THE EFFECTS OF RELATED PARTY TRANSACTIONS ON FIRM VALUE IN TÜRKİYE

Öz

Today, the transactions of companies with their related parties are important in terms of corporate governance and transparency. After the recent accounting scandals in the USA and Europe, the effect of these transactions on the firm value has an important place in the current literature. In this context, the aim of this study is to examine the effect of the transactions of companies with related parties on the firm value in Türkiye. Within the scope of the study, 31 companies included in the corporate governance index between the years 2013-2022 were selected as a sample. In the research conducted using panel data analysis methods, it was seen that the related party transactions have a statistically significant effect on firm value. As a result of the analyzes made on the basis of the type of related party transactions, it has been observed that the purchases made by the companies from the related parties have a negative impact on the firm value, while the borrowing and lending transactions with the related parties have a positive effect on the firm value. It has been concluded that the transactions carried out by the companies with the related parties increase the efficiency and performance of the companies, according to efficient transactions theory, and thus increasing the value of the company. It is anticipated that the findings of the study will make important contributions to decision makers and policy makers in the decision stages.

Anahtar Kelimeler

• Related Party Transactions
• IAS 24 Related Party Disclosures
• Firm Value
• Agency Theory
• Efficient Transactions Theory

TÜRKİYE’DE İLİŞKİLİ TARAF İŞLEMLERİNİN FİRMA DEĞERİ ÜZERİNE ETKİLERİ

Öz

Günümüzde işletmelerin ilişkili taraflarıyla gerçekleştirdikleri işlemler kurumsal yönetişim ve şeffaflık konularında önem arz etmektedir. Yakın tarihlerde ABD ve Avrupa’da yaşanan muhasebe skandalları sonrasında bu işlemlerin firma değerine etkisi güncel yazında önemli bir yer edinmektedir. Bu bağlamda, bu çalışmanın amacı Türkiye’de şirketlerin ilişkili taraflarla yaptığı işlemlerin firma değerine etkisini incelemektir. Çalışma kapsamında 2013-2022 yılları arasında kurumsal yönetim endeksinde yer alan 31 şirket örneklem olarak seçilmiştir. Panel veri analizi yöntemleri kullanılarak yapılan araştırmada Türkiye’deki şirketlerin gerçekleştirdiği ilişkili taraf işlemlerinin firma değerine istatistiksel olarak anlamlı bir etki gösterdiği görülmüştür. İlişkili taraf işlemlerinin türü bazında yapılan analizler sonucunda şirketlerin ilişkili taraflarından yaptıkları alımların firma değerine olumsuz yansıdığı, öte yandan ilişkili taraflarla girilen borç ve alacak işlemlerinin ise firma değerine pozitif etki ettiği gözlemlenmiştir. Şirketlerin ilişkili taraflarla yürüttükleri işlemlerin, etkin işlemler teoremi çerçevesinde, firmaların verimliliğini ve performansını artırdığı, dolayısıyla da firma değerini artırdığı sonucuna ulaşılmıştır. Çalışmanın bulgularının karar alıcılara ve politika yapıcılara karar aşamalarında önemli katkılar sağlayacağı öngörülmektedir.

Anahtar Kelimeler

• İlişkili Taraf İşlemleri
• TMS 24 İlişkili Taraf Açıklamaları
• Firma Değeri
• Çıkar Çatışması Teoremi
• Etkin İşlemler Teoremi

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