Cilt 8, Sayı 14, Sayfalar 173 - 187 2016-04-11

TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA

Pelin ÖZEK [1]

437 688

Bu çalışmada, Türkiye’de finans sektörü dışında faaliyet gösteren firmaların türev araç kullanımı ile ilişkili faktörler analiz edilmektedir. Analizler Borsa İstanbul Sınai Endeksine (XUSIN) kayıtlı olan 115 firmanın 2009 ve 2014 yılları arasındaki verilerine dayalı olarak yapılmıştır. Genel olarak örneklemin yüzde 35’i tarafından türev araç kullanıldığı belirlenmiştir. Tek değişkenli istatistiksel testler ve lojistik regresyon analizinden elde edilen sonuçlar türev araç kullanımının kaldıraç ve firma büyüklüğü ile pozitif ilişkili olduğunu göstermektedir. Ayrıca, kâr volatilitesi ve net kâr marjı firmaların türev araç kullanımı ile negatif ilişkilidir. Bununla birlikte veriler, türev araç kullanımını firma değeri ile ilişkilendirmek için yeterli kanıt sağlamamıştır.
Türev Araçlar, Risten Korunma, Firma Özellikleri
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  • FAUVER, Larry and NARANJO, Andy (2010), “Derivative Usage and Firm Value: The Influence of Agency Costs and Monitoring Problems”, Journal of Corporate Finance, 16, pp. 719-735.
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  • HEANEY, Richard and WINATA, Henry (2005), “Use of Derivatives by Australian Companies”, PacificBasin Finance Journal, 13, pp. 411-430.
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  • JUDGE, Amrit (2006), “Why and How UK Firms Hedge”, European Financial Management, 12(3), pp. 407- 441.
  • KAPITSINAS, Spyridon (2008), Derivatives Usage in Risk Management by Non-Financial Firms: Evidence from Greece (Unpublished doctoral thesis), University of Athens, Athens, Greece.
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  • KHEDIRI, Karim Ben (2010), “Do Investors Really Value Derivatives Use? Empirical Evidence from France”, The Journal of Risk Finance, 11(1), pp. 62-74.
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  • MALLIN, Chris, OW-YONG, Kean and REYNOLDS, Martin (2001), “Derivatives Usage in UK NonFinancial Listed Companies”, The European Journal of Finance, 7(1), pp. 63-91.
  • MARTIN, Miguel Ángel, ROJAS, Wolfgang, ERÁUSQUIN, José Luis, YUPANQUI, Dayana and VERA, Édgar (2009), “Derivatives Usage by Non-Financial Firms in Emerging Markets: The Peruvian Case”, Journal of Economics, Finance and Administrative Science, 14(27), pp. 73-86.
  • NGUYEN, Hoa and FAFF, Robert (2002), “On the Determinants of Derivative Usage by Australian Companies”, Australian Journal of Management, 27(1), pp. 1-24.
  • NGUYEN, Hoa and FAFF, Robert (2003), “Further Evidence on the Corporate Use of Derivatives in Australia: The Case of Foreign Currency and Interest Rate Instruments”, Australian Journal of Management, 28(3), pp. 307-317.
  • PALIGOROVA, Teodora and STASKOW, Rhonda (2014), “The Use of Financial Derivatives by Canadian Firms”, Bank of Canada Review, Autumn, pp. 47-54.
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  • SELVİ, Yakup and TÜREL, Aslı (2010), “Derivatives Usage in Risk Management by Turkish Non-Financial Firms and Banks: A Comparative Study”, Annales Universitatis Apulensis Series Oeconomica, 12(2), pp. 663-671.
  • SHIU, Yung-Ming (2007), “An Empirical Investigation on Derivatives Usage: Evidence from the United Kingdom General Insurance Industry”, Applied Economics Letters, 14, pp. 353-360.
  • SHU, Pei-Gi and CHEN, Hsuan-Chi (2003), “The Determinants of Derivatives Use: Evidence from NonFinancial Firms in Taiwan”, Review of Pacific Basin Financial Markets and Policies, 6(4), pp. 473- 500.
  • SINGH, Amrik (2004), The Effects of SFAS 133 on the Corporate Use of Derivatives, Volatility, and Earnings Management (Unpublished doctoral dissertation), The Pennsylvania State University.
  • SMITH, Clifford W. and STULZ, René M. (1985), “The Determinants of Firms’ Hedging Policies”, Journal of Financial and Quantitative Analysis, 20(4), pp. 391-405.
  • ZHANG, Haiwen (2009), “Effect of Derivative Accounting Rules on Corporate Risk-Management Behavior”, Journal of Accounting and Economics, 47, pp. 244-264.
Birincil Dil en
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Yazar: Pelin ÖZEK
E-posta: pelin.ozek@gop.edu.tr

Bibtex @ { marufacd180435, journal = {Finansal Araştırmalar ve Çalışmalar Dergisi}, issn = {1309-1123}, address = {Marmara Üniversitesi}, year = {2016}, volume = {8}, pages = {173 - 187}, doi = {10.14784/jfrs.23358}, title = {TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA}, language = {tr}, key = {cite}, author = {ÖZEK, Pelin} }
APA ÖZEK, P . (2016). TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA. Finansal Araştırmalar ve Çalışmalar Dergisi, 8 (14), 173-187. DOI: 10.14784/jfrs.23358
MLA ÖZEK, P . "TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA". Finansal Araştırmalar ve Çalışmalar Dergisi 8 (2016): 173-187 <http://e-dergi-marmara.dergipark.gov.tr/marufacd/issue/17271/180435>
Chicago ÖZEK, P . "TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA". Finansal Araştırmalar ve Çalışmalar Dergisi 8 (2016): 173-187
RIS TY - JOUR T1 - TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA AU - Pelin ÖZEK Y1 - 2016 PY - 2016 N1 - doi: 10.14784/jfrs.23358 DO - 10.14784/jfrs.23358 T2 - Finansal Araştırmalar ve Çalışmalar Dergisi JF - Journal JO - JOR SP - 173 EP - 187 VL - 8 IS - 14 SN - 1309-1123- M3 - doi: 10.14784/jfrs.23358 UR - http://dx.doi.org/10.14784/jfrs.23358 Y2 - 2017 ER -
EndNote %0 Finansal Araştırmalar ve Çalışmalar Dergisi TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA %A Pelin ÖZEK %T TÜRKİYE’DE ENDÜSTRİYEL FİRMALARIN TÜREV ARAÇ KULLANIMINA YÖNELİK AMPİRİK BİR ARAŞTIRMA %D 2016 %J Finansal Araştırmalar ve Çalışmalar Dergisi %P 1309-1123- %V 8 %N 14 %R doi: 10.14784/jfrs.23358 %U 10.14784/jfrs.23358