TİCARİ ALACAK TAHSİLAT SÜRELERİNİN FİRMA DEĞERİ ÜZERİNE ETKİSİ: BORSA İSTANBUL UYGULAMASI

Öz

Borsa İstanbul’da 2005-2017 yıllarında işlem gören sınai firmaların verisine dayanılarak yapılan analizlerde, ortalama ticari alacak tahsilat süresinin (OTAS) firma değeri üzerinde negatif bir etki yarattığı sonucuna varılmıştır. Bu negatif etkinin son bir ila üç yıl içinde OTAS’ı otuz gün ve üzerinde artış gösterenlerde istatistiki açıdan anlamlı olduğu gözlenmiştir. Öte yandan, OTAS’ın firma değeri üzerindeki negatif etkisi yüksek kârlı firmalarda anlamlı iken, düşük kârlı firmalarda anlamlı çıkmamıştır. Son olarak, ticari alacak kalitesindeki kötüleşmenin de firma değerini düşürdüğü ispatlanmıştır. Sonuçların güvenilirliği, alternatif firma değeri ölçütleri kullanılarak teyit edilmiştir. Atlanan değişkenler önyargısı ihtimaline karşın ticari alacak politikası ölçütü olan değişkenler tüm analizlerde endojen değişken olarak modellenmiştir.

Anahtar Kelimeler

• ticari alacaklar
• alacak kalitesi
• firma değeri
• karlılık

TRADE RECEIVABLES COLLECTION PERIOD AND FIRM VALUE: EVIDENCE FROM LISTED TURKISH INDUSTRIALS

Öz

This paper shows that average collection period of trade receivables (ACP) and a deterioration in the credit quality of trade receivables both have negative effect on firm value. Evidence is based on Turkish industrial firms listed on Borsa Istanbul over 2005-2017 period. The effect exists only for firms whose average collection period increased by more than thirty days within the last one to three years. Similarly, the value consequence of ACP holds for high-profit firms, but not for low-profit firms. This study utilizes system generalized method of moments in all estimations and treats trade receivable policy variables as endogenous due to omitted variable bias concerns. Overall, findings suggest a destructive effect of lengthened deferred payment terms on firm value specifically for high-profit firms and for firms with a historical upward trend in ACP.

Anahtar Kelimeler

• trade receivables
• credit quality
• firm value
• profitability

Kaynakça

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