The Impact of Agency Costs on Investment Efficiency: Evidence from Overinvestment and Underinvestment in Borsa İstanbul

Seda Turnacıgil

doi:10.37241/jatss.2026.156

Yazarlar

Seda Turnacıgil Toros Üniversitesi, İktisadi İdari ve Sosyal Bilimler Fakültesi, Uluslararası Finans ve Bankacılık Bölümü, Mersin/Türkiye https://orcid.org/0000-0002-8573-8412

DOI:

https://doi.org/10.37241/jatss.2026.156

Anahtar Kelimeler:

Finansal yönetim- Vekalet maliyeti- Yatırım verimliliği

Özet

Giriş: Vekalet maliyetleri, yöneticiler, hissedarlar ve borç verenler arasındaki çıkar çatışmaları yoluyla firmaların yatırım kararlarını bozarak kaynak tahsis verimliliğini azaltabilir. Bu nedenle, vekalet maliyetlerinin yatırım verimliliği üzerindeki etkisini incelemek, kurumsal finans literatüründe önemli bir araştırma alanıdır. Bu çalışma, vekalet maliyetlerinin firmaların yatırım verimliliği üzerindeki etkisini analiz etmeyi amaçlamaktadır.

Yöntem: Yatırım verimsizliğinin yönünü belirlemek için, aşırı yatırım ve yetersiz yatırım davranışları ayrı modeller aracılığıyla incelenmiştir. Çalışma, 2015-2023 dönemi için BIST Sanayi Endeksi'nde listelenen 24 firmanın üç aylık verilerini kullanmaktadır. Yatırım verimliliği, Biddle vd. (2009) yaklaşımına uygun olarak, beklenen yatırım modelinden elde edilen artıkların mutlak değeri kullanılarak ölçülmüştür. Aşırı yatırım ve yetersiz yatırım, artıkların pozitif ve negatif bileşenleri kullanılarak hesaplanmıştır.

Sonuçlar ya da Bulgular: Çalışma bulguları, vekalet maliyetlerinin yatırım verimliliğini önemli ölçüde etkilediğini ve bu etkinin yatırım sapmasının yönüne bağlı olarak farklılık gösterdiğini ortaya koymaktadır.

Tartışma ya da Yapılan Çıkarımlar: Sonuçlar, vekalet maliyetlerinin yalnızca genel yatırım verimsizliğini artırmakla kalmayıp, firmaların hem aşırı yatırım hem de yetersiz yatırım davranışlarını da etkileyebileceğini göstermektedir. Bu bulgular, etkili kurumsal yönetim mekanizmalarının yatırım kararlarını optimize etmede kritik bir rol oynadığını ortaya koymaktadır.

İndirmeler

İndirme verileri henüz mevcut değil.

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