Year 2019, Volume 8, Issue 1, Pages 624 - 636 2019-03-30

Firma Kaldıracı, Vekalet Maliyetleri ve Firma Performansı: Türkiye’de Hizmet Firmaları Üzerinde Ampirik Bir Araştırma
Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey

İsmail KALASH [1]

31 93

Agency teorisi, borçlanmanın hissedarlar-yöneticiler agency problemini azaltarak (hissedarlar-borç verenler agency problemini arttırarak) firmanın performansını artırabileceğini (azaltabileceğini) önermektedir. Bu çalışma kaldıracın yüksek ve düşük agency maliyetlerine sahip olan firmaların performansı üzerinde etkisini analiz etmiştir. En küçük kareler yönetimi (OLS) ve Borsa İstanbul’da (BİST) hizmet sektöründe hisse senetleri işlem gören 52 firmanın 2008-2017 yıllarına ait verilerini kullanarak kaldıracın firma karlılığı üzerindeki etkisi negatif, ve bu negatif etki yüksek borcun agency maliyetlerine sahip firmalar için (yüksek büyüme fırsatları ve daha az maddi duran varlıklara sahip firmalar) daha yüksek, serbest nakit akışlarının agency maliyetlerine sahip firmalar için (yüksek serbest nakit akışlarına sahip firmalar) ise daha düşük olduğu tespit edilmiştir.

The agency theory suggests that loan can reduce the agency problem of shareholders-managers (enhance the agency problem of shareholders-lenders) and increase (decrease) the performance of a firm. This article analyzes the impact of firm leverage on the performance of firms with high and low agency costs. Using the ordinary least squares (OLS) method and the 2008-2017 data of 52 firms whose stock certificates are processed in the service sector in Istanbul Stock Exchange; it was determined that leverage had a negative impact on firm profitability and that impact was higher for firms with higher agency costs (firms with higher growth opportunities and fewer tangible assets) and lower for firms with agency costs of free cash flows (firms with higher free cash flows).  


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Primary Language en
Subjects Social
Journal Section Articles
Authors

Orcid: 0000-0002-0674-0136
Author: İsmail KALASH (Primary Author)
Institution: Dicle University
Country: Turkey


Dates

Publication Date: March 30, 2019

Bibtex @research article { itobiad513268, journal = {İnsan ve Toplum Bilimleri Araştırmaları Dergisi}, issn = {}, eissn = {2147-1185}, address = {Mustafa YİĞİTOĞLU}, year = {2019}, volume = {8}, pages = {624 - 636}, doi = {10.15869/itobiad.513268}, title = {Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey}, key = {cite}, author = {KALASH, İsmail} }
APA KALASH, İ . (2019). Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 8 (1), 624-636. DOI: 10.15869/itobiad.513268
MLA KALASH, İ . "Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey". İnsan ve Toplum Bilimleri Araştırmaları Dergisi 8 (2019): 624-636 <http://www.itobiad.com/issue/43055/513268>
Chicago KALASH, İ . "Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey". İnsan ve Toplum Bilimleri Araştırmaları Dergisi 8 (2019): 624-636
RIS TY - JOUR T1 - Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey AU - İsmail KALASH Y1 - 2019 PY - 2019 N1 - doi: 10.15869/itobiad.513268 DO - 10.15869/itobiad.513268 T2 - İnsan ve Toplum Bilimleri Araştırmaları Dergisi JF - Journal JO - JOR SP - 624 EP - 636 VL - 8 IS - 1 SN - -2147-1185 M3 - doi: 10.15869/itobiad.513268 UR - https://doi.org/10.15869/itobiad.513268 Y2 - 2019 ER -
EndNote %0 Journal of the Human and Social Science Researches Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey %A İsmail KALASH %T Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey %D 2019 %J İnsan ve Toplum Bilimleri Araştırmaları Dergisi %P -2147-1185 %V 8 %N 1 %R doi: 10.15869/itobiad.513268 %U 10.15869/itobiad.513268
ISNAD KALASH, İsmail . "Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey". İnsan ve Toplum Bilimleri Araştırmaları Dergisi 8 / 1 (March 2019): 624-636. https://doi.org/10.15869/itobiad.513268
AMA KALASH İ . Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey. itobiad. 2019; 8(1): 624-636.
Vancouver KALASH İ . Firm Leverage, Agency Costs and Firm Performance: An Empirical Research on Service Firms in Turkey. İnsan ve Toplum Bilimleri Araştırmaları Dergisi. 2019; 8(1): 636-624.