and acquisitions (M&As) conducted by 14 different developed European companies between 2007 and 2019, we find evidence that acquirers with financial hedging programs have higher cumulative abnormal returns (CARs) than those without such programs around deal announcements. Event study, T-test and Mann-Whitney Test are used as research methods in this study. Additionally, our results show that derivatives users experience longer deal completion times than non-users. Overall, this study provides findings for the European region on the connection between corporate financial hedging and firm performance. Our findings regarding Europe support the previous study in the USA.

Anahtar Kelimeler

Cross-border M&As, Financial Risk Management, Financial Derivatives

Kaynakça

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