Publication: Türkiye’de sigorta şirketlerinin piyasa performansının belirlenmesinde sermaye yapısının etkisi : Borsa İstanbul üzerine bir uygulama
Abstract
Sigorta sektörü, ekonomik istikrar ve sermaye piyasalarının gelişimine katkı sağlarken, şirketlerin sermaye yapısı piyasa performansını doğrudan etkilemektedir. Bu çalışmanın amacı, Türkiye’de faaliyet gösteren sigorta şirketlerinin sermaye yapılarının piyasa performansına etkilerini analiz etmektir. Borsa İstanbul’da işlem gören altı sigorta şirketinin 2015-2024 yıllarına çeyrek dönem verileri analiz edilmiştir. Bu kapsamda piyasa performansı için piyasa değeri/ defter değeri oranı, aktif kârlılığı ve özkaynak kârlılığı; sermaye yapısı için ise kaldıraç oranı, sermaye çarpanı oranı, kısa vadeli borç oranı, şirket yaşı, likidite oranı ve brüt prim artış oranı kullanılmıştır. Çalışmada panel veri analizi ve şirket bazlı regresyonlar kullanılmıştır. Panel veri analizi, sermaye yapısı ile piyasa performansı arasındaki genel ilişkiyi ortaya koyarken; şirket bazlı analizler, her bir sigorta şirketinde bu ilişkinin nasıl şekillendiğini incelenerek bulgular güçlendirilmiş ve sermaye yapısı teorileri çerçevesinde değerlendirilmiştir. Elde edilen bulgular, kısa vadeli borç oranının piyasa performansını artırıcı, uzun vadeli borçların ise azaltıcı etkide bulunduğunu göstermektedir. İncelenen dönemde kaldıraç oranı ile kısa vadeli borç oranı arasındaki ters yönlü ilişki, uzun vadeli borç ağırlığının performansa negatif etkisini ortaya koymaktadır. Ayrıca likidite oranı ve brüt prim artış oranının piyasa performansı üzerinde pozitif etkileri belirlenmiştir. Pandemi dönemi, sermaye yapısı ve performans ilişkisinin şirketten şirkete değiştiğini ve bu süreçte likidite yönetimi ile kısa vadeli borçlanma stratejilerinin ön plana çıktığını ortaya koymuştur. Sonuç olarak temel hipotez desteklenerek, sermaye yapısının performansa etkisinin, şirketlerin finansal yapısal özelliklerine ve stratejilerine göre farklılaştığı görülmüş; esnek ve düşük maliyetli kısa vadeli finansman yöntemlerinin performans açısından daha avantajlı olabileceği sonucuna ulaşılmıştır.
The insurance sector contributes significantly to economic stability and the development of capital markets, while the capital structure of insurance companies directly influences their market performance. This study aims to analyze the effects of capital structures on the market performance of insurance companies operating in Türkiye. Quarterly data from 2015 to 2024 for six insurance companies listed on Borsa Istanbul were analyzed. In this context, market performance was represented by the market-to-book value ratio, return on assets (ROA), and return on equity (ROE), while capital structure was represented by leverage ratio, equity multiplier, short-term debt ratio, firm age, liquidity ratio, and gross premium growth rate. The study employed panel data analysis and firm-level regressions. Panel data analysis identified the general relationship between capital structure and market performance, whereas firm-level analyses provided insights into how this relationship varied across individual companies, thereby strengthening the findings and enabling evaluation within the framework of capital structure theories. The results indicate that the short-term debt ratio positively affects market performance, while long-term debt has a diminishing effect. During the study period, the inverse relationship observed between the leverage ratio and the short-term debt ratio highlights the negative impact of long-term debt dominance on performance. Additionally, liquidity ratio and gross premium growth rate were found to have positive effects on market performance. The COVID-19 pandemic revealed that the relationship between capital structure and performance differed among companies, with liquidity management and short-term borrowing strategies becoming particularly prominent. Ultimately, the main hypothesis was supported, demonstrating that the impact of capital structure on performance varies according to firms’ financial characteristics and strategies, suggesting that flexible and low-cost short-term financing methods may offer performance advantages.
The insurance sector contributes significantly to economic stability and the development of capital markets, while the capital structure of insurance companies directly influences their market performance. This study aims to analyze the effects of capital structures on the market performance of insurance companies operating in Türkiye. Quarterly data from 2015 to 2024 for six insurance companies listed on Borsa Istanbul were analyzed. In this context, market performance was represented by the market-to-book value ratio, return on assets (ROA), and return on equity (ROE), while capital structure was represented by leverage ratio, equity multiplier, short-term debt ratio, firm age, liquidity ratio, and gross premium growth rate. The study employed panel data analysis and firm-level regressions. Panel data analysis identified the general relationship between capital structure and market performance, whereas firm-level analyses provided insights into how this relationship varied across individual companies, thereby strengthening the findings and enabling evaluation within the framework of capital structure theories. The results indicate that the short-term debt ratio positively affects market performance, while long-term debt has a diminishing effect. During the study period, the inverse relationship observed between the leverage ratio and the short-term debt ratio highlights the negative impact of long-term debt dominance on performance. Additionally, liquidity ratio and gross premium growth rate were found to have positive effects on market performance. The COVID-19 pandemic revealed that the relationship between capital structure and performance differed among companies, with liquidity management and short-term borrowing strategies becoming particularly prominent. Ultimately, the main hypothesis was supported, demonstrating that the impact of capital structure on performance varies according to firms’ financial characteristics and strategies, suggesting that flexible and low-cost short-term financing methods may offer performance advantages.