Author :
Abstract
Herhangi bir firmanın ana hedeflerinden biri günümüz rekabet ortamında sürdürülebilir olmaktır. Firmaların devamlılıklarını sağlayabilmeleri için performanslarını artırabilecek stratejiler geliştirmesi, uygulaması ve sürdürmesi önemlidir. Bunun sağlanabilmesi için firma kârlılığını etkileyebilecek iç ve dış faktörlerin araştırılması gereklidir. Bu kapsamda çalışmanın amacı Borsa İstanbul’da Gıda, İçki ve Tütün sektöründe işlem gören firmaların kârlılıklarının finansal belirleyicilerini tespit etmektir. 2014-2019 yılları arasını kapsayan çalışmada panel veri analizinden yararlanılmış olup aktif kârlılığı, net kâr marjı değişkenleri bağımlı değişken; likidite (cari oran), sermaye yapısı (kaldıraç oranı, toplam borçlar/özsermaye), varlık yapısı (maddi duran varlıklar/toplam varlıklar), büyüklük (toplam varlıklar), büyüme (toplam varlıklardaki büyüme) ve faaliyet oranları (aktif devir hızı) bağımsız değişken olarak kullanılmıştır. İki ayrı modelin kurulduğu çalışma sonucunda aktif kârlılığı ile büyüklük ve aktif devir hızı arasında pozitif; kaldıraç oranı arasında negatif yönlü anlamlı ilişki olduğu belirlenmiştir. Net kâr marjı ile kaldıraç oranı ve borç/özsermaye arasında negatif yönlü anlamlı ilişki tespit edilmiştir.
Keywords
Abstract
One of the main objectives of any firm is to be sustainable in today's competitive environment. It is important for companies to develop, implement and maintain strategies that can increase their performance in order to ensure their continuity. In order to achieve this, it is necessary to investigate internal and external factors that may affect the profitability of the company. In this context, the purpose of the study is to determine the financial determinants of the profitability of companies traded in the Food, Drink and Tobacco sector in Borsa Istanbul. Panel data analysis is used in the study covering the period between 2014-2019, and return on assets, net profit margin variables dependent variables; liquidity (current ratio), capital structure (leverage ratio, total liabilities / equity), asset structure (tangible fixed assets/total assets), size (total assets), growth (growth in total assets) and operating ratios (assets turnover) are used as independent variable. As a result of the study in which two different models were established, there is a positive relationship between return on assets and size, asset turnover. There is a negative relationship between return on assets and leverage ratio. However there is a significant negative relationship between net profit margin and leverage ratio, debt/equity.
Keywords
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