FIRM PERFORMANCE AND OWNERSHIP STRUCTURE RELATIONSHIP: THE CASE OF BORSA ISTANBUL

Yıl 2022, , 227 - 240, 06.09.2022

Bilge Canbaloğlu

https://doi.org/10.55322/mdbakis.1080046

Cited By: 1

Öz

This study investigates the impacts of different ownership structure types in 255 non-financial firms listed in Borsa Istanbul on their firm performance measured by return on asset (ROA) over the years from 2009 to 2018. The ownership structures of these traded firms are categorized as block, institutional, domestic and foreign investors. Furthermore, the domestic and foreign investor types are also divided as individual and institutional investors in order to examine ownership impacts in more details. The empirical findings suggest that the institutional ownership improves the financial performance in these firms, yet this positive impact results from the foreign institutional ownership not from the domestic institutional investors. The foreign individual investors also have positive significant effect on the performance, whereas an increase in the proportion of domestic individual investors impair the financial performance. On the other hand, there exists no significant relationship between block ownership representing the ownership concentration and the firm performance. 

FİRMA PERFORMANSI VE SAHİPLİK YAPISI İLİŞKİSİ: BORSA İSTANBUL ÖRNEĞİ

Öz

Bu çalışma Borsa İstanbul’da işlem gören 255 finansal olmayan şirketin sahiplik yapısındaki farklı türlerdeki yatırımcı oranlarının, varlık getirisi olarak ölçülen firma performanslarının üzerindeki etkilerini 2009-2018 yılları için incelemektedir. Halka açık olan bu şirketlerdeki sahiplik yapısı; sahiplik yoğunluğunu gösteren blok yatırımcı ve sahiplik yapısındaki kurumsal, yerli ve yabancı yatırımcıların oranları şeklinde ölçülmüştür. Ayrıca yerli ve yabancı yatırımcı türleri de bireysel ve kurumsal yatırımcı olarak ikiye ayrılarak da sahiplik yapısının etkisi daha detaylı incelenmiştir. Çalışmanın ampirik bulguları kurumsal yatırımcı oranı arttıkça şirket performansının da arttığını ortaya koymuştur. Ancak bu etki yerli kurumsal yatırımcı üzerinden değil, yabancı kurumsal yatırımcı üzerinden gerçekleşmektedir. Ayrıca yabancı bireysel yatırımcı oranındaki artış firma performansını olumlu ve anlamlı bir şekilde etkilerken, yerli bireysel yatırımcı oranındaki artışın şirket performansını olumsuz yönde etkilediği bulunmuştur. Diğer taraftan, firma sahiplik yapısındaki yoğunluğun blok yatırımcı tarafından ölçüldüğü modellerde ise blok yatırımcı oranındaki artışın firma performansını anlamlı bir şekilde etkilemediği tespit edilmiştir.

Anahtar Kelimeler

Kurumsal yönetişim, sahiplik yapısı, firma performansı.

Kaynakça

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