SERMAYE YOĞUNLAŞMASININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST GIDA ve İÇECEK ENDEKSİ UYGULAMASI

Mülkiyet yapısında ki yoğunlaşma veya sermayenin sahiplik yapısı ile firma performansı arasındaki ilişki, uzun yıllardır tartışılmakta ve dikkatle incelenmektedir. Bu perspektifte çalışmanın amacı, BİST Gıda ve İçecek Endeksi’nde yer alan şirketlerin performansları ile mülkiyet yapılarındaki yoğunlaşma arasındaki ilişkinin ortaya çıkarılmasıdır. ROA ve ROE performans ölçütleri dikkate alındığında, mülkiyet yapısı ile firma performansı arasında istatiksel olarak anlamlı ve negatif ilişki bulunmasına rağmen, aynı şekilde negatif ilişkinin tespit edildiği Tobins’ q ölçütünde sonuç anlamlı çıkmamıştır. Bu sonuçlar doğrultusunda, sermaye yapısında ki yoğunlaşmanın firma performansı üzerinde olumsuz etkisinden söz edilebilmektedir.Anahtar Kelimeler: Firma Performansı, Sermaye YoğunlaşmasıJEL Sınıflandırması: G30, G32 THE EFFECTS OF OWNERSHIP CONCENTRATION ON FIRM PERFORMANCE: EMPRICAL EVIDENCE FROM THE BIST FOOD AND BEVERAGE INDEXABSTRACTThere have been various discussion on the issue of affects of ownership concentration on firm performance so far. In this perspective, the main objective of this research is to discover the relationship between ownership concentration and firm performance of companies listed in the BIST Food and Beverage Index. When the ROA and ROE were considered as performance criteria, it was found that there is negative and statistically significant realtionship between ownership concentration and firm performance. It should also be noted that although this negative relationship still exists for market performance indicator, Tobins’ q, it is not statistically significant. According to outcomes, it can be claimed that ownership concentration effects firm performance negatively.Keywords: Firm Performance, Ownership ConcentrationJEL Classification: G30,G32

Anahtar Kelimeler:

Firma Performansı, Sermaye Yoğunlaşması

THE EFFECTS OF OWNERSHIP CONCENTRATION ON FIRM PERFORMANCE: EMPRICAL EVIDENCE FROM THE BIST FOOD AND BEVERAGE INDEX

There have been various discussion on the issue of affects of ownership concentration on firm performance so far. In this perspective, the main objective of this research is to discover the relationship between ownership concentration and firm performance of companies listed in the BIST Food and Beverage Index. When the ROA and ROE were considered as performance criteria, it was found that there is negative and statistically significant realtionship between ownership concentration and firm performance. It should also be noted that although this negative relationship still exists for market performance indicator, Tobins‟ q, it is not statistically significant. According to outcomes, it can be claimed that ownership concentration effects firm performance negatively

Keywords:

Firm Performance, Ownership Concentration,

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