Borsa İstanbul’da İşlem Gören Aile İşletmelerinin Finansal Performanslarının Analizi*
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Dosyalar
Tarih
2018
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Ege Univ, Fac Economics & Admin Sciences
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
Bu çalışmada Borsa İstanbul’da işlem gören aile
işletmelerinin finansal performansı diğer işletmeler
ile karşılaştırılmıştır. Aile işletmeleri ‘bir kişinin veya
bir ailenin herhangi bir işletmenin hisselerinin
en az %20’sine sahip olduğu işletme türü’ olarak
tanımlanmıştır. Finansal performans ölçütleri olarak
toplam aktif karlılığı, öz kaynak kârlılığı, toplam
satış kârlılığı ve piyasa değerinin defter değerine
oranı kullanılmıştır. Tüm regresyon sonuçlarında,
öz kaynak kârlılığının bir işletmenin aile işletmesi
olmasından negatif etkilendiği görülmüştür. Benzer
şekilde şirketin tepe yöneticisinin aileden olmasının
ise öz kaynak kârlılığı ile birlikte, piyasa değerinin
defter değerine oranını negatif etkilediği izlenmiştir.
Yönetim kurulu başkanının aileden olması ise
performans ölçütlerinin hiçbirini istatistiksel olarak
anlamlı bir şekilde etkilememiştir. Şirketin tepe
yöneticisinin ayni zamanda yönetim kurulu başkanı
olması ise aile ve aile olmayan tüm işletmeler için
öz kaynak kârlılığını pozitif etkilemiştir. Toplam aktif
kârlılığının ve piyasa değerinin defter değerine
oranının finansal kaldıraçtan negatif, satışlardan
pozitif etkilendiği görülmüştür. İşletmenin yaşı
piyasa değerinin defter değerine oranını pozitif
etkilerken, yönetim kurulu başkanının erkek olması
toplam aktif kârlılığını pozitif etkilemiştir.
In this study, the financial performance of family businesses were compared with the financial performance of other non-family businesses. Family business was defined as the type of business in which a person or a family has at least 20% of the shares of any business. Return on assets, return on equity, return on sales and ratio of market value to book value were used as financial performance measures. In all regression results, it was seen that the return on equity was negatively influenced by the fact that a business is a family business. Similarly, the top manager of the company from family member negatively affected the return on equity as well as the ratio of the market value to the book value. The fact that the chairman of the board was from the family has not affected any of the performance criteria statistically significantly. The fact that the top manager of the company was also the chairman of the board of directors has affected the return on equity for all family and non-family businesses positively. It was also observed that the return on assets and the ratio of market value to book value were negatively affected by financial leverage while positively affected by sales. The business age has positively affected the ratio of the market value to the book value, in addition to the fact that chairman of the board was male positively affected return on assets.
In this study, the financial performance of family businesses were compared with the financial performance of other non-family businesses. Family business was defined as the type of business in which a person or a family has at least 20% of the shares of any business. Return on assets, return on equity, return on sales and ratio of market value to book value were used as financial performance measures. In all regression results, it was seen that the return on equity was negatively influenced by the fact that a business is a family business. Similarly, the top manager of the company from family member negatively affected the return on equity as well as the ratio of the market value to the book value. The fact that the chairman of the board was from the family has not affected any of the performance criteria statistically significantly. The fact that the top manager of the company was also the chairman of the board of directors has affected the return on equity for all family and non-family businesses positively. It was also observed that the return on assets and the ratio of market value to book value were negatively affected by financial leverage while positively affected by sales. The business age has positively affected the ratio of the market value to the book value, in addition to the fact that chairman of the board was male positively affected return on assets.
Açıklama
WOS: 000428139200009
Anahtar Kelimeler
Family Firm, Borsa Istanbul, Financial Performance
Kaynak
Ege Academic Review
WoS Q Değeri
N/A
Scopus Q Değeri
Cilt
18
Sayı
1
