Finansal Esneklik Değeri ve Sermaye Yapısı Kararları

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

Kaynakça

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