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Journals / Finans Politik ve Ekonomik Yorumlar Dergisi / 2016 / Cilt: 53 - Sayı: 620

Testing the Relationship Between the Ownership Structure and Financial Performance in the Istanbul Stock Exchange 30 Index

Sahiplik Yapısı ile Finansal Performans Arasındaki İlişkinin Borsa İstanbul 30 Endeksi'ndeki Şirketlerde Test Edilmesi

EMRE ESAT TOPALOĞLU
NURAN COŞKUN
Ceren ÖZKAN
Pages
87–109
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

A statistically significant and negative relati onship has been exposed between CS2LS and financial performance, while a statisti cally significant and positive relationship has been revealed between CS3LS financial performance in model 3 which is based on TQ.

📌 3 Key Takeaways

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Objective & Hypothesis:The study investigates the relationship between the ownership structure and the financial performance of 18 companies operating in the BIST 30 Index bet ween 2009-2015 by using the panel data analysis method.
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Key Findings & Data:The ownership struc ture is represented by the capital share of the largest shareholders (CSLS), the capital share of the two largest shareholders (CS2LS), the capital share of the three largest shareholders (CS3LS) and the free float rate (FFR), while the finan cial performance is characterized by the return on assets (ROA), return on equ ity (ROE) and Tobin's Q (TQ) values.
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Conclusion & Impact:A statistically significant and negative relati onship has been exposed between CS2LS and financial performance, while a statisti cally significant and positive relationship has been revealed between CS3LS financial performance in model 3 which is based on TQ.
🔬Design:Modeling & Simulation
📍Scope:2009-2015 Verileri
⚙️Variables:Domain Parameters

Abstract

The study investigates the relationship between the ownership structure and the financial performance of 18 companies operating in the BIST 30 Index bet ween 2009-2015 by using the panel data analysis method. The ownership struc ture is represented by the capital share of the largest shareholders (CSLS), the capital share of the two largest shareholders (CS2LS), the capital share of the three largest shareholders (CS3LS) and the free float rate (FFR), while the finan cial performance is characterized by the return on assets (ROA), return on equ ity (ROE) and Tobin's Q (TQ) values. According to the analysis results, a statisti cally significant and negative relationship has been detected between CSLS and FFR in Model 1 which is based on ROA. Besides, a statistically significant and nega tive relationship was observed between FFR and the financial performance in Model 2 which is based on ROE. A statistically significant and negative relati onship has been exposed between CS2LS and financial performance, while a statisti cally significant and positive relationship has been revealed between CS3LS financial performance in model 3 which is based on TQ.

Özet

Çalışmada, 2009-2015 periyodunda BIST 30 Endeksi'nde faaliyet gösteren 18 şirketin sahiplik yapıları ile finansal performansları arasındaki ilişki panel veri analiz yöntemi ile incelenmiştir. Sahiplik yapısı; en büyük ortağın sermaye payı (EBOSP), en büyük iki ortağın sermaye payı (EB2OSP), en büyük üç ortağın sermaye payı (EB3OSP) ve halka açıklık oranı (HAO) ile temsil edilirken, finansal performans ise aktif karlılık oranı (ROA), özsermaye karlılığı (ROE) ve Tobin's Q (TQ) değerleri ile temsil edilmiştir. Analiz sonucunda, ROA esas alınarak oluşturulan Model 1'de, EBOSP ve HAO ile finansal performans arasında istatistiksel olarak anlamlı ve negatif ilişki tespit edilmiştir. ROE esas alınarak oluşturulan Model 2'de ise HAO ile finansal performans arasında istatistiksel olarak anlamlı ve negatif bir ilişki tespit edilmiştir. TQ esas alınarak oluşturulan Model 3'te ise EB2OSP ile finansal performans arasında istatistiksel olarak anlamlı ve negatif bir ilişki tespit edilirken, EB3OSP ile finansal performans arasında istatistiksel olarak anlamlı ve pozitif bir ilişki tespit edilmiştir.

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Cite This Article

TOPALOĞLU, E. E., COŞKUN, N., ÖZKAN, C. (2016). Testing the Relationship Between the Ownership Structure and Financial Performance in the Istanbul Stock Exchange 30 Index. Finans Politik ve Ekonomik Yorumlar Dergisi, Cilt: 53 - Sayı: 620, 87–109. https://ajindex.com/articles/224190

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