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Calismanin amaci, pay likiditesi ile finansal performans arasindaki nedensellik iliskisini ortaya koymaktir. Bu iliski, BIST 100 endeksinde faaliyet gosteren sanayi firmalarinda 2005Q1-2012Q1 periyodu icin incelenmistir. Pay likiditesi... more
Calismanin amaci, pay likiditesi ile finansal performans arasindaki nedensellik iliskisini ortaya koymaktir. Bu iliski, BIST 100 endeksinde faaliyet gosteren sanayi firmalarinda 2005Q1-2012Q1 periyodu icin incelenmistir. Pay likiditesi hesaplamasinda bilgili islemler dikkate alinarak yatirimci grubu kurumsal yatirimcilar secilmistir. Pay likiditesi olcutleri, orani(illiquidity ratio) ve islem devir hizi orani(turnover ratio); performans olcutu ise Piyasa Degeri/Defter Degeri(PD/DD) oranidir. Calismada Dumitrescu ve Hurlin nedensellik testi kullanilmistir. Elde edilen bulgulara gore, Borsa Istanbul’ da pay likiditesi ile finansal performans arasinda cift yonlu bir nedensellik iliskisine rastlanmistir
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Bu calismada Istanbul Menkul Kiymetler Borsasi (IMKB) IMKB-100 endeksinde yer alan sirketlerin borc yapisini belirleyen faktorlerin ortaya konulmasi amac- lanmistir. Bu baglamda literaturde farkli zaman dilimi ve farkli orneklemler icin... more
Bu calismada Istanbul Menkul Kiymetler Borsasi (IMKB) IMKB-100 endeksinde yer alan sirketlerin borc yapisini belirleyen faktorlerin ortaya konulmasi amac- lanmistir. Bu baglamda literaturde farkli zaman dilimi ve farkli orneklemler icin sermaye ve borc yapisini aciklama gucu bulunan bazi faktorler 2008 yili icin IMKB-100 endeksinde listelenmis sirketlerde test edilmistir. 2008 yilinin, sirketle- ri derinden etkileyen kuresel krizin etkilerinin yasanmaya baslandigi yil olmasi calismayi ilginc kilmaktadir. Calismada borc yapisini belirleyen faktorleri orta- ya koymak amaciyla tanimlanan dogrusal regresyon modelleri ile degiskenler arasindaki iliskiler incelenmis ve kisa vadeli borcluluk, uzun vadeli borcluluk ve toplam borcluluk icin uc ayri regresyon modeli tahmin edilmistir. Sonuc olarak, toplam borc orani ile piyasa degeri/defter degeri (PD/DD) arasinda anlamli po- zitif iliski bulunmustur. Kisa vadeli borc orani ile sabit varliklarin toplam varlik- lar icindeki payi arasinda anlam...
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Ekonomik gelisimde girisimcilik cok onemli role sahiptir. Gunumuzde bilginin uretimi yaninda, uretilen bilgiyi bir urune, bir hizmete donusturebilecek, ayni zamanda risk ustlenerek bu riskleri yonetebilecek girisimcilere ihtiyac buyuktur.... more
Ekonomik gelisimde girisimcilik cok onemli role sahiptir. Gunumuzde bilginin uretimi yaninda, uretilen bilgiyi bir urune, bir hizmete donusturebilecek, ayni zamanda risk ustlenerek bu riskleri yonetebilecek girisimcilere ihtiyac buyuktur. Bu ihtiyacin karsilanmasinda girisimcilige uygun ortamin olusturulmasi gerekir. Aksi durumda pek cok parlak fikir daha yesermeden solacaktir. Girisimcilige uygun ortamin temel bilesenlerden biri finansmana ulasim olanaklaridir. Mevcut ve potansiyel girisimcileri etkileyen en onemli faktorden biri finansmandir. Is fikri ne kadar cazip, girisimci ne kadar girisimci ruha sahip olsa da finansmana ulasim olanaklari kisitli ise fikrin hayata gecirilebilmesi ve basarili olarak surdurulebilmesi cok mumkun degildir. Ozellikle yenilikci, teknoloji agirlikli, buyume potansiyeli yuksek girisimler icin cekirdek ve baslangic asamasinda finansmana ulasim olanagi cok daha onem arzetmektedir. Yapilan bircok calismada is fikrinin hayata gecirilmesi ve baslangic evre...
ABSTRACT
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The aim of the study is to compare airlines by carrying out measurement of efficiency of them obtaining different business models in terms of financial. The other aim is to reveal variables which have influence on score of efficiency.... more
The aim of the study is to compare airlines by carrying out measurement of efficiency of them obtaining different business models in terms of financial. The other aim is to reveal variables which have influence on score of efficiency. With this regard, airlines are separated into two groups, namely, traditional and low-cost airlines based on their business models. While the measurement of traditional and low-cost airlines efficiency was carried out with Data Envelopment Analysis, factors affecting efficiency scores of airlines were determined by Tobit regression model. According to the results of the study, airlines obtaining low-cost business model are more efficient than airlines obtaining traditional business model in terms of financial. Moreover, large-scale traditional airlines are more efficient than medium-scale traditional airlines. In terms of Tobit regression model, there are different results for two groups.
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Globally, mergers and acquisitions (M&A) have grown dramatically in recent years. M&A offer companies the opportunity to grow rapidly and successfully. One of the most critical elements in M&A is the valuation of companies as the success... more
Globally, mergers and acquisitions (M&A) have grown dramatically in recent years. M&A offer companies the opportunity to grow rapidly and successfully. One of the most critical elements in M&A is the valuation of companies as the success of an M&A is closely related to determining the fair value of the companies. Determining the value of a company is one of the most complex and difficult subjects in financial management. Corporate executives face many choices and complications as they try to assess a company’s value. There are a variety of ways to value a company. In this study I discussed the main methods of business valuation and I analyzed how to use the Discounted Cash Flow Method in M&A. This Method determines a company’s current value according to its estimated future cash flows and is often used in the valuation of companies. Finally I tried to determine which method would be appropriate in an M&A.
The purpose of this study is to identify the factors that determine the capital structure of low-cost airlines. Accordingly, it is aimed to test the factors that determine the capital structure in low-cost airlines in the context of... more
The purpose of this study is to identify the factors that determine the capital structure of low-cost airlines. Accordingly, it is aimed to test the factors that determine the capital structure in low-cost airlines in the context of capital structure theories. In the study, 15 airline companies, which had continuous financial data during the 2004-2015 period, were examined empirically. Panel data analysis was used as a method in the study. Findings of the study show that low-cost airlines generally operate based on the trade-off theory while borrowing in the short-term and based on the pecking order theory while borrowing in the long-term.
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Purpose – The purpose of this paper is to classify the source countries of inward foreign direct investments (FDIs) to Turkey and to Germany as individual samples of developing and developed economies, to produce practical information to... more
Purpose – The purpose of this paper is to classify the source countries of inward foreign direct investments (FDIs) to Turkey and to Germany as individual samples of developing and developed economies, to produce practical information to target company managers and owners that they can use for having much more investments or getting more bargaining power with the existing or potential investors. Design/methodology/approach – Cluster analysis methodology with Ward’s (1963) technique is used to create significant groups out of FDI source countries. Findings – The results show that foreign direct investors – labeled by their country of origin – investing in Turkey are grouped into two main clusters. First main cluster of Turkey has three sub-clusters. Investors investing in Germany are also grouped into two main clusters. First main cluster of Germany has two sub-clusters. Of all seven clustering criteria, four of them were prominent in grouping, which are: having a high equity ownersh...
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The purpose of this study was to analyze the factors affecting capital structure in Indonesia. The variables used were DER as the dependent variable and as independent variables are profitability, growth opportunity, fixed asset... more
The purpose of this study was to analyze the factors affecting capital structure in Indonesia. The variables used were DER as the dependent variable and as independent variables are profitability, growth opportunity, fixed asset tangibility, size, dividend payout ratio and shortterm debt to total assets. The sample used in this study is a company registered in LQ-45. And selected by using purposive sampling. Thus obtained 38 companies as a sample. The analytical method used is linear regression. The results obtained from this study is the variable profitability, tangibility fixed assets and short term debt to total assets that have a significant influence 5%. While the growth opportunity and size variables have a significant influence 10%. While the variable dividend payout ratio does not have a significant influence.