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2019, vol. 21, br. 2, str. 111-129
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Odnos između vlasničke strukture banaka i finansijskog poslovanja: empirijsko istraživanje za tursku
The relationship between the ownership structure of banks and their financial performance: empirical research for Turkey
aUniversity of Yalova, Faculty of Economics and Administrative Sciences, International Trade and Finance Department, Yalova, Turkey bBandırma Onyedi Eylul University, Manyas Vocational School, Turkey
e-adresa: bilgeleyli@gmail.com
Sažetak
Cilj ove studije je analiza efekata vlasničke strukture banaka na njihovo finansijsko poslovanje. Korišćeni su kvartalni podaci za 13 banaka koje se kotiraju na istambulskoj Berzi (BIST), a koji se odnose na period 2005-2017. Kao indikatori finansijskog poslovanja, u studiji se koriste prinos na ukupno angažovana sredstva (ROA), prinos na akcijski kapital (ROE), Tobinov Q-koeficijent (TOBIN), zarada po akciji (EPS), i koeficijent cene i čiste dobiti (P/E koeficijent). Porodično vlasništvo, korporativno vlasništvo, menadžersko vlasništvo, inostrano vlasništvo, vlasništvo najvećeg akcionara, vlasništvo tri najveća akcionara, i stopa slobodnog fluktuiranja su opredeljeni kao nezavisne varijable za izvođenje ove studije, dok su koeficijent zaduženosti, ukupna aktiva i godine poslovanja banke opredeljeni kao kontrolne varijable. Formirano je pet modela za analizu odnosa između varijabli i sprovedena je regresiona analiza. Analize su pokazale da vlasničke strukture banaka utiču na njihovo finansijsko poslovanje. Osim toga, sugeriše se da su rezultati dobijeni analizama koherentni za teoriju agencije, kao jednu od fundamentalnih teorija koje se bave ovim predmetom.
Abstract
The aim of this study is to analyze the effects of the ownership structures of banks on their financial performance. The quarterly data of the 13 banks listed on the Istanbul Stock Exchange (BIST) were used for the period from 2005 to 2017. In the study, return on assets (ROA), return on equity (ROE), Tobin's Q ratio (TOBIN), earnings per share (EPS) and the price/earnings ratio (P/E) were used for the financial performance indicators. Family ownership, corporate ownership, managerial ownership, foreign ownership, the largest shareholder's ownership, the ownership of the three largest shareholders, and the free-float rate were selected as the independent variables for the study. The leverage ratio, the total assets and the age of the banks were benefited from as the control variables. There are five models formed to analyze the relationship between the variables, and a regression analysis was carried out. The analyses point out the fact that the ownership structures of the banks have an effect on their financial performance. Besides, the results obtained by these analyses are suggested to be coherent for the agency theory as one of the fundamental theories of this subject.
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