Finansal risk yönetimi, Borsa İstanbul'da işlem gören şirketlerin türev ürünleri kullanımı üzerine bir araştırma

Although the variety and complexity of available derivative instruments increased in Turkey over the past three decades, the efficient usage of derivative instruments for financial risk management purposes by the registered corporations of Istanbul Stock Exchange (ISE) is ambiguous. This study was undertaken in order to understand the usage level of derivative instruments by the registered corporations of Istanbul Stock Exchange (ISE), to help forming a database considering the gap in the knowledge in this subject and to understand the perception of financial risk management of the registered corporations. In order to investigate the usage of derivatives by the corporations registered to ISE, the 1998 survey on financial risk management practice and derivatives use by non-financial corporations in the United States undertaken by the Weiss Center for International Financial Research of the Wharton School and CIBC World Markets was sent to all corporations registered to ISE. 22% of corporations gave usable responses. The data gathered from the survey shows that derivatives usage is not very common among non-financial corporations registered to Istanbul Stock Exchange and the intensity of derivative instruments usage of a significant proportion of derivative users stayed constant or increased. The study also reveals that actual derivative users use interest rate derivatives less frequently than currency derivatives. Regarding control and reporting policies, all results indicate a well monitored organization however; it is interesting that approximately a third of the firms have a profit based approach of risk management evaluation. Keywords: derivatives, risk, financial risk management, Istanbul Stock Exchange