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İŞLETMELERİN SAHİP OLDUĞU FİNANSAL KALDIRAÇ VE RİSK DÜZEYLERİNİN KARLILIĞA ETKİSİ: BORSA İSTANBUL'DAKİ HİZMET FİRMALARI ÜZERİNE AMPİRİK BİR ARAŞTIRMA

Year 2020, Volume: 22 Issue: 2, 258 - 275, 30.06.2020

Abdulkadir Bilen İsmail Kalash

https://doi.org/10.31460/mbdd.658217
Cited By: 3

Abstract

Bu çalışma 2011-2017 yılları arasında Borsa İstanbul’da (BİST) hizmet sektöründe hisse senetleri işlem gören 52 firmanın finansal kaldıracı ile firma karlılığı arasındaki ilişki ve bu ilişki üzerindeki faaliyet riskinin etkisini incelemektedir. En küçük kareler (OLS) modellerini kullanarak, yapılan analiz sonucunda borç oranı arttıkça firma karlılığının azaldığı, finansal kaldıracın firma karlılığı üzerindeki negatif etkinin faaliyet riski ile arttığı gözlemlenmiştir. Yüksek faaliyet riskine sahip firmalara kıyasla, düşük faaliyet riskine sahip firmaların borç oranı artışının karlılık üzerindeki olumsuz etkisi daha düşüktür. Sonuç olarak, yüksek faaliyet riskine sahip firmaların karlılığını arttırmak için düşük borç oranı kullanması gerekir.

Keywords

Finansal Kaldıraç Faaliyet Riski Karlılık Hizmet Firmaları Borsa İstanbul (BİST)

References

  • Abdullah, H; T. Tursoy. 2019. “Capital Structure and Firm Performance: Evidence of Germany under IFRS Adoption”, Review of Managerial Science, https://doi.org/10.1007/s11846-019-00344-5.
  • Albayrak, A. S. ve R. Akbulut. 2008. “Karlılığı Etkileyen Faktörler: İMKB Sanayi ve Hizmet Sektörlerinde İşlem Gören İşletmeler Üzerine Bir İnceleme”, Zonguldak karaelmas üniversitesi (ZKÜ) Sosyal Bilimler Dergisi, 4(7): 55–82.
  • Avcı, E. 2016. “Capital Structure And Firm Performance: An Application on Manufacturing Industry”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 38(1): 15-30.
  • Berk, J; P. DeMarzo ve J. Harford. 2012. Fundamentals oF Corporate Finance, 2nd ed, Pearson Education, Inc, USA.
  • Bozkurt, İ. 2014. “Dengeleme Teorisi’nin Geçerliliğinin Panel Veri Analizi ile Test Edilmesi: BİST’de Ampirik Bir Uygulama”, Yönetim ve Ekonomi, 21(2): 163-178.
  • Bradley, M; G. A. Jarrell ve E. H. Kim. 1984. “On the Existence of an Optimal Capital Structure: Theory and Evidence”, The Journal of Finance, 39(3): 857-878.
  • Brigham, E. F. ve J. F. Houston. 2007. Fundamentals of Financial Management, 11th ed, Thomson South-Western, USA.
  • Caba, N. 2017. “Finansal Kaldıraç ve Firma Büyüklüğünün Finansal Performans Üzerine Etkisi: BIST Sınai Endeksinde İşlem Gören İşletmeler Üzerine Bir Uygulama”, Uluslararası Yönetim İktisat ve İşletme Dergisi, ICMEB17 Özel Sayısı.
  • Chandra, T; A.T. Junaedi, E. Wijaya, S. Suharti, I. Mimelientesa ve M. Ng. 2019. “The Effect of Capital Structure on Profitability and Stock Returns: Empirical Analysis of Firms Listed in Kompas 100”, Journal of Chinese Economic and Foreign Trade Studies, 12(2): 74-89.
  • Ehrhardt, M.C., ve E. F. Brigham. 2011. Financial Management: Theory and Practice, 13th ed, South-Western, Cengage Learning, USA.
  • Fama, E. F. ve K. R. French. 2002. “Testing Trade-Off and Pecking Order Predictions about Dividends and Debt”, Review of Financial Studies, 15(1): 1-33.
  • Frank, M. Z. ve V. K. Goyal. 2009. “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, 38(1): 1-37.
  • Gharsalli, M. 2019. “High Leverage and Variance of SMEs Performance”, The Journal of Risk Finance, 20(2): 155-175.
  • Gitman, L. J. 2002. Principles of Managerial Finance, 10th ed, Addison Wesley Publication.
  • Gitman, L. J. ve C. J. Zutter. 2012. Principles of Managerial Finance, 13th ED, Pearson Education, Inc, USA.
  • Gleason, K. C., L. K Mathur, ve I. Mathur. 2000. “The Interrelationship between Culture, Capital Structure, and Performance: Evidence from European Retailers”, Journal of Business Research, 50: 185-191.
  • Hovakimian, A; G. Hovakimian ve H. Tehranian. 2004. “Determinants of target capital structure: The Case of Dual Debt and Equity İssues”, Journal of Financial Economics 71: 517–540.
  • Jensen, M. C. 1986. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76(2): 323-329.
  • Jensen, M. C. ve W. H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4): 305-360.
  • Kabakçı, Y. 2008. “Sermaye Yapısı ile İşletme Performansı Arasındaki İlişki: Gıda Sektöründe Bir Uygulama”, Ege Akademik Bakış, 8(1): 167-182.
  • Kalash, I. 2019. “Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey”, Journal of the Human and Social Sciences Researches, 8(1): 624-636.
  • Kula, V. 2001. “Verginin İşletmelerin Sermaye Yapılarına Etkisi”, Maliye Dergisi, Sayı 136.
  • Külter. G. B. ve K. Demirgüneş. 2007. “Perakendeci Firmalarda Karlılığı Etkileyen Değişkenler Hisse Senetleri İMKB’de İşlem Gören Perakendeci Firmalar Üzerinde Ampirik Bir Çalışma”. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(1): 445-460.
  • Mando. A.; H. Kalandar ve I, Kalash. 2009. “Operating Cycle and its Effect on Firms Profitability: Analytical Study on Food Industry in the Syrian Arab Republic”, Research Journal of Aleppo University, Economics and Law Science Series, No. 63: 57-71.
  • Modigliani, F. ve M. H. Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48(3): 261-297.
  • Myers, S.C. 1984. “The Capital Structure Puzzle”, Journal of Finance, 39(3): 575-592.
  • Nenu, E.A; G. Vintila ve Ş. C. Gherghina. 2018. “The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies”, International Journal o f Financial Studies, 6(41): 1-29.
  • Olokoyo, F.O. 2013. “Capital Structure and Corporate Performance of Nigerian Quoted Firms: A Panel Data Approach”, African Development Review, 25(3): 358–369.
  • Opler, T., L. Pinkowitz., R. Stulz. ve R. Williamson, R. 1999. “The Determinants and İmplications of Corporate Cash Holdings”, Journal of Financial Economics 52: 3-46.
  • Opler, T.C ve S. Titman. 1994. “Financial Distress and Corporate Performance”, Journal of Finance, 49(3): 1015-1040.
  • Ross, S.A; R. W. Westerfield ve B. D. Jordan. 2002. Fundamentals of Corporate Finance, 6th ed, The McGraw−Hill Companies, Inc, USA.
  • Sevil, G; M, Başar ve M, Çoskun. 2013. Finansal Yönetim-II, 1. BaskI, Anadolu Üniversitesi, Eskişehir.
  • Tanrıöven, C. ve E.E. Aksoy. 2010. “İMKB’de İşlem Gören Şirketlerde Ortaklık Yoğunlaşmasının Firma Performansı Üzerine Etkileri”, Muhasebe ve Finansman Dergisi 46.
  • Titman, S. ve R. Wessels. 1988. “The Determinants of Capital Structure Choice”, Journal of Finance, 43(1): 1-19.
  • Uluyol, O., F. Lebe ve Y. E. Akbaş. 2014. “The Relation between Financial Leverage and Return on Equity of the Companies: A Research on the Companies Traded on İstanbul Stock Exchange in the Base of Industries”, Journal of Business Research, 6(1): 70-89.
  • Yazdanfar, D. ve P. Öhman. 2015. "Debt financing and firm performance: an empirical study based on Swedish data", The Journal of Risk Finance”, 16(1): 102-118.
  • Yener, E. ve R. Karakuş. 2012. “Review of Relationship Between Capital Structure and Firm Values in Different Asset Values: An Application on ISE 100 Firms”, Gazi University Journal of Faculty of Economics and Administrative Sciences, 14(2): 75-98.
  • Yoon, E. ve S. Jang. 2005. “The Effect of Financial Leverage on Profitability and Risk of Restaurant Firms”, Journal of Hospitality Financial Management: 13(1).
  • Zeitun, R. ve G.G. Tian. 2007. “Capital Structure and Corporate Performance: Evidence from Jordan”, Australasian Accounting, Business and Finance Journal, 1(4): 40-61.
  • Zhang, R. ve Y. Kanazaki. 2007. “Testing Static Tradeoff against Pecking Order Models of Capital Structure in Japanese Firms”, International journal of accounting & information management, 15(1): 24-36.

THE EFFECT OF FIRMS’ FINANCIAL LEVERAGE AND RISK LEVELS ON PROFITABILITY: AN EMPIRICAL INVESTIGATION OF SERVICE FIRMS IN ISTANBUL STOCK EXCHANGE

Year 2020, Volume: 22 Issue: 2, 258 - 275, 30.06.2020

Abdulkadir Bilen İsmail Kalash

https://doi.org/10.31460/mbdd.658217
Cited By: 3

Abstract

Using Ordinary Least Squares (OLS) regressions and a sample of 52 service firms listed on Istanbul Stock Exchange over the period from 2011 to 2017, this research investigates the relation between leverage and profitability; and analyze the effect of business risk on this relation. The results indicated that the negative effect of leverage on profitability is exacerbated by business risk. The negative effect of debt ratio on profitability is lower for firms with low business risk compared to firms with high business risk. As a result, firms with high business risk should use low debt ratio to enhance their profitability.

Keywords

Financial Leverage Business Risk Profitability Service Firms Istanbul Stock Exchange

References

  • Abdullah, H; T. Tursoy. 2019. “Capital Structure and Firm Performance: Evidence of Germany under IFRS Adoption”, Review of Managerial Science, https://doi.org/10.1007/s11846-019-00344-5.
  • Albayrak, A. S. ve R. Akbulut. 2008. “Karlılığı Etkileyen Faktörler: İMKB Sanayi ve Hizmet Sektörlerinde İşlem Gören İşletmeler Üzerine Bir İnceleme”, Zonguldak karaelmas üniversitesi (ZKÜ) Sosyal Bilimler Dergisi, 4(7): 55–82.
  • Avcı, E. 2016. “Capital Structure And Firm Performance: An Application on Manufacturing Industry”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 38(1): 15-30.
  • Berk, J; P. DeMarzo ve J. Harford. 2012. Fundamentals oF Corporate Finance, 2nd ed, Pearson Education, Inc, USA.
  • Bozkurt, İ. 2014. “Dengeleme Teorisi’nin Geçerliliğinin Panel Veri Analizi ile Test Edilmesi: BİST’de Ampirik Bir Uygulama”, Yönetim ve Ekonomi, 21(2): 163-178.
  • Bradley, M; G. A. Jarrell ve E. H. Kim. 1984. “On the Existence of an Optimal Capital Structure: Theory and Evidence”, The Journal of Finance, 39(3): 857-878.
  • Brigham, E. F. ve J. F. Houston. 2007. Fundamentals of Financial Management, 11th ed, Thomson South-Western, USA.
  • Caba, N. 2017. “Finansal Kaldıraç ve Firma Büyüklüğünün Finansal Performans Üzerine Etkisi: BIST Sınai Endeksinde İşlem Gören İşletmeler Üzerine Bir Uygulama”, Uluslararası Yönetim İktisat ve İşletme Dergisi, ICMEB17 Özel Sayısı.
  • Chandra, T; A.T. Junaedi, E. Wijaya, S. Suharti, I. Mimelientesa ve M. Ng. 2019. “The Effect of Capital Structure on Profitability and Stock Returns: Empirical Analysis of Firms Listed in Kompas 100”, Journal of Chinese Economic and Foreign Trade Studies, 12(2): 74-89.
  • Ehrhardt, M.C., ve E. F. Brigham. 2011. Financial Management: Theory and Practice, 13th ed, South-Western, Cengage Learning, USA.
  • Fama, E. F. ve K. R. French. 2002. “Testing Trade-Off and Pecking Order Predictions about Dividends and Debt”, Review of Financial Studies, 15(1): 1-33.
  • Frank, M. Z. ve V. K. Goyal. 2009. “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, 38(1): 1-37.
  • Gharsalli, M. 2019. “High Leverage and Variance of SMEs Performance”, The Journal of Risk Finance, 20(2): 155-175.
  • Gitman, L. J. 2002. Principles of Managerial Finance, 10th ed, Addison Wesley Publication.
  • Gitman, L. J. ve C. J. Zutter. 2012. Principles of Managerial Finance, 13th ED, Pearson Education, Inc, USA.
  • Gleason, K. C., L. K Mathur, ve I. Mathur. 2000. “The Interrelationship between Culture, Capital Structure, and Performance: Evidence from European Retailers”, Journal of Business Research, 50: 185-191.
  • Hovakimian, A; G. Hovakimian ve H. Tehranian. 2004. “Determinants of target capital structure: The Case of Dual Debt and Equity İssues”, Journal of Financial Economics 71: 517–540.
  • Jensen, M. C. 1986. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76(2): 323-329.
  • Jensen, M. C. ve W. H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4): 305-360.
  • Kabakçı, Y. 2008. “Sermaye Yapısı ile İşletme Performansı Arasındaki İlişki: Gıda Sektöründe Bir Uygulama”, Ege Akademik Bakış, 8(1): 167-182.
  • Kalash, I. 2019. “Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey”, Journal of the Human and Social Sciences Researches, 8(1): 624-636.
  • Kula, V. 2001. “Verginin İşletmelerin Sermaye Yapılarına Etkisi”, Maliye Dergisi, Sayı 136.
  • Külter. G. B. ve K. Demirgüneş. 2007. “Perakendeci Firmalarda Karlılığı Etkileyen Değişkenler Hisse Senetleri İMKB’de İşlem Gören Perakendeci Firmalar Üzerinde Ampirik Bir Çalışma”. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(1): 445-460.
  • Mando. A.; H. Kalandar ve I, Kalash. 2009. “Operating Cycle and its Effect on Firms Profitability: Analytical Study on Food Industry in the Syrian Arab Republic”, Research Journal of Aleppo University, Economics and Law Science Series, No. 63: 57-71.
  • Modigliani, F. ve M. H. Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48(3): 261-297.
  • Myers, S.C. 1984. “The Capital Structure Puzzle”, Journal of Finance, 39(3): 575-592.
  • Nenu, E.A; G. Vintila ve Ş. C. Gherghina. 2018. “The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies”, International Journal o f Financial Studies, 6(41): 1-29.
  • Olokoyo, F.O. 2013. “Capital Structure and Corporate Performance of Nigerian Quoted Firms: A Panel Data Approach”, African Development Review, 25(3): 358–369.
  • Opler, T., L. Pinkowitz., R. Stulz. ve R. Williamson, R. 1999. “The Determinants and İmplications of Corporate Cash Holdings”, Journal of Financial Economics 52: 3-46.
  • Opler, T.C ve S. Titman. 1994. “Financial Distress and Corporate Performance”, Journal of Finance, 49(3): 1015-1040.
  • Ross, S.A; R. W. Westerfield ve B. D. Jordan. 2002. Fundamentals of Corporate Finance, 6th ed, The McGraw−Hill Companies, Inc, USA.
  • Sevil, G; M, Başar ve M, Çoskun. 2013. Finansal Yönetim-II, 1. BaskI, Anadolu Üniversitesi, Eskişehir.
  • Tanrıöven, C. ve E.E. Aksoy. 2010. “İMKB’de İşlem Gören Şirketlerde Ortaklık Yoğunlaşmasının Firma Performansı Üzerine Etkileri”, Muhasebe ve Finansman Dergisi 46.
  • Titman, S. ve R. Wessels. 1988. “The Determinants of Capital Structure Choice”, Journal of Finance, 43(1): 1-19.
  • Uluyol, O., F. Lebe ve Y. E. Akbaş. 2014. “The Relation between Financial Leverage and Return on Equity of the Companies: A Research on the Companies Traded on İstanbul Stock Exchange in the Base of Industries”, Journal of Business Research, 6(1): 70-89.
  • Yazdanfar, D. ve P. Öhman. 2015. "Debt financing and firm performance: an empirical study based on Swedish data", The Journal of Risk Finance”, 16(1): 102-118.
  • Yener, E. ve R. Karakuş. 2012. “Review of Relationship Between Capital Structure and Firm Values in Different Asset Values: An Application on ISE 100 Firms”, Gazi University Journal of Faculty of Economics and Administrative Sciences, 14(2): 75-98.
  • Yoon, E. ve S. Jang. 2005. “The Effect of Financial Leverage on Profitability and Risk of Restaurant Firms”, Journal of Hospitality Financial Management: 13(1).
  • Zeitun, R. ve G.G. Tian. 2007. “Capital Structure and Corporate Performance: Evidence from Jordan”, Australasian Accounting, Business and Finance Journal, 1(4): 40-61.
  • Zhang, R. ve Y. Kanazaki. 2007. “Testing Static Tradeoff against Pecking Order Models of Capital Structure in Japanese Firms”, International journal of accounting & information management, 15(1): 24-36.
There are 40 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Abdulkadir Bilen 0000-0002-2619-9391

İsmail Kalash 0000-0002-0674-0136

Publication Date June 30, 2020
Submission Date December 11, 2019
Published in Issue Year 2020 Volume: 22 Issue: 2

Cite

APA Bilen, A., & Kalash, İ. (2020). İŞLETMELERİN SAHİP OLDUĞU FİNANSAL KALDIRAÇ VE RİSK DÜZEYLERİNİN KARLILIĞA ETKİSİ: BORSA İSTANBUL’DAKİ HİZMET FİRMALARI ÜZERİNE AMPİRİK BİR ARAŞTIRMA. Muhasebe Bilim Dünyası Dergisi, 22(2), 258-275. https://doi.org/10.31460/mbdd.658217

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