Sahiplik Yapısının Finansal Performans ve Firma Değeri Üzerindeki Etkisi: BIST 100 Firmaları Üzerine Bir Uygulama
The Impact of Ownership Structure on Financial Performance and Firm Value: An Application on BIST 100 Companies

Summary/Abstract: Purpose- In companies, concentrated and non-concentrated ownership structures are formed depending on the distribution of equity among shareholders. It is expected that these ownership structures will have an effect on financial performance and firm value. The purpose of this study is to examine whether the ownership structure of 24 non-financial firms, which are consistently listed in the BIST 100 Index, affects their financial performance and firm value. Design/methodology/approach- The study covers the period from 2010 to 2022, and the data for this period have been analyzed using the panel data analysis method. The return on assets (ROA), representing financial performance, and the Tobin’s Q ratio (TOBINQ), representing firm value, have been used as dependent variables. The independent variables of the study are the largest shareholder’s equity share (BOP), the combined equity share of the two largest shareholders (B2OP), the public float ratio (HAO), firm size (BUY), and the financial leverage ratio (FINK). The share of institutional shareholders (KOP) and foreign shareholders (YOP) have been included in the analysis as control variables to increase the explanatory power of the model. Findings- The analysis conducted to observe the impact of ownership structure on financial performance revealed that while the B2OP and HAO variables positively affect financial performance, the BOP, FINK, KOP, and YOP variables have a negative impact. No significant relationship was found between the BUY variable and financial performance. The analysis conducted to observe the impact of ownership structure on firm value showed that the FINK variable positively influences firm value, while the BOP, HAO, BUY, and KOP variables have a negative influence. No significant relationship was found between the B2OP and YOP variables and firm value. Discussion- The study has demonstrated that the ownership structure of companies affects financial performance and firm value, and these findings are consistent with agency theory.

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