Engin AKMAN, Rasim Ilker GOKBULUT, Elif GOKBULUT, Halime NALIN TEMEL

Capital Structure in an Emerging Stock Market: The Case of Turkey*

Sermaye yapısı bir işletmenin faaliyetlerinin planlanmasında ve gerçekleştirilmesinde önemli olan ve aynı zamanda bu faaliyetlerin sonucu olarak şekillenen bir faktördür. Bu çalışmanın amacı, Türkiyedeki işletmelerin sermaye yapısına etki eden firmaya özgü belirleyicileri değişen ekonomik koşullar altında incelemektir. Bu çalışmada 2003-2011 yılları arasında Borsa İstanbulda işlem gören üretim işletmelerinden elde edilen verilere panel veri analizi uygulanmıştır. Elde edilen sonuçlara göre, dengeleme, finansman hiyerarşisi ve piyasa zamanlaması gibi geleneksel sermaye yapısı teorileri, gelişmekte olan bir ülkenin işletmelerinden oluşan örneklemin sermaya yapılarını açıklamakta yetersiz kalmıştır. Bunun ana nedeni, bu teorilerin gelişmiş ülkeler için geçerli olan varsayımlara dayandırılmış olmasıdır.

Gelişmekte Olan Bir Piyasada Sermaye Yapısı: Türkiye Örneği

Capital structure is an important factor in planning and realising operations of a company. Operations and decisions of a company shape the capital structure. The aim of this paper is to investigate the firm-specific determinants of capital structure under changing economic conditions in Turkey. The paper applies panel data analysis for manufacturing firms listed on the Borsa Istanbul (BIST) over the period of 2003-2011. Results show that, established theories such as trade-off, pecking order, and market timing fail to explain the observed leverages adequately, largely made up of short time debts. This outcome is not surprising as most of the assumptions of these theories are effective for the developed markets, which are not in force in the developing countries.

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