Turhan Korkmaz, Aslı Yıkılmaz Erkol

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Finansal Esneklik Değeri ve Sermaye Yapısı Kararları: Borsa İstanbul İşletmeleri Üzerine Bir Araştırma

Bu çalışmanın amacı, Borsa İstanbul 100’e kote olanişletmelerin finansal esneklik değeri ile sermaye yapısıkararları arasındaki ilişkiyi incelemektir. Bu kapsamda,2006-2015 döneminde Borsa İstanbul 100 Endeksinekote olan 37 işletmenin finansal esneklik değeri, nakdinmarjinal denklemi ve finansal esnekliğin beş faktörüyöntemi (Rapp vd., 2014; Rapp vd., 2012) ilehesaplanmış ve elde edilen finansal esneklik değeri ilesermaye yapısı kararları arasındaki ilişki panel regresyonanaliz yöntemi kullanılarak incelenmiştir. Çalışmadanelde edilen sonuçlara göre yöneticiler, pay sahipleri veborç verenlere önemli bilgiler sunan finansal esneklikdeğerinin Türkiye’de faaliyet gösteren firmalar içinhesaplanabilir bir değer olduğu ve finansal esneklikdeğerinin borçlanma düzeyini negatif yönde etkilediğitespit edilmiştir.

Financial Flexibility Value and Capital Structure Decisions: An Aplication on Borsa İstanbul Firms

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.
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Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi-Cover
  • ISSN: 1306-6730
  • Yayın Aralığı: Yılda 3 Sayı
  • Başlangıç: 2006
  • Yayıncı: Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi
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