Yatırım Kararları ile Firma Karlılığı Arasındaki İlişki: Fon Akışları ve Yatırım Fırsatlarının Moderatör Rolü

Çalışmada yatırım kararları ile firma karlılığı ilişkisinde fon akışları ve yatırım fırsatlarının moderator rolünün 2000-2020 döneminde Borsa İstanbul’da işlem gören 107 reel sektör firması için panel veri analizi ile araştırılması amaçlanmıştır. Firma karlılığı için aktif karlılık ve özsermaye karlılığı, yatırım kararları için sabit varlıkların büyüme oranı, toplam varlıkların büyüme oranı ve sermaye harcamalarının toplam varlıklara büyüme oranları değişkenleri seçilmiştir. Gerçekleştirilen analizler sonucunda yatırım kararlarının firma karlılığını önemli derecede etkilediği tespit edilmiştir. Ayrıca çalışmada fon akışları ve yatırım kararlarının etkileşimi ve yatırım fırsatları ve yatırım kararlarının etkileşiminin firma karlılığı üzerinde anlamlı etkilerinin olduğu ve bu etkileşim değişkenleri modele dahi edildikten sonra yatırım kararlarının firma karlılığı üzerindeki etkisini artırdığı bulgulanmıştır.

Anahtar Kelimeler:

Yatırım Kararları, Kârlılık, Nakit Akışı, Yatırım Fırsatı, BİST

The Nexus Between Corporate Investment Decisions and Firm Profitability: Moderating Role of Fund Flows and Investment Opportunities

The study aims to investigate the moderating role of fund flows and investment opportunities in the relationship between investment decisions and firm profitability with a panel data analysis for 107 real sector firms traded in Borsa Istanbul for the period 2000-2020. Return on assets and return on equity variables are selected for firm profitability, while growth rate of fixed assets, growth rate of total assets and growth rate of capital expenditures to total assets are selected for investment decisions. As a result of the analysis, it has found that investment decisions have a significant impact on firm profitability. The study also finds that the interaction of fund flows and investment decisions and the interaction of investment opportunities and investment decisions have significant effects on firm profitability and that the inclusion of these interaction variables in the model increases the impact of investment decisions on firm profitability.

Keywords:

Investment Decisions, Profitability, Cash Flow, Investment Opportunity, BIST,

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