Yabancı Para Pozisyonunun Firma Kârlılığına Etkisi: Borsa İstanbul Örneği

Küreselleşmenin etkisiyle, ülkeler arasında, hayatın her alanında yaşanan yakınlaşma uluslararası sermayenin dolaşımını da kolaylaştırmış, bu kolaylık şirketlerin yabancı kaynaklara ulaşabilmesine de imkân sağlamıştır. Böylece dışa açık ekonomilerde finansman ihtiyacının bir kısmını yabancı paralar üzerinden gerçekleştiren işletmeler için döviz kuru riski ve bu riskin yönetimi önemli hale gelmiştir. Bu çalışmada, döviz kuru riskinin şirket bilançolarında yer alan yabancı para net pozisyonları üzerinden firmaların kârlılık finansalları üzerindeki etkisi incelenmiştir. Çalışmanın örneklemi olarak BIST 100 (Borsa İstanbul 100) endeksinde yer alan firmalar seçilmiştir. İnceleme kapsamında yer alan firmalar, finansal, finansal olmayan, ihracat yapmayan, ihracat yapan ve tüm firmalar şeklinde ele alınmıştır. 2012:Q1-2021:Q3 dönemine ait 39 çeyreklik veri araştırmanın veri setini oluşturmaktadır. Yapılan analizlerde, yabancı para net pozisyonu ile firma kârlılığı arasında önemli bulgular elde edilmiştir.

Anahtar Kelimeler:

BIST 100, Döviz Kuru Riski, Firma kârlılığı, Aktif Karlılık, Özsermaye Karlılığı, Hisse Başına Kar, Çoklu Doğrusal Regresyon

The Effect of Foreign Currency Position on Firm Profitability: The Example of Borsa Istanbul

The convergence experienced in all areas of life caused by globalization has facilitated the circulation of international capital, which also allowed companies to access foreign resources. Thus, in open economies, exchange rate risk and how to manage it have become important for businesses that realize some of their financing needs in foreign currencies. In this study, the effect of exchange rate risk on the profitability financials of the companies is examined through the foreign currency net positions in the company balance sheets. The sample of the study consists of companies included in the BIST 100 (Borsa Istanbul 100) index. The companies within the scope of the review are classified as financial, non-financial, non-exporting, exporting and all companies. The data for 39 quarters of the period 2012: Q1-2021:Q3 constitute the data set of the research. In the analyzes made, important findings were obtained between the FX net position and the profitability of the companies.

Keywords:

BIST 100, Exchange Rate Risk, Firm Profitability, ROA, ROE, EPS, Multi-Linear Regression,

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