Corporate derivatives use and firm value: Evidence from Turkey

Basit Öğe Kaydı
dc.contributor.authorAytürk, Yusuf
dc.contributor.authorGürbüz, Ali Osman
dc.contributor.authorYanık, Serhat
dc.date.accessioned2020-11-21T15:54:33Z
dc.date.available2020-11-21T15:54:33Z
dc.date.issued2016en_US
dc.departmentİstanbul Ticaret Üniversitesien_US
dc.description.abstractThis paper examines use of financial derivatives (currency, interest rate and commodity) and its effect on firm value of non-financial Turkish firms for period of 2007-2013. Only 36.41% of companies in our sample use derivatives to hedge their currency, interest rate or commodity price risks. We have used Tobin's Q ratio analysis with panel data models, Fama-French three-factor time-series analysis and single sector analysis to investigate whether corporate derivatives use is value relevant or not. Except Tobin's Q ratio analysis with system GMM estimators, we cannot find significant hedging premium or discount for all Turkish non-financial firms. We find a positive relationship between derivatives use and firm value, only when we use Tobin's Q ratio analysis with system GMM estimators. We also test the effects of currency hedging, interest rate hedging and commodity price hedging separately and find similar results as in the case of general derivatives use. Overall, majority of our results imply that use of financial derivatives does not affect firm value in Turkish market. © 2016 Borsa İstanbul Anonim Şirketi.en_US
dc.identifier.doi10.1016/j.bir.2016.02.001en_US
dc.identifier.endpage120en_US
dc.identifier.issn2214-8450
dc.identifier.issue2en_US
dc.identifier.scopus2-s2.0-84974529361en_US
dc.identifier.scopusqualityQ1en_US
dc.identifier.startpage108en_US
dc.identifier.urihttps://doi.org/10.1016/j.bir.2016.02.001
dc.identifier.urihttps://hdl.handle.net/11467/3852
dc.identifier.volume16en_US
dc.identifier.wosWOS:000447595000005en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherBorsa Istanbul Anonim Sirketien_US
dc.relation.ispartofBorsa Istanbul Reviewen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectDerivativesen_US
dc.subjectDerivatives useen_US
dc.subjectFirm valueen_US
dc.subjectHedgingen_US
dc.subjectRisk managementen_US
dc.titleCorporate derivatives use and firm value: Evidence from Turkeyen_US
dc.typeArticleen_US

Dosyalar

Orijinal paket
Listeleniyor 1 - 1 / 1
Küçük Resim
İsim:
1-s2.0-S2214845015300247-main.pdf
Boyut:
252.91 KB
Biçim:
Adobe Portable Document Format
Açıklama:
İndir

Koleksiyon

Scopus İndeksli Yayınlar Koleksiyonu
WoS İndeksli Yayınlar Koleksiyonu