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Yabancı Para Pozisyonunun Firma Kârlılığına Etkisi: Borsa İstanbul Örneği

Yıl 2022, Cilt: 12 Sayı: 2, 1399 - 1418, 02.08.2022
https://doi.org/10.48146/odusobiad.1089207

Öz

Küreselleşmenin etkisiyle, ülkeler arasında, hayatın her alanında yaşanan yakınlaşma uluslararası sermayenin
dolaşımını da kolaylaştırmış, bu kolaylık şirketlerin yabancı kaynaklara ulaşabilmesine de imkân sağlamıştır.
Böylece dışa açık ekonomilerde finansman ihtiyacının bir kısmını yabancı paralar üzerinden gerçekleştiren
işletmeler için döviz kuru riski ve bu riskin yönetimi önemli hale gelmiştir. Bu çalışmada, döviz kuru riskinin
şirket bilançolarında yer alan yabancı para net pozisyonları üzerinden firmaların kârlılık finansalları üzerindeki
etkisi incelenmiştir. Çalışmanın örneklemi olarak BIST 100 (Borsa İstanbul 100) endeksinde yer alan firmalar
seçilmiştir. İnceleme kapsamında yer alan firmalar, finansal, finansal olmayan, ihracat yapmayan, ihracat yapan
ve tüm firmalar şeklinde ele alınmıştır. 2012:Q1-2021:Q3 dönemine ait 39 çeyreklik veri araştırmanın veri setini
oluşturmaktadır. Yapılan analizlerde, yabancı para net pozisyonu ile firma kârlılığı arasında önemli bulgular elde
edilmiştir.

Kaynakça

  • Akarsu, Y., & Alacahan, N. D. (2019). Döviz Kuru Riski ve Türkiye Ekonomisi Açısından Değerlendirmesi. Journal of Life Economics, 6(1), 79-90.
  • Akkaya, M. (2021). Finansal Risk Yönetimi Finansal Risk Modeller Türev Ürünler Uygulamalar. Seçkin Yayınları, Ankara.
  • Asif, R., & Frömmel, M. (2021). Exchange Rate Exposure for Exporting and Domestic Firms in Central and Eastern Europe. Emerging Markets Review, 100863.
  • Bartov, E., & Bodnar, G. M. (1994). Firm Valuation, Earnings Expectations, and the Exchange‐Rate Exposure Effect. The journal of Finance, 49(5), 1755-1785.
  • Bartram, S. M., Dufey, G., & Frenkel, M. R. (2005). A Primer on the Exposure of Non-Financial Corporations to Foreign Exchange Rate Risk. Journal of Multinational Financial Management, 15(4-5), 394-413.
  • Baum, C. F., Caglayan, M., & Barkoulas, J. T. (2001). Exchange Rate Uncertainty and Firm Profitability. Journal of Macroeconomics, 23(4), 565-576.
  • Bernoth, K., & Herwartz, H. (2021). Exchange Rates, Foreign Currency Exposure And Sovereign Risk. Journal of International Money and Finance, 117, 102454.
  • Chow, E. H., & Chen, H. L. (1998). The determinants of Foreign Exchange Rate Exposure: Evidence on Japanese Firms. Pacific-Basin Finance Journal, 6(1-2), 153-174.
  • Çankaya, S., & Güçver, C. (2019). Borsa İstanbul İmalat Sanayi Endeksine Kayıtlı Firmaların Finansal Risk Yönetimlerinde Türev Ürün Kullanımının Belirleyicileri. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 13(2), 185-213.
  • Çukur, S. (2007). Operasyonel Döviz Kuru Riski: Firma Ve Endüstri Düzeyinde Bir Araştırma. İMKB Dergisi, 10(38), 25-41.
  • Dominguez, K. M. E., & Tesar, L. L. (2006). Exchange Rate Exposure. Journal of international Economics, 68(1), 188-218.
  • Gao, T. (2000). Exchange Rate Movements and The Profitability of U.S. Multinationals. Journal of International Money and Finance, 19(1), 117-134.
  • Hodder, J. E. (1982). Exposure to Exchange-Rate Movements. Journal of International Economics, 13(3-4), 375-386.
  • Ito, T., Koibuchi, S., Sato, K., & Shimizu, J. (2016). Exchange Rate Exposure and Risk Management: The Case of Japanese Exporting Firms. Journal of the Japanese and International Economies, 41, 17-29.
  • Iyke, B. N., & Ho, S. Y. (2021). Exchange Rate Exposure in the South African Stock Market Before and During the COVID-19 Pandemic. Finance Research Letters, 43, 102000.
  • Jorion, P. (1990). The Exchange-Rate Exposure of U.S Multinationals. Journal of Business, 63(3), 331-345.
  • Kaval, H. (2000). Bankalarda Risk Yönetimi. Yaklaşım Yayıncılık, Ankara.
  • Kıymaz, H. (2003). Estimation of Foreign Exchange Exposure: An Emerging Market Application. Journal of Multinational Financial Management, 13(1), 71-84.
  • Levi, M. D. (1995). International Finance: Financial Management and the International Economy. McGraw-Hill Education, New York.
  • Marston, R. C. (2001). The Effects of Industry Structure on Economic Exposure. Journal of International Money and Finance, 20(2), 149-164.
  • Nucci, F., & Pozzolo, A. F. (2001). Investment and the Exchange Rate: An Analysis With Firm-Level Panel Data. European Economic Review, 45(2), 259-283.
  • Offiong, A. I., Riman, H. B., & Akpan, E. S. (2016). Foreign Exchange Fluctuations And Commercial Banks Profitability in Nigeria. Research Journal of Finance and Accounting, 7(18), 121-126.
  • Opaluwa, D., Umeh, J.C., & Ameh, A.A.(2010). The Effect of Exchange Rate Fluctuations on the Nigerian Manufacturing Sector. African journal of business management, 4(14), 2994-2998.
  • Pan, Y. Q., & Tang, C. B. (2012, September). Study on the Relationship Between Exchange Rate Fluctuation and Stock Return: Evidence from Listed Companies in China. In 2012 International Conference on Management Science & Engineering 19th Annual Conference Proceedings (pp. 1497-1501). IEEE.
  • Rashid, A., & Waqar, S. M. (2017). Exchange Rate Fluctuations, Firm Size, and Export Behavior: An Empirical Investigation. Small Business Economics, 49(3), 609-625.
  • Runo, F. N. (2013). Relationship between Foreign Exchange Risk and Profitability of Oil Companies Listed in the Nairobi Securities Exchange. Unpublished MBA Theses, University of Nairobi, Kenya. Seyidoğlu, H. (2013). Uluslararası Finans. Güzem Can Yayınları, İstanbul.
  • Shapiro, A. C. (1975). Exchange Rate Changes, Inflation, and the Value of The Multinational Corporation. The Journal of Finance, 30(2), 485-502.
  • Şenol, Z., & Koç, S. (2021). Kur Riski ve Kur Riski Yönetiminin Firma Performansına Etkisi. Ekonomi Politika & Finans Araştırmaları Dergisi, 6(2), 534-564.
  • Ünal, O., & Altın, H. (2010). Döviz Kur Riski İle Şirket Değeri Arasındaki İlişkinin İMKB Otomotiv Sektöründe Analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (26), 277-287.
  • Van Cauwenberge, A., Vancauteren, M., Braekers, R., & Vandemaele, S. (2021). Measuring and Explaining Firm-Level Exchange Rate Exposure: The Role of Foreign Market Destinations and İnternational Trade. Economic Modelling, 105, 105667.
  • Yeboah, M., & Takacs, A. (2019). Does Exchange Rate Matter in Profitability of Listed Companies in South Africa?: An Empirical Approach. International Journal of Energy Economics and Policy, 9(6), 171-178.

The Effect of Foreign Currency Position on Firm Profitability: The Example of Borsa Istanbul

Yıl 2022, Cilt: 12 Sayı: 2, 1399 - 1418, 02.08.2022
https://doi.org/10.48146/odusobiad.1089207

Öz

The convergence experienced in all areas of life caused by globalization has facilitated the circulation of
international capital, which also allowed companies to access foreign resources. Thus, in open economies,
exchange rate risk and how to manage it have become important for businesses that realize some of their
financing needs in foreign currencies. In this study, the effect of exchange rate risk on the profitability
financials of the companies is examined through the foreign currency net positions in the company balance
sheets. The sample of the study consists of companies included in the BIST 100 (Borsa Istanbul 100) index. The
companies within the scope of the review are classified as financial, non-financial, non-exporting, exporting
and all companies. The data for 39 quarters of the period 2012: Q1-2021:Q3 constitute the data set of the research. In the analyzes made, important findings were obtained between the FX net position and the
profitability of the companies.

Kaynakça

  • Akarsu, Y., & Alacahan, N. D. (2019). Döviz Kuru Riski ve Türkiye Ekonomisi Açısından Değerlendirmesi. Journal of Life Economics, 6(1), 79-90.
  • Akkaya, M. (2021). Finansal Risk Yönetimi Finansal Risk Modeller Türev Ürünler Uygulamalar. Seçkin Yayınları, Ankara.
  • Asif, R., & Frömmel, M. (2021). Exchange Rate Exposure for Exporting and Domestic Firms in Central and Eastern Europe. Emerging Markets Review, 100863.
  • Bartov, E., & Bodnar, G. M. (1994). Firm Valuation, Earnings Expectations, and the Exchange‐Rate Exposure Effect. The journal of Finance, 49(5), 1755-1785.
  • Bartram, S. M., Dufey, G., & Frenkel, M. R. (2005). A Primer on the Exposure of Non-Financial Corporations to Foreign Exchange Rate Risk. Journal of Multinational Financial Management, 15(4-5), 394-413.
  • Baum, C. F., Caglayan, M., & Barkoulas, J. T. (2001). Exchange Rate Uncertainty and Firm Profitability. Journal of Macroeconomics, 23(4), 565-576.
  • Bernoth, K., & Herwartz, H. (2021). Exchange Rates, Foreign Currency Exposure And Sovereign Risk. Journal of International Money and Finance, 117, 102454.
  • Chow, E. H., & Chen, H. L. (1998). The determinants of Foreign Exchange Rate Exposure: Evidence on Japanese Firms. Pacific-Basin Finance Journal, 6(1-2), 153-174.
  • Çankaya, S., & Güçver, C. (2019). Borsa İstanbul İmalat Sanayi Endeksine Kayıtlı Firmaların Finansal Risk Yönetimlerinde Türev Ürün Kullanımının Belirleyicileri. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 13(2), 185-213.
  • Çukur, S. (2007). Operasyonel Döviz Kuru Riski: Firma Ve Endüstri Düzeyinde Bir Araştırma. İMKB Dergisi, 10(38), 25-41.
  • Dominguez, K. M. E., & Tesar, L. L. (2006). Exchange Rate Exposure. Journal of international Economics, 68(1), 188-218.
  • Gao, T. (2000). Exchange Rate Movements and The Profitability of U.S. Multinationals. Journal of International Money and Finance, 19(1), 117-134.
  • Hodder, J. E. (1982). Exposure to Exchange-Rate Movements. Journal of International Economics, 13(3-4), 375-386.
  • Ito, T., Koibuchi, S., Sato, K., & Shimizu, J. (2016). Exchange Rate Exposure and Risk Management: The Case of Japanese Exporting Firms. Journal of the Japanese and International Economies, 41, 17-29.
  • Iyke, B. N., & Ho, S. Y. (2021). Exchange Rate Exposure in the South African Stock Market Before and During the COVID-19 Pandemic. Finance Research Letters, 43, 102000.
  • Jorion, P. (1990). The Exchange-Rate Exposure of U.S Multinationals. Journal of Business, 63(3), 331-345.
  • Kaval, H. (2000). Bankalarda Risk Yönetimi. Yaklaşım Yayıncılık, Ankara.
  • Kıymaz, H. (2003). Estimation of Foreign Exchange Exposure: An Emerging Market Application. Journal of Multinational Financial Management, 13(1), 71-84.
  • Levi, M. D. (1995). International Finance: Financial Management and the International Economy. McGraw-Hill Education, New York.
  • Marston, R. C. (2001). The Effects of Industry Structure on Economic Exposure. Journal of International Money and Finance, 20(2), 149-164.
  • Nucci, F., & Pozzolo, A. F. (2001). Investment and the Exchange Rate: An Analysis With Firm-Level Panel Data. European Economic Review, 45(2), 259-283.
  • Offiong, A. I., Riman, H. B., & Akpan, E. S. (2016). Foreign Exchange Fluctuations And Commercial Banks Profitability in Nigeria. Research Journal of Finance and Accounting, 7(18), 121-126.
  • Opaluwa, D., Umeh, J.C., & Ameh, A.A.(2010). The Effect of Exchange Rate Fluctuations on the Nigerian Manufacturing Sector. African journal of business management, 4(14), 2994-2998.
  • Pan, Y. Q., & Tang, C. B. (2012, September). Study on the Relationship Between Exchange Rate Fluctuation and Stock Return: Evidence from Listed Companies in China. In 2012 International Conference on Management Science & Engineering 19th Annual Conference Proceedings (pp. 1497-1501). IEEE.
  • Rashid, A., & Waqar, S. M. (2017). Exchange Rate Fluctuations, Firm Size, and Export Behavior: An Empirical Investigation. Small Business Economics, 49(3), 609-625.
  • Runo, F. N. (2013). Relationship between Foreign Exchange Risk and Profitability of Oil Companies Listed in the Nairobi Securities Exchange. Unpublished MBA Theses, University of Nairobi, Kenya. Seyidoğlu, H. (2013). Uluslararası Finans. Güzem Can Yayınları, İstanbul.
  • Shapiro, A. C. (1975). Exchange Rate Changes, Inflation, and the Value of The Multinational Corporation. The Journal of Finance, 30(2), 485-502.
  • Şenol, Z., & Koç, S. (2021). Kur Riski ve Kur Riski Yönetiminin Firma Performansına Etkisi. Ekonomi Politika & Finans Araştırmaları Dergisi, 6(2), 534-564.
  • Ünal, O., & Altın, H. (2010). Döviz Kur Riski İle Şirket Değeri Arasındaki İlişkinin İMKB Otomotiv Sektöründe Analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (26), 277-287.
  • Van Cauwenberge, A., Vancauteren, M., Braekers, R., & Vandemaele, S. (2021). Measuring and Explaining Firm-Level Exchange Rate Exposure: The Role of Foreign Market Destinations and İnternational Trade. Economic Modelling, 105, 105667.
  • Yeboah, M., & Takacs, A. (2019). Does Exchange Rate Matter in Profitability of Listed Companies in South Africa?: An Empirical Approach. International Journal of Energy Economics and Policy, 9(6), 171-178.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm ARAŞTIRMA MAKALESİ
Yazarlar

Bülent Yıldız 0000-0001-6358-8620

Tuncer Yılmaz 0000-0001-8956-5814

Yayımlanma Tarihi 2 Ağustos 2022
Gönderilme Tarihi 17 Mart 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 12 Sayı: 2

Kaynak Göster

APA Yıldız, B., & Yılmaz, T. (2022). Yabancı Para Pozisyonunun Firma Kârlılığına Etkisi: Borsa İstanbul Örneği. Ordu Üniversitesi Sosyal Bilimler Enstitüsü Sosyal Bilimler Araştırmaları Dergisi, 12(2), 1399-1418. https://doi.org/10.48146/odusobiad.1089207

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