Finansal Esneklik Değeri ve Sermaye Yapısı Kararları

Yıl 2019, , 831 - 854, 31.12.2019

Aslı Yıkılmaz Erkol , Turhan Korkmaz

https://doi.org/10.17153/oguiibf.511717

Cited By: 3

Öz

Bu
çalışmanın amacı, Borsa İstanbul 100’e kote olan işletmelerin finansal
esneklik değeri ile sermaye yapısı kararları arasındaki ilişkiyi
incelemektir. Bu kapsamda, 2006-2015 döneminde Borsa İstanbul 100 Endeksine
kote olan 37 işletmenin finansal esneklik değeri, nakdin marjinal denklemi ve
finansal esnekliğin beş faktörü yöntemi (Rapp vd., 2014; Rapp vd., 2012) ile
hesaplanmış ve elde edilen finansal esneklik değeri ile sermaye yapısı
kararları arasındaki ilişki panel regresyon analiz yöntemi kullanılarak
incelenmiştir. Çalışmadan elde edilen sonuçlara göre yöneticiler, pay
sahipleri ve borç verenlere önemli bilgiler sunan finansal esneklik değerinin
Türkiye’de faaliyet gösteren firmalar için hesaplanabilir bir değer olduğu ve
finansal esneklik değerinin borçlanma düzeyini negatif yönde etkilediği
tespit edilmiştir.

Anahtar Kelimeler

Finansal Esneklik, Finansal Esneklik Değeri, Sermaye Yapısı Kararları, Borsa İstanbul-100 Endeksi

Financial Flexibility Value and Capital Structure Decisions

Öz

The purpose of this study is
to calculate the value of financial flexibilities of firms listed on Borsa
İstanbul 100 Index and examine the relationship between the value of financial
flexibility and capital structure decisions. In this context, the values of
financial flexibility of the companies listed on Borsa İstanbul-100 Index for the
period of 2006-2015 were calculated with the marginal value of cash and the
method of five factors of financial flexibility (Rapp vd., 2014; Rapp vd.,
2012). The relationship between the value of financial flexibility and
financial decisions is examined using the method of panel regression analysis.
According to the results obtained from the study, it is determined that the
value of financial flexibility which offers significant information to
executives, shareholders and creditors is a calculable value for enterprises
operating in Turkey and the value of financial flexibility affects capital
structure decisions in a negative way.

Anahtar Kelimeler

Flexibility, The Value of Financial Flexibility, Capital Structure Decisions, Borsa İstanbul-100 Index

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