Serkan ÇANKAYA, Cengiz GÜÇVER

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Borsa İstanbul İmalat Sanayi Endeksine Kayıtlı Firmaların Finansal Risk Yönetimlerinde Türev Ürün Kullanımının Belirleyicileri

Bu çalışmada 2007-2016 yılları arasında Borsa İstanbul (BIST) imalat sanayi endeksine kote firmaların türev ürün kullanım kararlarını etkileyen bilanço içi ve/veya bilanço dışı faktörlerin neler olabileceği panel lojistik regresyon analizi ile incelenmiştir. Çalışmanın sonucunda firmaların aktif büyüklük, likidite oranı, kaldıraç oranı, finansal borçluluğun toplam borçlanmaya oranı, piyasa değeri, yurtdışı satışların toplam satışlara oranı, vergi ödemelerinin net karlılığa oranı ve kurumsal yönetim endeksine dahil olma değişkeni ile türev ürün kullanımı arasında anlamlı bir ilişki olduğu buna karşılık aktif karlılık, net kar marjı, özsermaye karlılığı, net yabancı para pozisyon oranı ile türev ürün kullanımı arasında ise anlamlı bir ilişki olmadığı sonucuna ulaşılmıştır.

Determinants of Derivative Product Usage in Financial Risk Management of Firms Registered on Borsa Istanbul Manufacturing Industry Index

In this study, Panel logistic regression analysis is used to examine on-balance sheet and/or off-balance sheet factors that affect the decision to use derivative products for firms listed in Borsa Istanbul (BIST) manufacturing industry index between the years of 2007 and 2016. The result of the study shows that there is a significant relationship between firms’ asset size, liquidity ratio, leverage ratio, financial debt to total debt ratio, market value, ratio of foreign sales to total sales, ratio of tax payments to net profitability, corporate governance index inclusion and the use of derivative products, however, there is no significant relation between return on asset, net profit margin, return on equity, net foreign currency position ratio and the use of derivative products.
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BDDK Bankacılık ve Finansal Piyasalar Dergisi-Cover
  • ISSN: 1307-5705
  • Yayın Aralığı: Yıllık
  • Başlangıç: 2007
  • Yayıncı: Bankacılık Düzenleme ve Denetleme Kurumu
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