Finansal Kurumlarda Sermaye Yapısı Belirleyicileri: Türk Bankacılık Sistemi

Sermaye, bankalar için likidite ve kredi yaratmakta kullanılmaktadır. Her kuruluş piyasa değerini maksimum yaparken sermaye maliyetini minimum düzeye indiren en uygun sermaye yapısına ulaşmaya çalışmaktadır. Bankalarda sermaye yapısı kararları etkin risk yönetiminin önemli süreçlerinden birisidir. Bu makale, Türk bankacılık sektörüne odaklanarak, sermaye yapısının belirleyicilerinin incelenmesini ve sermaye yapısı kuramlarından hangisinin bankacılık sektörü yapısını açıklama gücüne sahip olduğunun tespit edilmesini amaçlamaktadır. Dünya’da bankacılık sektörünün sermaye yapısının belirleyicileri üzerine birçok çalışma yapılmasına karşın, Türkiye’de bu sektör için çalışmalar sınırlı kalmıştır. Ek olarak, Türkiye’de bu alanda yapılan çalışmalar genellikle statik modeller üstünde yoğunlaştığından, bu çalışma önceki zaman dilimlerinde veriyi üreten mekanizmanın önemli olduğu dinamik model yapısını kullanarak Türkiye’de bankacılık sektörü sermaye yapısı literatürüne ilişkin boşluğun doldurulmasına katkı sağlamaktadır. Makale ’de, bankaların varlık yapısı, büyüklüğü, borç dışı vergi kalkanı, karlılığı, vergi düzeyi, likiditesi ve borçlanmanın maliyeti sermaye yapısını etkileyen faktörler olarak alınmıştır. Sermaye yapısı kuramlarının tam anlamıyla bankacılık sektörünün sermaye yapısını açıklayamadığı sonucuna ulaşılmıştır.

Anahtar Kelimeler:

Sermaye yapısı, bankacılık sektörü, dinamik panel veri, Arellano-Bond GMM, Arellano-Bond System GMM

Capital Structure Determinants in Financial Institutions: Turkish Banking System

Capital is used to create liquidity and credit for banks. Each corporation strives for the optimal capital structure that maximizes its market value while minimizing its capital cost. Capital structure decisions are among the most critical for efficient risk management in banks. This paper aims to examine the determinants of capital structure and determine which of the capital structure theories have the power to explain the banking sector structure by focusing on the Turkish banking sector. Despite many studies on determining the capital structure of banking sector in the worldwide, these studies are limited for the sector in Turkey. Moreover, since studies in this area are usually concentrated on static models in Turkey, this paper contributes to fill the lack in the banking sectors’ capital structure literature in Turkey by using dynamic model structure in which the form of the mechanism that generated the data in previous periods are important. In this paper, the asset structure of banks, size, non-debt tax shield, profit, tax level, liquidity, and cost of borrowing is analyzed as factors that affect the capital structure. It can be concluded that theories on capital structure fail to fully explain the capital structure of the banking sector.

Keywords:

Capital Structure, dynamic panel data, banking sector, Arellano-Bond GMM, Arellano-Bond System GMM,

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