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Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma

Year 2023, Issue: 100, 1 - 18, 19.10.2023

Yusuf Tepeli Yunus Emre Kahraman

https://doi.org/10.25095/mufad.1313616

Abstract

Bir şirketin mevcut durumu hakkında bilgi sahibi olmak bu şirkete yapılacak yatırımın gelecekte yatırımcısına sağlayacağı kazanç hakkında sinyaller vermektedir. Bu bakımdan birçok performans tahmincisi geliştirilmiştir. Borçlanma yapısı da şirketlerin üstlendiği risk düzeyleri hakkında bilgi sunmaktadır. Yatırımcı risk ve performans arasında riske karşı duyarlılığına göre bir karar verecek ve yatırımlarını bu doğrultuda gerçekleştirecektir. Bu bakımdan çalışmanın temel amacı borçlanma düzeyleri ile finansal performans arasında bir ilişki olup olmadığını ortaya koymaktır. Çalışmada şirketin finansal başarı/başarısızlığı hakkında bilgi sunan Sharpe, Sortino, Treynor ve Piotroski oranları kullanılmış ve bu oranların firmaya özgü borçlanma yapısı oranlarından etkilenip etkilenmedikleri sınanmıştır. BİST TÜM Endeksi üzerinde gerçekleştirilen analiz neticesinde kısa vadeli ticari borçların piotroski f skor üzerinde istatistiki olarak anlamlı ve pozitif yönlü etkisi olduğu tespit edilmiş fakat diğer değişkenlerle ise bir ilişki bulunamamıştır. Literatürde borçlanma yapısı, performans göstergesi olarak kabul gören ROA ile ilişkilendirilerek incelenmiş fakat riske duyarlı performans göstergeleri ile ilişkilendirilmemiştir. Çalışma ele aldığı değişkenler bakımından borçlanma, performans ilişkisine farklı bir boyut kazandırmıştır.

Keywords

Borçlanma yapısı BİST Sharpe Sortino Treynor Piotroski

References

  • Abuamsha, Mohamed - Shumali, Suhair (2022), “Debt Structure and Its Impact on Financial Performance: An Empirical Study on the Palestinian Stock Exchange”, Journal of International Studies, 15(1), pp.211-229.
  • Aggreh, Meshack – Nworie, Gilbert Ogechukwu – Abiahu, Mary Fidelis Chidoziem (2022),“Debt Structure and Financial Performance: Evidence from Listed Construction Firms in Nigeria”, Journal of Banking, 20(2), pp. 145-195.
  • Agustinus, Mahardika (2021), “Comparative Analysis of the Performance between Sharia and Conventional Equity Mutual Funds Using Sharpe and Treynor Method”, International Journal of Innovative Science and Research Technology, 6(11), pp. 204-208.
  • Asmadi, Didi – Izzaty, Nur – Erwan, Friesca (2021), “Performance Analysıs of Sharia Share Companies Using the Piotroski F-Score Method”, Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 5(1), pp. 67-75.
  • Atmaca, Mete Emin (2022), “Portfolio Management and Performance Improvement with Sharpe and Treynor Ratios in Electricity Markets”, Energy Reports, 8, pp. 192-201.
  • Claransia, Selvyna Ougesa – Sugiharto, Totok (2021), “Performance Analysis of Stock Portfolios Incorporated in IDX30 Using the Sharpe, Treynor and Jensen Method in 2016-2020”, Enrichment: Journal of Management, 12(1), pp. 236-242.
  • Colla, Paolo - Ippolito, Filippo - Li, Kai (2020), “Debt Structure”, Annual Review of Financial Economics, 12, pp. 193–215.
  • Eça, Joao Paulo Augusto - Gomes., Matheus da Costa - Valle, Mauricio Riberio (2022), “Debt Structure and Its Determinants: An Analysis of Large Brazilian Manufacturing Companies”, Revista Contemporânea de Contabilidade, 19,(50), pp. 143-160.
  • Jose Soares Da Fonseca (2020), “Performance Ratios for Selecting International Portfolios: A Comparative Analysis Using Stock Market Indices in the Euro Area, Czech Journal of Economics and Finance (Finance a uver)”, Charles University Prague, Faculty of Social Sciences, 70(1), pp. 26-41.
  • Goebel, Joseph M. - Kemper, Kristopher J. (2022), “Credit Rating Changes and Debt Structure”, North American Journal of Economics and Finance, 59, pp. 1-18.
  • Mallick, Sandip - Das, Subhamoy (2022), “Assessment of Newly Listed Stocks in the Indian Stock Market with Altman Z Score and Piotroski F Score”, Contemporary Issues in Business Education, (7), pp. 71-78.
  • Piotroski, Joseph D. (2000), “Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers”, Journal of Accounting Research, 38, pp. 1-41.
  • Rahman, Arief (2021), “Comparative Analysis of Performance Indonesia with the Philippines Banking Stock Using the Sharpe, Treynor, and Jensen Index”, International Journal of Scientific Research in Science and Technology, 8(2), pp. 553-563.
  • Rangapriya, S. - J. Meenakumari, (2021), “Using Piotroski F-Score for Assessing Financial Health: Evidence from Leading Indian Private Banks”, Shanlax Interntional Journal of Management, 8(1), pp. 117–32
  • Sharpe, William F. (1966), “Mutual Fund Performance”, Journal of Business, 39(1), pp. 119-138.
  • Sortino, Frank A. - Van der Meer, Robert (1991), “Downside Risk”, The Journal of Portfolio Management, 17(4), pp. 27-31.
  • Thanh, Su Dinh - Canh, Nguyen Phuc - Ha, Nguyen Tran Thai (2019), “Debt Structure and Earnings Management: A Non-Linear Analysis from an Emerging Economy”, In Finance Research Letters. 35, pp. 1-9.
  • Treynor, Jack (1965), “How to Rate Management of Investment Funds”, Harvard Business Review, 43(1), pp. 63-75.
  • Trabelsi, Lotfi - Bahloul, Slah - Mathlouthi, Fatma (2020), “Performance Analysis Of Islamic And Conventional Portfolios: The Emerging Markets Case”, Borsa İstanbul Review. 20 (1), pp. 48-54.
  • Venugopal, Malathy - Sharon, Sophia (2020), “Examining Sharpe Ratio, Asr, Sortino, Treynor and Info Ratio in Indian Equity Mutual Funds During the Pandemic”, International Journal of Management, 11(11), pp. 1267-1279.
  • Walkshäusl, Christian (2020), “Piotroski’s FSCORE: International Evidence”, Journal of Asset Management, 21(21), pp. 106–118.
  • Yerdelen Tatoğlu, Ferda (2013). İleri Panel Veri Analizi, Beta Yayıncılık, 2. Baskı, İstanbul.
  • Yerdelen Tatoğlu, Ferda (2016). Panel Veri Ekonometrisi, Beta Yayıncılık, 3. Baskı, İstanbul.
  • Zeitun, Rami - Goaied, Mohamed (2022), “The Nexus between Debt Structure, Firm Performance, and the Financial Crisis: Non-linear Panel Data Evidence from Japan”, Applied Economics, 54(40), pp. 4681–4699.
  • Qudratullah, Mohammad Farhan (2019), “Treynor Ratio to Measure Islamic Stock Performance in Indonesia”, Jurnal Fourier, 8(1), pp. 1-13.

Year 2023, Issue: 100, 1 - 18, 19.10.2023

Yusuf Tepeli Yunus Emre Kahraman

https://doi.org/10.25095/mufad.1313616

Abstract

References

  • Abuamsha, Mohamed - Shumali, Suhair (2022), “Debt Structure and Its Impact on Financial Performance: An Empirical Study on the Palestinian Stock Exchange”, Journal of International Studies, 15(1), pp.211-229.
  • Aggreh, Meshack – Nworie, Gilbert Ogechukwu – Abiahu, Mary Fidelis Chidoziem (2022),“Debt Structure and Financial Performance: Evidence from Listed Construction Firms in Nigeria”, Journal of Banking, 20(2), pp. 145-195.
  • Agustinus, Mahardika (2021), “Comparative Analysis of the Performance between Sharia and Conventional Equity Mutual Funds Using Sharpe and Treynor Method”, International Journal of Innovative Science and Research Technology, 6(11), pp. 204-208.
  • Asmadi, Didi – Izzaty, Nur – Erwan, Friesca (2021), “Performance Analysıs of Sharia Share Companies Using the Piotroski F-Score Method”, Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 5(1), pp. 67-75.
  • Atmaca, Mete Emin (2022), “Portfolio Management and Performance Improvement with Sharpe and Treynor Ratios in Electricity Markets”, Energy Reports, 8, pp. 192-201.
  • Claransia, Selvyna Ougesa – Sugiharto, Totok (2021), “Performance Analysis of Stock Portfolios Incorporated in IDX30 Using the Sharpe, Treynor and Jensen Method in 2016-2020”, Enrichment: Journal of Management, 12(1), pp. 236-242.
  • Colla, Paolo - Ippolito, Filippo - Li, Kai (2020), “Debt Structure”, Annual Review of Financial Economics, 12, pp. 193–215.
  • Eça, Joao Paulo Augusto - Gomes., Matheus da Costa - Valle, Mauricio Riberio (2022), “Debt Structure and Its Determinants: An Analysis of Large Brazilian Manufacturing Companies”, Revista Contemporânea de Contabilidade, 19,(50), pp. 143-160.
  • Jose Soares Da Fonseca (2020), “Performance Ratios for Selecting International Portfolios: A Comparative Analysis Using Stock Market Indices in the Euro Area, Czech Journal of Economics and Finance (Finance a uver)”, Charles University Prague, Faculty of Social Sciences, 70(1), pp. 26-41.
  • Goebel, Joseph M. - Kemper, Kristopher J. (2022), “Credit Rating Changes and Debt Structure”, North American Journal of Economics and Finance, 59, pp. 1-18.
  • Mallick, Sandip - Das, Subhamoy (2022), “Assessment of Newly Listed Stocks in the Indian Stock Market with Altman Z Score and Piotroski F Score”, Contemporary Issues in Business Education, (7), pp. 71-78.
  • Piotroski, Joseph D. (2000), “Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers”, Journal of Accounting Research, 38, pp. 1-41.
  • Rahman, Arief (2021), “Comparative Analysis of Performance Indonesia with the Philippines Banking Stock Using the Sharpe, Treynor, and Jensen Index”, International Journal of Scientific Research in Science and Technology, 8(2), pp. 553-563.
  • Rangapriya, S. - J. Meenakumari, (2021), “Using Piotroski F-Score for Assessing Financial Health: Evidence from Leading Indian Private Banks”, Shanlax Interntional Journal of Management, 8(1), pp. 117–32
  • Sharpe, William F. (1966), “Mutual Fund Performance”, Journal of Business, 39(1), pp. 119-138.
  • Sortino, Frank A. - Van der Meer, Robert (1991), “Downside Risk”, The Journal of Portfolio Management, 17(4), pp. 27-31.
  • Thanh, Su Dinh - Canh, Nguyen Phuc - Ha, Nguyen Tran Thai (2019), “Debt Structure and Earnings Management: A Non-Linear Analysis from an Emerging Economy”, In Finance Research Letters. 35, pp. 1-9.
  • Treynor, Jack (1965), “How to Rate Management of Investment Funds”, Harvard Business Review, 43(1), pp. 63-75.
  • Trabelsi, Lotfi - Bahloul, Slah - Mathlouthi, Fatma (2020), “Performance Analysis Of Islamic And Conventional Portfolios: The Emerging Markets Case”, Borsa İstanbul Review. 20 (1), pp. 48-54.
  • Venugopal, Malathy - Sharon, Sophia (2020), “Examining Sharpe Ratio, Asr, Sortino, Treynor and Info Ratio in Indian Equity Mutual Funds During the Pandemic”, International Journal of Management, 11(11), pp. 1267-1279.
  • Walkshäusl, Christian (2020), “Piotroski’s FSCORE: International Evidence”, Journal of Asset Management, 21(21), pp. 106–118.
  • Yerdelen Tatoğlu, Ferda (2013). İleri Panel Veri Analizi, Beta Yayıncılık, 2. Baskı, İstanbul.
  • Yerdelen Tatoğlu, Ferda (2016). Panel Veri Ekonometrisi, Beta Yayıncılık, 3. Baskı, İstanbul.
  • Zeitun, Rami - Goaied, Mohamed (2022), “The Nexus between Debt Structure, Firm Performance, and the Financial Crisis: Non-linear Panel Data Evidence from Japan”, Applied Economics, 54(40), pp. 4681–4699.
  • Qudratullah, Mohammad Farhan (2019), “Treynor Ratio to Measure Islamic Stock Performance in Indonesia”, Jurnal Fourier, 8(1), pp. 1-13.
There are 25 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Articles
Authors

Yusuf Tepeli 0000-0003-0413-4869

Yunus Emre Kahraman 0000-0002-0306-5227

Publication Date October 19, 2023
Submission Date June 13, 2023
Published in Issue Year 2023 Issue: 100

Cite

APA Tepeli, Y., & Kahraman, Y. E. (2023). Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma. Muhasebe Ve Finansman Dergisi(100), 1-18. https://doi.org/10.25095/mufad.1313616
AMA Tepeli Y, Kahraman YE. Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma. Muhasebe ve Finansman Dergisi. October 2023;(100):1-18. doi:10.25095/mufad.1313616
Chicago Tepeli, Yusuf, and Yunus Emre Kahraman. “Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma”. Muhasebe Ve Finansman Dergisi, no. 100 (October 2023): 1-18. https://doi.org/10.25095/mufad.1313616.
EndNote Tepeli Y, Kahraman YE (October 1, 2023) Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma. Muhasebe ve Finansman Dergisi 100 1–18.
IEEE Y. Tepeli and Y. E. Kahraman, “Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma”, Muhasebe ve Finansman Dergisi, no. 100, pp. 1–18, October 2023, doi: 10.25095/mufad.1313616.
ISNAD Tepeli, Yusuf - Kahraman, Yunus Emre. “Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma”. Muhasebe ve Finansman Dergisi 100 (October 2023), 1-18. https://doi.org/10.25095/mufad.1313616.
JAMA Tepeli Y, Kahraman YE. Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma. Muhasebe ve Finansman Dergisi. 2023;:1–18.
MLA Tepeli, Yusuf and Yunus Emre Kahraman. “Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma”. Muhasebe Ve Finansman Dergisi, no. 100, 2023, pp. 1-18, doi:10.25095/mufad.1313616.
Vancouver Tepeli Y, Kahraman YE. Firmalarda Borçlanma Yapısının Finansal Başarı Üzerindeki Etkisi: BIST Tüm Endeksi Şirketlerinde Bir Araştırma. Muhasebe ve Finansman Dergisi. 2023(100):1-18.