FİRMALARA ÖZGÜ RİSKLERİN FİNANSAL PERFORMANS ÜZERİNDEKİ ETKİLERİ: BİST İMALAT SEKTÖRÜ ÜZERİNE BİR İNCELEME

Öz

Firmaların faaliyet gösterdikleri sektörlerde ya da genel ekonomik koşullarda yaşanabilecek bir takım değişimler, risk düzeylerini de değiştirebilmektedir. Risk düzeyini değiştirebilecek etkenler arasında; piyasa, rekabet koşulları vb. sektörel faktörlerle birlikte, makroekonomik koşullar (faiz, enflasyon, kur, işsizlik vb.), gelişmişlik düzeyi, dışa açıklık veya dışa bağımlılık gibi iktisadi faktörler bulunmaktadır. Bu bağlamda risk düzeyindeki değişimlerin bir kısmının firmanın kontrol edemeyeceği, firmanın kendi faaliyetlerinden kaynaklanmayan (sistematik) riskler olduğunu ve bir kısmının da kontrol edilebilen veya firmaya özgü (sistematik olmayan) riskler olduğunu söylemek mümkündür. Bu çalışmada, firmalar açısından önemli olduğu düşünülen ve firmaların müdahale olanağı bulunan firmaya özgü risklerin finansal performans üzerindeki etkilerinin özellikle de iş riski çerçevesinde incelenmesi amaçlanmıştır. Bu amaç doğrultusunda, Borsa İstanbul A.Ş.‘de (BIST) işlem gören imalat sektöründeki 91 firmanın Finnet Hisse Expert’den temin edilen 2009 – 2020 yıllarını kapsayan çeyrek dönemlik mali tablo verileri kullanılarak firmaların finansal performanslarıyla, satışların değişkenliği, borçlanma oranı, çalışma sermayesinin giderlere oranı, net döviz pozisyonunun aktiflere oranı ve Altman Z skoru arasındaki ilişki Panel Veri analizi ile incelenmiştir. Araştırmanın bulgularına göre firmaların, iş riskine ve döviz pozisyonu riskine daha duyarlı olduğu tespit edilmiştir. Bulgular, imalat sektörü firmalarının satış gelirlerindeki aşırı dalgalanmaya karşı üretim maliyetlerini daha etkin yönetmeleri, verimliliği artırmaları ve yönetim performansını mercek altına almaları gerektiğini göstermektedir.

Anahtar Kelimeler

• Firmaya Özgü Riskler
• Finansal Performans
• İş Riski
• Panel Veri

THE EFFECTS OF FIRMS-SPECIFIC RISKS ON FINANCIAL PERFORMANCE: AN INVESTIGATION ON BIST MANUFACTURING SECTOR

Öz

A number of changes that may occur in the sectors in which the companies operate or in the general economic conditions can also change the risk levels. Among the factors that can change the risk level are; market, competition conditions, etc. Along with sectoral factors, there are economic factors such as macroeconomic conditions (interest, inflation, exchange rate, unemployment, etc.), level of development, openness to foreign countries or foreign dependency. In this context, it is possible to say that some of the changes in the risk level are (systematic) risks that the company cannot control, that are not caused by the company's own activities, and that some of them are controllable or company-specific (non-systematic) risks. In this study, it is aimed to examine the effects of firm-specific risks on financial performance, which are thought to be important for firms and which firms have the opportunity to intervene, on financial performance, especially within the framework of business risk.For this purpose, data from 91 companies from the manufacturing sector listed on the Borsa Istanbul (BIST) for the 2009-2020 period were used and the relationship between the financial performance of the companies and the variability of sales, debt ratio, the ratio of working capital to expenses, the ratio of net foreign exchange position to assets, and Altman Z score was analyzed using panel data analysis. According to the findings of the research, it was found that companies are more sensitive to business risk and foreign exchange position risk. The findings show that manufacturing companies need to manage their production costs more effectively against excessive fluctuations in their sales revenues, increase efficiency and review their management performance.

Anahtar Kelimeler

• Unsystematic Risks
• Financial Performance
• Business Risk
• Panel Data

Kaynakça

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