THE EFFECT OF DERIVATIVE INSTRUMENT USE ON FIRM PERFORMANCE AND VALUE: A STUDY ON BUSINESSES OPERATING ON BORSA ISTANBUL

Authors : Aysel Öztürkçü Akçay, Gamze Sevimli Örgün

Pages : 83-97

Doi:10.51727/tbj.1727747

View : 58 | Download : 153

Publication Date : 2025-12-26

Article Type : Research Paper

Abstract :The objective of this research is to explore how the use of derivatve instruments influences corporate performance and frm value. To this end, the study analyzes data from 183 non-financal companies listed on Borsa Istanbul over the period from 2015 to 2021. Return on Assets (ROA) and Return on Equity (ROE) are employed as indicators of frm performance, while Tobin’s Q is used to represent frm value. The main explanatory variable is the use of derivatve instruments, with leverage ratio, frm size, and frm age incorporated as control variables. Findings from the panel data analysis indicate that derivatve usage is negatively and significantly associated with both ROA and Tobin’s Q, whereas no significant relationship is found between derivatve usage and ROE.
Keywords : Türev Araçlar, Firma Performansı, Borsa İstanbul

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