Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey

Year 2019, Volume: 8 Issue: 1, 624 - 636, 30.03.2019

İsmail Kalash

https://doi.org/10.15869/itobiad.513268

Cited By: 4

Abstract

The
agency theory suggests that loan can reduce the agency problem of
shareholders-managers (enhance the agency problem of shareholders-lenders) and
increase (decrease) the performance of a firm. This article analyzes the impact
of firm leverage on the performance of firms with high and low agency costs. Using
the ordinary least squares (OLS) method and the 2008-2017 data of 52 firms
whose stock certificates are processed in the service sector in Istanbul Stock
Exchange; it was determined that leverage had a negative impact on firm
profitability and that impact was higher for firms with higher agency costs
(firms with higher growth opportunities and fewer tangible assets) and lower
for firms with agency costs of free cash flows (firms with higher free cash
flows).  

Keywords

Leverage, Agency Costs, Firm Performance, Service Firms, Turkey

Firma Kaldıracı, Vekalet Maliyetleri ve Firma Performansı: Türkiye’de Hizmet Firmaları Üzerinde Ampirik Bir Araştırma

Abstract

Agency teorisi,
borçlanmanın hissedarlar-yöneticiler agency problemini azaltarak
(hissedarlar-borç verenler agency problemini arttırarak) firmanın performansını
artırabileceğini (azaltabileceğini) önermektedir. Bu çalışma kaldıracın yüksek
ve düşük agency maliyetlerine sahip olan firmaların performansı üzerinde
etkisini analiz etmiştir. En küçük kareler yönetimi (OLS) ve Borsa İstanbul’da
(BİST) hizmet sektöründe hisse senetleri işlem gören 52 firmanın 2008-2017 yıllarına
ait verilerini kullanarak kaldıracın firma karlılığı üzerindeki etkisi negatif,
ve bu negatif etki yüksek borcun agency maliyetlerine sahip firmalar için
(yüksek büyüme fırsatları ve daha az maddi duran varlıklara sahip firmalar)
daha yüksek, serbest nakit akışlarının agency maliyetlerine sahip firmalar için
(yüksek serbest nakit akışlarına sahip firmalar) ise daha düşük olduğu tespit
edilmiştir.

Keywords

Kaldıraç, Firma Performansı, Hizmet Firmaları, Türkiye, Agency Maliyetleri

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