Araştırma Makalesi
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Asset Tangibility and Financial Performance: A Time Series Evidence

Yıl 2020, Cilt: 6 Sayı: 2, 345 - 364, 21.07.2020
https://doi.org/10.31592/aeusbed.731079

Öz

1980li yılların başlarından itibaren, dünya genelinde firmaların varlık yatırımlarının maddi varlıklardan çok maddi olmayan varlıklara doğru yöneldiği görülmektedir. Bu yönelim Türkiye’deki üretim firmaları için de geçerlidir. Maddi olmayan varlık yatırımlarının öneminin artmasına karşın, bu varlıkların finansal performans üzerindeki etkisi tartışmaya açık bir konudur. Maddi olmayan varlık yatırımları daha riskli olabilmekte ve kaldıraç etkisi yaratmada -maddi- teminat olarak yeterince kullanılamamaktadır. Sonuç itibariyle, maddi varlık yoğun firmaların fonlama maliyetlerinin daha düşük, finansal performanslarının da daha yüksek olması olasıdır.
Bu çalışmada; 1990.Q3-2016.Q4 döneminde maddi varlıkların Türk imalat sanayi sektörünün finansal performansı üzerindeki olası etkisi araştırılmaktadır. Serilerin durağanlık düzeyleri ADF (1979; 1981), KPSS (1992) ve Zivot ve Andrews (1992) birim kök testleri kullanılarak tespit edilmektedir. Seriler arasındaki uzun dönemli ilişkilerin irdelendiği Gregory ve Hansen (1996) eşbütünleşme testi sonuçları; finansal performans ile maddi varlık yapısı, kaldıraç, likidite ve faaliyet etkinliği arasında uzun dönem ilişkisinin varlığını göstermektedir. Son olarak, uzun-dönem katsayıların tahminlemesinde kullanılan Stock ve Watson (1993)’ın DOLS tahmincisi sonuçlarına göre; maddi varlık yapısı, finansal kaldıraç, likidite ve faaliyet etkinliği değişkenlerinin finansal performansa karşı katsayıları istatistiksel olarak anlamlıdır. Kırılma tarihi (2002.Q1) de dahil olmak üzere, bu tarihe kadar, bağımsız değişkenlerin tamamının finansal performansı olumlu yönde etkilediği görülürken; söz konusu etkileşim kırılma tarihi sonrasında negatife dönmektedir.

Kaynakça

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Asset Tangibility and Financial Performance: A Time Series Evidence

Yıl 2020, Cilt: 6 Sayı: 2, 345 - 364, 21.07.2020
https://doi.org/10.31592/aeusbed.731079

Öz

Since 1980s, firms’ asset investments have more or less tended to shift from tangible to intangible investments. This tendency is also valid for Turkish manufacturing firms. Despite the increasing importance of intangible asset investments, their role on financial performance is subject to considerable debate. These investments are riskier compared to tangible asset investments, and cannot easily be used as collateral in corporate borrowing. Tangible assets offering high guarantee are pledged as the primary source of collateral in corporate borrowing. Consequently, a firm with higher asset tangibility is likely to lower external financing costs, leading higher financial performance.
This paper analyzes the effect of asset tangibility on financial performance of Turkish manufacturing sector covering 1990.Q3-2016.Q4. The stationarity of series and the cointegration relationship among them are tested by ADF (1979; 1981), KPSS (1992), and Zivot and Andrews (1992) unit root tests, and one-break Gregory and Hansen (1996) cointegration test. Long-run coefficients estimated by Stock and Watson (1993)’s DOLS methodology posit that while asset tangibility, financial leverage, liquidity and operating efficiency have significant and positive effects on financial performance till (and including) the break date; from this break date on, they affect financial performance negatively.

Kaynakça

  • Abor, J. (2007). Debt policy and performance of SMEs: Evidence from Ghanaian and South Africa firms. Journal of Risk Finance, 8(4), 364-379.
  • Abuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: The case of Jordan. International Journal of Managerial Finance, 8(2), 155-179.
  • Acharya, V., Bharath, S. and Srinivasan, A. (2007). Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries. Journal of Financial Economics, 85(3), 787-821.
  • Almeida, H. and Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. The Review of Financial Studies, 20(5), 1429-1460.
  • Andrews, D. and Criscuolo C. (2013). Knowledge-based capital, innovation and resource allocation. OECD Economics Department Working Papers, No. 1046, OECD Publishing, Paris.
  • Andrews, D. and de Serres, A. (2012). Intangible assets, resource allocation and growth: A framework for analysis. OECD Economics Department Working Papers, No. 989, OECD Publishing, Paris.
  • Andrews, D., Criscuolo, C. and Gal, P. N. (2016). The best versus the rest: The global productivity slowdown, divergence across firms and the role of public policy. OECD Productivity Working Papers No. 5, OECD Publishing, Paris.
  • Ang, J. S., Cole, R. A. and Lin, J. W. (2000). Agency costs and ownership structure. Journal of Finance, 55(1), 81-106.
  • Arltova, M. and Fedorova, D. (2016). Selection of unit root test on the basis of length of the time series and value of AR(1) parameter. Statistika, 96(3), 47-64.
  • Atabek Demirhan, A. and Ercan, H. (2018). Export behavior of Turkish manufacturing firms under crises. TCMB Working Paper, No: 18/02.
  • Azadi, M. (2013). The relationship between changes in asset structure and operating earnings in the Tehran Stock Exchange (TSE). Trends in Advanced Science and Engineering, 7(1), 30-34.
  • Bae, K.-H. and Goyal, V. K. (2009). Creditor rights, enforcement, and bank loans. Journal of Finance, 64(2), 823-860.
  • Banos-Caballero, S., García-Teruel, P. J. and Martinez-Solano, P. (2012). How does working capital management affect the profitability of Spanish SMEs. Small Business Economics, 9(2), 517-529.
  • Bardia, S. C. (2004). Liquidity management: A case study of steel authority of India Ltd.. The Management Accountant, 39(6), 463-495.
  • Berger, A. N. and Udell, G. F. (1990). Collateral, loan quality and bank risk. Journal of Monetary Economics, 25(1), 21-42.
  • Birch, K. (2016). Rethinking value in the bio-economy: Finance, assetization and the management of value. Science, Technology and Human Values, 42(3), 460-490.
  • Birhan, M. (2017). Determinants of insurance company profitability in Ethiopia: Case study on the Nile Insurance, Dire Dawa Branch. International Journal of Scientific and Research Publications, 7(6), 761-767.
  • Black, J., de Meza, D. and Jeffreys, D. (1996). House prices, the supply of collateral and the enterprise economy. Economic Journal, 106(434), 60-75.
  • Box, G. E. P. and Jenkins (1970). G. M. time series analysis, forecasting and control. San Francisco: Holden-Day.
  • Campello, M. and Giambona, E. (2013). Real assets and capital structure. Journal of Financial and Quantitative Analysis, 48(5), 1333-1370.
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Toplam 117 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Yüksel İltaş 0000-0001-8853-838X

Kartal Demirgüneş 0000-0002-6305-0967

Yayımlanma Tarihi 21 Temmuz 2020
Gönderilme Tarihi 2 Mayıs 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 6 Sayı: 2

Kaynak Göster

APA İltaş, Y., & Demirgüneş, K. (2020). Asset Tangibility and Financial Performance: A Time Series Evidence. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 345-364. https://doi.org/10.31592/aeusbed.731079