Finansal kesim dışı Türk firmalarının döviz kuru üzerine yazılmış türev araç kullanımı

Having significant exchange rate exposure, Turkish non-financial firms face both operational and financial risk caused by exchange rate movements. Despite not being as deep as in the developed countries, Turkish financial markets offer currency hedge instruments. Additionally, firms can engage derivative instruments offered by non-domestic financial agents. Although Turkish firms have option for hedging against currency risk, it can be observed that use of those instruments is not common for Turkish firms. This thesis aims to examine firm specific factors that affect decision the use of hedging instruments as well as degree of hedging. For that purpose of study, a sample of 178 Turkish non-financial firms listed in Borsa Istanbul is utilized and relevant data collected for the period between 2007 and 2017. Use of currency derivatives is considered appropriate representation of hedging tendency for Turkish firms, as FX positions of firms arise from derivative contracts are reported accurately in disclosures of financial reports. According to results, firm size and leverage are found to be increasing factors for tendency to use currency derivatives. Conversely, fixed asset ratio is negatively significant for tendency to hedge. Moreover, liquidity buffer as a substitute for derivative usage is found to be reducing factor for degree of hedging.