Finansal risk yönetimi ile firma performansı arasındaki ilişki: Borsa İstanbul üretim sektörü alt dalları üzerine bir araştırma

ŞEYDA AKYOL

Finansal risk yönetimi ile firma performansı arasındaki ilişki: Borsa İstanbul üretim sektörü alt dalları üzerine bir araştırma

Thesis Type: Postgraduate

Institution Of The Thesis: Ataturk University, Sosyal Bilimler Enstitüsü, MUHASEBE VE FİNANSMAN ANABİLİM DALI, Turkey

Approval Date: 2020

Thesis Language: Turkish

Student: ŞEYDA AKYOL

Supervisor: Ensar Ağırman

Open Archive Collection: AVESIS Open Access Collection

Abstract:

While companies continue their activities, they can keep the risks they are exposed to under control by applying financial risk management with the condition of bearing specific cost and limitations. The costs and constraints faced by vompanies that adopt and implement financial risk management varies according to the sectors and the type of risk. Controlling financial risks determined by financial risk management has a positive effect on firm performance. Therefore, firms try to determine what these risks are and take measures to increase firm performance. In recent years, studies that examine the relationship between financial risks and firm performance are needed. The extent to which firms are affected by financial risks, and how sectoral differences affect the type and amount of risk are among the current issues. The purpose of this study is to determine the impact of financial risks that firms are exposed to for various reasons on the performance of the firm and to determine which risk item is the cause of an impact. In the study, it was investigated how the risks posed by the companies with the changing market conditions had an impact on their performance and whether the performances of the companies operating in different sectors were affected by the sectoral change. In this study, 98 companies in the BIST manufacturing industry sector were examined. The effects of the financial risk items include foreign exchange risk, interest risk, financial leverage ratio, credit risk, liquidity risk and capital risk on ROA, ROE and TOBİN Q values which are used in determining the firm performance were examined. Within the scope of the analysis, BIST FOOD, BEVERAGE; BIST TEXTILE, LEATHER; BIST FOREST, PAPER, PRINTING; BIST CHEMISTRY, OIL, PLASTIC; BIST STONE, SOIL sectors were investigated. The existence of the relationship between the financial risks of the firms in these seven sub-sectors and the performance of the firm was tested using panel data analysis method with a total of twenty one models. It was observed that results were significant in models except ROE and ROA models of BIST TEXTILE and LEATHER sector; TOBIN Q model for BIST STONE, SOIL and BIST METAL MAIN sectors. Although many different sectors were affected by the foreign currency risk variables in the same way, the variables of interest risk, liquidity risk, capital risk and credit risk showed different effects for each sector. According to the results of the analysis, it has been observed that the relationship between financial risks and firm performance varies by sector.