SERMAYE YOĞUNLAŞMASININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST GIDA ve İÇECEK ENDEKSİ UYGULAMASI

Fatih KONAK, Selçuk KENDİRLİ
2.235 705

Öz


Mülkiyet yapısında ki yoğunlaşma veya sermayenin sahiplik yapısı ile firma performansı arasındaki ilişki, uzun yıllardır tartışılmakta ve dikkatle incelenmektedir. Bu perspektifte çalışmanın amacı, BİST Gıda ve İçecek Endeksi’nde yer alan şirketlerin performansları ile mülkiyet yapılarındaki yoğunlaşma arasındaki ilişkinin ortaya çıkarılmasıdır. ROA ve ROE performans ölçütleri dikkate alındığında, mülkiyet yapısı ile firma performansı arasında istatiksel olarak anlamlı ve negatif ilişki bulunmasına rağmen, aynı şekilde negatif ilişkinin tespit edildiği Tobins’ q ölçütünde sonuç anlamlı çıkmamıştır. Bu sonuçlar doğrultusunda, sermaye yapısında ki yoğunlaşmanın firma performansı üzerinde olumsuz etkisinden söz edilebilmektedir.

Anahtar Kelimeler: Firma Performansı, Sermaye Yoğunlaşması

JEL Sınıflandırması: G30, G32

 THE EFFECTS OF OWNERSHIP CONCENTRATION ON FIRM PERFORMANCE: EMPRICAL EVIDENCE FROM THE BIST FOOD AND BEVERAGE INDEX

ABSTRACT

There have been various discussion on the issue of affects of ownership concentration on firm performance so far. In this perspective, the main objective of this research is to discover the relationship between ownership concentration and firm performance of companies listed in the BIST Food and Beverage Index. When the ROA and ROE were considered as performance criteria, it was found that there is negative and statistically significant realtionship between ownership concentration and firm performance. It should also be noted that although this negative relationship still exists for market performance indicator, Tobins’ q, it is not statistically significant. According to outcomes, it can be claimed that ownership concentration effects firm performance negatively.

Keywords: Firm Performance, Ownership Concentration

JEL Classification: G30,G32


Anahtar kelimeler


Firma Performansı, Sermaye Yoğunlaşması

Tam metin:

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DOI: http://dx.doi.org/10.18092/ijeas.40158

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