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THE FACTORS DETERMINING THE USE OF DERIVATIVE PRODUCTS OF THE BANKS: A PANEL DATA ANALYSIS ON BANKS OPERATING IN BORSA ISTANBUL (BIST)

Year 2024, Issue: 67, 143 - 151, 30.04.2024

Sonay Akar

https://doi.org/10.18070/erciyesiibd.1344415

Abstract

This study aims to empirically detection the factors that determine the use of derivative products by banks. The study covers the 2012-2020 quarterly data of banks listed in the Stock Exchange Istanbul financial intermediaries sector. In the study, in which banks in the financial intermediaries sector in Stock Exchange Istanbul were included as a sample, total derivatives in assets and total derivatives in liabilities were used as dependent variables, while bank size, profitability, liquidity, risk and capital adequacy were used as independent variables. In the study, two models were created to represent derivative products and these models were analyzed using the panel data regression analysis method. According to the results of the panel data regression analysis performed in the models created in the study, the size, liquidity and risk variables were found to be statistically significant determinants in the model in which the use of derivatives in the assets was used as the dependent variable. In the model which are used as dependent variables of passive derivative instruments, size, risk and capital adequacy variables were found to be statistically significant determinants.

Keywords

Keywords: Banks Derivative Products Panel Data Analysis

References

  • Afza, T. ve Alam, A. (2011). Determinants of extent of financial derivative usage, African Journal of Business Management, 5(20), 8331.
  • Akkaya, M. ve Torun, S. (2020). Türk bankacılık sektöründe türev ürünlerin kullanımı ve etkileri, Bankacılar Dergisi, 115, 38-49.
  • Akkaynak, B. ve Yıldırım, S. (2019). Türev ürünlerin kullanım amaçları: BIST’de bir uygulama, Erzincan Binali Yıldırım Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 1(2), 23-33.
  • Akkaynak, B. ve Yıldırım, S. (2021). Türev finansal araçların sermaye yapısına etkisi: Türkiye'deki bankalar örneği, Journal Of Mehmet Akif Ersoy Unıversıty Economics And Administrative Sciences Faculty, 8(3), 1582-1589.
  • Ameer, R. (2010). Determinants of corporate hedging practices in Malaysia, International Business Research, 3(2), 120-130.
  • Anbar, A. ve Alper, D. (2011). Bankaların türev ürün kullanım yoğunluğunu etkileyen faktörlerin belirlenmesi, Muhasebe ve Finansman Dergisi, (50), 77-94.
  • Ashraf, D., Altunbaş, Y., ve Goddard, J. (2007). Who transfers credit risk? determinants of the use of credit derivatives by large us banks, The European Journal of Finance, 13(5), 483-500.
  • Bartram, M.S. (2008). What lies beneath: foreign exchange rate exposure, hedging and cash flows, Journal Of Banking And Finance, 32(8), 1508-1521.
  • Charumathi, B. ve Kota, H. B. (2012). On the determinants of derivative usage by large Indian non-financial firms, Global Business Review, 13(2), 251-267.
  • Cankayadhry, D. N., Mehmood, M. S. ve 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.
  • Çankaya, S. ve Güçver, C. (2019). Borsa İstanbul imalat sanayi endeksine kayıtlı firmaların finansal risk yönetimlerinde türev ürün kullanımının belirleyicileri, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 13(2), 185-213.
  • Durmuş, Ö. (2016). Türev ürün kullanımını belirleyen faktörler: Borsa İstanbul üzerine bir uygulama (Yayımlanmamış yüksek lisans tezi). Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü
  • Durmuş, Ö. ve Coşkun, E. (2019). Şirketlerin türev ürün kullanımını etkileyen faktörler: Borsa İstanbul’da bir araştırma, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 507-534.
  • Fettahoğlu, S., İnal, M. ve Yaşar, H. (2018). Türev ürün kullanımının banka etkinliği ile ilişkisinin belirlenmesine yönelik bir çalışma, Verimlilik Dergisi, 2, 99-113.
  • Geczy, C., Minton, B. ve Schrand, C. (1997). Why firms use currency derivatives, The Journal of Finance, 52(4):1323–1354.
  • Güven, B. (2019). İşletmelerde türev ürün kullanımını açıklayan modellerin karşılaştırılması üzerine bir araştırma (Yayımlanmamış yüksek lisans tezi) Marmara Üniversitesi Sosyal Bilimler Enstitüsü.
  • Haushalter, GD. (2000). Financing policy, basis risk, and corporate hedging: evidence from oil and gas producers, J. Financ., 55(1):107-152.
  • Hundman, K. (1998). An analysis of the determinants of financial derivative use by commercial banks, Honors Projects, Paper 68.
  • Johnston, J. ve Dinardo, J. (1997). Econometric methods. McGraw-HiU.
  • Júnior, J. L. R. (2007). The use of currency derivatives by Brazilian companies: an empirical investigation, Revista Brasileira de Finanças, 5(2), 205-232.
  • Khan, I. ve Arif, H. ve Tahir, M., (2018). The use and determinants of derivatives: empirical evidence from banking sector of Pakistan, Journal of Managerial Sciences, 12(1), 63-74.
  • Konishi, M. ve Yasuda, Y. (2004). Factors affecting bank risk taking: Evidence from Japan, Journal of Banking & Finance, 28(1), 215-232.
  • Nguyen, H. ve Faff, R. (2002). On the determinants of derivative usage by australian companies, Australian Journal of Management, 27(1), 1-24.
  • Modigliani, F. ve Miller, M.H. (1958). The cost of capital, corporation finance and the theory of ınvestment, American Economic Review, 48, 261-297.
  • Nance, D., Smith, C., ve Smithson, C. (1993). On the determinants of corporate hedging. The Journal of Finance, 48(1), 267–284.
  • Oktar, S. ve Yüksel, S. (2016). Bankaların türev ürün kullanımını etkileyen faktörler: mars yöntemi ile bir inceleme, Finans Politik ve Ekonomik Yorumlar, (620), 31-46.
  • Sinkey Jr, J. F. ve Carter, D. A. (2000). Evidence on the financial characteristics of banks that do and do not use derivatives, The Quarterly Review of Economics and Finance, 40(4), 431-449.
  • Şirvan, N. ve Alp, Ö. S. (2017). Türev piyasa araçlarının Türk bankacılık sektöründe riske olan etkileri, Başkent Üniversitesi Ticari Bilimler Fakültesi Dergisi, 1(1), 130-157.
  • Sefertaş, N. (2020). Türev ürünlerin banka mali tablolarına etkileri (Yayımlanmamış yüksek lisans tezi), Marmara Üniversitesi Sosyal Bilimler Enstitüsü.
  • Shiu (2007). An empirical investigation on derivatives usage: evidence from the United Kingdom general ınsurance ındustry, Applied Economics Letters, 14(5), 353-360.
  • Shiu, Y. M., Moles, P. ve Shin, Y. C. (2008). What motivates banks to use derivatives: evidence from Taiwan. In Emerging Markets Conference.
  • Takao, A. ve Lantara, I. (2009). The determinants of the use of derivatives in japanese insurance companies, SSRN Electronic Journal, 1-15.
  • Tanrıöven, C. ve Yenice, S., (2014). Bankaların türev araç kullanımlarının risklilik ve karlılık üzerine etkisi: Türkiye örneği, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 16(3), 25-46.
  • Yong, H. H. A., Faff, R. ve Chalmers, K. (2007). Determinants of the extent of Asia-Pacific banks’ derivative activities, In European Financial Management Association, 6, 1-37.
  • Yenisu, E., Tıraş, Z. ve Saygın, O. (2021). Bankaların türev ürün kullanımını belirleyen finansal ve makroekonomik faktörler. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 6(3), 530-544.

BANKALARIN TÜREV ÜRÜN KULLANIMINI BELİRLEYEN FAKTÖRLER: BORSA İSTANBUL’DA (BIST) FAALİYET GÖSTEREN BANKALAR ÜZERİNE BİR PANEL VERİ ANALİZİ

Year 2024, Issue: 67, 143 - 151, 30.04.2024

Sonay Akar

https://doi.org/10.18070/erciyesiibd.1344415

Abstract

Bu çalışma, bankaların türev ürün kullanımını belirleyen faktörleri ampirik olarak tespit etmeyi amaçlamaktadır. Çalışma Borsa İstanbul mali aracılar sektörüne kote olmuş bankaların 2012-2020 çeyreklik verilerini kapsamaktadır. Borsa İstanbul’da mali aracılar sektöründe yer alan bankaların kullanıldığı araştırmada bağımlı değişken aktifteki ve pasifteki toplam türev kullanımı, bağımsız değişkenler ise banka büyüklüğü, kârlılık, likidite, risk ve sermaye yeterliliğinden oluşmaktadır. Çalışmada türev ürünleri temsilen iki model oluşturulmuş ve bu modeller panel veri regresyon analiz yöntemi kullanılarak analiz edilmiştir. Panel veri regresyon analizinin sonuçlarına göre; ilgili dönemde aktiflerdeki türev ürün kullanımının bağımlı değişken olarak kullanıldığı modelde büyüklük, likidite ve risk değişkenleri istatiksel olarak anlamlı belirleyiciler olarak bulunmuştur. Pasifteki türev araçlarının bağımlı değişken olarak kullanıldığı diğer modelde ise büyüklük, risk ve sermaye yeterliliği değişkenleri istatiksel olarak anlamlı belirleyiciler olarak bulunmuştur.

Keywords

Anahtar Kelimeler: Bankalar Türev Ürünler Panel Veri Analizi

References

  • Afza, T. ve Alam, A. (2011). Determinants of extent of financial derivative usage, African Journal of Business Management, 5(20), 8331.
  • Akkaya, M. ve Torun, S. (2020). Türk bankacılık sektöründe türev ürünlerin kullanımı ve etkileri, Bankacılar Dergisi, 115, 38-49.
  • Akkaynak, B. ve Yıldırım, S. (2019). Türev ürünlerin kullanım amaçları: BIST’de bir uygulama, Erzincan Binali Yıldırım Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 1(2), 23-33.
  • Akkaynak, B. ve Yıldırım, S. (2021). Türev finansal araçların sermaye yapısına etkisi: Türkiye'deki bankalar örneği, Journal Of Mehmet Akif Ersoy Unıversıty Economics And Administrative Sciences Faculty, 8(3), 1582-1589.
  • Ameer, R. (2010). Determinants of corporate hedging practices in Malaysia, International Business Research, 3(2), 120-130.
  • Anbar, A. ve Alper, D. (2011). Bankaların türev ürün kullanım yoğunluğunu etkileyen faktörlerin belirlenmesi, Muhasebe ve Finansman Dergisi, (50), 77-94.
  • Ashraf, D., Altunbaş, Y., ve Goddard, J. (2007). Who transfers credit risk? determinants of the use of credit derivatives by large us banks, The European Journal of Finance, 13(5), 483-500.
  • Bartram, M.S. (2008). What lies beneath: foreign exchange rate exposure, hedging and cash flows, Journal Of Banking And Finance, 32(8), 1508-1521.
  • Charumathi, B. ve Kota, H. B. (2012). On the determinants of derivative usage by large Indian non-financial firms, Global Business Review, 13(2), 251-267.
  • Cankayadhry, D. N., Mehmood, M. S. ve 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.
  • Çankaya, S. ve Güçver, C. (2019). Borsa İstanbul imalat sanayi endeksine kayıtlı firmaların finansal risk yönetimlerinde türev ürün kullanımının belirleyicileri, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 13(2), 185-213.
  • Durmuş, Ö. (2016). Türev ürün kullanımını belirleyen faktörler: Borsa İstanbul üzerine bir uygulama (Yayımlanmamış yüksek lisans tezi). Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü
  • Durmuş, Ö. ve Coşkun, E. (2019). Şirketlerin türev ürün kullanımını etkileyen faktörler: Borsa İstanbul’da bir araştırma, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 507-534.
  • Fettahoğlu, S., İnal, M. ve Yaşar, H. (2018). Türev ürün kullanımının banka etkinliği ile ilişkisinin belirlenmesine yönelik bir çalışma, Verimlilik Dergisi, 2, 99-113.
  • Geczy, C., Minton, B. ve Schrand, C. (1997). Why firms use currency derivatives, The Journal of Finance, 52(4):1323–1354.
  • Güven, B. (2019). İşletmelerde türev ürün kullanımını açıklayan modellerin karşılaştırılması üzerine bir araştırma (Yayımlanmamış yüksek lisans tezi) Marmara Üniversitesi Sosyal Bilimler Enstitüsü.
  • Haushalter, GD. (2000). Financing policy, basis risk, and corporate hedging: evidence from oil and gas producers, J. Financ., 55(1):107-152.
  • Hundman, K. (1998). An analysis of the determinants of financial derivative use by commercial banks, Honors Projects, Paper 68.
  • Johnston, J. ve Dinardo, J. (1997). Econometric methods. McGraw-HiU.
  • Júnior, J. L. R. (2007). The use of currency derivatives by Brazilian companies: an empirical investigation, Revista Brasileira de Finanças, 5(2), 205-232.
  • Khan, I. ve Arif, H. ve Tahir, M., (2018). The use and determinants of derivatives: empirical evidence from banking sector of Pakistan, Journal of Managerial Sciences, 12(1), 63-74.
  • Konishi, M. ve Yasuda, Y. (2004). Factors affecting bank risk taking: Evidence from Japan, Journal of Banking & Finance, 28(1), 215-232.
  • Nguyen, H. ve Faff, R. (2002). On the determinants of derivative usage by australian companies, Australian Journal of Management, 27(1), 1-24.
  • Modigliani, F. ve Miller, M.H. (1958). The cost of capital, corporation finance and the theory of ınvestment, American Economic Review, 48, 261-297.
  • Nance, D., Smith, C., ve Smithson, C. (1993). On the determinants of corporate hedging. The Journal of Finance, 48(1), 267–284.
  • Oktar, S. ve Yüksel, S. (2016). Bankaların türev ürün kullanımını etkileyen faktörler: mars yöntemi ile bir inceleme, Finans Politik ve Ekonomik Yorumlar, (620), 31-46.
  • Sinkey Jr, J. F. ve Carter, D. A. (2000). Evidence on the financial characteristics of banks that do and do not use derivatives, The Quarterly Review of Economics and Finance, 40(4), 431-449.
  • Şirvan, N. ve Alp, Ö. S. (2017). Türev piyasa araçlarının Türk bankacılık sektöründe riske olan etkileri, Başkent Üniversitesi Ticari Bilimler Fakültesi Dergisi, 1(1), 130-157.
  • Sefertaş, N. (2020). Türev ürünlerin banka mali tablolarına etkileri (Yayımlanmamış yüksek lisans tezi), Marmara Üniversitesi Sosyal Bilimler Enstitüsü.
  • Shiu (2007). An empirical investigation on derivatives usage: evidence from the United Kingdom general ınsurance ındustry, Applied Economics Letters, 14(5), 353-360.
  • Shiu, Y. M., Moles, P. ve Shin, Y. C. (2008). What motivates banks to use derivatives: evidence from Taiwan. In Emerging Markets Conference.
  • Takao, A. ve Lantara, I. (2009). The determinants of the use of derivatives in japanese insurance companies, SSRN Electronic Journal, 1-15.
  • Tanrıöven, C. ve Yenice, S., (2014). Bankaların türev araç kullanımlarının risklilik ve karlılık üzerine etkisi: Türkiye örneği, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 16(3), 25-46.
  • Yong, H. H. A., Faff, R. ve Chalmers, K. (2007). Determinants of the extent of Asia-Pacific banks’ derivative activities, In European Financial Management Association, 6, 1-37.
  • Yenisu, E., Tıraş, Z. ve Saygın, O. (2021). Bankaların türev ürün kullanımını belirleyen finansal ve makroekonomik faktörler. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 6(3), 530-544.
There are 35 citations in total.

Details

Primary Language Turkish
Subjects Banking and Insurance (Other), Finance, Financial Risk Management
Journal Section Makaleler
Authors

Sonay Akar 0000-0002-7707-3465

Early Pub Date April 28, 2024
Publication Date April 30, 2024
Acceptance Date January 21, 2024
Published in Issue Year 2024 Issue: 67

Cite

APA Akar, S. (2024). BANKALARIN TÜREV ÜRÜN KULLANIMINI BELİRLEYEN FAKTÖRLER: BORSA İSTANBUL’DA (BIST) FAALİYET GÖSTEREN BANKALAR ÜZERİNE BİR PANEL VERİ ANALİZİ. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(67), 143-151. https://doi.org/10.18070/erciyesiibd.1344415
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