Sermaye yapısının belirliyicileri: Türkiye'deki en büyük 1000 sanayi işletmesinde bir uygulama

Bu çalışmanın amacı Türkiye'deki sanayi işletmelerinde sermaye yapısının belirleyicilerini ve işletmelerin borçlanma davranışlarının açıklanmasında finansal hiyerarşi veya dengeleme kuramlarından hangisinin daha başarılı olduğunu ortaya koyabilmektir. Bu amaçla İstanbul Sanayi Odası tarafından her yıl belirlenen 500 büyük ve ikinci 500 büyük sanayi işletmesi veri seti olarak seçilmiştir. 1000 işletmeye ait 1993 - 2007 arasındaki yıllık panel veriler analize tabi tutulmuştur. Sonuç olarak borç kullanan işletmelerin daha fazla katma değer yaratmasına rağmen işletmelerin kaynak ihtiyaçlarını öncelikle iç fonlardan karşıladıkları ancak bu fonlar yetmediği zaman borçlanma yoluna gittikleri ortaya konulmuştur. Bu bulgu, Türkiye'de sanayi işletmelerinin borçlanma davranışının açıklanmasında finansal hiyerarşi kuramının daha başarılı olduğunu göstermektedir.

Determinants of capital structure: An analysis on the largest 1000 industrial firms in Turkey

This study aims to explain the determinants of capital structure and find out if static trade off or pecking order is more successful in explaining the debt behaviour of industrial firms in Turkey. For this purpose, the data set of largest 500 and following largest 500 industrial firms determined by İstanbul Chamber of Industry have been used. The data set on these firms covers the period of 1993 and 2007. Our findings show that, even though firms that use debt to create more added value, prefer to use internal funds primarily. This finding indicates that pecking order theory is more succesful to explain the debt behaviour of industrial firms in Turkey

PDF

___

1.Akerlof, G.. (1970). The Market For Lemons: Quality Uncertainity and the Market Mechanism. The Quarterly Journal of Economics, 84(3): 488-501.
2.Al - Sarkan, S.. (2001). Leverage Determinants in the Absence of Corporate Tax System: The Case of Non - Financial Publicly Traded Corporations in Saudi Arabia. Managerial Finance, 27(10-11): 58-86.
3.Beck, N. ve Katz, J. N.. (1995). What To Do (and Not To Do) With Time-Series Cross-Section Data. American Political Science Review, 89(3): 634-647.
4.Beck, N. ve Katz, J. N.. (1996), "Nuisance vs. Substance: Specifying and Estimating Time-Series Cross-Section Data", Political Analysis, 6(1): 1-36.
5.Bellak, C, Leibrecht, M. ve Reidl, A.. (2008). Labour Costs and FDIFlows into Central and Eastern European Countries: A Survey of the Literature and Empirical Evidence. Structural Change and Economic Dynamics, 19(1): 17-37.
6.Berke, B.. (2009). Avrupa Parasal Birliğinde Kamu Borç Stoku ve Enflasyon İlişkisi: Panel Veri Analizi. Ekonometri ve İstatistik, 9: 30-55.
7.Bevan, A. ve Danbolt, J.. (2002). Capital Structures and its Determinants in the UK-a Decompositional Analysis, Applied Financial Economics, 12(3): 159-170.
8.Booth, A., Demirgüç - Kunt, A. ve Maksimoviç, V.. (2001). Capital Structures in Developing Countries. Journal of Finance, 56(1): 87-130.
9.Brealey, R., Myers, S. C. ve Marcus, A.. (1999). İşletme Finansının Temelleri. istanbul:Mc Graw Hill - Literatür.
10.Breusch, T. S. ve Pagan, A. R.. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. Review of Economic Studies, 47'(1): 239-253.
11.Byoun, S.. (2008). How and When Do Firms Adjust Their Capital Structures Toward Targets?. Journal of Finance, 63(6): 3069-3096.
12.Byoun, S. ve Rhim, J.. (2005). Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure. Global Business and Finance Review, 10:1-16
13.Chang, H., Koski, H. ve Majumdar, S. K.. (2003). Regulation and Investment Behaviour in the Telecommunications Sector: Policies and Patterns in US and Europe. Telecommunications Policy, 27(10-11): 677-699.
14.Chen, Y. Ve Hammes, K.. (2005). Capital Structure Theories and Empirical Results - a Panel Data Analysis. SSRN Working Paper Series, No: 535782.
15.Clark, B.J., Francis, B. ve Hasan, I.. (2009). Do Firms Adjust Toward Target Capital Structures? Some international Evidence. SSRN Working Paper Series, No: 1286383.
16.Correa, C.A., Basso, L.F.C. ve Nakamura, W.T.. (2007). What Determines the Capital Structure of the Largest Brazilian Firms? An Empirical Analysis Using Panel Data. Journal of International Finance and Economics, Online Article, 1 January 2007.
17.Damodaran, A.. (2001). Corporate Finance Theory and Practice. 2nd edition, USA: John Wiley & Sons.
18.Datta, D. ve Agarwal, B.. (2009). Determinants of Capital Structure of Indian Corporate Sector in the Period of Bull Run 2003-2007 - An Econometric Study. SSRN Working Paper Series, No: 1376064
19.De Angelo, H. ve Masulis, R. W.. (1980). Optimal Capital Structure Under Corporate and Personal Taxation. Journal of Financial Economics, 8(1): 3-29.
20.De Medeiros, O. R. ve Daher, C. E.. (2005). Testing Pecking Order Theory of Capital Structure in Brazilian Firms, SSRN Working Paper Series, No: 868466.
21.Durukan, B.. (1997). Hisse Senetleri İMKB'de İşlem Gören Firmaların Sermaye Yapısı Üzerinde Bir Araştırma, 1990 - 1995. İMKB Dergisi, 1(3):75-91.
22.Fama, E. ve French, K.. (2002). Testing Trade-off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15(1): 1-33.
23.Faulkender, M., Flannery, M. J., Hankins, K. W. Ve Smith, J. M.. (2008). Are Adjustment Costs Impeding Realization of Target Capital Structure?, AFA 2008 New Orleans Meetings Paper.
24.Flannery, M. J. ve Hankins, K. W.. (2007), A Theory of Capital Structure Adjustment Speed. University of Florida Working Paper Series.
25.Flannery, M. J. ve Rangan, K. P.. (2006). Partial Adjustment Toward Target Capital Structures. Journal of Financial Economics, 79(3): 469-506.
26.Frank, M. Z. ve Goyal, V. K.. (2003). Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics, 67(2): 217-248.
27.Gaud, P., Jani, E., Hoesli, M. ve Bender, A.. (2005). The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data. European Financial Management, 11(1): 51-69.
28.Ghazalian, P. L. ve Furtan, W. H.. (2007). The Effect of Innovation on Agricultural and Agri-food Exports in OECD Countries. Journal of Agricultural and Resource Economics, 32(3): 448-461.
29.Ghosh, C., Nag, R. ve Sirmans, C. (1999). An Analysis of Seasoned Equity Offerings by Equity REITs. Journal of Real Estate Finance and Economics, 13(3): 175-192.
30.Graham, J.. (1996). Debt and the Marginal Tax Rate. Journal of Financial Economics, 41(1): 41-73.
31.Graham, J.. (2000). How Big Are the Tax Benefits of Debt?. Journal of Finance, 55(5): 1901-1940.
32.Güloğlu, B. ve Bekçioğlu S.. (2002). İMKB'deki Gelişmelerin Şirketlerin Sermaye Yapısına Etkileri: İmalat Sanayinde Faaliyet Gösteren İşletmeler Üzerine Bir Uygulama, Atatürk Üniversitesi İ.İ.B.F Dergisi, 16: 107-128.
33.Hennessy, C. ve Whited, T.. (2005). Debt Dynamics. Journal of Finance, 60(3): 1129-1165.
34.Hovakimian, A., Opler, T. ve Titman, S.. (2001). The Debt - Equity Choice. Journal of Financial and Quantitative Analysis, 36(1): 1-24.
35.Huang, G. ve Song, F.. (2006). The Determinants of Capital Structure: Evidence From China. China Economic Review, 17(1): 14-36.
36.Huang, R. ve Ritter, J. R.. (2009). Testing Theories of Capital Structure and Estimating the Speed of Adjustment. Journal of Financial and Quantitative Analysis, 44(02): 237-271.
37.Ismail, M. A. ve Eldomiaty, T. I.. (2004). Bayesian Identification of the Predictors for Capital Structure in Egypt. Advances and Applications in Statistics 4(2V 193-212.
38.Jensen, M. C. ve Meckling, W. H.. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305-360.
39.Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2): 323-329.
40.Jorgenson, A. K.. (2009). Political-Economic Integration, Industrial Pollution and Human Health: A Panel Study of Less-Developed Countries 1980 - 2000. International Sociology, 24(1): 115-143.
41.Kim, A. ve Jennings, E. T.. (2009). Effects of U.S. States' Social Welfare Systems on Population Health. The Policy Studies Journal, 37(4): 745-767.
42.Kim, E. H.. (1978). A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity. Journal of Finance, 33(1): 45-63.
43.Kraus, A. ve Litzenberger, R. H.. (1973). A State-Preference Model of Optimal Financial Leverage. Journal of Finance, 28(4): 911-922.
44.Kumar, J.. (2004). Debt vs. Equity: Role of Corporate Governance. Indian Institute of Capital Markets, 8th Capital Markets Conference, Mumbai, India.
45.Leary, M.T. ve Roberts, M. R.. (2005). Do Firms Rebalance Their Capital Structures?. Journal of Finance, 60(6): 2575-2619.
46.Lööf, H.. (2003). Dynamic Optimal Capital Structure and Technological Change. Center for European Economic Research Discussion Paper, No: 03-06.
47.Mayer, C. ve Sussman, O.. (2004). A New Test of Capital Structure. CEPR Discussion Papers, No: 4239.
48.Miller, M. H.. (1977). Debt and Taxes. Journal of Finance, 32(2): 261-275.
49.Modigliani, F. ve Miller M. H.. (1963). Corporation Income Taxes and the Cost of Capital: a Correction. American Economic Review, 53(3): 433-443.
50.Modigliani, F. ve Miller M. H..(1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3): 261-297.
51.Myers, S. C. ve Majluf, N.. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2): 187-221.
52.Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(2): 147-175.
53.Myers, S..C. (1984). Capital Structure Puzzle. Journal of Finance, 39(3): 575-592.
54.Ni, J. ve Yu, M.. (2008). Testing The Pecking-Order Theory: Evidence From Chinese Listed. Companies. Chinese Economy, 41(1): 97-113.
55.Opler, T. ve Titman, S.. (2001). The Determinants of Leveraged Buyout Activity: Free Cash Flows vs. Financial Distress Costs. Journal of Finance, 48(5): 1985-1999.
56.Pandey, M. (2001). Capital Structure and the Firm Characteristics: Evidence From an Emerging Market. Indian Institute of Management Working Paper Series, No: 2001-10-04.
57.Qureshi, M. A.. (2009). Does Pecking Order Theory Explain Leverage Behaviour in Pakistan?. Applied Financial Economics, 19(17): 1365-1370.
58.Rajan, R. ve Zingales, L. (1995). What Do We Know About Capital Structure? Some Evidence from International Data. Journal of Finance, 50(5): 1421-1460.
59.Rudra, N.. (2005). Are Workers in Developing World Winners or Losers in the Current Era of Globalization?. Studies in Comperative International Development, 40(3): 29-64.
60.Shyam-Sunder, L. ve Myers S.C.. (1999). Testing Static Tradeoff Against Pecking Order Models of Capital Structure. Journal of Financial Economics. 51: 219-44.
61.Sorensen, B. E., Wu, L ve Yosha, O.. (2001). Output Fluctuations and Fiscal Policy: U.S. State and Local Governments 1978-1994. European Economic Review, 45(7): 1271-1310.
62.Stiglitz, J. E.. (1972). Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs, Bell Journal of Economics, 3(2): 458-482.
63.Stulz, R. M.. (1990). Managerial Discretion and Optimal Financing Policies. Journal of Financial Economics, 26(1): 3-27.
64.Tan, R.. (2008). Ekonometri. 5. Baskı, İstanbul: Avcı.
65.Titman, S.. (1984). The Effect of Capital Structure on a Firm's Liquidation Decision. Journal of Financial Economics, 13( 1): 137-151.
66.Titman, S. ve Wessels, R.. (1988). The Determinants of Capital Structure Choke, Journal of Finance, 43(1): 1-19.
67.Wiwattanakantang, Y.. (1999). An Empirical Study on the Determinants of the Capital Structure of Thai Firms. Pasific - Basin Finance Journal, 7(3-4): 371-403.
68.Wooldridge, J. M.. (2000). Introductory Econometrics: A Modern Approach, Ohio: South Western College Pub.
69.York, R.. (2007). Structural Influences on Energy Production in South and East Asia 1971 - 2002. Sociological Forum, 22(4): 532-554.