TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI

Emine Ebru AKSOY, (Ankara Hacı Bayram Veli Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümü, Ankara, Türkiye)
Fatma Betül ŞENGÜL (Ufuk Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Bölümü, Ankara, Türkiye)
Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
6 1
Yıl: 2021 Cilt: 14 Sayı: 3 Sayfa Aralığı: 1006 - 1017 Metin Dili: Türkçe DOI: 10.25287/ohuiibf.807233 İndeks Tarihi: 20-10-2021

TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI

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 Kelime:

EFFECT OF DERIVATIVE INSTRUMENTS USAGE ON FIRMPERFORMANCE: BIST MANUFACTURING INDUSTRY FIRMS APPLICATION

Öz:
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.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
  • Adam, T. R., & Fernando, C. S. (2006). Hedging, speculation, and shareholder value. Journal of Financial Economics, 81(2), 283-309. https://doi.org/10.1016/j.jfineco.2005.03.014.
  • Ahmed, H., Azevedo, A., & Guney, Y. (2014). The effect of hedging on firm value and performance: Evidence from the nonfinancial UK firrms. European Financial Managemet, 44, 1–31. Retrieved from: http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.587.390.
  • Akpınar, O., & Fettahoğlu, A. (2016). Does the use of derivatives affect firm value? Evidence from Turkey. Journal of Transnational Management, 21(2), 53–61. https://doi.org/10.1080/15475778.2016.1166998.
  • Allayannis, G., & Weston, J. P. (2001). The use of foreign currency derivatives and firm market value. The Review of Financial Studies, 14(1), 243–276. https://doi.org/10.1093/rfs/14.1.243
  • Aretz, K., & Bartram, S. M. (2010). Corporate hedging and shareholder value. Journal of financial research, 33(4), 317–371. https://doi.org/10.1111/j.1475-6803.2010.01278.x
  • Ayturk, Y., Gurbuz, A. O., & Yanik, S. (2016). Corporate derivatives use and firm value: Evidence from Turkey, 16(2), 108–120. https://doi.org/10.1016/j.bir.2016.02.001
  • Banafa, A. S. A. (2016). The effect of leverage, liquidity, and firm size on financial performance of listed non-financial firms in Kenya (Doctoral dissertation, COHRED, Business Administration, JKUAT). Retrieved from http://ir.jkuat.ac.ke/handle/123456789/2219.
  • Bartram, S. M., Brown, G. W., & Conrad, J. (2011). The effects of derivatives on firm risk and value. Journal of Financial and Quantitative Analysis, 46(4), 967–999. Retrieved from: https://www.jstor.org/stable/23018425?seq=1.
  • Belghitar, Y., Clark, E., & Mefteh, S. (2013). Foreign currency derivative use and shareholder value. International Review of Financial Analysis, 29, 283–293. Retrieved from: http://www.sciencedirect.com/science/article/pii/S1057521912000208.
  • Berrospide, J. M., Purmanandam, A. K., & Rajan, U. (2010). Corporate hedging, investment and value. In EFA 2008 Athens Meetings Paper (pp. 2008–2016). Retrieved from: https://ideas.repec.org/p/fip/fedgfe/2008-16.html.Büker, S., Aşıkoğlu, R., & Sevil, G. (2018). Finansal Yönetim, Ankara: Sözkesen Matbaacılık.
  • Carter, D. A., Rogers, D. A., & Simkins, B. J. (2006). Hedging and value in the US airline industry. Journal of Applied Corporate Finance, 18(4), 21–33. https://doi.org/10.1111/j.1745-6622.2006.00107.x.
  • Chaudhry, D., Mehmood, M. S., & Mehmood, A. (2014). Determinants of corporate hedging policies and derivatives usage in risk management practices of non-financial firms. Wulfenia Journal, 21(7), 293–310. Retrieved from: https://mpra.ub.uni-muenchen.de/57562/.
  • Çankaya, S., & Güçver, C. (2019). Borsa İstanbul imalat sanayi endeksine kayıtlı firmaların finansal risk yönetimlerinde türev ürün kullanımının belirleyicileri. Journal of BRSA Banking and Financial Markets, 13(2), 185. Erişim adresi: https://www.bddk.org.tr/AboutUs/Journal-of-BRSA-Banking-and-Financial-Markets/19.
  • Çatalbaş, G. K., & Yarar, Ö. (2015). Türkiye'deki bölgeler arası iç göçü etkileyen faktörlerin panel veri analizi ile belirlenmesi. Alphanumeric Journal, 3(1), 99–117. https://doi.org/10.17093/aj.2015.3.1.5000113446.
  • De Andres, P., Azofra, V., & Lopez, F. (2005). Corporate boards in OECD countries: Size, composition, functioning and effectiveness. Corporate Governance: An International Review, 13(2), 197–210. https://doi.org/10.1111/j.1467-8683.2005.00418.x.
  • Ees, H., Postma, T. J., & Sterken, E. (2003). Board characteristics and corporate performance in the netherlands. Eastern Economic Journal, 29(1), 41–58. Retrieved from: http://web.holycross.edu/RePEc/eej/Archive/Volume29/V29N1P41_58.pdf.
  • Ekadjaja, M., & Henny, A. E. (2019). The characteristics of users derivative company towards the company’s value. Jurnal Akuntansi, 23(1), 62–77. http://dx.doi.org/10.24912/ja.v23i1.460.
  • Emhan, A. (2010). Risk yönetim süreci ve risk yönetmekte kullanılan teknikler. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23 (3), 209–220. Erişim adresi: https://dergipark.org.tr/tr/pub/atauniiibd/issue/2672/3500.
  • Geczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. The Journal of Finance, 52(4), 1323–1354. https://doi.org/10.1111/j.1540-6261.1997.tb01112.x.
  • Greene, W. H. (2003). Econometric Analysis. India: Pearson Education. Gomez-Gonzalez, J. E., L, Rincon, C. E., & Lonrodriguez, K. J. (2009). Does the use of foreign currency derivatives effect firms’ market value? Evidence From Colombia. Borradores de Economia, 27(6), 461–485. https://doi.org/10.2753/REE1540-496X480403.
  • Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. The European Journal of Finance, 15(4), 385–404.
  • Haniffa, R., & Hudaib, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance & Accounting, 33(7‐8), 1034–1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x.
  • Hsiao, C., Pesaran, M. H., & Tahmiscioğlu, A. K. (2002). Maximum likelihood estimation of fixed effects dynamic panel data models covering short time periods. Journal of Econometrics, 109(1), 107–150. https://doi.org/10.1016/S0304-4076(01)00143-9.
  • Hull, J. C., (2003). Options futures and other derivatives. New Jersey: Prentice Hall.
  • Iqbal, A., Mulani, J., & Kabiraj, S. (2013). Leverage, size of the firm and profitability: A case of pakistani cement industry. International Journal of Business Insights & Transformation, 7(1). Retrieved from: https://www.researchgate.net/publication/291650050_Leverage_Size_of_the_Firm_and_Profitability_A_Case_of_Pakistani_Cement_Industry.
  • Jin, Y., & Jorion, P. (2006). Firm value and hedging: Evidence from US oil and gas producers. The Journal of Finance, 61(2), 893–919. Retrieved from: https://www.jstor.org/stable/3699361.
  • Kamuyu Aydınlatma Platformu. (2019, 17 Aralık). İmalat Sanayi Firmaları. Erişim adresi: https://www.kap.org.tr/tr/Sektorler.
  • Khedihi, K. B., & Folus, D. (2010). Does hedging increase firm value? Evidence from French firms. Applied Economics Letters, 17(10), 995–998. https://doi.org/10.1080/17446540802599697.
  • Kyereboah-Coleman, A. (2007). The impact of capital structure on the performance of microfinance institutions. The Journal of Risk Finance, 8(1), 56–71. Retrieved from: https://ideas.repec.org/a/eme/jrfpps/v8y2007i1p56-71.html.
  • Lau, C. K. (2016). How corporate derivatives use impact firm performance?. Pacific-Basin Finance Journal, 40, 102–114. Retrieved from: https://ideas.repec.org/a/eee/pacfin/v40y2016ipap102-114.html.
  • Lenee, T. L., & Oki, J. (2017). Financial derivatives and firm performance: Empirical evidence from financial and non-financial Firms. Journal of Economics, Management and Trade, 1–36. Retrieved from: https://www.journaljemt.com/index.php/JEMT/article/view/13032.
  • Lin, C. M., Phillips, R. D., & Smith, S. D. (2008). Hedging, financing and investment decisions: Theory and empirical tests. Journal of Banking & Finance, 32, 1566–1582. Retrieved from: https://ideas.repec.org/a/eee/jbfina/v32y2008i8p1566-1582.html
  • Mackay, P., & Moeller, S. B. (2007). The value of corporate risk management. The Journal of Finance, 62(3), 1379–1419. https://doi.org/10.1111/j.1540-6261.2007.01239.x.
  • Magee, S. (2013). Foreign currency hedging and firm value: A Dynamic Panel Approach. Advances in Financial Risk Management (pp.57–80). Retrieved from: https://link.springer.com/chapter/10.1057/9781137025098_3
  • Mule, K. R., Mukras, M. S., & Nzioka, O. M. (2015). Corporate size, profitability and market value: An econometric panel analysis of listed firms in Kenya. European Scientific Journal, 11(13). Retrieved from http://eujournal.org/index.php/esj/article/view/5659
  • Nguyen, H., & Faff, R. (2002). On the determinants of derivative usage by Australian companies. Journal of Management, 27(1), 1–24. https://doi.org/10.1177/031289620202700101.
  • Niresh, A., & Velnampy, T. (2014). Firm size and profitability: A study of listed manufacturing firms in Sri Lanka. International Journal of Business and Management, 9(4). Doi: 10.5539/ijbm.v9n4p57.
  • Panaretou, A., Shackleton, M. B., & Taylor, P. A. (2013). Corporate risk management and hedge accounting. Contemporary Accounting Research, 30(1), 116–139. Retrieved from: http://www.research.lancs.ac.uk/portal/en/publications/corporate-risk-management-and-hedge-accounting(99ed81e8-ecfb-4cee-8595-4173b99147f5).html
  • Perez‐Gonzalez, F., & Yun, H. (2013). Risk management and firm value: Evidence from weather derivatives. The Journal of Finance, 68(5), 2143-2176. https://doi.org/10.1111/jofi.12061
  • Phan, D., Nguyen, H., & Faff, R. (2014). Uncovering the asymmetric linkage between financial derivatives and firm value: The case of oil and gas exploration and production companies. Energy Economics, 45, 340–352.https://doi.org/10.1016/j.eneco.2014.07.018
  • Pramborg, B. (2004). Derivatives hedging, geographical diversification, and firm market value. Journal of Multinational Financial Management, 14(2), 117–133. https://doi.org/10.1016/j.eneco.2014.07.018
  • Rashid, A., De Zoysa, A., Lodh, S., & Rudkin, K. (2010). Board composition and firm performance: evidence from Bangladesh. Australasian accounting. Business and Finance Journal, 4(1), 76–95. Retrieved form: http://ro.uow.edu.au/aabfj/vol4/iss1/5
  • Özek, P. (2016). An empirical investigation on the use of derivative instruments by industrial firms in Turkey. Finansal Arastirmalar ve Calismalar, 8(14), 173–187. https://doi.org/10.14784/jfrs.23358
  • Smith, C. W., Stulz, R. M. (1985). The determinants of firms hedging policies. Journal of Financial and Quantitative Analysis, 20(4), 391–405. http://dx.doi.org/10.2307/2330757
  • Stulz, R. M. (1984). Optimal hedging policies. Journal of Financial and Quantitative Analysis, 19(2), 127–140. https://doi.org/10.2307/2330894
  • Taghizadeh, M., & Saremi, S. (2013). Board of directors and firms performance: Evidence from Malaysian public listed firm. International Proceedings of Economics Development and Research, 59, 178–182. Retrieved from: http://www.ipedr.com/vol59/037-ICEMM2013-P10030.pdf.
  • Vithessonthı, C., & Tongurai, J. (2015). The effect of firm size on the leverage – Performance relationship during the financial crisis of 2007–2009. Journal of Multinational Financial Management, 29, 1–29.
  • Yalçıner, K., Tanrıöven, C., Bal, H., Aksoy, E. E., & Kurt, Ç. (2014). Finansal Teknikler ve Türev Araçlar. Ankara: Detay Yayıncılık
  • Tatoğlu, Y. F. (2013). Panel Veri Ekonometrisi, Stata Uygulamalı. İstanbul: Beta Basım Yayım.
APA AKSOY E, Şengül F (2021). TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. , 1006 - 1017. 10.25287/ohuiibf.807233
Chicago AKSOY Emine Ebru,Şengül Fatma Betül TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. (2021): 1006 - 1017. 10.25287/ohuiibf.807233
MLA AKSOY Emine Ebru,Şengül Fatma Betül TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. , 2021, ss.1006 - 1017. 10.25287/ohuiibf.807233
AMA AKSOY E,Şengül F TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. . 2021; 1006 - 1017. 10.25287/ohuiibf.807233
Vancouver AKSOY E,Şengül F TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. . 2021; 1006 - 1017. 10.25287/ohuiibf.807233
IEEE AKSOY E,Şengül F "TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI." , ss.1006 - 1017, 2021. 10.25287/ohuiibf.807233
ISNAD AKSOY, Emine Ebru - Şengül, Fatma Betül. "TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI". (2021), 1006-1017. https://doi.org/10.25287/ohuiibf.807233
APA AKSOY E, Şengül F (2021). TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14(3), 1006 - 1017. 10.25287/ohuiibf.807233
Chicago AKSOY Emine Ebru,Şengül Fatma Betül TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 14, no.3 (2021): 1006 - 1017. 10.25287/ohuiibf.807233
MLA AKSOY Emine Ebru,Şengül Fatma Betül TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol.14, no.3, 2021, ss.1006 - 1017. 10.25287/ohuiibf.807233
AMA AKSOY E,Şengül F TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021; 14(3): 1006 - 1017. 10.25287/ohuiibf.807233
Vancouver AKSOY E,Şengül F TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021; 14(3): 1006 - 1017. 10.25287/ohuiibf.807233
IEEE AKSOY E,Şengül F "TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI." Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14, ss.1006 - 1017, 2021. 10.25287/ohuiibf.807233
ISNAD AKSOY, Emine Ebru - Şengül, Fatma Betül. "TÜREV ARAÇ KULLANIMININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST İMALAT SANAYİ FİRMALARI UYGULAMASI". Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 14/3 (2021), 1006-1017. https://doi.org/10.25287/ohuiibf.807233
Sayfa Oluşturulma Tarihi
23-04-2024 19:46

İLETİŞİM

TÜBİTAK ULAKBİM TR Dizin

Yüzüncüyıl, İşçi Blokları Mahallesi

Muhsin Yazıcıoğlu Caddesi No:51/C

06530 Çankaya / ANKARA +90 (312) 298 92 00

trdizin@tubitak.gov.tr

TÜBİTAK ULAKBİM Ulusal Akademik Ağ ve Bilgi Merkezi Cahit Arf Bilgi Merkezi © Tüm Hakları Saklıdır. Gizlilik Politikası Kullanım Şartları