Türev araç kullanımının firma performansı üzerine etkisi: BİST imalat sanayi firmaları uygulaması

Öz

Firmalar sistematik ve sistematik olmayan çeşitli risklere maruz kalmaktadırlar. Firmalar bu riskleri önlemek veya risklerin olumsuz sonuçlarını azaltmak için çeşitli yöntemlere başvururlar. Risk yönetiminde kullandıkları yöntemlerden biri de türev araçlardır. Forward, fütursa, swap ve opsiyon olarak sıralanan türev araçlarla faiz oranı riski , kur değişim riski ve fiyat değişimi riski gibi mali riskler yönetilmeye çalışılır. Ancak türev araç kullanımının riski azaltıcı etkisi yanında ek maliyetleri de olabildiği için firma performansı üzerine etkisi büyük öneme sahiptir. Bu nedenle ilgili çalışmada türev araç kullanımının firmaların performansları üzerine olan etkisi tespit edilmeye çalışılmıştır. İlgili çalışmada Borsa İstanbul’da işlem gören İmalat Sanayi firmalarının türev araç kullanımlarının firma performansı üzerine olan etkisi 2014-2018 dönemi için 176 firmada incelenmiştir. Performans ölçüsü olarak aktif karlılığı (ROA) ve öz sermaye karlılığı (ROE) bağımlı değişken olarak alınmıştır. Firma büyüklüğü, finansal kaldıraç, cari oran ve türev araçlar kullanımı ise kontrol değişken olarak modele ilave edilmiştir. Panel Veri Analizinin kullanıldığı çalışmanın sonucunda türev araç kullanımının karlılık üzerinde istatistiksel olarak anlamlı ve negatif etkisinin olduğu tespit edilmiştir. Elde edilen bu sonuçlara göre Türkiye’de imalat sanayi sektöründe faaliyet gösteren firmaların türev araç kullanımlarının ek maliyetleri risk yönetiminin sağladığı faydadan daha yüksektir.

Anahtar Kelimeler

• Türev Araçlar
• Risk Yönetimi
• Firma Performansı

Effect of derivative instruments usage on firm performance: BIST manufacturing industry firms application

Abstract

Firms are exposed to various risks that are systematic and unsystematic. Firms apply to various methods to prevent these risks or to reduce the negative consequences of these risks. One of the methods they use in risk management is derivative financial instruments. Financial risks such as interest rate risk, exchange rate risk and price change risk are tried to be managed by derivative instruments listed as forward, futures, swaps and options. However, the effect on firm performance has a great importance as the use of derivative instruments can have additional costs as well as risk-reducing effect. Therefore, in the this study, the effect of the use of derivatives on the performance of firms is tried to be determined. The effect of derivative instruments usage on the firm performance of manufacturing industry firms traded in Borsa Istanbul is examined in 176 companies for the period 2014-2018 in this study. Return on assets (ROA) and return on equity (ROE) which are performance measures, are taken as dependent variables. Firm size, financial leverage, current ratio and use of derivative instruments are added to the model as control variables. As a result of the study using Panel Data Analysis; the using of derivative instrument has a statistically significant and negative effect on return. According to these results, the additional costs of using derivative instruments of firms operating in the manufacturing sector in Turkey are higher than the benefit of risk management.

Keywords

• Derivative instruments
• Risk management
• Firm performance
• Panel data analysis
• Manufacturing industry firms

Kaynakça

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