Firma performansını etkileyen faktörler: MSCI Türkiye Endeksine giren imalat sektörü firmaları üzerine bir uygulama
Küçük Resim Yok
Tarih
2024
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Malatya Turgut Özal Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Bu çalışmanın amacı, firma performansını etkileyen faktörler ile bu performans göstergeleri arasındaki ilişkilerin incelenmesidir. Firma performansının göstergeleri olarak verimlilik, kârlılık, büyüme ve piyasa performansı ölçütleri ele alınmış; bu göstergelere etki eden faktörler ise mali yapı oranları, faaliyet oranları ve likidite oranları olarak belirlenmiştir. Araştırmada, MSCI Türkiye Endeksi'nde yer alan firmaların zamana ve birimlere göre analiz edilmesi için Panel Veri Analizi kullanılmış ve uygun modeli belirlemek adına Hausman testi uygulanmıştır. Hausman testi sonuçlarına dayanarak Sabit Etkiler Modeli'nin en uygun model olduğu sonucuna varılmıştır. Araştırma bulgularına göre, alacak devir hızı, FVAÖK marjı ve nakit oranı değişkenlerinin katsayıları istatistiksel olarak anlamsız bulunmuştur. Ancak, brüt kâr marjı ve öz sermaye kârlılığı arasında pozitif bir ilişki tespit edilmiştir. Cari oran ve öz sermaye kârlılığı arasında negatif bir ilişki gözlemlenmiştir. Ayrıca, hisse başına kâr ile öz sermaye kârlılığı arasında pozitif bir ilişki olduğu, kaldıraç oranı, kısa vadeli borçlar ve likidite oranı gibi değişkenlerin öz sermaye kârlılığı üzerindeki etkilerinin sırasıyla negatif ve pozitif yönde olduğu ortaya konulmuştur. Sonuç olarak, çalışma, firma performansı üzerinde etkili olan değişkenlerin farklı performans göstergelerine nasıl etki ettiğini analiz ederek literatüre katkı sağlamaktadır. ANAHTAR KELİMELER: Performans, Firma Performansı, İmalat Sektörü, Aktif Kârlılık, Öz Sermaye
The purpose of this study is to investigate the relationships between the factors influencing firm performance and the associated performance indicators. Firm performance is measured through indicators such as efficiency, profitability, growth, and market performance metrics, while the influencing factors are categorized into financial structure ratios, activity ratios, and liquidity ratios. The research focuses on firms listed in the MSCI Turkey Index, and both temporal and cross-sectional analyses were conducted using Panel Data Analysis. To select the most appropriate model, the Hausman test was applied, and based on the test results, the Fixed Effects Model was determined to be the optimal approach. The empirical findings reveal that the coefficients of the accounts receivable turnover, EBITDA margin, and cash ratio variables are statistically insignificant. Conversely, a positive relationship was identified between gross profit margin and return on equity (ROE). Additionally, a negative relationship was observed between the current ratio and ROE. Furthermore, the results show a positive relationship between earnings per share (EPS) and ROE, while leverage ratio, short-term debt, and liquidity ratio demonstrate negative and positive effects on ROE, respectively. In conclusion, this study contributes to the field by offering a detailed analysis of how various financial and operational factors impact different firm performance indicators, providing insights relevant to corporate financial management and decision-making processes. KEYWORDS: Firm Performance, Manufacturing Sector, Return on Equity, Return on Assets, Panel Data Analysis, Financial Ratios
The purpose of this study is to investigate the relationships between the factors influencing firm performance and the associated performance indicators. Firm performance is measured through indicators such as efficiency, profitability, growth, and market performance metrics, while the influencing factors are categorized into financial structure ratios, activity ratios, and liquidity ratios. The research focuses on firms listed in the MSCI Turkey Index, and both temporal and cross-sectional analyses were conducted using Panel Data Analysis. To select the most appropriate model, the Hausman test was applied, and based on the test results, the Fixed Effects Model was determined to be the optimal approach. The empirical findings reveal that the coefficients of the accounts receivable turnover, EBITDA margin, and cash ratio variables are statistically insignificant. Conversely, a positive relationship was identified between gross profit margin and return on equity (ROE). Additionally, a negative relationship was observed between the current ratio and ROE. Furthermore, the results show a positive relationship between earnings per share (EPS) and ROE, while leverage ratio, short-term debt, and liquidity ratio demonstrate negative and positive effects on ROE, respectively. In conclusion, this study contributes to the field by offering a detailed analysis of how various financial and operational factors impact different firm performance indicators, providing insights relevant to corporate financial management and decision-making processes. KEYWORDS: Firm Performance, Manufacturing Sector, Return on Equity, Return on Assets, Panel Data Analysis, Financial Ratios
Açıklama
Lisansüstü Eğitim Enstitüsü, Muhasebe ve Finansman Ana Bilim Dalı
Anahtar Kelimeler
Maliye, Finance
