FİRMA YAŞAM EVRELERİNİN FİNANSAL SIKINTI ÜZERİNDEKİ ROLÜ: BORSA İSTANBUL ÖRNEĞİ

Year 2024, Volume: 25 Issue: 2, 215 - 236, 30.06.2024

İbrahim Gültekin , Güven Sayılgan

https://doi.org/10.53443/anadoluibfd.1367665

Cited By: 1

Abstract

Bu makalede, firmaların içinde bulundukları yaşam evresi şartlarına aykırı davranmalarının firmaların finansal sıkıntı yaşaması üzerinde etkisinin olup olmadığının tespit edilmesi amaçlanmaktadır. Her firma yaşam evresinin kendine özgü öncelikler gerektirdiği göz önüne alındığında, firmaların stratejik kararlarını belirlerken içinde bulundukları yaşam evrelerini dikkate almaları gerekmektedir. Çalışmada, firmaların finansal sıkıntı nedenleri kurumsal finans ilkeleri çerçevesinde ele alınmıştır. Bu bağlamda, firmaların yatırım, finansman ve kar dağıtım politikaları ile finansal sıkıntı arasındaki ilişki firma yaşam evreleri çerçevesinde incelenmiştir. Makalede, imalat sektöründe faaliyet gösteren 154 Borsa İstanbul (BIST) firmasının son yedi yıllık verileri kullanılarak panel veri analizi yapılmıştır. Bu kapsamda, yatırımların öz sermayeye oranı ile finansal sıkıntı arasında büyüme ve düşüş evresindeki firmalar için pozitif ilişki bulunmuştur. Ayrıca, finansal kaldıracın tüm yaşam evreleri için finansal kırılganlığı artırdığı, ancak bu etkinin büyüme evresindeki firmalarda ve düşüş evresindeki firmalarda daha büyük olduğu tespit edilmiştir. Söz konusu bulgular, firma yöneticilerince doğru stratejik kararların oluşturulması açısından önemlidir.

Keywords

Firma Yaşam Evresi, Finansal Sıkıntı, Gelişen Piyasalar Z-Skoru

INVESTIGATING THE ROLE OF FIRM LIFE CYCLE ON FINANCIAL DISTRESS: EVIDENCE FROM BORSA ISTANBUL

Abstract

This paper aims to examine whether acting non-compatible with life cycle has impact on firm’s financial distress. Considering every life stage requires unique priorities, firms should consider their life phases when determining their strategical decisions. We handle the causes of financial distress from a broad and strategical perspective on corporate finance ground. In this regard, we seek the relationships of investment, finance, and dividend policies with financial distress, considering firm life cycles. We applied panel data analysis examining 154 Borsa Istanbul (BIST) firms in manufacturing sector using their last seven-year data. We find that the ratio of investment to equity is positively correlated with financial distress for growth and decline firms at different levels. Additionally, we find that leverage increases financial vulnerability in all life cycles, however, the impact of leverage is larger for growth firms and decline firms. These findings are significant to navigate managers in the right direction.

Keywords

Firm Life Cycle, Financial Distress, Emerging Market Z-Score

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