Determination of Significant Financial Ratios That May Influence Business Stock Performance

İn this research article, the determination of financial ratios that are significant on the stock market performance of manufacturing firms has been studied. For this purpose, 89 manufacturing companies were included in the analysis. Panel data analysis and annual data for 2013-2018 are used. In the study, market value-book value was taken as dependent variable. Liquidity ratio, current ratio, receivable turnover rate, asset turnover rate, stock turnover rate rate, short-term debts / long-term debts, interest and pre-tax profit / interest expense, asset return rate and return on equity were included as independent variables. The return on assets, which is one of the significant variables, positively affects the stock market performance of the manufacturing companies. The liquidity ratio, credit turnover rate and return on equity rates negatively affect the stock market performance of the manufacturing companies. It has the highest coefficient active return in the findings, while it has the lowest coefficient turnover rate. According to the findings obtained, it was find out that the variables of current ratio, inventory turnover, short-term debts / long-term debts, asset turnover, interest and pre-tax profit / interest expense did not affect the stock market performance of manufacturing enterprises.

İşletmelerin Borsa Performansını Etkileyen Finansal Oranların Belirlenmesi

Bu araştırma makalesinde, imalat işletmelerinin borsa performansı üzerinde anlamlı olan finansal oranların tespiti çalışılmıştır. Bu amaçla, 89 imalat işletmesi çalışmanın analizine dahil edilmiştir. Araştırmada panel veri analizi ve 2013-2018 dönemine ait yıllık veriler kullanılmıştır. Panel veri modelinde, piyasa - defter değeri bağımlı değişken olarak alınmıştır. Likidite oranı, cari oran, alacak devir hızı, aktif devir hızı, stok devir hızı, faiz ve vergi öncesi kar / faiz gideri, kısa vadeli borçlar / uzun vadeli borçlar, aktif getiri ve özkaynak getiri oranları bağımsız değişken olarak analizde yer almıştır. Bulgulara göre, likidite oranı, alacaklar devir hızı, özkaynak getirisi ve aktif getirisi değişkenleri imalat sektöründeki işletmelerin borsa performansını anlamlı olarak etkilemektedir. Anlamlı değişkenlerden aktif getirisi, imalat sektöründeki işletmelerin borsa performansını pozitif yönde etkilemekte; likidite oranı, alacak devir hızı ve özsermaye getiri oranları ise imalat sektöründeki işletmelerin borsa performansını negatif yönde etkilemektedir. Bulgulara göre en yüksek katsayıya aktif getirisi sahipken en düşük katsayıya alacak devir hızı sahiptir. Ayrıca analiz bulgularında, cari oran, stok devir hızı, aktif devir hızı, faiz ve vergi öncesi kar / faiz gideri ve kısa vadeli borçlar / uzun vadeli borçlar değişkenlerinin ise imalat sektöründeki işletmelerin borsa performansına etki etmediği saptanmıştır.

PDF

___

Akbulut, R. & Coskun, A. (2015). A Research on financial performance of manufacturing businesses that are traded on BIST. Journal of accounting & finance.

Anwaar, M. (2016). İmpact of firms performance on stock returns (evidence from listed companies of FTSE-100 index London, uk).Global journal of management and business research.

Bektas, H. & Tekin, M. (2013). The relationship of financial ratios and stock exchange performance ratios: canonical correlation analysis of banks trading in istanbul stock exchange. Marmara university journal of economic and administrative sciences, 34(1), 317-329.

Buse, L., & Stefan, I. O. (2014). Study on the correlation between economic and financial performance and stock exchange performance in romanian companies from oil and retail trade industries. Procedia economics and finance, 16, 149-159.

Clark, T. S. & Linzer, D. A. (2012). Should I use fixed or random effects?. Political science research and methods, 3(2), 399-408.

Demireli, E., Basci, E. S. & Karaca, S. S. (2014). The relationships between working capital and performance indicators: An application on borsa istanbul. Ege strategic research journal, 5(1), 79-98.

Fama, E.F. & French, K.R. (1992). The cross-section of expected returns. Journal of finance, 47, 427–465

Hausman J.A (1978), “Specification tests in econometrics”, Econometrica, 46(6): 1251-1271.

Hobarth, L. L. (2006). Modeling the relationship between financial indicators and company performance. an empirical study for us-listed companies. Doctoral thesis, wu vienna university of economics and business

Hsiao, C. (2014). Analysis of panel data (No. 54). Cambridge university press.

Kamacı, A. & Konya, S. (2016). Analysis of the relationship between portfolio investments and economic growth in fragile five countries. Information journal of social sciences, (2), 136- 155.

Kurtaran, A., Kurtaran, A. T., Celik, M. K. & Temizer, Z. (2015). The relationship between financial ratio and firm value: An application in BIST. Global journal of economics and business studies, 4(8), 35-45.

Levin, A., Chien-F. L. & Chia-Shang J. C. (2002). Unit root tests in panel data: Asymptotic and finitesample properties. Journal of econometrics, 108: 1–24.

Lewellen, J. (2004). Predicting returns with financial ratios. Journal of financial economics, 74(2), 209-235.

Özcalık, S. G. & Aytekin, S. (2017). Is there a relationship between firm value and financial ratios? An application in borsa Istanbul. Balikesir university the journal of social sciences institute volume: 20 - Issue: 38, December 2017

Özcomak, M. S. & Gündüz, M. (2012). Investigation of relationship between stock exchange performance ratios and other financial ratios by means of canonical correlation analysis. Journal of graduate school of social sciences 16(1), 453-466.

Özer, M. & Çiftçi, N. (2009). Relationship between R&D expenditures and exports: A panel data analysis for OECD countries Dumlupınar university journal of social sciences, 23(3), 39-50.

Pech, C. O. T., Noguera, M. & White, S. (2015). Financial ratios used by equity analysts in mexico and stock returns. Contaduríay administración, 60(3), 578-592.

Phillips, P. C. & Moon, H. R. (2000). Nonstationary panel data analysis: an overview of some recent developments. Econometric reviews, 19(3), 263-286.

Robu, M. A., Jaba, E., Mironiuc, M., & Robu, I. B. (2014). Estimating the influence of the financial and nonfinancial factors on the capital gains yield in the case of the Romanian Stock Market. Procedia-Social and Behavioral Sciences, 109, 1298-1302.

Savsar, A. (2012), The relationship between financial ratios and firm value, and an application in Istanbul stock exchange. Master's thesis, Gaziosmanpaşa university, institute of social sciences.

Sharif, T., Purohit, H. & Pillai, R. (2015). Analysis of factors affecting share prices: the case of Bahrain stock exchange. International journal of economics and finance, 7(3), 207-216.

Spicka, J., Naglova, Z. & Gurtler, M. (2017). Effects of the investment support in the Czech meat processing industry. Agricultural Economics, 63(8), 356-369.

Srinivasan, P. (2012). Determinants of equity share prices in India: A panel data approach. The Romanian economic journal, 46(6), 205-228.

Tarazi, R. E. & Gallato, C. (2012). Determinants of expected stock returns: Evidence from the Malaysian and Thai Markets. Available at SSRN, 2167679.

Tatoğlu, Yerdelen, F. (2016). Panel Veri Ekonometrisi: Stata Uygulamalı. (3. Baskı). İstanbul: Beta Basım Yayıncılık.

Unaldı, M. O.(2018). An analysis of the firm-specific factors that affect the share performances of the real estate invesment trusts in BIST by the panel regression method. Doctoral thesis, Istanbul University, Institute of Social Sciences. İstanbul.

Turkish Studies - Economics, Finance, Politics-Cover

ISSN: 2667-5625
Yayın Aralığı: Yılda 4 Sayı
Başlangıç: 2006
Yayıncı: ASOS Eğitim Bilişim Danışmanlık Otomasyon Yayıncılık Reklam Sanayi ve Ticaret LTD ŞTİ