Türev Araç Kullanımının Firma Performansı ve Firma Değeri Üzerindeki Etkisi: BIST’de Faaliyet Gösteren İşletmeler Üzerine Bir İnceleme

Yıl 2025, Cilt: 6 Sayı: 12, 83 - 97, 26.12.2025

Aysel Öztürkçü Akçay , Gamze Sevimli Örgün

https://doi.org/10.51727/tbj.1727747

Öz

Bu çalışmanın amacı, türev araç kullanımının firma performansı ve firma değeri üzerindeki etkisini incelemektir. Bu amaç dahilinde BIST’ de faaliyet gösteren 183 finansal olmayan firmanın 2015-2021 yılları arasındaki verilere örnekleme dahil edilmiştir. Firma performans göstergeleri olarak ROA ve ROE değişkenlerinin, firma değeri olarak ise TOBIN’S Q değerinin bağımlı değişken olarak kullanıldığı çalışmada türev araç kullanımı bağımsız değişken olarak, kaldıraç oranı, büyüklük ve firma yaşı ise kontrol değişkeni olarak kullanılmıştır. Panel veri analiz yöntemi ile yapılan analizler sonucunda türev araç kullanımının ROA ve Tobin’s Q değeri üzerinde istatistiksel olarak anlamlı ve negatif ilişkisinin olduğu, ancak ROE ile yapılan analizlerde istatistiksel açıdan anlamlılığın olmadığı tespit edilmiştir.

Anahtar Kelimeler

Türev Araçlar , Firma Performansı , Borsa İstanbul

THE EFFECT OF DERIVATIVE INSTRUMENT USE ON FIRM PERFORMANCE AND VALUE: A STUDY ON BUSINESSES OPERATING ON BORSA ISTANBUL

Öz

The objective of this research is to explore how the use of derivatve instruments influences corporate performance and frm value. To this end, the study analyzes data from 183 non-financal companies listed on Borsa Istanbul over the period from 2015 to 2021. Return on Assets (ROA) and Return on Equity (ROE) are employed as indicators of frm performance, while Tobin’s Q is used to represent frm value. The main explanatory variable is the use of derivatve instruments, with leverage ratio, frm size, and frm age incorporated as control variables. Findings from the panel data analysis indicate that derivatve usage is negatively and significantly associated with both ROA and Tobin’s Q, whereas no significant relationship is found between derivatve usage and ROE.

Anahtar Kelimeler

Derivate Instrument , Firm Performance , Borsa Istanbul

Kaynakça

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