Agency Cost and Financial Constraints: An Application on Borsa Istanbul Basic Metal Firms

Year 2019, Volume: 7 Issue: 5, 15 - 25, 07.10.2019

Emre Esat Topaloğlu

https://doi.org/10.18506/anemon.459369

Cited By: 2

Abstract

In
the study, it is aimed to reveal the effect of agency costs on financial
constraints.

The data of the 12 firms that have been operating continuously in BIST Basic
Metal Index during the period of 2008-2017 were analyzed by static and dynamic
panel data analysis. Statistically significant and negative relationship was
found the agency costs between firm managers and creditors to the firm and
financial constraint, while there was a statistically significant relationship
between agency costs between managers and shareholders and between shareholders
and creditors could not be determined. Therefore, firms operating in the BIST
Basic Metal Index need to consider the agency costs that may arise between
managers and creditors to avoid financial constraints or minimize financial
constraints.

Keywords

Agency Costs, Financial Constraint, Borsa Istanbul, Basic Metal Index, Panel Data Analysis

Temsil Maliyetleri ve Finansal Kısıtlar: Borsa İstanbul Metal Ana Endeksi Firmaları Üzerine Bir Uygulama

Abstract

Çalışmada, temsil
maliyetlerinin finansal kısıtlara olan etkisini ortaya çıkarmak amaçlanmıştır.
Bu doğrultuda Borsa İstanbul Metal Ana Endeksi’nde devamlı olarak faaliyet
gösteren 12 firmanın 2008-2017 dönemindeki verileri, statik ve dinamik panel
veri analizleri ile incelenmiştir. Çalışmada, firma
yöneticileri ile firmaya borç verenler arasında ortaya çıkan temsil maliyetleri
ile finansal kısıt arasında istatistiksel olarak anlamlı ve negatif ilişki
tespit edilirken, yöneticiler - hissedarlar arasında ve hissedar - borç
verenler arasında ortaya çıkan temsil maliyetleri ile finansal kısıt arasında
ise istatistiksel olarak anlamlı bir ilişki tespit edilememiştir. Dolayısıyla,
BIST Ana Metal Endeksinde faaliyet gösteren firmaların finansal kısıtlar ile
karşı karşıya kalmamak ya da finansal kısıtları minimize edebilmek için
yönetici ile borç verenler arasında oluşabilecek temsil maliyetlerini dikkate
almaları gerekmektedir.

Keywords

Temsil Maliyetleri, Finansal Kısıt, Borsa İstanbul, Metal Ana Endeksi, Panel Veri Analizi

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