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Türev araç kullanımının firma performansı üzerine etkisi: BİST imalat sanayi firmaları uygulaması

Yıl 2021, Cilt: 14 Sayı: 3, 1006 - 1017, 31.07.2021
https://doi.org/10.25287/ohuiibf.807233

Öz

Firmalar sistematik ve sistematik olmayan çeşitli risklere maruz kalmaktadırlar. Firmalar bu riskleri önlemek veya risklerin olumsuz sonuçlarını azaltmak için çeşitli yöntemlere başvururlar. Risk yönetiminde kullandıkları yöntemlerden biri de türev araçlardır. Forward, fütursa, swap ve opsiyon olarak sıralanan türev araçlarla faiz oranı riski , kur değişim riski ve fiyat değişimi riski gibi mali riskler yönetilmeye çalışılır. Ancak türev araç kullanımının riski azaltıcı etkisi yanında ek maliyetleri de olabildiği için firma performansı üzerine etkisi büyük öneme sahiptir. Bu nedenle ilgili çalışmada türev araç kullanımının firmaların performansları üzerine olan etkisi tespit edilmeye çalışılmıştır. İlgili çalışmada Borsa İstanbul’da işlem gören İmalat Sanayi firmalarının türev araç kullanımlarının firma performansı üzerine olan etkisi 2014-2018 dönemi için 176 firmada incelenmiştir. Performans ölçüsü olarak aktif karlılığı (ROA) ve öz sermaye karlılığı (ROE) bağımlı değişken olarak alınmıştır. Firma büyüklüğü, finansal kaldıraç, cari oran ve türev araçlar kullanımı ise kontrol değişken olarak modele ilave edilmiştir. Panel Veri Analizinin kullanıldığı çalışmanın sonucunda türev araç kullanımının karlılık üzerinde istatistiksel olarak anlamlı ve negatif etkisinin olduğu tespit edilmiştir. Elde edilen bu sonuçlara göre Türkiye’de imalat sanayi sektöründe faaliyet gösteren firmaların türev araç kullanımlarının ek maliyetleri risk yönetiminin sağladığı faydadan daha yüksektir.

Kaynakça

  • Referans1 Adam, T. R., Fernando, C. S. (2006). Hedging, speculation, and shareholder value. Journal of Financial Economics, 81(2), 283-309. https://doi.org/10.1016/j.jfineco.2005.03.014
  • Referans2 Ahmed, H., Azevedo, A., Guney, Y. (2014). The effect of hedging on firm value and performance: evidence from the nonfinancial UK firrms. Eur. Financ. Manag, 44, 1-31. Retrieved from: http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.587.390
  • Referans3 Akpınar, O., Fettahoğlu, A. (2016). Does the use of derivatives affect firm value? Evidence from Turkey. Journal of Transnational Management, 21(2), 53-61. https://doi.org/10.1080/15475778.2016.1166998
  • Referans4 Allayannis, G., Weston, J. P. (2001). The use of foreign currency derivatives and firm market value. The Review of Financial Studies, 14(1), 243-276. https://doi.org/10.1093/rfs/14.1.243
  • Referans5 Aretz, K., Bartram, S. M. (2010). Corporate hedging and shareholder value. Journal of financial research, 33(4), 317-371. https://doi.org/10.1111/j.1475-6803.2010.01278.x
  • Referans6 Ayturk, Y., Gurbuz, A. O., Yanik, S. (2016). Corporate derivatives use and firm value: Evidence from Turkey, 16(2), 108-120. https://doi.org/10.1016/j.bir.2016.02.001 Referans7 Banafa, A. S. A. (2016). The effect of leverage, liquidity, and firm size on financial performance of listed non-financial firms in Kenya (Doctoral dissertation, COHRED, Business Administration, JKUAT). Retrieved from http://ir.jkuat.ac.ke/handle/123456789/2219
  • Referans8 Bartram, S. M., Brown, G. W., & Conrad, J. (2011). The effects of derivatives on firm risk and value. Journal of Financial and Quantitative Analysis, 46(4), 967-999. Retrieved from: https://www.jstor.org/stable/23018425?seq=1
  • Referans9 Belghitar, Y., Clark, E., Mefteh, S. (2013). Foreign currency derivative use and shareholder value. International Review of Financial Analysis, Vol 29, 283-293. Retrieved from: http://www.sciencedirect.com/science/article/pii/S1057521912000208
  • Referans10 Berrospide, J. M., Purmanandam, A. K., Rajan, U. (2010). Corporate hedging, investment and value. In EFA 2008 Athens Meetings Paper (pp. 2008-16). Retrieved from: https://ideas.repec.org/p/fip/fedgfe/2008-16.html
  • Referans11 Büker, S., Aşıkoğlu, R., Sevil, G. (2018). Finansal Yönetim, Ankara: Sözkesen Matbaacılık Carter, D. A., Rogers, D. A., Simkins, B. J. (2006). Hedging and value in the US airline industry, Journal of Applied Corporate Finance, 18(4), 21-33. https://doi.org/10.1111/j.1745-6622.2006.00107.x
  • Referans12 Chaudhry, D., Mehmood, M. S., Mehmood, A. (2014). Determinants of corporate hedging policies and derivatives usage in risk management practices of non-financial firms. Wulfenia Journal, ISI Indexed, Impact Factor 0.267, 21(7), 293-310. Retrieved from: https://mpra.ub.uni-muenchen.de/57562/
  • Referans13 Çankaya, S., Güçver, C. (2019).Borsa İstanbul imalat sanayi endeksine kayıtlı firmaların finansal risk yönetimlerinde türev ürün kullanımının belirleyicileri. Journal of BRSA Banking and Financial Markets, 13(2), 185. Erişim adresi: https://www.bddk.org.tr/AboutUs/Journal-of-BRSA-Banking-and-Financial-Markets/19
  • Referans14 Çatalbaş, G. K., Yarar, Ö. (2015).Türkiye'deki bölgeler arası iç göçü etkileyen faktörlerin panel veri analizi ile belirlenmesi. Alphanumeric Journal, 3(1), 99-117. https://doi.org/10.17093/aj.2015.3.1.5000113446
  • Referans15 De Andres, P., Azofra, V., Lopez, F. (2005). Corporate boards in OECD countries: Size, composition, functioning and effectiveness. Corporate Governance: An International Review, 13(2), 197-210. https://doi.org/10.1111/j.1467-8683.2005.00418.x
  • Referans16 Ees, H., Postma, T. J., Sterken, E. (2003). Board characteristics and corporate performance in the netherlands. Eastern Economic Journal, 29(1), 41-58. Retrieved from: http://web.holycross.edu/RePEc/eej/Archive/Volume29/V29N1P41_58.pdf (application/pdf)
  • Referans17 Ekadjaja, M., Henny, A. E. (2019). The characteristics of users derivative company towards the company’s value. Jurnal Akuntansi, 23(1), 62-77. http://dx.doi.org/10.24912/ja.v23i1.460
  • Referans18 Emhan, A . (2010). Risk yönetim süreci ve risk yönetmekte kullanılan teknikler. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23 (3), 209-220. Erişim adresi: https://dergipark.org.tr/tr/pub/atauniiibd/issue/2672/3500
  • Referans19 Geczy, C., Minton, B. A., Schrand, C. (1997). Why firms use currency derivatives. The Journal of Finance, 52(4), 1323-1354. https://doi.org/10.1111/j.1540-6261.1997.tb01112.x
  • Referans20 Greene, W. H. (2003). Econometric Analysis. Pearson Education India.
  • Referans21 Gomez - Gonzalez, J. E., L, Rincon, C. E., Lonrodrıguez, K. J. (2009). Does the use of foreign currency derivatives effect firms’ market value? Evidence From Colombia. Borradores de Economia. https://doi.org/10.2753/REE1540-496X480403
  • Referans22 Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. The European Journal of Finance, 15(4), 385-404. Colombia. Emerging Markets Finance and Trade, 48(4), 50-66. https://doi.org/10.1080/13518470802466121
  • Referans23 Haniffa, R., Hudaıb, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance & Accounting, 33(7‐8), 1034-1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x
  • Referans24 Hsıao, C., Pesaran, M. H., Tahmiscioğlu, A. K. (2002). Maximum likelihood estimation of fixed effects dynamic panel data models covering short time periods. Journal of Econometrics, 109(1), 107-150.Retrieved from:: https://EconPapers.repec.org/RePEc:eee:econom:v:109:y:2002:i:1:p:107-150
  • Referans25 Hull, J. C., (2003). Options futures and other derivatives. Upper Saddle River, NJ: Pren-tice Hall.
  • Referans26 Iqbal, A., Mulani, J., Kabiraj, S. (2013). Leverage, size of the firm and profitability: A case of pakistani cement industry. International Journal of Business Insights & Transformation, 7(1). Retrieved from: http://connection.ebscohost.com/c/articles/96263931/leverage-size-firm-profitability-case-pakistani-cement-industry
  • Referans27 Jin, Y., Jorion, P. (2006). Firm value and hedging: Evidence from US oil and gas producers. The Journal of Finance, 61(2), 893-919. Retrieved from: https://www.jstor.org/stable/3699361
  • Referans28 İmalat Sanayi Firmaları. Retrieved from https://www.kap.org.tr/tr/Sektorler, ( 17.12.2019 )
  • Referans29 Khedihi, K. B., Folus, D. (2010). Does hedging increase firm value? Evidence from French firms. Applied Economics Letters, 17(10), 995-998. https://doi.org/10.1080/17446540802599697
  • Referans30 Kyereboah - Coleman, A. (2007). The impact of capital structure on the performance of microfinance institutions. The Journal of Risk Finance, 8(1), 56-71. Retrieved from: https://ideas.repec.org/a/eme/jrfpps/v8y2007i1p56-71.html
  • Referans31 Lau, C. K. (2016). How corporate derivatives use impact firm performance?. Pacific-Basin Finance Journal, 40, 102-114. Retrieved from: https://ideas.repec.org/a/eee/pacfin/v40y2016ipap102-114.html
  • Referans32 Lenee, T. L., Oki, J. (2017). Financial derivatives and firm performance: Empirical evidence from financial and non-financial Firms. Journal of Economics, Management and Trade, 1-36. Retrieved from: https://www.journaljemt.com/index.php/JEMT/article/view/13032
  • Referans33 Lin, C.M., Phillips, R.D., Smith, S.D. (2008). Hedging, financing and investment decisions: Theory and empirical tests’’, Vol.32, 1566-1582. Retrieved from: https://ideas.repec.org/a/eee/jbfina/v32y2008i8p1566-1582.html
  • Referans34 Mackay, P., Moeller, S. B. (2007). The value of corporate risk management. The Journal of Finance, 62(3), 1379-1419. https://doi.org/10.1111/j.1540-6261.2007.01239.x
  • Referans35 Magee, S. (2013). Foreign currency hedging and firm value: A Dynamic Panel Approach. Advances in Financial Risk Management (pp. 57-80). Retrieved from: https://link.springer.com/chapter/10.1057/9781137025098_3
  • Referans36 Mule, K. R., Mukras, M. S., Nzıoka, O. M. (2015). Corporate size, profitability and market value: An econometric panel analysis of listed firms in Kenya. European Scientific Journal, Vol 11, No 13. Retrieved from http://eujournal.org/index.php/esj/article/view/5659
  • Referans37 Nguyen, H., Faff, R. (2002). On the determinants of derivative usage by Australian companies. Journal of Management, 27(1), 1-24. https://doi.org/10.1177/031289620202700101
  • Referans38 Niresh, A., Velnampy, T. (2014). Firm size and profitability: A study of listed manufacturing firms in Sri Lanka. International Journal of Business and Management, 9(4). doi:10.5539/ijbm.v9n4p57
  • Referans39 Panaretou, A., Shackleton, M. B., Taylor, P. A. (2013). Corporate risk management and hedge accounting. Contemporary Accounting Research, 30(1), 116-139. Retrieved from: http://www.research.lancs.ac.uk/portal/en/publications/corporate-risk-management-and-hedge-accounting(99ed81e8-ecfb-4cee- 8595-4173b99147f5).html
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Effect of derivative instruments usage on firm performance: BIST manufacturing industry firms application

Yıl 2021, Cilt: 14 Sayı: 3, 1006 - 1017, 31.07.2021
https://doi.org/10.25287/ohuiibf.807233

Öz

Firms are exposed to various risks that are systematic and unsystematic. Firms apply to various methods to prevent these risks or to reduce the negative consequences of these risks. One of the methods they use in risk management is derivative financial instruments. Financial risks such as interest rate risk, exchange rate risk and price change risk are tried to be managed by derivative instruments listed as forward, futures, swaps and options. However, the effect on firm performance has a great importance as the use of derivative instruments can have additional costs as well as risk-reducing effect. Therefore, in the this study, the effect of the use of derivatives on the performance of firms is tried to be determined. The effect of derivative instruments usage on the firm performance of manufacturing industry firms traded in Borsa Istanbul is examined in 176 companies for the period 2014-2018 in this study. Return on assets (ROA) and return on equity (ROE) which are performance measures, are taken as dependent variables. Firm size, financial leverage, current ratio and use of derivative instruments are added to the model as control variables. As a result of the study using Panel Data Analysis; the using of derivative instrument has a statistically significant and negative effect on return. According to these results, the additional costs of using derivative instruments of firms operating in the manufacturing sector in Turkey are higher than the benefit of risk management.

Kaynakça

  • Referans1 Adam, T. R., Fernando, C. S. (2006). Hedging, speculation, and shareholder value. Journal of Financial Economics, 81(2), 283-309. https://doi.org/10.1016/j.jfineco.2005.03.014
  • Referans2 Ahmed, H., Azevedo, A., Guney, Y. (2014). The effect of hedging on firm value and performance: evidence from the nonfinancial UK firrms. Eur. Financ. Manag, 44, 1-31. Retrieved from: http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.587.390
  • Referans3 Akpınar, O., Fettahoğlu, A. (2016). Does the use of derivatives affect firm value? Evidence from Turkey. Journal of Transnational Management, 21(2), 53-61. https://doi.org/10.1080/15475778.2016.1166998
  • Referans4 Allayannis, G., Weston, J. P. (2001). The use of foreign currency derivatives and firm market value. The Review of Financial Studies, 14(1), 243-276. https://doi.org/10.1093/rfs/14.1.243
  • Referans5 Aretz, K., Bartram, S. M. (2010). Corporate hedging and shareholder value. Journal of financial research, 33(4), 317-371. https://doi.org/10.1111/j.1475-6803.2010.01278.x
  • Referans6 Ayturk, Y., Gurbuz, A. O., Yanik, S. (2016). Corporate derivatives use and firm value: Evidence from Turkey, 16(2), 108-120. https://doi.org/10.1016/j.bir.2016.02.001 Referans7 Banafa, A. S. A. (2016). The effect of leverage, liquidity, and firm size on financial performance of listed non-financial firms in Kenya (Doctoral dissertation, COHRED, Business Administration, JKUAT). Retrieved from http://ir.jkuat.ac.ke/handle/123456789/2219
  • Referans8 Bartram, S. M., Brown, G. W., & Conrad, J. (2011). The effects of derivatives on firm risk and value. Journal of Financial and Quantitative Analysis, 46(4), 967-999. Retrieved from: https://www.jstor.org/stable/23018425?seq=1
  • Referans9 Belghitar, Y., Clark, E., Mefteh, S. (2013). Foreign currency derivative use and shareholder value. International Review of Financial Analysis, Vol 29, 283-293. Retrieved from: http://www.sciencedirect.com/science/article/pii/S1057521912000208
  • Referans10 Berrospide, J. M., Purmanandam, A. K., Rajan, U. (2010). Corporate hedging, investment and value. In EFA 2008 Athens Meetings Paper (pp. 2008-16). Retrieved from: https://ideas.repec.org/p/fip/fedgfe/2008-16.html
  • Referans11 Büker, S., Aşıkoğlu, R., Sevil, G. (2018). Finansal Yönetim, Ankara: Sözkesen Matbaacılık Carter, D. A., Rogers, D. A., Simkins, B. J. (2006). Hedging and value in the US airline industry, Journal of Applied Corporate Finance, 18(4), 21-33. https://doi.org/10.1111/j.1745-6622.2006.00107.x
  • Referans12 Chaudhry, D., Mehmood, M. S., Mehmood, A. (2014). Determinants of corporate hedging policies and derivatives usage in risk management practices of non-financial firms. Wulfenia Journal, ISI Indexed, Impact Factor 0.267, 21(7), 293-310. Retrieved from: https://mpra.ub.uni-muenchen.de/57562/
  • Referans13 Çankaya, S., Güçver, C. (2019).Borsa İstanbul imalat sanayi endeksine kayıtlı firmaların finansal risk yönetimlerinde türev ürün kullanımının belirleyicileri. Journal of BRSA Banking and Financial Markets, 13(2), 185. Erişim adresi: https://www.bddk.org.tr/AboutUs/Journal-of-BRSA-Banking-and-Financial-Markets/19
  • Referans14 Çatalbaş, G. K., Yarar, Ö. (2015).Türkiye'deki bölgeler arası iç göçü etkileyen faktörlerin panel veri analizi ile belirlenmesi. Alphanumeric Journal, 3(1), 99-117. https://doi.org/10.17093/aj.2015.3.1.5000113446
  • Referans15 De Andres, P., Azofra, V., Lopez, F. (2005). Corporate boards in OECD countries: Size, composition, functioning and effectiveness. Corporate Governance: An International Review, 13(2), 197-210. https://doi.org/10.1111/j.1467-8683.2005.00418.x
  • Referans16 Ees, H., Postma, T. J., Sterken, E. (2003). Board characteristics and corporate performance in the netherlands. Eastern Economic Journal, 29(1), 41-58. Retrieved from: http://web.holycross.edu/RePEc/eej/Archive/Volume29/V29N1P41_58.pdf (application/pdf)
  • Referans17 Ekadjaja, M., Henny, A. E. (2019). The characteristics of users derivative company towards the company’s value. Jurnal Akuntansi, 23(1), 62-77. http://dx.doi.org/10.24912/ja.v23i1.460
  • Referans18 Emhan, A . (2010). Risk yönetim süreci ve risk yönetmekte kullanılan teknikler. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23 (3), 209-220. Erişim adresi: https://dergipark.org.tr/tr/pub/atauniiibd/issue/2672/3500
  • Referans19 Geczy, C., Minton, B. A., Schrand, C. (1997). Why firms use currency derivatives. The Journal of Finance, 52(4), 1323-1354. https://doi.org/10.1111/j.1540-6261.1997.tb01112.x
  • Referans20 Greene, W. H. (2003). Econometric Analysis. Pearson Education India.
  • Referans21 Gomez - Gonzalez, J. E., L, Rincon, C. E., Lonrodrıguez, K. J. (2009). Does the use of foreign currency derivatives effect firms’ market value? Evidence From Colombia. Borradores de Economia. https://doi.org/10.2753/REE1540-496X480403
  • Referans22 Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. The European Journal of Finance, 15(4), 385-404. Colombia. Emerging Markets Finance and Trade, 48(4), 50-66. https://doi.org/10.1080/13518470802466121
  • Referans23 Haniffa, R., Hudaıb, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance & Accounting, 33(7‐8), 1034-1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x
  • Referans24 Hsıao, C., Pesaran, M. H., Tahmiscioğlu, A. K. (2002). Maximum likelihood estimation of fixed effects dynamic panel data models covering short time periods. Journal of Econometrics, 109(1), 107-150.Retrieved from:: https://EconPapers.repec.org/RePEc:eee:econom:v:109:y:2002:i:1:p:107-150
  • Referans25 Hull, J. C., (2003). Options futures and other derivatives. Upper Saddle River, NJ: Pren-tice Hall.
  • Referans26 Iqbal, A., Mulani, J., Kabiraj, S. (2013). Leverage, size of the firm and profitability: A case of pakistani cement industry. International Journal of Business Insights & Transformation, 7(1). Retrieved from: http://connection.ebscohost.com/c/articles/96263931/leverage-size-firm-profitability-case-pakistani-cement-industry
  • Referans27 Jin, Y., Jorion, P. (2006). Firm value and hedging: Evidence from US oil and gas producers. The Journal of Finance, 61(2), 893-919. Retrieved from: https://www.jstor.org/stable/3699361
  • Referans28 İmalat Sanayi Firmaları. Retrieved from https://www.kap.org.tr/tr/Sektorler, ( 17.12.2019 )
  • Referans29 Khedihi, K. B., Folus, D. (2010). Does hedging increase firm value? Evidence from French firms. Applied Economics Letters, 17(10), 995-998. https://doi.org/10.1080/17446540802599697
  • Referans30 Kyereboah - Coleman, A. (2007). The impact of capital structure on the performance of microfinance institutions. The Journal of Risk Finance, 8(1), 56-71. Retrieved from: https://ideas.repec.org/a/eme/jrfpps/v8y2007i1p56-71.html
  • Referans31 Lau, C. K. (2016). How corporate derivatives use impact firm performance?. Pacific-Basin Finance Journal, 40, 102-114. Retrieved from: https://ideas.repec.org/a/eee/pacfin/v40y2016ipap102-114.html
  • Referans32 Lenee, T. L., Oki, J. (2017). Financial derivatives and firm performance: Empirical evidence from financial and non-financial Firms. Journal of Economics, Management and Trade, 1-36. Retrieved from: https://www.journaljemt.com/index.php/JEMT/article/view/13032
  • Referans33 Lin, C.M., Phillips, R.D., Smith, S.D. (2008). Hedging, financing and investment decisions: Theory and empirical tests’’, Vol.32, 1566-1582. Retrieved from: https://ideas.repec.org/a/eee/jbfina/v32y2008i8p1566-1582.html
  • Referans34 Mackay, P., Moeller, S. B. (2007). The value of corporate risk management. The Journal of Finance, 62(3), 1379-1419. https://doi.org/10.1111/j.1540-6261.2007.01239.x
  • Referans35 Magee, S. (2013). Foreign currency hedging and firm value: A Dynamic Panel Approach. Advances in Financial Risk Management (pp. 57-80). Retrieved from: https://link.springer.com/chapter/10.1057/9781137025098_3
  • Referans36 Mule, K. R., Mukras, M. S., Nzıoka, O. M. (2015). Corporate size, profitability and market value: An econometric panel analysis of listed firms in Kenya. European Scientific Journal, Vol 11, No 13. Retrieved from http://eujournal.org/index.php/esj/article/view/5659
  • Referans37 Nguyen, H., Faff, R. (2002). On the determinants of derivative usage by Australian companies. Journal of Management, 27(1), 1-24. https://doi.org/10.1177/031289620202700101
  • Referans38 Niresh, A., Velnampy, T. (2014). Firm size and profitability: A study of listed manufacturing firms in Sri Lanka. International Journal of Business and Management, 9(4). doi:10.5539/ijbm.v9n4p57
  • Referans39 Panaretou, A., Shackleton, M. B., Taylor, P. A. (2013). Corporate risk management and hedge accounting. Contemporary Accounting Research, 30(1), 116-139. Retrieved from: http://www.research.lancs.ac.uk/portal/en/publications/corporate-risk-management-and-hedge-accounting(99ed81e8-ecfb-4cee- 8595-4173b99147f5).html
  • Referans40 Perez ‐ Gonzalez, F., Yun, H. (2013). Risk management and firm value: Evidence from weather derivatives. The Journal of Finance, 68(5), 2143-2176. https://doi.org/10.1111/jofi.12061
  • Referans41 Phan, D., Nguyen, H., Faff, R. (2014). Uncovering the asymmetric linkage between financial derivatives and firm value: The case of oil and gas exploration and production companies. Energy Economics, 45, 340-352. https://doi.org/10.1016/j.eneco.2014.07.018
  • Referans42 Pramborg, B. (2004). Derivatives hedging, geographical diversification, and firm market value. Journal of Multinational Financial Management, 14(2),117-133. https://doi.org/10.1016/j.eneco.2014.07.018
  • Referans43 Rashid, A., De Zoysa, A., Lodh, S., Rudkin, K. (2010). Board composition and firm performance: evidence from Bangladesh. Australasian accounting. Business and Finance Journal, 4(1), 76-95. Retrieved form: http://ro.uow.edu.au/aabfj/vol4/iss1/5
  • Referans44 Özek, P. (2016). An empirical investigation on the use of derivative instruments by industrial firms in Turkey. Journal of Financial Researches & Studies,Finansal Arastirmalar ve Calismalar. https://doi.org/10.14784/jfrs.23358
  • Referans45 Smith, C. W., Stulz, R. M. (1985). The determinants of firms hedging policies. Journal of Financial and Quantitative Analysis, 20(4), 391-405. http://dx.doi.org/10.2307/2330757
  • Referans46 Stulz, R. M. (1984). Optimal hedging policies. Journal of Financial and Quantitative Analysis, 19(2), 127-140. https://doi.org/10.2307/2330894
  • Referans47 Taghizadeh, M., Saremi, S. (2013). Board of directors and firms performance: Evidence from Malaysian public listed firm. International Proceedings of Economics Development and Research, 59, 178. https://doi.org/ 10.7763/IPEDR. 2013. V59. 37
  • Referans48 Vithessonthı, C., Tongurai, J. (2015). The effect of firm size on the leverage – Performance relationship during the financial crisis of 2007–2009. Journal of Multinational Financial Management, 29, 1-29.
  • Referans49 Yalçıner, K., Tanrıöven, C., Bal, H., Aksoy, E. E., Kurt, Ç. (2014). Finansal Teknikler ve Türev Araçlar. Ankara: Detay Yayıncılık Referans50 Tatoğlu ,Y, F,. (2013). Panel Veri Ekonometrisi, Stata Uygulamalı. İstanbul: Beta Basım Yayım
Toplam 48 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Emine Ebru Akın Aksoy 0000-0001-7205-0283

Fatma Betül Şengül 0000-0003-1684-8527

Yayımlanma Tarihi 31 Temmuz 2021
Gönderilme Tarihi 8 Ekim 2020
Kabul Tarihi 11 Şubat 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 14 Sayı: 3

Kaynak Göster

APA Akın Aksoy, E. E., & Şengül, F. B. (2021). Türev araç kullanımının firma performansı üzerine etkisi: BİST imalat sanayi firmaları uygulaması. Ömer Halisdemir Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 14(3), 1006-1017. https://doi.org/10.25287/ohuiibf.807233
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