Finansal Başarısızlık Riskinin Belirleyicileri: Borsa İstanbul’da Bir Uygulama
The Determinants Of Financial Distress: An Application On Borsa Istanbul
Author(s): Onur Akpinar, Gökçe AkpinarSubject(s): Economy, Methodology and research technology, Financial Markets
Published by: İşletme Araştırmaları Dergisi
Keywords: Altman’s Z-score; Intellectual Capital; Tobin’s Q; Panel Data Analysis;
Summary/Abstract: The aim of this study is to reveal the determinants of financial distress. In the study, the factors affecting financial distress are examined by testing 82 Turkish manufacturing firms traded on Borsa Istanbul, with 410 observations from 2010 to 2014. Using Modified Altman’s Z-score as proxy for financial distress on panel data analysis, the significant relationships are found between independent variables used in models and financial distress. Profitability, leverage, size, growth, age, firm value, derivative usage dummy, dividend dummy and ownership structure are used as the firm’s specific variables that affect financial distress. In addition, Ante Pulic’s (1998) Value Added Intellectual Coefficient (VAIC) is employed as proxy for intellectual capital. According to results of the study, intellectual capital is positively related with Z-score.
Journal: İşletme Araştırmaları Dergisi
- Issue Year: 9/2017
- Issue No: 4
- Page Range: 932-951
- Page Count: 20
- Language: Turkish