Araştırma Makalesi
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İlişkili Taraf İşlemleri ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi

Yıl 2023, Cilt: 31 Sayı: 56, 355 - 367, 28.04.2023
https://doi.org/10.17233/sosyoekonomi.2023.02.16

Öz

Bu çalışmada, ilişkili taraf işlemlerinin firma değerine etkisinde sürdürülebilirliğin aracı rolünün incelenmesine yönelik bir araştırma yapılmıştır. Çalışma, BİST 100 endeksinde işlem gören ve 2015-2021 yılları arasında düzenli olarak sürdürülebilirlik raporlaması yayımlayan 23 adet işletme şeklinde toplam 163 adet gözlemden oluşmaktadır. Çalışmada, dinamik panel tahmin yöntemlerinden biri olan Genelleştirilmiş Momentler Metodu kullanılmıştır. Çalışma sonuçlarına göre, ilişkili taraf borçlarının firma değeri üzerinde pozitif yönde, ilişkili taraf satışlarının ve alımlarının ise firma değeri üzerinde negatif yönde bir etkisi vardır. Ayrıca gerek sürdürülebilirlik gerekse sürdürülebilir sosyal sorumluluk faaliyetlerinin ilişkili taraf işlemleri ile firma değeri arasındaki ilişkiye aracılık ettiği tespit edilmiştir.

Kaynakça

  • Albu, O.B. & M. Flyverbom (2019), “Organisational transparency: Conceptualizations, conditions, and consequences”, Business & Society, 58(2), 268-297.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment”, Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. (2003), Panel Data Econometrics, Oxford: Oxford University Press.
  • Armitage, S. & C. Marston (2008), “Corporate disclosure, cost of capital and reputation: evidence from finance directors”, Br. Account. Rev., 40(4), 314-336.
  • Berkman, H. et al. (2009), “Expropriation through loans guarantees to related parties: evidence from China”, Journal of Banking and Finance, 33(1), 141-156.
  • Bona-Sánchez, C. et al. (2017), “Related-party transactions, dominant owners and firm value”, BRQ Business Research Quarterly, (20), 4-17.
  • Cheng, Y.S. et al. (2010), “Capital Structure And Firm Value in China: A Panel Threshold Regression Analysis”, African Journal of Business Management, 4(12), 2500-2507.
  • Cheung, Y.L. et al. (2006), “Tunneling, propping and expropriation: evidence from connected party transactions in Hong Kong”, Journal of Financial Economics, 82(2), 343-386.
  • Cheung, Y.L. et al. (2009), “Tunneling and propping up: An analysis of related party transactions by Chinese listed companies”, Pacific-Basin Finance Journal, 17(3), 372-393.
  • Downs, D.H. et al. (2016), “Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore”, J Real Estate Finan Econ, (52), 408-427.
  • Garriga, E. & D. Melé (2004), “Corporate social responsibility theories: mapping the territory”, J. Bus. Ethics, 53(1-2), 51-71.
  • Gordon, E. et al. (2006), “Related party transactions: associations with corporate governance and firm value”, Working Paper, Rutgers University, New Brunswick, NJ.
  • Gordon, E.A. et al. (2004), “Related party transactions and corporate governance”, in: M. Hirschey et al. (eds.), Advances in Financial Economics (vol. 9) (1-27), Emerald Group Publishing Limited.
  • Gujarati, D.N. (2004), Basic Econometrics (4th Edition), USA: McGraw Hill Inc.
  • Hendratama, T.D. & Z. Barokah (2020), “Related party transactions and firm value: The moderating role of corporate social responsibility reporting”, China Journal of Accounting Research, 13(2), 223-236.
  • Ho, L.C.J. & M.E. Taylor (2007), “An empirical analysis of Triple-Bottom-Line Reporting and its determinants: evidence from the United States and Japan”, Journal of International Financial Management & Accounting, 18(2), 123-150.
  • Hultman, J. & B. Axelsson (2007), “Towards a typology of transparency for marketing management research”, Ind. Mark. Manage, 36(5), 627-635.
  • Jian, M. & T.J. Wong (2004), “Earnings Management and tunneling through related party transactions: evidence from Chinese corporate groups”, in: Annual Conference Paper, Proceedings of American Accounting Association.
  • Jones, K. & T. Alabaster (1999), “Critical Analysis of Corporate Environmental Reporting Scoring Systems”, Journal of Environmental Assessment Policy and Management, 1(1), 27-66.
  • Kang, M. et al. (2014), “The association between related-party transactions and control- ownership wedge: evidence from Korea”, Pac.-Basin Fin. J., 29(1), 272-296.
  • Kohlbeck, M. & B.W. Mayhew (2010), “Valuation of firms that disclose related party transactions”, J. Account. Public Policy, 29(2), 115-137.
  • Lin, W. et al. (2010), “Related party transactions, firm performance and control mechanisms: evidence from Taiwan”, International Research Journal of Finance and Economics, 35(1), 82-98.
  • Linthicum, C. et al. (2010), “Social responsibility and corporate reputation: the case of the Arthur Andersen Enron audit failure”, J. Account. Public Policy, 29(2), 160-176.
  • Nekhili, M. & M. Cherif (2011), “Related Parties Transactions And Firm’s Market Value: The French Case”, Review of Accounting and Finance, 10(3), 291-315.
  • Rasheed, P.C.A. et al. (2019), “Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India”, FIIB Business Review, 8(3), 205-217.
  • Roodman, D. (2006), “An Introduction to Difference and System GMM in Stata”, Center for Global Development Working Paper No: 103.
  • Schnackenberg, A.K. & E.C. Tomlinson (2016), “Organizational Transparency: A new perspective on managing trust in organization-stakeholder relationships”, J. Manage., 42(7), 1784-1810.
  • Shleifer, A. & R.W. Vishny (1997), “A survey of corporate governance”, J. Fin., 52(2), 737-783.
  • Silva, J.R. et al. (2019), “Enterprise Risk Management and Firm Value: Evidence from Brazil”, Emerging Markets Finance & Trade, (55), 687-703.
  • Suryani, A. & P.H.T. Atikah (2019), “The Effect of Related Party Transactions Through Opportunistic Behaviour Management to Increase Firm Value”, Journal of Finance and Banking Review, 4(2), 64 -72.
  • Suttipun, M. (2012), “Triple Bottom Line Reporting in Annual Reports: A Case Study of Companies Listed on the Stock Exchange of Thailand (SET)”, Asian Journal of Finance & Accounting, 4(1), 69-92.
  • Tambunan, M. et al. (2017), “Related party transactions and firm value in the business groups in the Indonesia stock exchange”, J. Appl. Fin. Bank, 7(3), 1-20.
  • Tatoğlu-Yerdelen, F. (2018), İleri Panel Veri Analizi (3. Baskı), Beta: İstanbul.
  • Varıcı, İ. & A.B. Küçüktüfekçi (2021), “İlişkili Taraf İşlemlerinin Firma Değeri Üzerine Etkisi: Borsa İstanbul (BIST)’da Bir Uygulama”, Muhasebe ve Vergi Uygulamaları Dergisi, 14(2), 641-664.
  • Wanga, H.D. et al. (2019), “Related Party Transactions, Business Relatedness, And Firm Performance”, Journal of Business Research, (101), 411-425.
  • Wong, R.M. et al. (2015), “Are related-party sales value-adding or value-destroying? Evidence from China”, J. Int. Finance. Manage. Account, 26(1), 1-38.
  • Yeh, Y.H. et al. (2012), “Related party transactions and corporate governance: the evidence from the Taiwan stock market”, Pacific Basin Finance Journal, 20(5), 755-776.

Related Parties Transactions and Firm Value: Intermediate Effect of Sustainability Performance

Yıl 2023, Cilt: 31 Sayı: 56, 355 - 367, 28.04.2023
https://doi.org/10.17233/sosyoekonomi.2023.02.16

Öz

In this study, research was conducted to examine the intermediary role of sustainability in the effect of related party transactions on firm value. The study consists of 163 observations from 23 businesses traded in the BIST 100 index and regularly published sustainability reports between 2015 and 2021. In the study, the Generalized Moments Method, one of the dynamic panel estimation methods, was used. According to the study, related party debts positively affect firm value, while related party sales and purchases negatively affect firm value. In addition, it has been determined that sustainability and sustainable social responsibility activities mediate the relationship between related party transactions and firm value.

Kaynakça

  • Albu, O.B. & M. Flyverbom (2019), “Organisational transparency: Conceptualizations, conditions, and consequences”, Business & Society, 58(2), 268-297.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment”, Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. (2003), Panel Data Econometrics, Oxford: Oxford University Press.
  • Armitage, S. & C. Marston (2008), “Corporate disclosure, cost of capital and reputation: evidence from finance directors”, Br. Account. Rev., 40(4), 314-336.
  • Berkman, H. et al. (2009), “Expropriation through loans guarantees to related parties: evidence from China”, Journal of Banking and Finance, 33(1), 141-156.
  • Bona-Sánchez, C. et al. (2017), “Related-party transactions, dominant owners and firm value”, BRQ Business Research Quarterly, (20), 4-17.
  • Cheng, Y.S. et al. (2010), “Capital Structure And Firm Value in China: A Panel Threshold Regression Analysis”, African Journal of Business Management, 4(12), 2500-2507.
  • Cheung, Y.L. et al. (2006), “Tunneling, propping and expropriation: evidence from connected party transactions in Hong Kong”, Journal of Financial Economics, 82(2), 343-386.
  • Cheung, Y.L. et al. (2009), “Tunneling and propping up: An analysis of related party transactions by Chinese listed companies”, Pacific-Basin Finance Journal, 17(3), 372-393.
  • Downs, D.H. et al. (2016), “Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore”, J Real Estate Finan Econ, (52), 408-427.
  • Garriga, E. & D. Melé (2004), “Corporate social responsibility theories: mapping the territory”, J. Bus. Ethics, 53(1-2), 51-71.
  • Gordon, E. et al. (2006), “Related party transactions: associations with corporate governance and firm value”, Working Paper, Rutgers University, New Brunswick, NJ.
  • Gordon, E.A. et al. (2004), “Related party transactions and corporate governance”, in: M. Hirschey et al. (eds.), Advances in Financial Economics (vol. 9) (1-27), Emerald Group Publishing Limited.
  • Gujarati, D.N. (2004), Basic Econometrics (4th Edition), USA: McGraw Hill Inc.
  • Hendratama, T.D. & Z. Barokah (2020), “Related party transactions and firm value: The moderating role of corporate social responsibility reporting”, China Journal of Accounting Research, 13(2), 223-236.
  • Ho, L.C.J. & M.E. Taylor (2007), “An empirical analysis of Triple-Bottom-Line Reporting and its determinants: evidence from the United States and Japan”, Journal of International Financial Management & Accounting, 18(2), 123-150.
  • Hultman, J. & B. Axelsson (2007), “Towards a typology of transparency for marketing management research”, Ind. Mark. Manage, 36(5), 627-635.
  • Jian, M. & T.J. Wong (2004), “Earnings Management and tunneling through related party transactions: evidence from Chinese corporate groups”, in: Annual Conference Paper, Proceedings of American Accounting Association.
  • Jones, K. & T. Alabaster (1999), “Critical Analysis of Corporate Environmental Reporting Scoring Systems”, Journal of Environmental Assessment Policy and Management, 1(1), 27-66.
  • Kang, M. et al. (2014), “The association between related-party transactions and control- ownership wedge: evidence from Korea”, Pac.-Basin Fin. J., 29(1), 272-296.
  • Kohlbeck, M. & B.W. Mayhew (2010), “Valuation of firms that disclose related party transactions”, J. Account. Public Policy, 29(2), 115-137.
  • Lin, W. et al. (2010), “Related party transactions, firm performance and control mechanisms: evidence from Taiwan”, International Research Journal of Finance and Economics, 35(1), 82-98.
  • Linthicum, C. et al. (2010), “Social responsibility and corporate reputation: the case of the Arthur Andersen Enron audit failure”, J. Account. Public Policy, 29(2), 160-176.
  • Nekhili, M. & M. Cherif (2011), “Related Parties Transactions And Firm’s Market Value: The French Case”, Review of Accounting and Finance, 10(3), 291-315.
  • Rasheed, P.C.A. et al. (2019), “Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India”, FIIB Business Review, 8(3), 205-217.
  • Roodman, D. (2006), “An Introduction to Difference and System GMM in Stata”, Center for Global Development Working Paper No: 103.
  • Schnackenberg, A.K. & E.C. Tomlinson (2016), “Organizational Transparency: A new perspective on managing trust in organization-stakeholder relationships”, J. Manage., 42(7), 1784-1810.
  • Shleifer, A. & R.W. Vishny (1997), “A survey of corporate governance”, J. Fin., 52(2), 737-783.
  • Silva, J.R. et al. (2019), “Enterprise Risk Management and Firm Value: Evidence from Brazil”, Emerging Markets Finance & Trade, (55), 687-703.
  • Suryani, A. & P.H.T. Atikah (2019), “The Effect of Related Party Transactions Through Opportunistic Behaviour Management to Increase Firm Value”, Journal of Finance and Banking Review, 4(2), 64 -72.
  • Suttipun, M. (2012), “Triple Bottom Line Reporting in Annual Reports: A Case Study of Companies Listed on the Stock Exchange of Thailand (SET)”, Asian Journal of Finance & Accounting, 4(1), 69-92.
  • Tambunan, M. et al. (2017), “Related party transactions and firm value in the business groups in the Indonesia stock exchange”, J. Appl. Fin. Bank, 7(3), 1-20.
  • Tatoğlu-Yerdelen, F. (2018), İleri Panel Veri Analizi (3. Baskı), Beta: İstanbul.
  • Varıcı, İ. & A.B. Küçüktüfekçi (2021), “İlişkili Taraf İşlemlerinin Firma Değeri Üzerine Etkisi: Borsa İstanbul (BIST)’da Bir Uygulama”, Muhasebe ve Vergi Uygulamaları Dergisi, 14(2), 641-664.
  • Wanga, H.D. et al. (2019), “Related Party Transactions, Business Relatedness, And Firm Performance”, Journal of Business Research, (101), 411-425.
  • Wong, R.M. et al. (2015), “Are related-party sales value-adding or value-destroying? Evidence from China”, J. Int. Finance. Manage. Account, 26(1), 1-38.
  • Yeh, Y.H. et al. (2012), “Related party transactions and corporate governance: the evidence from the Taiwan stock market”, Pacific Basin Finance Journal, 20(5), 755-776.
Toplam 37 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Utku Şendurur 0000-0002-8303-4315

Bekir Gerekan 0000-0001-6724-4729

Yayımlanma Tarihi 28 Nisan 2023
Gönderilme Tarihi 11 Haziran 2022
Yayımlandığı Sayı Yıl 2023 Cilt: 31 Sayı: 56

Kaynak Göster

APA Şendurur, U., & Gerekan, B. (2023). İlişkili Taraf İşlemleri ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi. Sosyoekonomi, 31(56), 355-367. https://doi.org/10.17233/sosyoekonomi.2023.02.16
AMA Şendurur U, Gerekan B. İlişkili Taraf İşlemleri ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi. Sosyoekonomi. Nisan 2023;31(56):355-367. doi:10.17233/sosyoekonomi.2023.02.16
Chicago Şendurur, Utku, ve Bekir Gerekan. “İlişkili Taraf İşlemleri Ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi”. Sosyoekonomi 31, sy. 56 (Nisan 2023): 355-67. https://doi.org/10.17233/sosyoekonomi.2023.02.16.
EndNote Şendurur U, Gerekan B (01 Nisan 2023) İlişkili Taraf İşlemleri ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi. Sosyoekonomi 31 56 355–367.
IEEE U. Şendurur ve B. Gerekan, “İlişkili Taraf İşlemleri ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi”, Sosyoekonomi, c. 31, sy. 56, ss. 355–367, 2023, doi: 10.17233/sosyoekonomi.2023.02.16.
ISNAD Şendurur, Utku - Gerekan, Bekir. “İlişkili Taraf İşlemleri Ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi”. Sosyoekonomi 31/56 (Nisan 2023), 355-367. https://doi.org/10.17233/sosyoekonomi.2023.02.16.
JAMA Şendurur U, Gerekan B. İlişkili Taraf İşlemleri ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi. Sosyoekonomi. 2023;31:355–367.
MLA Şendurur, Utku ve Bekir Gerekan. “İlişkili Taraf İşlemleri Ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi”. Sosyoekonomi, c. 31, sy. 56, 2023, ss. 355-67, doi:10.17233/sosyoekonomi.2023.02.16.
Vancouver Şendurur U, Gerekan B. İlişkili Taraf İşlemleri ve Firma Değeri: Sürdürülebilirlik Performansının Aracı Etkisi. Sosyoekonomi. 2023;31(56):355-67.