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Bu çalışmada, finansal bağımsızlık, mali özerklik ve karlılık arasındaki ilişkiyi ortaya çıkarmak amaçlanmıştır. Bu amaç doğrultusunda, 2002-2017 döneminde Borsa İstanbul (BİST) Kimya, Petrol, Plastik Endeksi’nde devamlı olarak faaliyet gösteren on yedi firmanın verileri analiz kapsamında incelenmiştir. Çalışmada, aktif karlılık oranı, özsermaye karlılığı, satışların karlılığı ve faaliyet karlılığı bağımlı değişkenleri esas alınarak dört farklı model oluşturulmuştur. Finansal bağımsızlık ve mali özerklik ise bağımsız değişkenler olarak modellere dâhil edilmiştir. Finansal bağımsızlık ve mali özerklik ile karlılık arasındaki ilişki panel veri analizi ile araştırılmıştır. Analiz kapsamında, çoklu doğrusal bağlantı, yatay kesit bağımlılığı, homojenite, durağanlık, tahmin modeli seçimi, otokorelasyon ve değişen varyans varsayımları sınanmıştır. Sınamalar sonrasında, White period ve Beck ve Katz (1995) tarafından geliştirilen Period SUR (PCSE) panel standart hataların düzeltilmesi yöntemleri kullanılarak tahminlemede bulunulmuştur. Çalışma sonucunda, finansal bağımsızlık ile öz sermaye karlılığı, aktif karlılık ve satışların karlılığı arasında istatistiki olarak anlamlı ve pozitif ilişkiler tespit edilirken mali özerklik ile aktif karlılık ve satışların karlılığı arasında ise yine anlamlı ve pozitif ilişkilerin varlığı ortaya konulmuştur. Ancak mali özerklik ve finansal bağımsızlık ile faaliyet karı arasında istatistiksel olarak anlamlı bir ilişki belirlenememiş, yine mali özerklik ile öz sermaye karlılığı arasında da anlamlı bir ilişkiye rastlanmamıştır. Buna göre, karını maksimize etmek isteyen firmaların, finansal bağımsızlık ve mali özerklik düzeylerini artırmaya yönelik politikaları uygulamaları yerinde olacaktır.
In this study, it aims to reveal the relationship between financial independence, financial autonomy and profitability. In accordance with this goal, the data of 17 companies that are continuously operating in the Chemistry, Petroleum and Plastic Index in the period 2002-2017 were analyzed within the framework of the analysis. In the study, four different models were created based on the variables dependent on the active profitability rate, capital profitability, profitability of sales and activity profitability. Financial independence and financial autonomy are included in the models as independent variables. The relationship between financial independence and financial autonomy and profitability has been studied by panel data analysis. In the framework of the analysis, multi-linear connection, horizontal cutting dependency, homogenity, stagnation, predictive model selection, self-correlation and variable variance assumptions have been tested. After the tests, the White period and the Period SUR (PCSE) panel developed by Beck and Katz (1995) were predicted using standard errors correction methods. The study found a statistically meaningful and positive relationship between financial independence and capital profitability, active profitability and profitability of sales, while the existence of meaningful and positive relationships between financial autonomy and active profitability and profitability of sales. However, there has not been a statistically meaningful relationship between financial autonomy and financial independence and activity profit, and there has not been a meaningful relationship between financial autonomy and capital profitability. According to this, the policies of companies seeking to maximize their profits to increase their levels of financial independence and financial autonomy will be in place.
This study is aimed at revealing the relationship between financial independence, autonomy and profitability. In accordance with this purpose, the data from the 17 firms, whose shares are continuously traded on Borsa Istanbul (BIST) chemical, petrol, plastic index between 2002-2017. In the study, four different models were formed based on the dependent variables of return on assets, return on equity, return on sales and operating profitability. Financial independence and financial autonomy were included in the models as independent variables. The relationship between financial independence, autonomy and profitability is analyzed by the panel data analysis. Within the scope of the analysis, multicollinearity, cross-sectional dependence, homogeneity, stationarity, estimation model selection, autocorrelation and heteroscedasticity assumptions were tested. After the tests, the White period and the Period SUR (PCSE) methods developed by Beck and Katz (1995) were used. As a result of research, while a positive and significant relationship was found between financial independence and the return on assets, equity and sales profitability, positive and significant relationship was found between financial autonomy and return on assets and sales profitability. On The Other Hand, while no significant relationship was observed with financial independence and autonomy and operating profitability, no significant relationship was found financial autonomy and return on equity. In this context, it has been revealed that companies want to maximize profits need to increase their financial independence and financial autonomy levels.
Alan : Eğitim Bilimleri; Filoloji; Güzel Sanatlar; Hukuk; İlahiyat; Sosyal, Beşeri ve İdari Bilimler; Spor Bilimleri
Dergi Türü : Uluslararası
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