TÜRKİYE’DE İLİŞKİLİ TARAF İŞLEMLERİNİN FİRMA DEĞERİ ÜZERİNE ETKİLERİ

Year 2023, Volume: 23 Issue: 70, 209 - 226, 15.09.2023

Ayça Kutlucan Özülken , Yıldız Ayanoğlu

https://doi.org/10.55322/mdbakis.1293966

Abstract

Günümüzde işletmelerin ilişkili taraflarıyla gerçekleştirdikleri işlemler kurumsal yönetişim ve
şeffaflık konularında önem arz etmektedir. Yakın tarihlerde ABD ve Avrupa’da yaşanan muhasebe
skandalları sonrasında bu işlemlerin firma değerine etkisi güncel yazında önemli bir yer edinmektedir.
Bu bağlamda, bu çalışmanın amacı Türkiye’de şirketlerin ilişkili taraflarla yaptığı işlemlerin firma
değerine etkisini incelemektir. Çalışma kapsamında 2013-2022 yılları arasında kurumsal yönetim
endeksinde yer alan 31 şirket örneklem olarak seçilmiştir. Panel veri analizi yöntemleri kullanılarak
yapılan araştırmada Türkiye’deki şirketlerin gerçekleştirdiği ilişkili taraf işlemlerinin firma değerine
istatistiksel olarak anlamlı bir etki gösterdiği görülmüştür. İlişkili taraf işlemlerinin türü bazında
yapılan analizler sonucunda şirketlerin ilişkili taraflarından yaptıkları alımların firma değerine
olumsuz yansıdığı, öte yandan ilişkili taraflarla girilen borç ve alacak işlemlerinin ise firma değerine
pozitif etki ettiği gözlemlenmiştir. Şirketlerin ilişkili taraflarla yürüttükleri işlemlerin, etkin işlemler
teoremi çerçevesinde, firmaların verimliliğini ve performansını artırdığı, dolayısıyla da firma değerini
artırdığı sonucuna ulaşılmıştır. Çalışmanın bulgularının karar alıcılara ve politika yapıcılara karar
aşamalarında önemli katkılar sağlayacağı öngörülmektedir.

Keywords

İlişkili Taraf İşlemleri, TMS 24 İlişkili Taraf Açıklamaları, Firma Değeri, Çıkar Çatışması Teoremi, Etkin İşlemler Teoremi

THE EFFECTS OF RELATED PARTY TRANSACTIONS ON FIRM VALUE IN TÜRKİYE

Abstract

Today, the transactions of companies with their related parties are important in terms of corporate
governance and transparency. After the recent accounting scandals in the USA and Europe, the effect
of these transactions on the firm value has an important place in the current literature. In this context,
the aim of this study is to examine the effect of the transactions of companies with related parties
on the firm value in Türkiye. Within the scope of the study, 31 companies included in the corporate
governance index between the years 2013-2022 were selected as a sample. In the research conducted
using panel data analysis methods, it was seen that the related party transactions have a statistically
significant effect on firm value. As a result of the analyzes made on the basis of the type of related
party transactions, it has been observed that the purchases made by the companies from the related
parties have a negative impact on the firm value, while the borrowing and lending transactions with
the related parties have a positive effect on the firm value. It has been concluded that the transactions
carried out by the companies with the related parties increase the efficiency and performance of the
companies, according to efficient transactions theory, and thus increasing the value of the company. It
is anticipated that the findings of the study will make important contributions to decision makers and
policy makers in the decision stages.

Keywords

Related Party Transactions, IAS 24 Related Party Disclosures, Firm Value, Agency Theory, Efficient Transactions Theory

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