FİNANSAL GEVŞEKLİK TÜRLERİNİN FİRMA PERFORMANSINA VE HİSSE SENEDİNE OLAN ETKİSİNİN İNCELENMESİ

Yıl 2024, Cilt: 20 Sayı: 2, 339 – 358, 28.06.2024

Cansu Çilingir Kara , Sibel Yılmaz Türkmen

https://doi.org/10.17130/ijmeb.1432910

Öz

Bu çalışmada, finansal gevşeklik türlerinin, finansal performansa ve hisse senedi fiyatına olan
etkisi araştırılmıştır. Bu doğrultuda, 2013-2021 yılları arasında, BİST 30 Endeksi’nde faaliyet gösteren
firmaların verileri incelenmiştir. Analizde kullanılacak bağımsız değişkenler; en çok kullanılan finansal
gevşeklik türleri olan; mevcut gevşeklik, geri kazanılabilir gevşeklik ve potansiyel gevşekliktir. Analizde
kullanılacak bağımlı değişkenler ise; aktif karlılığı, özsermaye karlılığı, Tobin Q oranı, piyasa değeridefter değeri oranı ve hisse senedi fiyatıdır. Uygulamada, ilgili yıllara ait verilere panel veri analiz
yönetimi uygulanmıştır. İlgili analizin yapılmasında, Stata 14 paket programı kullanılmıştır. Literatürdeki
çalışmalar incelendiğinde, Türkçe yayın olarak bir adet doktora tezi bulunduğu ve mevcut literatürün yurt
dışı yayınlar ağırlıklı olduğu, ayrıca literatürdeki çalışmalarda analize finansal performans ölçümlerinin
katıldığı, fakat hisse senedi fiyatlarının dahil edilmediği görülmüştür. Bu doğrultuda hem BİST30 Endeksi
üzerinde analiz yapılmış hem de analize firmalara ait hisse senedi fiyatları dahil edilmiştir. Yapılan panel
veri analizi sonucunda, finansal gevşeklik türlerinin bilanço temelli finansal oranları anlamlı olarak
etkilediği görülmüştür.

Anahtar Kelimeler

Finansal Performans, Finansal Gevşeklik, Panel Veri Analizi

Kaynakça

• Bourgeoıs, L.J., & Singh, J.V. (1983). Organizational slack and political behavior among top management teams. In Academy of Management Proceedings, 1, 43-47.
• Chiu, Y. C., & Liaw, Y. C. (2009). Organizational slack: Is more or less better?. Journal of Organizational Change Management, 22(3), 321-342.
• Cyert, R.M., & March, J.G. (1963). A behavioral theory of the firm. Prentice Hall, New Jersey: Englewood Cliffs. Deaton, A. (1985). Panel data from time series of cross-sections. Journal of Econometrics, 30(1-2), 109- 126.
• FİNNET (tarihsiz). Hisse Analiz. https://www.finnet.com.tr/FinnetStore/Tr/Urun/Stockeys sayfasından erişilmiştir. Erişim Tarihi: 10 Ocak 2023.
• Geiger, S. W., & Cashen, L. H. (2002). A multidimensional examination of slack and its impact on innovation. Journal Of Managerial Issues, 68-84.
• Gruener, A., & Raastad, I. (2018). Financial slack and firm performance during economic downturn. GSL Journal of Business Management and Administration Affairs, 2(1), 1-7.
• Guo, F., Zou, B., Zhang, X., Bo, Q., & Li, K. (2020). Financial slack and firm performance of smmes in China: Moderating effects of government subsidies and market-supporting institutions. International Journal of Production Economics, 223, 1-10.
• Hsiao, C. (2007). Panel data analysis—Advantages and challenges. Test, 16(1), 1-22.
• INVESTING (tarihsiz). Hisse Senetleri. http://tr.investing.com/equities/turkey sayfasından erişilmiştir. Erişim Tarihi: 31 Ocak 2023.
• Ju, M., & Zhao, H. (2009). Behind organizational slack and firm performance in China: The moderating roles of ownership and competitive intensity. Asia Pacific Journal of Management, 26, 701-717.
• Lee, S. (2012). Corporate governance, financial slack and firm performance: A comparative study between US and UK. Seoul Journal of Business, 18(1), 3-23.
• Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24.
• Liang, J., Yang, S., & Xia, Y. (2023). The role of financial slack on the relationship between demand uncertainty and operational efficiency. International Journal of Production Economics, 108931.
• Nohria, N., & Gulati, R. (1996). Is slack good or bad for ınnovation?. Academy of Management Journal, 39(5), 1245–1264.
• Rafailov, D. (2017). Financial slack and performance of Bulgarian firms. Journal of Finance and Bank Management, 5(2), 1–13.
• Smith, R. L., & Kim, J. H. (1994). The combined effects of free cash flow and financial slack on bidder and target stock returns. Journal Of Business, 67(2), 281-310.
• Şahin, E. (2020). Finansal kriz dönemlerinde finansal gevşeklik unsurlarının firma performansına etkisi: BİST sınai endeksi örneği (Yayımlanmamış Doktora Tezi). Tokat Gaziosmanpaşa Üniversitesi Sosyal Bilimler Enstitüsü, Tokat.
• Tan, J., & Peng, M. W. (2003). Organizational slack and firm performance during economic transitions: Two studies from an emerging economy. Strategic Management Journal, 24(13), 1249-1263.
• Voss, G. B., Sirdeshmukh, D., & Voss, Z. G. (2008). The effects of slack resources and environmental threat on product exploration and exploitation. Academy of Management Journal, 51(1), 147–164

INVESTIGATION ON THE EFFECT OF TYPES OF FINANCIAL SLACKS ON FIRM PERFORMANCE AND STOCKS

Yıl 2024, Cilt: 20 Sayı: 2, 339 – 358, 28.06.2024

Cansu Çilingir Kara , Sibel Yılmaz Türkmen

https://doi.org/10.17130/ijmeb.1432910

Öz

In this study, the effects of financial slack types on financial performance and stock price were
investigated. In this regard, data of companies operating in the BIST 30 Index between 2013 and 2021
were examined. Independent variables to be used in the analysis; The most commonly used types of
financial laxity are; current slack, recoverable slack and potential slack. The dependent variables to be
used in the analysis are; return on assets, return on equity, Tobin Q ratio, market value-book value ratio
and stock price. In practice, panel data analysis management was applied to the data for the relevant
years. Stata 14 package program was used to perform the relevant analysis. When the studies in the
literature were examined, it was seen that there was one doctoral thesis published in Turkish and the
existing literature was predominantly foreign publications, and in the studies in the literature, financial performance measurements were included in the analysis, but stock prices were not included. In this
regard, both the BIST30 Index was analyzed and the stock prices of the companies were included in the
analysis. As a result of the panel data analysis, it was seen that financial slack types significantly affected
balance sheet-based financial ratios.

Anahtar Kelimeler

Financial Performance, Financial Slack, Panel Data Analysis

Kaynakça

• Bourgeoıs, L.J., & Singh, J.V. (1983). Organizational slack and political behavior among top management teams. In Academy of Management Proceedings, 1, 43-47.
• Chiu, Y. C., & Liaw, Y. C. (2009). Organizational slack: Is more or less better?. Journal of Organizational Change Management, 22(3), 321-342.
• Cyert, R.M., & March, J.G. (1963). A behavioral theory of the firm. Prentice Hall, New Jersey: Englewood Cliffs. Deaton, A. (1985). Panel data from time series of cross-sections. Journal of Econometrics, 30(1-2), 109- 126.
• FİNNET (tarihsiz). Hisse Analiz. https://www.finnet.com.tr/FinnetStore/Tr/Urun/Stockeys sayfasından erişilmiştir. Erişim Tarihi: 10 Ocak 2023.
• Geiger, S. W., & Cashen, L. H. (2002). A multidimensional examination of slack and its impact on innovation. Journal Of Managerial Issues, 68-84.
• Gruener, A., & Raastad, I. (2018). Financial slack and firm performance during economic downturn. GSL Journal of Business Management and Administration Affairs, 2(1), 1-7.
• Guo, F., Zou, B., Zhang, X., Bo, Q., & Li, K. (2020). Financial slack and firm performance of smmes in China: Moderating effects of government subsidies and market-supporting institutions. International Journal of Production Economics, 223, 1-10.
• Hsiao, C. (2007). Panel data analysis—Advantages and challenges. Test, 16(1), 1-22.
• INVESTING (tarihsiz). Hisse Senetleri. http://tr.investing.com/equities/turkey sayfasından erişilmiştir. Erişim Tarihi: 31 Ocak 2023.
• Ju, M., & Zhao, H. (2009). Behind organizational slack and firm performance in China: The moderating roles of ownership and competitive intensity. Asia Pacific Journal of Management, 26, 701-717.
• Lee, S. (2012). Corporate governance, financial slack and firm performance: A comparative study between US and UK. Seoul Journal of Business, 18(1), 3-23.
• Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24.
• Liang, J., Yang, S., & Xia, Y. (2023). The role of financial slack on the relationship between demand uncertainty and operational efficiency. International Journal of Production Economics, 108931.
• Nohria, N., & Gulati, R. (1996). Is slack good or bad for ınnovation?. Academy of Management Journal, 39(5), 1245–1264.
• Rafailov, D. (2017). Financial slack and performance of Bulgarian firms. Journal of Finance and Bank Management, 5(2), 1–13.
• Smith, R. L., & Kim, J. H. (1994). The combined effects of free cash flow and financial slack on bidder and target stock returns. Journal Of Business, 67(2), 281-310.
• Şahin, E. (2020). Finansal kriz dönemlerinde finansal gevşeklik unsurlarının firma performansına etkisi: BİST sınai endeksi örneği (Yayımlanmamış Doktora Tezi). Tokat Gaziosmanpaşa Üniversitesi Sosyal Bilimler Enstitüsü, Tokat.
• Tan, J., & Peng, M. W. (2003). Organizational slack and firm performance during economic transitions: Two studies from an emerging economy. Strategic Management Journal, 24(13), 1249-1263.
• Voss, G. B., Sirdeshmukh, D., & Voss, Z. G. (2008). The effects of slack resources and environmental threat on product exploration and exploitation. Academy of Management Journal, 51(1), 147–164

Toplam 19 adet kaynakça vardır.

Ayrıntılar

Kaynak Göster

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