Öz
Günümüzde işletmelerin ilişkili taraflarıyla gerçekleştirdikleri işlemler kurumsal yönetişim ve
şeffaflık konularında önem arz etmektedir. Yakın tarihlerde ABD ve Avrupa’da yaşanan muhasebe
skandalları sonrasında bu işlemlerin firma değerine etkisi güncel yazında önemli bir yer edinmektedir.
Bu bağlamda, bu çalışmanın amacı Türkiye’de şirketlerin ilişkili taraflarla yaptığı işlemlerin firma
değerine etkisini incelemektir. Çalışma kapsamında 2013-2022 yılları arasında kurumsal yönetim
endeksinde yer alan 31 şirket örneklem olarak seçilmiştir. Panel veri analizi yöntemleri kullanılarak
yapılan araştırmada Türkiye’deki şirketlerin gerçekleştirdiği ilişkili taraf işlemlerinin firma değerine
istatistiksel olarak anlamlı bir etki gösterdiği görülmüştür. İlişkili taraf işlemlerinin türü bazında
yapılan analizler sonucunda şirketlerin ilişkili taraflarından yaptıkları alımların firma değerine
olumsuz yansıdığı, öte yandan ilişkili taraflarla girilen borç ve alacak işlemlerinin ise firma değerine
pozitif etki ettiği gözlemlenmiştir. Şirketlerin ilişkili taraflarla yürüttükleri işlemlerin, etkin işlemler
teoremi çerçevesinde, firmaların verimliliğini ve performansını artırdığı, dolayısıyla da firma değerini
artırdığı sonucuna ulaşılmıştır. Çalışmanın bulgularının karar alıcılara ve politika yapıcılara karar
aşamalarında önemli katkılar sağlayacağı öngörülmektedir.
Anahtar Kelimeler
İlişkili Taraf İşlemleri TMS 24 İlişkili Taraf Açıklamaları Firma Değeri Çıkar Çatışması Teoremi Etkin İşlemler Teoremi
Kaynakça
- Abdul Rasheed, P. C., Thonse Hawaldar, I., and Mallikarjunappa, T. (2022). Related Party Transactions and firm value: the role of governance mechanism, Economic Research-Ekonomska Istraživanja, 36(1): 3478-3498.
- Albu, O. B., and Flyverbom, M. (2019). Organizational transparency: Conceptualizations, conditions, and con-sequences, Business & Society, 58(2), 268-297.
- Bona-Sánchez, C., Fernández-Senra, C. L., and Pérez-Alemán, J. (2017). Related-party transactions, dominant owners and firm value, BRQ Business Research Quarterly, 20(1), 4-17.
- Cheung, Y. L., Rau, P. R., and Stouraitis, A. (2006). Tunneling, propping, and expropriation: Evidence from con-nected party transactions in Hong Kong, Journal of Financial economics, 82(2), 343-386.
- Claessens, S., Djankov, S., and Lang, L. H. (2000). The separation of ownership and control in East Asian corpo¬rations, Journal of financial Economics, 58(1-2), 81-112.
- Diab, A. A., Aboud, A., and Hamdy, A. (2019). The impact of related party transactions on firm value: Evidence from a developing country, Journal of Financial Reporting and Accounting, 17(3), 571-588.
- Downs, D. H., Ooi, J. T., Wong, W. C., and Ong, S. E. (2016). Related party transactions and firm value: evidence from property markets in Hong Kong, Malaysia and Singapore, The Journal of Real Estate Finance and Economi¬cs, 52, 408-427.
- Elkelish, W. W. (2017). IFRS related party transactions disclosure and firm valuation in the United Arab Emirates emerging market, Journal of Accounting in Emerging Economies, 7(2): 173-189.
- Gordon, E. A., Henry, E., and Palia, D. (2004). Related party transactions and corporate governance, Advances in Financial Economics, 9, 1-27.
- Hendratama, T. D., and Barokah, Z. (2020). Related party transactions and firm value: The moderating role of corporate social responsibility reporting, China Journal of Accounting Research, 13(2), 223-236.
- Huang, D. T., and Liu, Z. C. (2010). A study of the relationship between related party transactions and firm value in high technology firms in Taiwan and China, African Journal of Business Management, 4(9), 1924.
- Hultman, J., and Axelsson, B. (2007). Towards a typology of transparency for marketing management research, In¬dustrial marketing management, 36(5), 627-635.
- Khuong, N. V., Trung Kien, T., Bang, L. O. T., Anh, D. H. T., Danh, V. C., Hung, P. X., and Ngan, N. A. (2023). Re¬lated party transactions and firm value in an emerging market: Does corporate social responsibility matter?, Cogent Economics & Finance, 11(1), 2186036.
- KGK (2022). TMS 24 İlişkili Taraf Açıklamaları. https://www.kgk.gov.tr/Portalv2Uploads/files/DynamicContent-Files/T%C3%BCrkiye%20Muhasebe%20Standartlar%C4%B1/TMSTFRS2018Seti/TMS/TMS_24_2018.pdf. (Erişim Tarihi: 05. 05. 2023).
- Kohlbeck, M., and Mayhew, B. W. (2010). Valuation of firms that disclose related party transactions, Journal of Accounting and Public Policy, 29(2), 115-137.
- La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. (1999). Corporate ownership around the world, The journal of finance, 54(2), 471-517.
- Lemmon, M. L., and Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis, The journal of finance, 58(4), 1445-1468.
- Pratama, A. (2018). Do related party transactions and tax avoidance affect firm value?, Review of Integrative Bu¬siness and Economics Research, 7, 106-116.
- Ryngaert, M. and Thomas, S. (2007). Related party transactions: their origins and wealth effects. Erişim Linki: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=970689 (Erişim Tarihi: 9 Nisan 2023).
- Schnackenberg, A. K., and Tomlinson, E. C. (2016). Organizational Transparency: A New Perspective on Mana-ging Trust in Organization-Stakeholder Relationships, Journal of Management, 42(7), 1784–1810.
- Tambunan, M. E., Siregar, H., Manurung, A. H., and Priyarsono, D. S. (2017). Related party transactions and firm value in the business groups in the Indonesia stock Exchange, Journal of Applied Finance and Banking, 7(3), 1.
- Tsai, C. C., Chang, L. E., and Chang, Y. L. (2015). Related party transactions and corporate value, Journal of Eco¬nomics, Business and Management, 3(10), 924-928.
- Utama, C. A., and Utama, S. (2014). Corporate governance, size and disclosure of related party transactions, and firm value: Indonesia evidence, International Journal of Disclosure and Governance, 11, 341-365.
- Varıcı, İ., and Küçüktüfekçi, A. B. (2021). İlişkili Taraf İşlemlerinin Firma Değeri Üzerine Etkisi: Borsa İstanbul (BIST)’da Bir Uygulama, Muhasebe ve Vergi Uygulamaları Dergisi, 14 (2), 641-664.
- Wulandari, T. R., Setiawan, D., and Widagdo, A. K. (2022). Related Party Transactions and Firm Value in Indone¬sia: Opportunistic vs. Efficient Transactions, Risks, 10(11), 210.
Öz
Today, the transactions of companies with their related parties are important in terms of corporate
governance and transparency. After the recent accounting scandals in the USA and Europe, the effect
of these transactions on the firm value has an important place in the current literature. In this context,
the aim of this study is to examine the effect of the transactions of companies with related parties
on the firm value in Türkiye. Within the scope of the study, 31 companies included in the corporate
governance index between the years 2013-2022 were selected as a sample. In the research conducted
using panel data analysis methods, it was seen that the related party transactions have a statistically
significant effect on firm value. As a result of the analyzes made on the basis of the type of related
party transactions, it has been observed that the purchases made by the companies from the related
parties have a negative impact on the firm value, while the borrowing and lending transactions with
the related parties have a positive effect on the firm value. It has been concluded that the transactions
carried out by the companies with the related parties increase the efficiency and performance of the
companies, according to efficient transactions theory, and thus increasing the value of the company. It
is anticipated that the findings of the study will make important contributions to decision makers and
policy makers in the decision stages.
Anahtar Kelimeler
Related Party Transactions IAS 24 Related Party Disclosures Firm Value Agency Theory Efficient Transactions Theory
Kaynakça
- Abdul Rasheed, P. C., Thonse Hawaldar, I., and Mallikarjunappa, T. (2022). Related Party Transactions and firm value: the role of governance mechanism, Economic Research-Ekonomska Istraživanja, 36(1): 3478-3498.
- Albu, O. B., and Flyverbom, M. (2019). Organizational transparency: Conceptualizations, conditions, and con-sequences, Business & Society, 58(2), 268-297.
- Bona-Sánchez, C., Fernández-Senra, C. L., and Pérez-Alemán, J. (2017). Related-party transactions, dominant owners and firm value, BRQ Business Research Quarterly, 20(1), 4-17.
- Cheung, Y. L., Rau, P. R., and Stouraitis, A. (2006). Tunneling, propping, and expropriation: Evidence from con-nected party transactions in Hong Kong, Journal of Financial economics, 82(2), 343-386.
- Claessens, S., Djankov, S., and Lang, L. H. (2000). The separation of ownership and control in East Asian corpo¬rations, Journal of financial Economics, 58(1-2), 81-112.
- Diab, A. A., Aboud, A., and Hamdy, A. (2019). The impact of related party transactions on firm value: Evidence from a developing country, Journal of Financial Reporting and Accounting, 17(3), 571-588.
- Downs, D. H., Ooi, J. T., Wong, W. C., and Ong, S. E. (2016). Related party transactions and firm value: evidence from property markets in Hong Kong, Malaysia and Singapore, The Journal of Real Estate Finance and Economi¬cs, 52, 408-427.
- Elkelish, W. W. (2017). IFRS related party transactions disclosure and firm valuation in the United Arab Emirates emerging market, Journal of Accounting in Emerging Economies, 7(2): 173-189.
- Gordon, E. A., Henry, E., and Palia, D. (2004). Related party transactions and corporate governance, Advances in Financial Economics, 9, 1-27.
- Hendratama, T. D., and Barokah, Z. (2020). Related party transactions and firm value: The moderating role of corporate social responsibility reporting, China Journal of Accounting Research, 13(2), 223-236.
- Huang, D. T., and Liu, Z. C. (2010). A study of the relationship between related party transactions and firm value in high technology firms in Taiwan and China, African Journal of Business Management, 4(9), 1924.
- Hultman, J., and Axelsson, B. (2007). Towards a typology of transparency for marketing management research, In¬dustrial marketing management, 36(5), 627-635.
- Khuong, N. V., Trung Kien, T., Bang, L. O. T., Anh, D. H. T., Danh, V. C., Hung, P. X., and Ngan, N. A. (2023). Re¬lated party transactions and firm value in an emerging market: Does corporate social responsibility matter?, Cogent Economics & Finance, 11(1), 2186036.
- KGK (2022). TMS 24 İlişkili Taraf Açıklamaları. https://www.kgk.gov.tr/Portalv2Uploads/files/DynamicContent-Files/T%C3%BCrkiye%20Muhasebe%20Standartlar%C4%B1/TMSTFRS2018Seti/TMS/TMS_24_2018.pdf. (Erişim Tarihi: 05. 05. 2023).
- Kohlbeck, M., and Mayhew, B. W. (2010). Valuation of firms that disclose related party transactions, Journal of Accounting and Public Policy, 29(2), 115-137.
- La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. (1999). Corporate ownership around the world, The journal of finance, 54(2), 471-517.
- Lemmon, M. L., and Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis, The journal of finance, 58(4), 1445-1468.
- Pratama, A. (2018). Do related party transactions and tax avoidance affect firm value?, Review of Integrative Bu¬siness and Economics Research, 7, 106-116.
- Ryngaert, M. and Thomas, S. (2007). Related party transactions: their origins and wealth effects. Erişim Linki: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=970689 (Erişim Tarihi: 9 Nisan 2023).
- Schnackenberg, A. K., and Tomlinson, E. C. (2016). Organizational Transparency: A New Perspective on Mana-ging Trust in Organization-Stakeholder Relationships, Journal of Management, 42(7), 1784–1810.
- Tambunan, M. E., Siregar, H., Manurung, A. H., and Priyarsono, D. S. (2017). Related party transactions and firm value in the business groups in the Indonesia stock Exchange, Journal of Applied Finance and Banking, 7(3), 1.
- Tsai, C. C., Chang, L. E., and Chang, Y. L. (2015). Related party transactions and corporate value, Journal of Eco¬nomics, Business and Management, 3(10), 924-928.
- Utama, C. A., and Utama, S. (2014). Corporate governance, size and disclosure of related party transactions, and firm value: Indonesia evidence, International Journal of Disclosure and Governance, 11, 341-365.
- Varıcı, İ., and Küçüktüfekçi, A. B. (2021). İlişkili Taraf İşlemlerinin Firma Değeri Üzerine Etkisi: Borsa İstanbul (BIST)’da Bir Uygulama, Muhasebe ve Vergi Uygulamaları Dergisi, 14 (2), 641-664.
- Wulandari, T. R., Setiawan, D., and Widagdo, A. K. (2022). Related Party Transactions and Firm Value in Indone¬sia: Opportunistic vs. Efficient Transactions, Risks, 10(11), 210.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Konular | İşletme |
| Bölüm | Araştırma Makaleleri |
| Yazarlar | |
| Yayımlanma Tarihi | 15 Eylül 2023 |
| Gönderilme Tarihi | 8 Mayıs 2023 |
| Kabul Tarihi | 7 Temmuz 2023 |
| Yayımlandığı Sayı | Yıl 2023 Cilt: 23 Sayı: 70 |
