BİLGE LEYLİ ELİTAŞ, MESUT DOĞAN, MUSTAFA KEVSER

Finansal Sıkıntı ve Sahiplik Yapısı Arasındaki İlişki: Borsa İstanbul Üzerine Bir Araştırma

Bu araştırmanın amacı; finansal sıkıntı ile sahiplik yapısı arasındaki ilişkiyi incelemektir. Çalışmada 2009-2015 yılları arasında Borsa İstanbul (BİST) Sınai Endeksi'nde hisse senetleri işlem gören 112 firmanın verileri kullanılmıştır. Z Altman skoru firmaların finansal sıkıntı riskini ölçmek için kullanılmıştır. Geliştirilen dirençli tahminci modeli sonucunda; sermaye yoğunlaşması ve halka açıklık oranı ile finansal sıkıntı arasında negatif, buna karşın kurumsal yatırımcı sahipliği ile finansal sıkıntı arasında pozitif bir ilişki tespit edilmiştir. Ayrıca yabancı yatırımcı sahipliği ile finansal sıkıntı arasında istatistiksel olarak anlamlı bir ilişki belirlenememiştir

The Relationship Between Financial Distress and Ownership Structure: A Research in İstanbul Stock Exchange

The aim of this study is to investigate the relationship between financial distress and ownership structure. In this study, 112 firms' data have been used for the time period of 2005-2009 which are operating in the İstanbul Stock Exchange (BIST) Industrial Index. Z Altman Score was used for measuring the probability of financial distress. As a result of the developed robust estimator, ownership concentration and free float ratio has negative relation with financial distress, in contrast there is a positive relation between institutional ownership and financial distress. Additionally, statistically significant relation between foreign ownership and financial distress was not detected

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